Tuesday November 2, 2004 - 21:08:39 GMT
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Dollar Pauses For Election Results
The USD has flat lined against European and Asian FX but has managed to tilt slightly higher against AUD. The greenback's failure to post a broad bounce with a softer oil price and higher US Treasury yields reflects some sluggishness towards the squaring USD shorts before today's election. Most are holding onto Dollar shorts and believe the pending election will linger on without a clear cut winner by the morning which will dampen the Dollar. Dollar/Jpy suffered through a tight range in the N.Y session bouncing between 106.20 and 106.48 for the most part. The Euro came under some pressure for most of the day but this was seen as more profit taking than anything else and weak German Retail sales. Dollar/Cad got stuck between 1.2230 and 1.2275 and maintained its tight range as well. The trading community is waiting for the election results before stepping up to the plate for the next round of volatility.
TECHNICALLY SPEAKING Dollar/Jpy on a 60 minute chart is sagging and that is highlighted by the weak Relative Strength Index and ADX. There is trend line resistance at 106.50/106.70. There is support at 105.70/80.
GAIN AN EDGE We look to sell Dollar/Jpy on a move to 106.70 with a stop above 106.90 and a take profit of 106.90.
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