Forex news for New York trading on August 24, 2016.
- US stocks end the session to the downside
- A technical look at the crude oil futures
- USD/JPY largely ignores soft close in the stock market
- Gold falls to three-week low, breaks 55-day moving average
- Why Jackson Hole will be a dud - BAML
- US stock markets feeling a bit of heat
- Forex technical analysis: AUDUSD a little bit of buying, a little bit of selling
- USD/CAD not impressed with the fall in oil
- Iran and Ecuador held talks on strengthening their positions on oil markets
- Forex technical analysis: EURUSD tests low from Monday
- US 5-year Treasury auction yields 1.125% vs 1.130% WI
- Forex technical analysis: USDJPY fails again..
- Goldman Sachs: Three currencies are most vulnerable to Yellen's speech
- S&P says may cut Mexico rating if debt burden, liabilities rise
- September 21 is a big day for USD/JPY - Credit Agricole
- UK FTSE down. European indices higher in trading today
- Forex technical analysis: GBPUSD stalls. Retreats.
- US stock market down marginally on the day
- Forex technical analysis: EURGBP tests lots of support...
- EIA weekly US oil inventories +2501K
- Forex technical analysis. USDCAD trades above and below the 100 day MA
- Weekly oil inventories coming up next
- Forex technical analysis: USDJPY leaning against levels above
- US July existing home sales 5.39m vs 5.51m expected
- Forex technical analysis: GBPUSD trades at new session highs
- "What was all that Brexit fuss about again?"
- Forex technical analysis: EURUSD trying to push away from the 200 hour MA
- FHFA June US house price index +0.2% m/m vs +0.3% expected
- The strongest and weakest currencies as NA traders enter for the day
- The US housing market might have legs
- US July building permits revised lower to -0.8% vs -0.1% prev
The GBPUSD, EURUSD and EURGBP controlled most of the day today. It was not any different in the NA session.
The GBPUSD squeezed higher in the first portion of the NY trading day. Meanwhile the EURUSD fell to the downside. That is the recipe for the EURGBP to go down and down it went. That was the case until the EURGBP held the support against a pretty good level against the 200 hour MA, a 50% retracement, and prior swing lows and highs. That area came in at the 0.8478 to 0.8492 area. The low reached 0.8484 between the two support areas (see post here).
That support started to reverse the direction of the EURUSD. That pair moved up about 25 pips from the low.
For the GBPUSD the price moved from a high of 1.3272, to a corrective low of 1.3220. The EURGBP moved up from 0.8484 to 0.8518.
With the crosses dominating and little in the way of EU or UK news, the action seemed to be driven by flows with an assist from technical level.
In other pairs action was a little less lively. The USDJPY had a low to high trading range of about 51 pips There was move higher into the London fixing/close that saw the pair spike about the 200 hour MA. The break should have solicited more technical buying (at the least), but buying could not be sustained. The rest of the day was spent trading above and below the 200 hour MA with the pair pretty much closing at the declining MA level of 100.45.
The AUDUSD was another pair that wandered in trading. There was a move toward the weeks lows in the Asian Pacific session at 0.7587. A move higher to the 100 hour MA in the London session at 0.7634 area, and a move back down to a higher swing low support level at 0.7597. The pair closed the day between the declining 100 hour MA at the 0.7625 level and the support at 0.7587 -97 area.
Crude oil prices fell and closed below the 100 day MA today at $46.95 level. The price held support though not far away at the midpoint of the move down from June/Year high at the $46.49 level. That area will be eyed in the new day of trading to see who wins this battle (see post here). The USDCAD was not ready to crown a champion between the Crude oil bulls or the bears as it traded above and below the 100 day MA at 1.2933. It seemed like ti wanted to see who wins in the latest gyrations in the oil pits.
Have a great day trading....
