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Overall, the currency market traded on very weak momentum during the overnight session, as the U.K. and U.S. financial markets are closed today. The dollar strengthened against the major currencies, retracing a small portion of the ground lost over the last few weeks of trading. Ahead, the market is expected to continue the overall movement seen in the overnight session, until gaining momentum, possibly during the late U.S. session, as the Asian trading hours comes into focus.
The Euro (Eur/Usd) moved with little momentum during the overnight session, as the U.K. and the U.S. markets are closed this morning. The pair lost 60 pips during Monday’s trading session, moving up and down around the neutral pivot point (1.3980). For now, the euro trades above all the important daily simple moving averages.
Pound (Gbp/Usd) struggled to break above the Friday’s high, but was unable to do so and ultimately moved lower. For now, the pound trades near a 6 month high, but declining for the first time in the last few days of trading. In the previous week of trading, the pound gained 750 pips, the most since January.
The Aussie (Aud/Usd) fell to TheLFB S1 (0.7770), but the pair lacked the momentum to break lower, even though it tested the support area in the Asian and in the European sessions. The aussie is being driven down by the commodity market, which also retraced some of the recent gains.
The Cad (Usd/Cad) gained 80 pips since the Monday trading session started. The upside move came on light volume, as happened with the rest of the major pairs. This, in turn, points out that these moves can be easily reversed some time later, if the dollar resumes its decline.
The Swissy (Usd/Chf) posted some small gains during the overnight trading hours, gaining ground for the first time in the last six days of trading. The pair struggled to break above the neutral pivot point (1.0865) and has failed to do so thus far. Additionally, the same 1.0865 area acted as an imported swing point in the previous period.
The Yen (Usd/Yen) is currently trading below the 100-day simple moving average. The pair declined to the neutral pivot point (94.50) during the early part of the overnight session, but surged 70 pips higher shortly after.
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