With end of month approaching and national holidays across most of Europe tomorrow (Ascension Day), this may a good time to look at alternative currencies which are reaching extreme overbought
The AUDUSD (FXA, quote) pair went back and forth during the session on Tuesday, bouncing off of the 0.9250 level yet again. This is an area that has been extraordinarily supportive, and as a result it doesn’t surprise us that we continue to hang about.
After two days of European Central Bank (ECB) President Mario Draghi comments the EURUSD remains weighted down.
New home sales in Shanghai remained below the 200,000-square-meter threshold for the seventh consecutive week in a local market still beset by sluggish momentum.
China’ s leading online direct sales company JD.com, Inc. Thursday successfully listed its shares on Nasdaq and recorded the largest initial public offering (IPO) by a Chinese company in the United States.
The EURUSD pair fell during the bulk of the session on Wednesday, with that, we feel that the market forming the hammer at this point suggests that the 1.37 level will certainly continue to offer support, and as a result we feel that we could very well break higher.
The AUDUSD pair fell during most of the session on Wednesday, but found enough support closer to the 0.92 handle to turn things back around and form a hammer.
The EURUSD pair fell during the bulk of the session on Wednesday, with that, we feel that the market forming the hammer at this point suggests that the 1.37 level will certainly continue to offer support,
The USDJPY pair initially fell hard during the session on Wednesday, dipping below the significant 101 level. That level has been rather supportive over the last several weeks and as a result we were a bit surprised to see that level broken through.
Brent crude oil (BNO, quote) prices climbed as problems in Libya continued and US crude inventory data showed that the nation’s stocks fell last week.
