Forex 01.02.2017

EUR: With the market pretty quiet until the London session the Euro’s traded around the 1.0520 levels having traded in a very narrow and limited volume day. Topside offers light through to the 1.0580 areas and apart from the brief spike last Friday the 1.0640-60 provides the strongest offers with possible weak stops through the 1.0620 and 1.0660 levels driving the market into congestive offers, downside bids through the 1.0500 areas and then likely to continue to the 1.0480 areas and then congestive from there on any attempt towards the 1.0400 level.
GBP: Patchy day with the market struggling for volume through to the grey hours, trading for the most part around the 1.2350 levels to the grey hours. Light offers through the 1.2390-1.2400 areas with stronger congestive offers from there into the stronger 1.2500 levels with stops possible spread over the area, downside bids light through the 1.2300 levels with stronger bids into the 1.2250 areas likely to be stronger on any move through the 1.2200 areas.
JPY: Very limited action through on the USDJPY with the market opening around the 116.90 levels and then holding around the 116.90-80 areas through to the grey hours, Topside offers through the 117.00 levels and likely to be strong around the 117.20 with weak stops likely on a push through the level, congestive offers around the 117.50 levels with strong offers around the 118.00. Downside bids light through to the 116.50 areas with light congestive bids around the level running through to stronger bids into 116.00.
AUD: The Ozzies are still out until tomorrow which left the market very short of players for the start of the day and even through the Tokyo session limited volume until closer into the European session, The close on Friday was a little exaggerated with a test through the 72 cent level however, the market opened around the 0.7215 areas and more in line with where the market would have been with a fuller market, the market traded for the most part in the 0.7210-15, light offers through the 0.7240 levels and likely to continue through to the 0.7260 level before weak stops appear and those are possibly very light, a push through sees light offers through the 73 cent level and then sentimental levels through to the 74 cent levels. Downside bids into the 72 cent levels and then continuing through to the 0.7150 levels and likely to be strong, weak stops are likely to appear however, stops are likely to be thin on the ground and easily absorbed.

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