Monday May 3, 2004 - 18:31:40 GMT
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ALL QUIET AHEAD OF FOMC
The Dollar traded in a neutral fashion versus its major rivals in thin and lackluster trading. This was a caused in part by holidays in Asia and also parts of Europe. In the N.Y session the trading was dominated by the JPY crosses and speculation about the FOMC meeting tomorrow afternoon. Although they are not supposed to move rates, traders will be listening for any change of rhetoric after the rate decision. There is also RBA, BOE and ECB decisions due out the remainder of the week as well. Today’s ISM and Construction Spending did little to excite the market and Euro remained range bound between 1.1915/20 and 1.1981/86 going into N.Y mid afternoon. Euro/Jpy chopped between 131.30/40 and session highs of 132.15/25. As mentioned, tomorrow brings factory orders and Mr. Greenspan at 2:15 for the rate decision.
TECHNICALLY SPEAKING Dollar/Jpy remains in an uptrend on the 60 minute chart. A break above the 109.80/90 level and the failure for the market to get it back through 109.50 since has sent a bull signal to technical traders. There is trend line support seen at 110.50 and beneath that at 110.10. The Relative Strength Index has a very positive reading of 63.58. The first level of resistance is seen at 111.00.
GAIN AN EDGE We look to buy Dollar/Jpy on a dip back to 110.40 with a stop below 110.00 and a take profit of 111 .30
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