Tuesday July 20, 2004 - 17:57:51 GMT
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MARKET AWAITS GREENSPAN TESTIMONY
The Dollar gained overnight on profit taking and position adjusting into the European session. Euro again failed to make any further gains after bumping up against resistance around 1.2450/60 EUR/USD fell below 1.2400 triggering stops to the downside despite an improved German ZEW. At mid day Euro had fallen to afternoon session lows of 1.2350/55 before rebounding back to 1.2375/80. The UK RICS survey suggested that housing prices grew at the slowest pace in 10-months. RICS Spokesman Perry said, "Two consecutive interest rate rises seems to be finally biting at the heels of the housing market." GBP/USD fell from 1.8675/80 overnight to mid afternoon lows of 1.8503/08 before bouncing up to 1.8560. Dollar/Jpy gave up much of its gains posted overnight trading between 108.75/80 and 108.15/20. The market remains poised for Mr. Greenspans testimony today at 2:30pm eastern time.
Dollar/Jpy after posting a 110.00/10 high on the 15th of this month has sunk through key support at 109.00 and also 108.80 on a 60 minute chart. There is more support seen at 107.95
in the near term and good resistance at 108.80/90. The Relative Strength Index has fallen below the 50 level and currently sits at 37.04
GAIN AN EDGE
We look to buy Dollar/Jpy at current levels and then add to it at 10780/90 with a stop below 107.50 and a target of 108.90/109.00.
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