Littlefish FX | Nov 26, 2013 04:02AM ET
Trading was slow on Monday with a poor Pending Home Sales and little other fundamental news of any significance, which makes the day’s dollar rally slightly unexpected. Some market commentators have hypothesised that there were fundamental factors from Iran at play causing risk off behaviour, but it seems more likely that this was a technical play on thin volumes, since numerous pairs met support or resistance simultaneously, allowing for an exaggeration of the pull-back. Thanksgiving and month end flows may have also contributed to the market’s reluctance to hold position.
Tuesday sees CB Consumer Confidence and delayed Building Permits from the US and an Inflation Report Hearings from the BOE, which will hopefully coax some liquidity back into the markets, although the week looks set to be quiet and messy given Monday’s price action.
USD% Index
USD% Index Resistance (EUR/USD support): EUR/USD 1.3477, 1.3450
USD% Index Support (EUR/USD support): EUR/USD 1.3531, 1.3561, 1.3600
EUR% Index
EUR% Index Resistance: EUR/USD 1.3543, 1.3565, 1.3600, 1.3617
EUR% Index Support: EUR/USD 1.3500, 1.3450, 1.3415, 1.3400
JPY% Index
JPY% Index Resistance (USD/JPY Support): USD/JPY 101.18, 101.00, 100.56
JPY% Index Support (USD/JPY Resistance): USD/JPY 102.16, 103.00
GBP% Index
GBP% Index Resistance: GBP/USD 1.6171, 1.6220, 1.6280
GBP% Index Support: GBP/USD 1.6116, 1.6064, 1.6000
AUD% Index
AUD% Index Resistance: AUD/USD 0.9165, 0.9233, 0.9300
AUD% Index Support: AUD/USD 0.9136, 0.9093
CHF% Index
CHF% Index Resistance (USD/CHF support): USD/CHF 0.9093, 0.9058
CHF% Index Support (USD/CHF resistance): USD/CHF 0.9150, 1.92000, 0.9238
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