AUDUSD: The Australian dollar was lower late Tuesday after China reported slower growth in the third quarter and investors continued to lower their expectations for any near-term resolution of the euro-zone’s sovereign debt troubles. China’s GDP growth slowed to 9.1% on year in the third quarter from 9.5% in the second quarter, a touch below the 9.2% expected
Recent domestic demand partial indicators have improved, including retail sales, building approvals and employment data, and suggest that domestic economic activity is holding up relatively well
We expect a range for today in AUDUSD rate of 1.0190 to 1.0320
Set limit Sell at 1.0340
Stop loss at 1.0380
Target at 1.029, 1.0250 and 1.0180
EURUSD: Leaders must find an answer to the Greek crisis and determine how to maximize the impact of its EUR440 billion bailout facility. Europe must also integrate sovereign risk in the assessment of its banks.
The euro zone is caught in the throes of a debt crisis, but not a banking crisis. France is working on a strong response to the euro-zone debt crisis
We expect a range for today in EURUSD rate of 1.3670 to 1.3815 (The EURUSD has formed head and shoulder from technical point of view. We continue to expect further downside toward 1.3670 and possible 1.3600)
Set Sell at 1.3815
Stop loss at 1.3850
Target at 1.3770, 1.3720 and 1.3625
USDJPY: The Japanese government and Bank of Japan will form a special team to monitor initiatives designed to address the strong yen. As part of a draft plan expected to be approved by the cabinet on Friday.
The team will create numeric targets and set deadlines for achieving them. The government will also underscore a commitment to work with the BOJ to monitor economic downturn risks. The yen surged to a record high of 75.95 against the dollar in August and has stayed around Y76-77 against a backdrop of European and U.S. debt woes.
We expect a range for today in USDJPY rate of 76.40 to 77.20 (Yesterday we set limit BUY order for USDJPY at 76.65, the pair hit low at 76.620.)
Limit Buy order for USDJPY at 76.65 ranges (already hit the limit order)
Stop loss at 75.60
Target at 76.90, 77.20 and 77.60
