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Forex Trading Strategies Quiet Asian Session!
Tokyo markets was closed for Spring Equinox and Fed Chairman Bernanke's speech did little to the range bound FX market.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Canadian TICS data Jan, C$3.029 vs. C$3.000 expected
â€˘ BoJ's Mizuno says overnight rates should remain near zero
â€˘ Fed Chairman Bernake did not send any significant new signals about the policy outlook, but made it clear that the Fed will react to the data.
â€˘ Australian Dwelling starts Q4, -7.5% vs. -2.7% expected.
THEMES TO WATCH â€“ UPCOMING SESSION
Fed Chairman Bernake left plenty of room for debate on what the Fed will do after next week's fully anticipated +25bp move and left EURUSD in a 50 pips range through the NY and Asian session. Today, we have US PPI and could give some short term direction. It will likely be more of a technically trading day and should 1.2092 get taken out in EURUSD we would think that this will likely be more of a scare than a new short term trend. We expect good buying interest in the 1.2015-60 fibo support zone for another test of +1.2210.
USDJPY finding support, ahead of 115.45 breakout level yesterday in late European trading. We may be in for more consolidation which would in our view may the break that much more significant for a test of 113.50 further out.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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