forex trading outlook today - forex trading outlook today december 23 2011 : The euro barely budged in holiday-thinned Asian trade on Friday, leaving it on track to end the year modestly lower against the dollar as the European debt crisis looks set to last for many more months.
It was pinned at $1.3050, having held to a tight $1.3016/$1.3120 range overnight. Support was found around $1.3000/20 and immediate resistance at $1.3120, while trading is set to be ultra-thin with Tokyo on holiday and Christmas just around the corner.
AUD/USD holding around 1.0130
Aussie is firm against the U.S. dollar, holding around $1.0130 where it opened the Asian session, from 1.0100 in late NY trade the previous day. As Valeria Bednarik, Chief Analyst at FXstreet.com notes; the latest price action "shows no much of a volume and despite holding the bullish tone in the hourly chart, gains will likely remain limited. In bigger time frames the pair is also biased higher, as long as above 1.0100 price zone."
According to the analyst, "Immediate resistance comes in at 1.0150," and, above there, 1.0180, "while gains above 1.0220 seem unlikely." To the downside, support levels lie at 1.0100, 1.0070 and 1.0040.
USD/JPY up during Asian trade
The U.S. Dollar was higher against the Japanese Yen on Friday. USD/JPY was trading at 78.18, up 0.02% at time of writing. The pair was likely to find support at 77.69, Wednesday’s low, and resistance at 78.21, Thursday’s high.
Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.03% to hit 1.3055 and GBP/USD rising 0.02% to hit 1.5681.
GBP/USD slightly bid below 1.5700
GBP/USD is hovering slightly bid above 1.5670 in quiet holiday markets, last at 1.5683 from an earlier 1.5676 at the Asian open.
"Hourly indicators are also flat around their midlines while price moves in a tight range, while in bigger time frames the bearish pressure increases as per indicators heading lower, yet price keeps holding above 200 EMA," says Valeria Bednarik, Chief Analyst at FXstreet.com. "Clear candle opening below this last may help the pair lower yet expect limited price movements ahead."
If the bull pressure continues in the hours ahead, resistance levels lie at 1.5700, 1.5730 and 1.5770, according to the analyst, with support at 1.5660, 1.5620 and 1.5570.
EUR/USD up during the Asian session
The Euro was higher against the U.S. Dollar on Friday. EUR/USD was trading at 1.3054, up 0.03% at time of writing. The pair was likely to find support at 1.2983, Monday’s low, and resistance at 1.3196, Wednesday’s high.
Meanwhile, the Euro was down against the British Pound and up against the Japanese Yen, with EUR/GBP shedding 0.01% to hit 0.8324 and EUR/JPY rising 0.04% to hit 102.06.
It was pinned at $1.3050, having held to a tight $1.3016/$1.3120 range overnight. Support was found around $1.3000/20 and immediate resistance at $1.3120, while trading is set to be ultra-thin with Tokyo on holiday and Christmas just around the corner.
AUD/USD holding around 1.0130
Aussie is firm against the U.S. dollar, holding around $1.0130 where it opened the Asian session, from 1.0100 in late NY trade the previous day. As Valeria Bednarik, Chief Analyst at FXstreet.com notes; the latest price action "shows no much of a volume and despite holding the bullish tone in the hourly chart, gains will likely remain limited. In bigger time frames the pair is also biased higher, as long as above 1.0100 price zone."
According to the analyst, "Immediate resistance comes in at 1.0150," and, above there, 1.0180, "while gains above 1.0220 seem unlikely." To the downside, support levels lie at 1.0100, 1.0070 and 1.0040.
USD/JPY up during Asian trade
The U.S. Dollar was higher against the Japanese Yen on Friday. USD/JPY was trading at 78.18, up 0.02% at time of writing. The pair was likely to find support at 77.69, Wednesday’s low, and resistance at 78.21, Thursday’s high.
Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.03% to hit 1.3055 and GBP/USD rising 0.02% to hit 1.5681.
GBP/USD slightly bid below 1.5700
GBP/USD is hovering slightly bid above 1.5670 in quiet holiday markets, last at 1.5683 from an earlier 1.5676 at the Asian open.
"Hourly indicators are also flat around their midlines while price moves in a tight range, while in bigger time frames the bearish pressure increases as per indicators heading lower, yet price keeps holding above 200 EMA," says Valeria Bednarik, Chief Analyst at FXstreet.com. "Clear candle opening below this last may help the pair lower yet expect limited price movements ahead."
If the bull pressure continues in the hours ahead, resistance levels lie at 1.5700, 1.5730 and 1.5770, according to the analyst, with support at 1.5660, 1.5620 and 1.5570.
EUR/USD up during the Asian session
The Euro was higher against the U.S. Dollar on Friday. EUR/USD was trading at 1.3054, up 0.03% at time of writing. The pair was likely to find support at 1.2983, Monday’s low, and resistance at 1.3196, Wednesday’s high.
Meanwhile, the Euro was down against the British Pound and up against the Japanese Yen, with EUR/GBP shedding 0.01% to hit 0.8324 and EUR/JPY rising 0.04% to hit 102.06.
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