Wednesday November 17, 2004 - 19:54:04 GMT
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The Bears On Parade
The Dollar further declined against all of its G7 counterparts in the New York trading session. EUR/USD finally broke through the 1.3000 level and hit a high of 1.3040/45 and has traded in a range between 1.3040-1.3000 for the remainder of the session. There have been many comments from throughout the EU about the steep rise of the Euro, but the market is still waiting for action rather than the slew of comments to come. It seems as if the “verbal” intervention is generally keeping the Euro from skyrocketing toward the 1.3500 level, but conversely is not doing anything about pushing it lower. Similar trading has been seen in the USD/JPY throughout the NY session as we have seen a low of approximately 103.81 which is down sharply form the 104.40 open. Almost eerily there has almost no word of BOJ intervention on the horizon. 103.40 seem to be another key level which was the previous low from March 04. Strangely enough, more positive data out of the US did little to stop the dollar from sliding, as CPI came in better than expected at .6% up from the expected .4%, and Industrial Production was up .7% from the expected .4% . There are more economic releases expected tomorrow with the Philly Fed, Leading Indicators, and Initial Jobless Claims due.
TECHNICALLY SPEAKING We see good support at 103.45-50 on a monthly chart dating back to March 04. We look to buy dips down to these levels and on the upside there is good resistance @ 104.70-75.
GAIN AN EDGE We look to buy @ 103.55 with a stop below 103.40 and a take profit of 104.20.
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