AUDUSD: The Australian dollar was weaker Friday amid growing frustration that a deal to secure Greece’s financial future remained illusive, while the Reserve Bank of Australia also restated it has room to cut interest rates if needed.
The combination of factors shaved nearly a full cent off the Australian dollar at one point in Asia trading, damping an otherwise strong week for the currency.
We expect a range for today in AUDUSD rate of 1.0600 to 1.0730 (Last Friday, we shorted the pair at 1.0785 and the pair reached both target at 1.0725 and 1.0685.)
We set Limit SHORT order for AUDUSD at 1.0750
Stop loss at 1.0810
Target at 1.0685 and 1.0630
EURUSD: Speculative investors decreased their bets that the euro will decline against the dollar as of Feb. 7, wagering a net $23.3 billion against the common currency, down 10% from the prior week, government data showed Friday.
As the euro zone’s political leaders continued to debate a bailout for Greece’s fiscally-troubled government, speculators held a net 140,593 contracts betting against the euro, according to the Commodity Futures Trading Commission’s weekly report on the commitments of traders. These traders, who do business on the Chicago Mercantile Exchange, form a small slice of the overall currencies market, but their flows are seen widely as representative of hedge fund flows as a whole.
We expect a range for today in EURUSD rate of 1.3080 to 1.3180 (Last week, we shorted the pair at 1.3270, the pair drop low to 1.3154, reached our target at 1.3170)
We set limit SHORT order for EURUSD at 1.3250 ranges
Stop loss at 1.3310
Target at 1.3180 and 1.3160
USDJPY: Traders were one-third less likely to bet in favor of the dollar this week. Speculators held a net $8.7 billion in dollar positions, down 33% from the previous week.
The market largely maintained its view on the yen, holding a net $9 billion in bets that the yen will appreciate against the dollar. That was down 4% to 55,171 net contracts.
We expect a range for today in USDJPY rate of 77.10 to 77.80
We set limit SHORT order for USDJPY at 77.80
Stop loss at 78.10
Target at 77.40 and 77.10
