FX News - April 22 2014: Major Markets Re-Open Today

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After what seemed a very long weekend, major financial markets re-opened today, giving currencies plenty of chance for movement.

Let’s begin with the USD/JPY pair. Although it seesawed for the most part of yesterday’s trading, it eventually peaked above the 102.70 area around the opening of today’s Asian session. However, the pair slid sharply as the Nikkei slipped by some 120 points earlier today, closing at 14388. This led naturally to a stronger yen, which dragged down the pair, which bottomed out at 102.42. It is currently trading at 102.47, with initial resistance seen at 102.84, followed by 103.09. Meanwhile, initial support is at 102.49, followed by 102.23.

Then there’s the AUD/USD pair, which returned to the 0.9350 level today after spending much of the past few days hovering between the 0.9320-0.9340 areas. The pair opened today at 0.9336, but rose quickly to break through the 0.9350 barrier. It continues with its run at the moment and is trading 0.9368, with initial resistance seen at 0.9338, followed by 0.9362. Meanwhile, initial support is at 0.9304, followed by 0.9280.

The EUR/USD fell sharply to the 1.3790 area late in yesterday’s European session after peaking at around 1.3830. It has remained flat after that and hovered within a very tight range at 1.3790-1.3795. It eventually bottomed out at 1.3785 before rising quickly prior to the opening of today’s European session. It is currently trading at 1.3800, with initial resistance seen at 1.3812, followed by 1.3847. Meanwhile, initial support is at 1.3767, followed by 1.3733.

Upcoming Events

Although today will remain to be relatively quiet, Wednesday will be slightly busier with a couple of notable events happening tomorrow. First off is Australia’s CPI data for Q1, followed by the release of the minutes of the BoE’s most recent meeting.

By FX Strategy Team, Published on 22nd of April 2014
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