The Asian session see’s the Euro trading with a slight decline against the USD; however it remains still relatively firm as yesterday’s hawkish comments by European Central Bank President Jean Claude Trichet which saw the EURUSD surge by over 65 pips in yesterday’s late European session. The comments made gave a positive outlook with regards to upcoming release of the European interest rates, with the market expecting the rates to be raised – an event that may see the EURUSD break past the November 4th high of 1.4281. The Euro is currently trading some 20 pips under the 1.4100 level, which it momentarily broker yesterday, from an Asian session open of 1.4091.
The Sterling dropped in the early part of the Asian session from an open of 1.5991 to a session low of 1.5974 before recouping its losses and rising above the Asian open to a high of 1.6002. The Sterling is currently some 60 pips above yesterday’s 5 month low that was reached in mid European session, following weak UK economic data that casted doubts on when the Bank of England may raise its interest rates as the current state of the UK economy appears somewhat fragile. The current level of the sterling is around 1.6005 and is currently supported around the 1.5970’s – a level which it has failed to convincingly break the last couple of months.
The Japanese Yen momentarily strengthened against the USD in midsession, bringing the USDJPY to a low of 81.53 before bouncing back up to trade close to the session open around the 81.72. A number of economic data for February came out better than expected for the Japanese Yen in early Asian session, including a drop in the unemployment rate and a significant increase in the country’s Retail Trade. The current level of the Japanese Yen is relatively close to the 55-day exponential moving average which currently sits at 81.92 and is regarded as the next resistance level for the USDJPY pair. Should this level be broken, the next resistance for the USDJPY is seen at the March 14th high of 82.44. Support for the pair is seen at 80.46, the March 18th low.
The Australian Dollar remains relatively firm in the Asian session around the 1.0237 levels after experiencing a sharp drop in yesterday’s late US session which saw it drop some 30 pips against the USD. Some technical analysts are expecting to see a reversal of trend as the AUDUSD pair has dropped below the previous trend low of 1.0231. Support for the AUDUSD can be seen from the hourly chart at the March 25th low of 1.0185, with resistance at the 29 year high of 1.0313.
Gold has continued to depreciate in today’s Asian session as it has done so since last Thursday after having reached an all time high of $1447.5 per ounce. The precious metal is currently trading at $1418.6 per ounce after having dropped by $1.50 from the Asian session open. Support for the precious metal is seen at $1410, the Match 28th and March 3rd low, with resistance seen at the 20 Day simple moving average which currently stands at $1421.8.
EURUSD | USDJPY | GBPUSD | AUDUSD | EURJPY | GOLD | |
OPEN
(21:00 GMT) |
1.4091 | 81.71 | 1.5991 | 1.0253 | 115.15 | 1420.1 |
DAY’S HIGH | 1.4097 | 81.77 | 1.6019 | 1.0255 | 115.17 | 1422.4 |
DAY’S LOW | 1.4062 | 81.53 | 1.5974 | 1.0224 | 114.80 | 1416.7 |
CLOSE
(06:00 GMT) |
1.4094 | 81.66 | 1.6019 | 1.0254 | 115.12 | 1419.2 |
By clicking “Continue”, you agree to the default cookie settings on our website.
Trading Point uses cookies to ensure that we provide you with the best experience while visiting our website. Some of the cookies are needed to provide essential features, such as login sessions, and cannot be disabled. Other cookies help us improve our website’s performance and your experience through personalising content, providing social media features and analysing our traffic. Such cookies may also include third-party cookies, which might track your use of our website. You may change your cookie settings at any time.
Read more, or change your cookie settings.
What are Cookies?
Cookies are small data files. When you visit a website, the website sends the cookie to your computer. Your computer stores it in a file located inside your web browser.
Cookies do not transfer viruses or malware to your computer. Because the data in a cookie does not change when it travels back and forth, it has no way to affect how your computer runs, but they act more like logs (i.e. they record user activity and remember stateful information) and they get updated every time you visit a website.
We may obtain information about you by accessing cookies, sent by our website. Different types of cookies keep track of different activities. For example, session cookies are used only when a person is actively navigating a website. Once you leave the website, the session cookie disappears.
Why are cookies useful?
We use functional cookies to analyse how visitors use our website, as well as track and improve our website’s performance and function. This allows us to provide a high-quality customer experience by quickly identifying and fixing any issues that may arise. For example, we might use cookies to keep track of which website pages are most popular and which method of linking between website pages is most effective. The latter also helps us to track if you were referred to us by another website and improve our future advertising campaigns.
Another use of cookies is to store your log in sessions, meaning that when you log in to the Members Area to deposit funds, a "session cookie" is set so that the website remembers that you have already logged in. If the website did not set this cookie, you will be asked for your login and password on each new page as you progress through the funding process.
In addition, functional cookies, for example, are used to allow us to remember your preferences and identify you as a user, ensure your information is secure and operate more reliably and efficiently. For example, cookies save you the trouble of typing in your username every time you access our trading platform, and recall your preferences, such as which language you wish to see when you log in.
Here is an overview of some of the functions our cookies provide us with:
This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses analytical cookies placed on your computer, to help the website analyze a user's use of the website. The information generated by the cookie about your use of the website (including your IP address) may be transmitted to and stored by Google on their servers. Google may use this information to evaluate your use of the website, to compile reports on website activity and to provide other services related to website activity and internet usage. Google may also transfer this information to third parties, where required to do so by law, or where such third parties process the information on behalf of Google. Google will not associate your IP address with any other data held. By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above.
Change Settings
Please select which types of cookies you want to be stored on your device.
We are using cookies to give you the best experience on our website.
Read more or change your cookie settings.