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Narrow Ranges In Early Trade On Monday

FOREX

There has been narrow ranges across G-10 FX in early dealing on Monday, moves have had little follow through thus far. The cross asset space is muted; US Tsys and e-minis are a touch lower. WTI has trimmed some of Friday's losses.

  • AUD/USD is a touch below opening levels however a $0.6575/85 range has been observed for the most part. Technically the trend needle points north, resistance comes in at Friday's high ($0.6591) then $0.6656, 61.8% retracement of Jul-Oct bear leg. Support is at $0.6475 the 20-Day EMA.
  • Kiwi is marginally firmer, however Friday's high remains intact. NZD/USD is consolidating above the 200-Day EMA ($0.6062). The immediate upside focus for bulls is a break of the $0.61 handle.
  • Yen is little changed, USD/JPY remains well within Friday's range, last printing at ¥149.55/60. Resistance comes in at ¥149.96, the 20-Day EMA, and support is at ¥147.15, low from Nov 21.
  • Elsewhere in G-10 NOK is firmer however liquidity is poor in Asia.
  • There is a thin docket for the remainder of today's Asian session.

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