Monday August 23, 2004 - 18:39:06 GMT
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DOLLAR BUYERS ACROSS THE BOARD
The Dollar rose against its major counterparts today with oil and net reserves the topic on the minds of most traders. Dollar/Jpy rose of its lows after yesterday’s Asian bottom of 109.05/15 held in, and there Dollar managed to rally up to 109.70 before retreating back toward 109.50. Euro fell again to session lows of 1.2177/80 on continued stop loss selling pressure and concerns that oil prices might hurt the Euro community more than the U.S. at current levels. Euro fell from Fridays close of 1.2310 to the low mentioned previously. The Dollar shrugged off the better than expected CAD retail sale number that came in up .2 percent almost exclusively on firm car and truck sales. After initially selling of briefly from 1.3010/20 to 1.2995 and then reversing up to session highs of 1.3080 and remained a favorite for Dollar buyers as the day progressed. Its worth mentioning that the sell off in Euro was aided by the massive decline in Eur/Gbp that slid from .6780 to session lows of.6710/15 at mid day.
Dollar/Jpy is above its 30 hr moving average and has a positive reading on the Relative Strength Index of 57.55 on a 60 minute chart. There is support seen at 108.80/90 and before that at 109.00/10. There is also resistance seen at 109.80/90 to the top side and then 110.00/10 in the near term. The 200 hr moving average comes in at 110.10/15.
GAIN AN EDGE
We look to buy Dollar/Jpy at 109.00/10 and 109.90 with a stop below 109.60 and a take profit of 110.05
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