The dollar is under assault as a slump in new home sales point to a muddling economy. The first taper might not be pushed back beyond September but it may be a token move and the horizon for QE could be extended.
- USD/JPY low of 98.47 was bid up by strong real money demand that extends to 98.40. It suggests buying the dip here with a tight stop. More demand at 0.98.10/00
- EUR/USD the 20-week MA at 1.3386 broke. Offers at 1.3400 with stops above. Strong offers from 1.3410-20.
- AUD/USD medium sized offers at 0.9045/50 more at 0.9075/80
- Gold is through the mid-June highs with resistance at $1400 and the June high of $1425
