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USDJPY UPDATE
- As ST pointed out, conspiracy theory says BOJ plugged the leaky boat at 157 and market is now doing the dirty work for it.
- While 155 will be pivotal, 154.90 is next key support with an evcn more important 154.34 lying below it.
- On a daily chart 153.60 is key support.
- Bias should stay in a sell on blips mode unless 155.50+ is regained..
USDJPY 4 HOUR CHART
CDA trade beat (flips to a small surplus)
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Weekly Jobless claims miss (higher)
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<p style=”text-align: center;”>Source: Try Newsquawk free for 7 days</p>Newsquawk US Pre-Market Movers
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USDCAD UPDATE
- USDCAD continues its downtrend that started with last week’s jobs report.
- A failure to hold above 1.3860 following the BoC rate decision along with general USD weakness has seen 1.38 broken.
- If 1.3800 becomes resistance there is a clean path to 1.3715, the target following the breakl of 1.3888
- Back above 1.38 would cool but not negate the risk.
USDCAD DAILY CHART
USDX (US DOLLAR INDEX)
- Extending low through 98.59… if the breakdown holds, then 98.08 becomes a target.
- USDX is being driven lower by a generally weaker dollar, not just the EURUSD
Note USDX is often used as a EURUSD proxy as EUR = 57.6% of the index - As noted last night, EURUSD targeting 1.1728 while above 1.1680 with 1.1779 and 1.1819 above it.
- A run at the higher EURUSD levels would be needed for USDX to make a move towards 98.08.
- A failure to take out 1.1728 and/or a move back above 98.59 would slow the USDX retreat.
- Back above 98.80-00 would be needed neutralize some of the risk.
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USDX DAILY CHART
Newsquawk Daily US Opening News
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XAUUSD (GOLD) UPDATE
- An end to a 7-day pattern printing 4200, if confirmed today, would be a bullish indicator but only a break of 4264 would turn it into a momentum move to the upside.
- Resistance is at 4247 and 4259 ahead of it
- Otherwise, should find support on dips as long as 4200 does not print.
XAUUSDÂ 4 HOUR CHART
Forex Market Snapshot
- Just when it looked like stocks were set up for a clear path Santa Claus rally following the FOMC meeting, an Oracle earnings miss slammed equities overnight. However, as of this writing, stocks are still down but off the lows.
- The dollar, meanwhile, remains on the defensive with one eye on the risk mood set by equities.
- EURUSD has been pivoting 1.17 and USDJPY 156, both likely to set respective trading tones.
- Worth noting is EURUSD holding (2 pips) above the 1.1680 support cited late yesterday (scroll below) and then bounced. A break of the 6 day pattern printing 1.1650 is a positive.
- AUDUSD is weakest but off its low
- USDCHF is lower after an as expected SNB hold on rates.
- In the US, weekly jobless claims will be a focus, expecting a rebound from a surprise drop last week.
- US balance of trade is also due but has not been a market moving report.
Newsquawk US Stock Market Wrap
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Newsquawk US Market Wrap
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MORE WHIPSAW: THIS TIME A DOVISH REACTION, USD DOWN, STOCKS UP
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Whipsaw price action on Powell’s remarks. This comment got a hawkish reaction
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