Thursday June 23, 2005 - 12:23:09 GMT
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Aspen Trading Group - www.aspentrading.com
Thursday FX Levels and Commentary
Slow and steady is becoming the phrase that pays in the FX markets currently. We continue to see highler levels for the dollar going forward, however, do not expect it to happen within the next hour. The move higher last night was a positive development technically and suggests that a move towards 89.36 is quite likely. In the interim, with stochastics a bit overnought on the 60-min chart, expect some pull-backs towards the 88.55-65 level where we expect another leg higher will develop
GBP is proving to be a tough pair to break to the downside as the 1.8200 level simply will not break while the 1.8240 is containing upside pressure - range trading at its best.
We stick to our call for a lower GBP and as long as the dollar remains firm, GBP will eventually break.
Despite being stopped out of AUD on Tuesday, we are looking to re-establish a short as downward momentum appears to be re-asserting during the London session. We will be looking to sell into any rallies off the current oversold levels from .7730. We see .7750 as a good level to re-establish shorts, our price target remains .7690 for now and we will adjust if needed.
Minor counter-trend rally from oversold levels should stall out at the .7100-.7110 level before beginning a new leg lower towards .7065 and .7030
USD/NOK had gone into a trading range over the last several sessions but now appears ready to begin trading well again. The current leg higher is a bit entended and we would look to buy pull-backs towards the 6.5375 level, we will advise as prices unfold.
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