Currency Pair Overview Side-ways Action During The Asian Session

  @ibtimes on July 24 2009 12:53 AM

www.TheLFB-Forex.com The Forex Trader PortalOverall, the market moved mostly side-ways during the Asian session, something widely expected after the volatility seen throughout the U.S. trading hours. The currency pairs are likely to pick up some speed during the European session and the early U.S. trading hours, as the economic report calendar is scheduled with important releases, but then will slowly fade out as the market heads into Friday’s close. The Euro (Eur/Usd) is consolidating at low values, after the pair plunged 170 pips during the late U.S. trading hours. Sent lower by these declines, the euro broke below the 1.4175 area again, which in the past, has acted as a major resistance area for 6 consecutive weeks.  The Pound (Gbp/Usd) moved somewhere lower after the U.S. session closed in-line with the other major pairs. For now, the pound is trading near an intra-day support trend-line that has held the pair over the last few trading sessions. Moreover, on Thursday, the pound seems to have made a pattern on the daily chart similar to a pin-bar. The Aussie (Aud/Usd) bounced from the 0.8100 area, something that helped the pair retrace a number of pips during the Asian trading hours. On the daily chart, the aussie has an uncertain outlook, since the pair has been unable to move anywhere for the past three trading days. The Cad (Usd/Cad) moved up to the neutral pivot point (1.0915) in the Asian session, gaining 35 pips. During the last U.S. session, the BoC held a press conference, in which the Governor said that the economy is going to expand in the third quarter. The Swissy (Usd/Chf) had a 20-pip range during the Asian session, calming after the strong volatility seen during the U.S. session. For now, the swissy is trading again below the 1.0750 resistance area, which is an important threshold for this pair.The Yen (Usd/Yen) retraced 50-pips during the Asian session, reflecting the sell off from the S&P futures, which also declined 13 points from the intra-day high. Moreover, the yen bounced from the 200-day moving average, which, in the past, has acted as a major swing area.TeamLFB provides forex related market analysis and trade signals

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