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FOREX: Iran Missile Launches See Key Pairs Testing Support

FOREX
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Reaction to headlines that Iran has launched missile strikes on Israel has been relatively limited in FX space, not materially adding to earlier sizeable risk-off moves on the earlier, well-telegraphed warnings, but BBDXY is nevertheless at fresh session highs (+0.4%).

  • EURUSD has seen session lows of 1.1048 having for now stopped just short of resting support at 1.1044 (50-day EMA) after which lies 1.1002 (Sep 11 low).
  • GBPUSD is also of note, setting new recent lows of 1.3246, now down more than 180 pips from last week’s cycle high. It’s through support at 1.3269 (38.2% retracement for the upleg off the mid-September low) and tests the 20-day EMA at 1.3250 after which lies 1.3088 (50-day EMA).
  • However, USDJPY remains within session ranges as a function of similar moves in FI and equities.
  • CAD, buoyed by WTI surging 5% on the day on to top of US linkages, is top G10 FX performer on the day followed by JPY.
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Reaction to headlines that Iran has launched missile strikes on Israel has been relatively limited in FX space, not materially adding to earlier sizeable risk-off moves on the earlier, well-telegraphed warnings, but BBDXY is nevertheless at fresh session highs (+0.4%).

  • EURUSD has seen session lows of 1.1048 having for now stopped just short of resting support at 1.1044 (50-day EMA) after which lies 1.1002 (Sep 11 low).
  • GBPUSD is also of note, setting new recent lows of 1.3246, now down more than 180 pips from last week’s cycle high. It’s through support at 1.3269 (38.2% retracement for the upleg off the mid-September low) and tests the 20-day EMA at 1.3250 after which lies 1.3088 (50-day EMA).
  • However, USDJPY remains within session ranges as a function of similar moves in FI and equities.
  • CAD, buoyed by WTI surging 5% on the day on to top of US linkages, is top G10 FX performer on the day followed by JPY.