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Currencies Update: Narrow ranges during the Asian session as markets await the US data
Written by article default Thursday, 23 September 2010 20:31
The Asian session witnessed saw some calm trading today, as the dollar is loosing its downside momentum since the beginning of this week. Thereby the greenback remains near a five-month low against the euro before the US retails sales will be release today, expected to present negative results, which might lower demand on the dollar even more.The euro/dollar pair is trading near yesterday's closing levels, recording a high of 1.3409 and a low of 1.3386, and now the pair trades around 1.3394. The daily and four hours momentum indicators show the pair is trading in an overbought area, which might prevent the pair from breaking the resistance level mentioned above.
Turing to the British pound which inclined against the dollar during the Asian session, trading below the 1.5700 level. The pound recorded a high of 1.5668 and a low of 1.5635. The pair now trades around 1.5655. The daily and four hours momentum indicators give neutral signs, which increases the chances of an upside trend.
The dollar/yen pair is trading in a narrow range, close to yesterday's closing. The pair’s volume was low today, recording a low of 84.51 and a high of 84.60, and now it trades around 84.57. The daily momentum indicators give selling signs, while the four hours momentum indicators show the pair is in an oversold area.