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Overall, the dollar index gathered some strength during the overnight session, but still was not enough to break any important price points. The major pairs lost some ground since Tuesday’s session started, but these moves may still be reversed later in the day if the S&P futures turn positive.
The Euro (Eur/Usd) gave signs that it wanted to break to the downside during the European session, after it formed a pin-bar pattern on Monday. Despite this, the pair was unable to gather the necessary momentum to break decisively lower, and halted its movement at the first resistance area that came into play.
The Pound (Gbp/Usd) managed to hold above the 1.6400 swing area during the Asian session, but the European session pushed the pair lower. Since the London session started, the pound traded between the same 1.6400 level, which acted as resistance, and the neutral pivot point (1.6365).
The Aussie (Aud/Usd) traded in wide swings around the neutral pivot point (0.8080) during the Asian and European trading sessions. For now, the aussie is trading near the highest value reached in the last nine months, helped by gains in the commodities market. During the Asian session, the RBA voted to hold interest rates steady at 3.00%.
The Cad (Usd/Cad) saw very thin volume again during the overnight session. The pair struggled in the early part of the session to break above the high set on Monday, but was able to pull the move after the London open. Since then, the cad has moved side-ways around the 1.0950 level. Yesterday, the cad formed a pin-bar pattern.
The Swissy (Usd/Chf) had a 25-pip range during the Asian session, extending the move seen during the Monday’s trading session. After the London open, the swissy moved higher, breaking above Monday’s high, but still was unable to advance decisively.
The Yen (Usd/Yen) formed a descending triangle pattern on the intra-day charts during the overnight session, as the pair tried to break above Monday’s high. Yesterday, the yen saw a strong wave of buy orders during the late European session and early U.S. session, which propelled the pair some 200 pips higher.
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