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Forex Trading, Market News & Technical Analysis

Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Aug 26, 2013 11:00:00 PM

The US Dollar traded in a tight range -vs- the Euro and Pound, weakened -vs- the Yen and strengthened -vs the Aussie and Kiwi as geopolitical worries (Syria) were the order of the day. The Aussie was especially volatile in stop driven trade as emerging market economic woes, comments by Chinese officials about the daunting challenges their economy faces and the markets' belief that the RBA would like a weaker currency all conspired to send the unit below the psychologically important 0.9000 level. A continuation of this move could target the 0.8932 lows which, if breached, would bring the key support level at 0.8848 into focus and greatly diminish any thoughts of a potential reversal.

Ranges: {charts: WorldWideMarkets}(click to enlarge)

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