EUR/USD dips to lows below 1.4000
Euro rally from 1.3140 low on early October was capped at 1.4247, 7−week high, and the pair eased on Friday, to accelerate decline on Monday weighed by widespread Dollar strength, which sent the pair diving below 1.4000 to hit lows 1.3970 and bounce up again, reaching 1.4050 at European session opening.
Technical Forex News
USD/JPY: Crucial resistances at 79.83 and 80.57 − Commerzbank
The massive Yen intervention by the BoJ has pushed the pair above 79.00 to approach crucial resistance at the 4−year downtrend − 79.83− and 55−week MA. at 80.57, which, according to Karen Jones, technical analyst at Commerzbank, have to be breached in order to confirm reversal.
Majors
USD/CHF fails to break 200−day MA during Asian session
Like the other greenback pairs, the USD/CHF had also a bullish momentum during the Asian session hitting a session high of 0.8739, but finding the presence of the 200−day MA that created resistance...
Currencies
USD/CAD fails to break 1.0000 psychological level
The greenback has found strength as a reflex to the Bank of Japan's intervenction. Its strength showed up in all USD pairs. The USD/CAD was no different and gained 100 pips during Asian session...
Indicators
Australia: September private sector credit exceed expectations
As a measure of the change in the total value of new credit issued to consumers and businesses, Australia's Private−sector credit readings beat expectations in September with a 0.5% gain.
Central Banks
BoJ enhances monetary policy
At the monetary policy meeting, the policy board of the Bank of Japan, decided, by an 8−1 majority vote, to enhance monetary easing by increasing the total size of the Asset Purchase Program...
Related Markets News
Stocks
Asian markets dip as EU optimism wanes
Asian markets are trading on weak note on Monday once the enthusiasm about EU deal to stem the debt crisis ebbed, and investors' focus shifted towards the US ahead of the key Federal Reserve...
Metals
Metals pull back as dollar firms, expect further consolidation
The metals put in a day on consolidation on Friday, in early trading they had moved up by an average of 0.8 percent, profit−taking saw them drop by an average of 1.5 percent, but they ended closing up 0.3 percent.
Technical report forex
EUR/USD Fell sharply below psychological support at 1.4000, after last week’s strong rally through Fib 61.8% and 200 day SMA peaked at 1.4246 on 27 Oct. Strong support zone at 1.3955/75, also Fib 50% of the recent 1.3655/1.4246 upleg, contained dip for now, however, hourly studies in the negative territory, suggest change of the near-term structure. Further losses are favored for now, as the latest bounce of 1.3974, day’s low, is seen corrective while below 1.4100 handle. On the downside, loss..
Gold was trading in a sideways manner pre intervention
GOLD moved sharply lower on the back of BOJ intervention in USDYEN today. Gold was trading in a sideways manner pre intervention and once we had confirmation the BOJ were in we saw the AUD and Euro sell off sharply and USDJOY rise by over 4.50% which sent commodities lower across the board. This is a very artificial move as it has nothing to do with any real fundamental factors and is just a knee jerk reaction the intervention and rise in the USD. Gold traded in a $1,705-$45 range and finished.
