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13 Feb 2013

Forex: AUD/USD spikes above 1.0320 after Aus cons conf beats estimates

The Australian Dollar has just broken through its Tuesday's high at 1.0320 after a surprising jump in the Westpac consumer confidence index, up an astonishing 7.7% vs a 0.6% last month.

The huge deviation between the prior and actual reading, highest since Dec 2010, has now the market speculating on lower chances of a possible rate cuts by the RBA. Westpac Consumer Confidence stood at 108.3 in Feb vs 100.6 in Jan.

As such, the AUD/USD spiked on the news, current at session highs at 1.0330, with key resistance mentioned earlier at 1.0350/60.

In view of Valeria Bednarik, chief analyst at FXstreet.com: "The hourly chart favors the upside, as indicators head north in positive territory while price stands above 20 SMA."

In the 4 hours chart however, Valeria sees indicators retracing from their midlines, suggesting renewed selling interest if pair regains 1.0270, which according to the analyst, "will likely favor more slides and see the pair retesting mentioned 1.0220 low."
Feb 13, 2013

Forex: EUR/JPY volatile still above 125.00

EUR/JPY is last at 125.60, up for the week so far +1.37% while down -0.68% from previous Asia-Pacific open yesterday, whith volatility measured as daily average range around 2 year highs above the 200 pips per day on 14 day avergae. “The volatility is arising from confusion regarding what the official meetings this weekend may say regarding Japanese efforts to weaken the Yen,” says FXWW founder Sean Lee, adding: “I would not be surprised if Japanese officials talk the Yen up a bit over the next few days but with overall JPY flows still overwhelmingly negative, this is only likely to lead to more volatility,” he concludes.
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Feb 13, 2013

Forex Flash: Corrections in EUR/USD, USD/JPY opportunities to buy back - Societe Generale

As Sebastien Galy, currency strategist at Societe Generale, notes, the outcome out of recent statements from G7 officials "is the position espoused by Fed Lockhart earlier in the day, namely that the move in the JPY is a side and desirable effect of a central bank pursuing a policy of reflation in line with the core mandate of the central bank."
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