Daily FX Report Monday 2nd November 2009

02 Nov, 2009 @ 09:47 am ET | written by ODL Securities

It's a big week for FX traders, as a raft of economic numbers are due for release this week. Thursday sees Interest Rate decisions in the UK, the US and the Eurozone - these will be in focus following Australia's recent rate hike. The EURUSD chart below shows what a rocky month October was for the major, so November may prove equally compelling.

AUDUSD range 0.8906-0.9050. USDJPY weighed on AUDUSD early after CIT news and as key technical level 81.00 was broken. Although article warning on Japan fiscal crisis helped reverse the move very quickly. AUDUSD supports at 0.9050/0.9030 were broken but found good support ahead of the figure. With RBA tomorrow traders may look to buy on dips.

EURUSD range 1.4681-1.4773. Was sold with EURJPY early on although support at 1.4680/1.4650 holding. Resistance above at 1.4795/1.4820.

USDJPY range 89.18-90.25. JPY bought across the board early and reversal as other JPY crosses. Shanghai bounce also helped the JPY/Crosses. Resistance 90.25/90.80/91.00 at the moment.

ODL Securities