FX News – Feb 10 2014: Quiet Asian Session Today

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It has been a quiet Asian session today, primarily due to the lack of major events throughout the day. In the case of the AUD/USD pair, it has been on a slow but steady decline after a late, albeit stellar, run on Friday last week. It peaked near the 0.9000 zone, but since then it slid to 0.8960, and then finally under the 0.8930 area where it is currently trading.

The trend might change, however, when Australia releases its employment data later this week. From a dismal contraction by 22,600 in December, its employment change for January is expected to take a positive turn with a growth of 15,000. Meanwhile, its unemployment rate is expected to remain steady at 5.8%.

The AUD/USD pair is currently trading at 0.8922, with initial resistance seen at 0.9000, followed by 0.9022. Meanwhile, initial support is at 0.8921, followed by 0.8898.

As for the USD/JPY pair, it remained relatively flat during today's Asian session, as it moved within a tight range between the 102.3-102.5 areas.  Over the past hour, however, it went on a steep slide just under the 102.20 area. There is no apparent reason for the drop at the moment. It is currently trading at 102.17, with initial resistance seen at 103.01, followed by 103.27. Meanwhile, initial support is at 101.85, followed by 101.59.

The EUR/USD pair also moved within a narrow range in today's Asian session due to the lack of any significant events during the period. Since the opening of trading in Asia, it moved just within the 1.3620-1.3630 zones. However, it jumped up above the 1.3640 area just before the opening of the European session. More movement may be expected tomorrow when the new Fed Chairperson Janet Yellen delivers her first speech after assuming the position last week.

The pair is currently trading at 1.3636, with initial resistance seen at 1.3688, followed by 1.3722. Meanwhile, initial support is at 1.3595, followed by 1.3561.

By FX Strategy Team, Published on 10th of February 2014
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