Monday June 7, 2004 - 19:31:47 GMT
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DOLLAR WITHERS UNDER CROSS SELLING
Despite Friday's strong payroll number, the USD remained on a downward path during the Asian session, seeing EUR-USD rise past the 1.2300 level to a high around 1.2340. The moves overnight were cross based and basically Gbp/Jpy and Euro/Jpy driven with the Dollar fading on the back of these moves. After significant moves and continuation into early N.Y Dollar/Jpy fell once it pierced through trend line support at 110.50 and sank to session lows of 109.45/50. Euro as noted got through 1.2300/05 and triggered stops up toward 1.2340 before running into resistance at 1.2340/50 at N.Y lunch. The market seems to be awaiting the G-8 (Tuesday-Thursday) and also Mr. Greenspan is speaking on Tuesday and Thursday as well. The G-* is not supposed to speak about currencies but oil will be one of the topics that could factor into a Dollar move. The data is very light for the remainder of the week as well.
TECHNICALLY SPEAKING Dollar/Jpy has entered into a short term downtrend on a 60 minute chart. There is trend line resistance seen at 110.20 and 110.50 on this same 60 minute chart. The next support is 109.15/25. There seems to be a pennant forming in the short term as well. The RSI is a sour reading of 28.87, while the ADX has a 45.67 reading.
GAIN AN EDGE We look to sell Dollar/Jpy on a bounce to 110.20 and 110.35 with a stop above 110.60 and a take profit of 109.75 for half and 109.45 for the balance
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