AUDUSD: Traders noted that for the Australian dollar, the gain was largely a correlation trade that followed on a similar increase in certain equities, such as the Shanghai Composite.
After the Reserve Bank of Australia surprised traders last week by keeping interest rates on hold in February, economists note the Thursday jobs report will be the key economic figure before the RBA’s March rate decision. In only two business days, three of Australia’s four largest banks have independently raised their own lending rates, complaining of funding pressures.
We expect a range for today in AUDUSD rate of 1.0660 to 1.0750 (Another great win yesterday, where we shorted at 1.0750 with target at 1.0685, the lowest was 1.06779)
We set another Limit SHORT order for AUDUSD at 1.0750
Stop loss at 1.0810
Target at 1.0685 and 1.0630
EURUSD: Germany is determined to keep the euro zone united and has shown exemplary solidarity with its partners to keep the area together. Germany has contributed about 200 billion euros ($264 billion) to the efforts to help out the countries with debt problems, which shows how serious the country is about aiding its partners in need.
Those countries in need of help now have to show they’re doing their homework. The Greeks have taken an important step by approving reforms and austerity measures, and now they have to take the next step and implement those reforms.
We expect a range for today in EURUSD rate of 1.3080 to 1.3180 (Another successful win, where we shorted at 1.3250 and the pair lowest was 1.3188. It is best interest to close out the trade)
WE AVOID TRADING THE PAIR TODAY
USDJPY: dollar/yen options rose Monday in Asia due to regular purchases to maximize the value of options contracts already held. But traders said slower-than-expected gains in the spot rate will soon start pushing down volatilities.
Going forward, investors believe volatilities will start falling as the dollar’s gain against the yen isn’t as fast as expected.
We expect a range for today in USDJPY rate of 77.10 to 77.80
WE AVOID TRADING THE PAIR TODAY
