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Forex Trading: Asian Session Recap and Ranges

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

A quiet start to the trading week with the majors content to remain rangebound as they await news from Washington. China’s exports unexpectedly fell in September and inflation rose aided by higher food prices. This could put pressure on the government and their attempts to sustain growth without having to resort to monetary easing strategies.

The Euro continues to trade within the 1.3460 - 1.3640 range pending further US fiscal developments. USDJPY's fortunes appear to be solely dependent on investor risk sentiment. Risk appetite could see the pair challenge recent 99.30 highs while risk aversion could see it revisit 97.50. The Aussie will probably be more concerned with Chinese data and the RBA minutes though US concerns will weigh on this pair as well. Support at 0.9400 and 0.9350 look to keep the focus on a breach of the recent 0.9530 highs. Cable looks like it might need to retrace a bit after making highs at 1.6260 recently and, if the support at 1.5940 gives way, then a test of 1.5800 might be in the offing.

Ranges: {charts: WWM Flash Trader - 60 min}(click to enlarge)


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