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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on May 13, 2013 11:05:00 PM

A consolidative Asian session which saw the US dollar retreating -vs- the majors as a bit of profit taking kicked in. USD/JPY broke through 101.50 and made a session low of 101.35 on a stop driven move. There are reports of more stops below 101.20 and 101 which, if breached, would target the May 09 high support level at 100.80. The EUR/USD traded through 1.3000 to reach a high of 1.3029. There should be more stops above 1.3050 but there should also be selling interest at this level. Gold rebounded from yesterday's 1426 low to test resistance between 1442-50. While concerns about physical demand for the precious metal have been limiting its broader recovery, a decisive move above the 1480-1500 region would be needed to relieve the mid-term bearish focus.



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