Tuesday July 6, 2004 - 19:04:57 GMT
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The Dollar continued its sideways trading for all intensive purposes. With the JPY falling to its lowest level in two weeks on the back of Finance Minister Tanigaki confirming the ruling party is struggling for votes to the upper house of parliament. This caused a spike in the Dollar to overnight highs of 109.70/75 before profit taking took over and pushed this pair back down to 108.80/90. The Euro struggled to maintain its highs of 1.2325/30 and turned back to test yesterdays lows of 1.2260/70. This sideways trading has most traders pulling out hair because they continue to look for the break out trade that does not follow through. Gbp/Usd lead the way today with a large seller surfacing around 1.8430/40 and pushing this pair to N.Y session low of 1.8375/80 before trading sideways for the remainder of the day. The ISM also put some pressure on the Greenback reporting a weaker than expected number at 10:00 am N.Y. of 59.9 versus the 63.5 that was widely expected.
TECHNICALL SPEAKING Gbp/Usd has traded with a bid tone since putting in a low of 1.8015 on 6/30/04 at 3am. The Relative Strength Index has a positive reading of 65.30 on a 60 minute chart. The Average Directional index still remains below the 30 level. There is trend line support seen at 1.8375/80 and resistance at 1.8440/50 on this same 60 minute chart.
GAIN AN EDGE We look to buy GBP on a move lower at 1.8380 with a stop below 1.8330/40 and a take profit of 1.8475
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