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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Jun 10, 2013 11:10:00 PM

The AUD/USD was the biggest mover in the Asian session as the rest of the majors were content to remain range bound spectators. The disappointing home loans data was the culprit as it provided more ammunition for the Aussie bears to continue the selling onslaught. This currency has easily been the worst performer over the past few weeks as the combination of tepid economic data and concerns about the state of the Chinese economy have seen it decline quite precipitously. The pair is clearly oversold and could be the target of a vicious short-squeeze if there are any positive data surprises, but the downtrend seems fairly well entrenched and a move back above parity would be needed to negate the bearish sentiment. The BOJ just announced that they have left their monetary policy unchanged and USD/JPY has dropped sharply on this. The news conference will be a bit later on and the market will be watching to see if they announce any further measures to inflate their economy.




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