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  • (BFW) Daily FX View: Growth FX Benefit From Tepid Risk-On Rally 0 comments
    Oct 28, 2013 7:13 AM

    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.

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