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Overall, the major pairs traded practically flat during the Asian session, just below a number of significant price point. It is important to note that the major pairs failed to break these price points in the prior day, something that has caused the market to retrace during the second part of Tuesday’s session almost every pip gained earlier. However, helped by stronger than expected activity after the closing bell in the S&P futures, the major pairs recovered much of those declines. For now, investors are still waiting for the BoJ to hold its press conference, which may influence the fx market.
The Euro (Eur/Usd) is trading once again just below the 20-day moving average, which appears to be the main swing point over the last few weeks of trading. On Tuesday, the euro tested the 50-day moving average, but the pair advanced from that area during the U.S. late trading hours.
The Pound (Gbp/Usd) is currently trading near the high reached on Tuesday, and at the same time, just below the 20-day moving average. If it breaks any higher, the pound will reach the 1.6350-1.6500 area, which appears to be a very noisy and volatile area. At 4:30am EDT, the pound has scheduled a number of important releases, which are likely to influence the pairs’ valuation.
The Aussie (Aud/Usd) moved only side-ways during the Asian session as investors prepared for the BoJ interest rate decision. On the daily chart, the aussie is trading slightly below the 20-day moving average, which will probably act as an important swing point.
The Cad (Usd/Cad) almost came to a standstill during the Asian session, even though the pair showed a lot of strength earlier, during the European and the U.S. sessions. Helped by the strong declines seen in the first two days of this week, the cad reached the lowest value of the last three weeks of trading.
The Swissy (Usd/Chf) is trading below the 50-day moving average and at the same time below the trend-line that connects the 06.25 and the 07.06 highs. If the pair breaks higher, it may test the 1.0950 area, where the pair topped over the course of the last few weeks of trading.
The Yen (Usd/Yen) is trading close to the 93.50 area, an area that has acted as an important swing point over the last few weeks. Most likely, the yen will continue to move side-ways during the Asian session, as investors await the BoJ press conference. On Tuesday, the pair traded flat most of the time, but surged during the late U.S. session, moving together with the S&P futures.
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