I find it interesting. thanks.
How much weight do you guys put on the USD index when analysing cable?
Can we chart this in metatrader?
cheers
"However, the Usd is largely losing out across the board and we suspect the latest wave of sales was due to a break below initial major support at 83.83/90 in the [USD INDEX]. The former was a major fibo level (50% of 82.24/85.43 move) and the break looks to open the way for even more downside towards the mid 83's initially (83.45, 61.8%)."
How much weight do you guys put on the USD index when analysing cable?
Can we chart this in metatrader?
cheers
"However, the Usd is largely losing out across the board and we suspect the latest wave of sales was due to a break below initial major support at 83.83/90 in the [USD INDEX]. The former was a major fibo level (50% of 82.24/85.43 move) and the break looks to open the way for even more downside towards the mid 83's initially (83.45, 61.8%)."
The early sell off for Usd/Yen has had knock on effects across the broader fx market with [EUR/USD] thrust back above 1.3200 as a result. Eur/Yen selling has since taken the pace off the rally, but traders report very large size buying from one German name and a US prime name earlier. The net leaves the headline pair with a much more bullish slant in the run up to today's US data with short termers now looking to buy very limited dips. One US investment name is currently seen with bid interest ahead of 1.3200 and another stop hunt towards 1.3250 cannot be ruled out pre data, although the lead will surely come from Usd/Yen.
Most attention has been centred on Usd/Jpy's slide through 120.00 this European morning. However, the Usd is largely losing out across the board and we suspect the latest wave of sales was due to a break below initial major support at 83.83/90 in the [USD INDEX]. The former was a major fibo level (50% of 82.24/85.43 move) and the break looks to open the way for even more downside towards the mid 83's initially (83.45, 61.8%). Asian contacts gave a convenient rehash of a fairly dated New Yorker article on a possible US attack on Iran as excuse for the latest dip in Usd sentiment. We, however, continue to believe the FX market will largely shrug off this scaremongering for now and suggest it is concerns over the likelihood of a US economy soft landing.
Note: I wonder if you guys like those piece of info or not. I personally do. But I can stop posting then if annoying...
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Now thats! important. (their shares are almost down 50%) Housing data will get $ even weaker, and indirectly, consumer data, which will be unveiled by mid March, will get $ below important long term support at 82
