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Forex Trading, Market News & Technical Analysis

Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Jun 25, 2013 11:02:00 PM

The Asian session started out with USD/JPY spiking up above 98.25 on what was later confirmed to be a stop-loss driven move before large offers from European names believed to be front-running nearby option strikes knocked it back to the 98 level. Once again the currency market took its cues from the equity markets as both the AUD/USD and USD/JPY moved in lockstep with the gyrations in ASX, Shanghai-composite and NIKKEI. Gold continued its move lower as it currently sits just above $1250. The bearish sentiment is growing and, unless it can break back above $1322 fairly soon, traders are likely to target the $1160 lows last seen in 2010.

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