The Euro continued its downfall in this week’s first session, as the recent resurfacing of European debt woes weighed heavily on the single currency. The EURUSD pair opened up the Asian session at 1.4411 and continued in last Friday’s downward motion to see the pair drop by over 60 pips to a low of 1.4348 in mid Asian session. The Euro has met strong resistance the past couple of weeks around the 1.4500 area which it unsuccessfully attempted to convincingly break several times. The Euro also dropped against the Japanese Yen, reaching a 2 week low of 118.93.
The Sterling experienced some volatility against the Dollar, trading throughout the session around the 1.6305 levels, oscillating by +/- 25 pips. The Sterling has also opened slightly lower than last Friday’s close, but has held quite firm against the Dollar unlike its correlated currency, the Euro. Support for the British pound is seen around the 1.6280’s, a level which the GBPUSD pair failed to break past last Friday and also where the current 4 hourly 55 period moving average is at.
The Japanese Yen continued strengthening against the Dollar today, pushing the USDJPY pair to this month’s low of 82.85. The pair opened up at 83.18, slightly higher than Yesterday’s close, however moved in a downward motion throughout the session to drop some 30 pips before steadying off around the 82.93 level. Support for the pair is seen around 82.72 – the 55 Day moving average – with further support at the 81.50’s – a level which resembles 3 previous troughs between December 2010 and February 2011.
The Australian Dollar remained firm and close to its recent all time high of 1.0581 that was reached last Thursday in late US session, as it opened up this week at 1.0559. The Aussie dipped some 30 pips against the Dollar throughout the session, as further policy tightening in China weighed down on the currency, but managed to recoup losses and come back to trade close to the session’s open. Support for the Aussie is seen at 1.0488 – the 10 Day moving average, with resistance at 1.0581 – the current all time high.
Gold reached another record high today, peaking at $1488.5 per ounce and remained firmly close to this level as it traded just $2 under for most of the session around $1486.2. Global inflationary concerns have helped the precious metal appreciate, as well as ongoing concerns with regards to the resurfacing of European debt problems.
| EURUSD | USDJPY | GBPUSD | AUDUSD | EURJPY | GOLD | |
| OPEN
(21:00 GMT) |
1.4411 | 83.18 | 1.6308 | 1.0559 | 119.93 | 1486.1 |
| DAY’S HIGH | 1.4419 | 83.25 | 1.6324 | 1.0566 | 120.05 | 1488.5 |
| DAY’S LOW | 1.4348 | 82.85 | 1.6279 | 1.0525 | 118.93 | 1484.0 |
| CLOSE
(06:00 GMT) |
1.4374 | 82.86 | 1.6298 | 1.0557 | 119.11 | 1486.5 |
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.