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Narrow Ranges In Early Trade

FOREX

There have been narrow ranges across G-10 FX in early dealing on Wednesday with little follow through on moves. Oil has marginally extended yesterdays falls, WTI is down ~0.5%. US Tsy Yields are marginally lower and US Equity futures are little changed.

  • AUD/USD is a touch lower to start however a narrow $0.6425/35 range has been observed thus far. Despite yesterdays fall the short term bull cycle remains in play. Resistance comes in at $0.6523, Nov 6 high and key resistance. Support is at $0.6388 the 20-Day EMA.
  • Kiwi is also marginally lower however narrow ranges are persisting thus far. On tap today we have the Q4 2-Year RBNZ Inflation Expectation, there is no estimate and the prior read was 2.83%
  • Yen is consolidating above the ¥150 handle. The latest pullback in USDJPY appears to be corrective. Resistance comes in at ¥151.72, Oct 31 high. Support is at ¥149.21 the low from 3 Nov.
  • Elsewhere in G-10 there have been little moves of note today.
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