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The second currency pair I want to look at is the USD/JPY which is re-testing the double bottom support level made from Dec. '08 - Feb. '09. Traders are making a more calculated trade trying to pick the bottom in this one due to the Bank of Japan's recent threats to intervene against continued JPY strength. Here's an article DailyFX put together on trading the JPY in light of possible BOJ intervention. If support at the 87.00 level gives way, the next major support would be 82.00, last reached in 1995!
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SSI is updated twice a day in DailyFX Plus. Register for a free login here.
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Ilya Spivak of DailyFX says Australian data points to a housing bubble. http://www.dailyfx.com/story/special...894224462.html . Another possible concern for the RBA to raise rates.
"...The interest rate outlook is generally positive in that the next move expected to come from most of the world’s largest central banks will likely be a hike. Therefore, the real consideration is when the banks will start moving and what pace will they maintain. We’ll look at those central banks that support the most liquid currencies and use this as a gauge to establish whether their markets are overbought or right in line with fundamentals."
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The Rand has strengthened by nearly 30% since the start of the year. In addition to dollar weakness, the Rand also has the support of rising gold prices. Gold is a major South African export.
If you want to trade USD/ZAR or have it on your watchlist of currencies, you can trade USD/ZAR in the FXCM Trading Station II. It is available on nearly all live accounts including micro.
To add the currency pair to your dealing rates window, goto the top of the platform and click on the Symbols button. In the symbols window, scroll down to USD/ZAR and add a check in the box to have it displayed. The USD/ZAR needs to be in your dealing rates window for it to appear in the Marketscope chart instrument list.
Second, gold has continued it's push towards higher levels. If you want to compare gold prices against the USD/ZAR or the USD in general, gold trading is available on the FX Trading Station II through FXCM UK (for non-US residents). You can find out more about gold trading with FXCM on our webpage here.
The Dow finally closed above 10,000 for the first time in over a year. A break above the psychological level will expose significant potential to the longer-term target of 10,495. However, the monumental level could spark a retracement with support at 9,430-10/2 low.
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USDCHF – The ratio of long to short positions in the USDCHF stands at 3.13 as nearly 76% of traders are long. Yesterday, the ratio was at 3.44 as 77% of open positions were long. In detail, long positions are 5.0% lower than yesterday and 9.1% stronger since last week. Short positions are 4.3% higher than yesterday and 7.0% weaker since last week. Open interest is 2.9% weaker than yesterday and 1.2% above its monthly average. The SSI is a contrarian indicator and signals more USDCHF losses.
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