24 January 2017 : Daily FX Market Commentary

coffe19Good Morning Everyone;
EUR: The opening saw the market testing the 1.0770 levels before drifting into the Tokyo session with the market moving to the 1.0750 area as the Tokyo sellers pushed back and the range was set, the market ranged through the session moving into the grey hours pressing the 1.0750 levels with little direction for the day, PMI numbers across the European area is likely to hold the key to any movements today, Topside offers into the 1.0770-1.0800 levels with possible weak stops on a move through the 1.0810-20 levels and the market likely to find stronger congestion into the 1.0850-1.0900 levels, downside bids light through the 1.0720-00 areas with weak stops likely to figure on a move through the 1.0680 areas before stronger congestive bids appear down through the 1.0660-00 levels.
GBP: Very limited day for Cable with the market opening around the 1.2540 levels and drifting between the 1.2540 level and the 1.2520 areas until deep in the session with the market moving towards the grey hours to test the 1.2500 level, Topside offers through the 1.2550 levels is likely to see weak stops appearing on a move through the level however, this is likely to be dependent on the Supreme court’s decision later in the day, light congestion through the level is possibly unlikely to slow the move to the 1.2600 areas where better offers are likely to appear, with offers likely run towards the 1.2650 areas. Downside bids congested through the 1.2400 levels with better bids into that level stops likely to be weak through the level and then another strong 1.2350 areas likely to slow the downside move.
JPY: Opening just off the lows the market based along the 112.60 areas through the session making a push into the Tokyo session to the 113.15 areas before reversing, the market again was unable to push through the 112.60 with any conviction and the push higher was shallower before ranging in the 112.80-113.00 levels through to the grey hours. Light offers into the 113.80-114.00 areas with limited offers through the level possibly soaking up weak stops before congestive offers around the 114.50 and strong offer possibly towards the 115.00, Downside bids into the 112.50 levels and likely to increase through the 112.00 level with stops appearing on a move through the 111.80 levels and a possible spike lower towards the 110 handle.
AUD: Early Sydney were steady buyers from the opening pushing through the 76 cent level if only slightly before drifting into the Tokyo session almost unchanged from the opening, once the Tokyo fix was over the market again started a rise from the 0.7575 level and this time the market managed to push towards the 0.7610 level before stopping and slowly sliding through the balance of the session to run along the 0.7570 areas to the grey hours. Topside offers through the 76 cent level with possible weak stops on the move through 0.7620 areas however, the offers quickly move in around the 0.7650 areas with limited congestion through the 0.7660 into 77 cents. Downside bids light through the 0.7550 areas and the bids likely to increase on a move to the 0.7520-00 areas and light congestion beyond, a break towards the 0.7450 areas could likely see stops appearing on dips through the 0.7440 areas.
Regards All.
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