Monday January 31, 2005 - 19:23:02 GMT
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The fix is in
The dollar gained then slipped against its G-7 counterparts as some end of month fixing orders sent the market for a loop. EUR/USD bounced from 1.2975 to 1.3060 while USD/JPY slipped from 103.75 to 103.36. In addition, USD/CAD crumbled from 1.2420 to 1.2362 and AUD/USD popped from .7733 to .7763. As we head into a new trading week/month, it looks like event risk will dominate the landscape. Just this week alone, we have rate decisions from the Federal Reserve, RBA, and ECB as well as Friday’s hugely significant Non Farm Payroll numbers as well this weekend’s G-7 meeting. So far, the USD has failed to “trend” in either direction mostly due to the fact that the large “real money” accounts have remained on the sidelines waiting for this week’s plethora of data. We look forward to an exciting week.
We see important supports at 1.2970, 1.2945 and the key 1.2920. The topside offers resistance at 1.3075 and 1.3125. A break of 1.2920 should push EUR/USD to the key 1.2850 region while a break above 1.3125 opens up an assault on 1.33.
GAIN AN EDGE
We will sell EUR/USD at 1.2920 with a 1.2950 stop and 1.2865 objective.
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