Monday February 14, 2005 - 18:33:48 GMT
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GREENBACK STRUGGLES TO MAINTAIN GROUND
The Dollar continued its slide overnight. Dollar/Jpy traded on stops in the sell off to 104.65/70, following a significant rise in Japanese December Current Account. Dollar/Jpy gained back some ground trading back toward 105.10 at NY mid day. GBP was stronger on the back of a surprisingly strong to UK Jan PPI data year on year and traded from 1.8800 to 1.8860 quickly. GBP/USD was not done there vaulting to 1.8910/20 and was responsible for dragging EUR/USD and AUD/USD along for the ride. EUR/USD failed at mid day to gain on the ground it had accomplished in Europe but maintained a bid tone for the entire session. Tomorrow brings the release of Retail Sales at 8:30 EST and then on Wednesday, Mr. Greenspan will be speaking and will deliver his semi-annual monetary policy to the Senate Banking Committee.
There is trend line support seen at last nights low of 104.65/70 going back to 01/27/05 that touches again at 103.50 on 02/04/05 and then today at 4am on a 60 minute chart. There is resistance seen at 105.20/30 and again at 105.50. The Relative Strength Index is waning at 47.50. The 200 hr moving average comes in at 104.97.
GAIN AN EDGE
We look to sell USD/JPY at 105.25 and again at 105.45 with a stop above 105.65 and a take profit of 104.75 and 104.55.
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