Monday June 21, 2004 - 20:22:29 GMT
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The market remained extremely quiet today in NY trading as currencies have stayed range bound and in consolidation mode. The euro has basically seen a high for now in place at 1.2150 with an Asian central bank rumored to be selling since Friday. The euro saw a quick pop this morning just as NY was getting settled in off the news that Iran had captured some UK navel vessels. The euro traded from 1.2078 to 1.2119 but steadily came back to make a new low of 1.2077 for the day. This was the only piece of news that had the market jumpy early but we have settled into a range for most of the day. Gold is up on the day testing its resistance at 397.00-397.50, this has given AUDUSD a lift as we have seen it supported at .6880 but resistance remains at .6915-35. The talk is stops still are on a break of .6945. The cross has given the dollar against the yen a lift as well this afternoon as the cross has gone from a new low of 130.88 to impressively trade back to 131.65. The dollar continues to struggle along though and it seems that most traders are content with selling any rallies for now, until further news gets traders to think otherwise. The news that now a South Korean man is being held by a group who says they are connected to Al Qaeda is disturbing, off the back of the beheading of American Paul Johnson. Geo-political concerns over this and the Iraq situation has the dollar back pedaling. The week is quiet mostly this week in NY as we wait until Thursday for any market impact news.
Technically Speaking: The dollar looks very unimpressive right now and is trading with a soft tone to start the week. The slow stochastic is reading 61.26 and the RSI is 51.58 on the hourly charts.
GAIN an Edge: We look to sell any rally in the dollar to 1.2540 with a tight stop at 1.2560. Our objective is to see the dollar make a low around the 1.2400 before we take profit.
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