Entering text into the input field will update the search result below

(BFW) Daily FX View: Growth FX Benefit From Tepid Risk-On Rally

Oct. 28, 2013 7:13 AM ET
TJ Marta profile picture
TJ Marta's Blog
73 Followers
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Overnight, JPY underperformed, growth FX, including AUD,NZD and MXN up modestly vs USD with most equities, commodities, sovereign yields higher, Bloomberg strategist TJ Marta writes.

• USD/JPY testing downtrend, Dep. BoJ Gov. Iwata reiterates commitment to monetary accommodation
• Support ~97 late-Aug., Oct. lows, 96.57 Oct. 8 low
• Resistance 97.77 downtrend, 99.17 Oct. 17 high

• CAD, AUD consolidate downtrends
• USD/CAD forming inside day lower from Fri. high since Sept.
• Resistance 1.0461 Oct. 25 high, 1.0472 Aug. 27, 28 low
• Support 1.0420 Oct. 10 high, 1.0721 Sept. 24, Oct. 22 low
• AUD/USD forming inside day higher
• Support 0.9752 Oct. 23, 24 low, 0.9529 Sept. 18 high
• Resistance 0.9666 June 14 high, 0.9758 Oct. 23 high

• USD/MXN pressing lower with lower intra-day highs Fri., Mon. vs ~12.84 holding since Oct. 21
• Broke below pennant formation last week
• Support ~12.84, 12.7481 Oct. 17 low
• Resistance 13.0380 Oct. 1 low, 13.0485 Oct. 24 high

• EUR/USD overbought with uptrend momentum slowing; forming 3rd doji in 4 sessions; elevated risk of 3-7% pullback, though upside target remains 1.425~
• MACD near Feb., June highs, with differential moderating
• RSI near Feb. high
• Stochastics near June, July highs
• Support 1.3711 Feb. 1 high, 1.3646 Oct. 3 high
• Resistance 1.3832 Oct. 25 high, ~1.425 Oct. 2011 high, 76.4% Fibo rebound of 2011-2012 decline

• NOTE: TJ Marta is an FX strategist who writes for First Word. The observations he makes are his own.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You