Monday January 17, 2005 - 19:57:01 GMT
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Mild Dollar Strength
The dollar was slightly stronger against the other majors in the quite holiday NY session. EUR/USD traded as high 1.3126 in London and then began grinding lower all the way into the NY afternoon. It eventually touched 1.3064 before slightly rebounding to the 1.3075 area. USD/JPY was initially weaker as it ran to a 5 year low overnight (101.67), it then caught a bid as those short dollars were quick to cover with the ever present possibility of BOJ intervention. Cable exhibited a similar pattern as EUR/USD, in that it was initially higher as it attempted to takeout 1.8750 up top. It quickly ran out of steam and fell to a low of 1.8583 before finding some footing and grinding back over the 1.8600 figure. EUR/JPY again could not gather any momentum as the pain continues. The 134.00 figure could not be breached overnight and the result was a move lower to as the pair is currently resting at 133.40.
Technically Speaking: Cable looks oversold at its current level. The slow stochastic is at 22 reading and the MACD is crossing on an hourly chart. In addition, we saw it quickly bid off its recent lows. We see resistance up at the 1.8700 level with Fib resistance coming into play at 1.8718.
GAIN an Edge: We look to get long cable at its current levels. We will leave a stop below the day’s lows at 1.8581 and look to take profit at 1.8714.
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