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Australia releases Home Sales data at 21:30 EDT, and as a red flag release may impact not only the value of Aud/Usd but the major pairs as well. The reason that may be a bigger impact than usual is that the week is very light on economic data, and does not have equity momentum behind it.

Aside from that, the G20 meeting is at the weekend and will have trade desk attention focused on the potential Friday and Saturday headline sound-bites. All-in-all this may be a release that creates more of a move than may previously have been seen. We will update as things build momentum.

Forex pairs moved higher against the dollar in afternoon U.S. trade, on what looked like a positive finish to the session was to come. However, the late moves on Wall Street did not allowed stocks to move higher, and as such have left the major pairs looking a little exposed, and just a little overbought in light of the fact that they moved on the potential of a positive close to equity trade.

That begs the question as to whether Asian markets can open in the green and justify the major pair valuations, something that futures numbers suggest may not happen.