USD Index slightly Higher in quiet trading
10-Yr: +02/32..1.876%.. USD-JPY: 79.92.. EUR- USD: 1.3053
The USD index has seen a quiet US session as action continues to hold small gains near 79.60. EUR-USD is -30 pips at 1.3055 as trade holds at critical support.
Early weakness saw the single currency drop to 1.2955, but buyers emerged following the better than expected German factory orders number.
Traders continue to watch the EUR-USD 1.3000/1.3050 support area over the coming days as Greek leaders continue to try and form a coalition government.
My recommendation is to stand aside EUR-USD
EuroZone data is limited to German industrial production. ECB head Mario Draghi will speak Tuesday in Frankfurt.
French banks are closed for Victory Day on Monday
GBP-USD is +40 pips at 1.6190 after holding support in the 1.6100 area. Today's buying erases five consecutive losing sessions, and has the pair looking to make a run at resistance in the 1.6250 area.
Britain's RICS House Price Balance will be released tonight. USD-CHF is +20 pips at .9200, but is holding on session lows.
Early buying saw the pair threaten the .9300 level, but sellers have taken control as the session drags on, and are now looking to drop it back below its 100-day moving average. Elsewhere, EUCHF is +5 pips at 1.2010.
Switzerland's SECO Consumer Climate is due out Tuesday.
USD-JPY is +10 pips at 79.95 after the pair was able to withstand a test of its 100-day moving average (79.65).
Traders will continue to watch the 79.50/79.65 area with a breakdown likely resulting in a test of the pair's 200-Day Moving Average (78.40).
AUD-USD is +20 pips at 1.0210 and now trades just off its best levels of the session.
Early weakness saw the hard currency slide to 1.0110 as it touched its lowest level of 2012.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.