AUDUSD: The Australian and New Zealand dollars, both of which often fluctuate with commodity prices, saw bets in their favor cut by nearly one-third last week, although investors continue to think those currencies will appreciate.
ustralian Treasurer Wayne Swan said Tuesday that the outlook for the Australian economy remains solid, even as conditions in Europe worsen and the slowdown in the world economy becomes more pronounced.
Despite the turbulence in the global economy, the OECD forecasts the Australian economy will grow 4.0% in 2012 and 3.2% in 2013.
We expect a range for today in AUDUSD rate of 0.9830 to 0.9900 (Last Friday, we set limit buy at 0.9660, the pair now reached above 0.9830 as results. The pair possible heading toward 0.9900)
Limit SHORT for AUDUSD at 0.9960
Stop loss at 1.0020
Target at 0.9910, 0.9860
EURUSD: Traders placed their largest wager against the euro since June 2010 last week, betting a net $14.4 billion that the beleaguered euro zone will stay mired in the sovereign-debt crisis that has paralyzed it.
That position stood at 11% larger than the previous week, or a net 85,068 contracts as of Nov. 22, data from the Commodity Futures Trading Commission’s weekly report on the commitments of traders showed.
Speculators were more optimistic about the dollar’s prospects, betting a net $11.5 billion that the greenback will appreciate, up 23% from the prior week.
We expect a range for today in EURUSD rate of 1.3215 to 1.3390
Set Limit SHORT for EURUSD at 1.3390
Stop loss at 1.3430
Target at 1.3330, 1.3260
USDJPY: New-home sales rose slightly in October, but the level of demand is historically very weak as U.S. unemployment remains high and would-be buyers can choose from cheaper existing homes.
Sales increased by 1.3% to a seasonally adjusted annual rate of 307,000 from a downwardly revised pace of 303,000 in September, the Commerce Department said Monday. September’s level was adjusted down from the previously reported 313,000, the new data showed.
In the yen, the market held a net bet on the currency’s expected rise worth $7 billion, or 43,180 contracts, up 28% from the week before.
We expect a range for today in USDJPY rate of 77.60 to 78.20 (continue to hold our short position at 77.90
We was shorting at 77.90 (continued to hold)
Stop loss at 78.40
Target at 77.60, 77.30
