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FOREX: US$ In Narrow Range, GBP Outperforms

FOREX
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The USD traded in a narrow range on Friday to finish little changed. Aussie underperformed the G10 on Friday, apart from the Swiss franc, pressured by weaker risk appetite, while GBP and SEK outperformed possibly due to year-end flows. 

  • USDJPY paused its uptrend to finish down 0.1% to 157.83 after reaching a low of 157.35. It is currently around 157.76. Initial resistance is at 158.08, December 26 high, with support at 155.89, November 20 high. Bullish conditions remain intact with a clear dominant uptrend.
  • AUDUSD fell to a low of 0.6201 before recovering somewhat to be down 0.1% at 0.6217, and is currently around this level. Initial resistance is at 0.6337 and support at 0.6199, December 19 low, with the price sequence of lower lows and lower highs continuing. NZDUSD up 0.2% to 05633 left AUDNZD 0.25% lower at 1.1035.
  • The pound outperformed with GBPUSD up 0.4% to 1.2578, while EURUSD was flat leaving EURGBP 0.4% lower at 0.8289. A clear breach of 0.8319m 50-day EMA, would undermine the bear theme. While EURUSD is trading above its recent lows, it is still in a downtrend. AUDGBP fell 0.5% to 0.4942, just above the December 18 low of 0.4926.
  • Equities were mixed with the S&P down 1.1% but Euro stoxx up 0.8%. Oil prices were higher at the end of last week with WTI up 0.9% to $70.60/bbl. Copper was flat and iron ore is just under $100/t.
  • There are no data in Australia/NZ today with the final December Jibun Bank Japan manufacturing PMI and November South Korean November IP the main data releases.
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The USD traded in a narrow range on Friday to finish little changed. Aussie underperformed the G10 on Friday, apart from the Swiss franc, pressured by weaker risk appetite, while GBP and SEK outperformed possibly due to year-end flows. 

  • USDJPY paused its uptrend to finish down 0.1% to 157.83 after reaching a low of 157.35. It is currently around 157.76. Initial resistance is at 158.08, December 26 high, with support at 155.89, November 20 high. Bullish conditions remain intact with a clear dominant uptrend.
  • AUDUSD fell to a low of 0.6201 before recovering somewhat to be down 0.1% at 0.6217, and is currently around this level. Initial resistance is at 0.6337 and support at 0.6199, December 19 low, with the price sequence of lower lows and lower highs continuing. NZDUSD up 0.2% to 05633 left AUDNZD 0.25% lower at 1.1035.
  • The pound outperformed with GBPUSD up 0.4% to 1.2578, while EURUSD was flat leaving EURGBP 0.4% lower at 0.8289. A clear breach of 0.8319m 50-day EMA, would undermine the bear theme. While EURUSD is trading above its recent lows, it is still in a downtrend. AUDGBP fell 0.5% to 0.4942, just above the December 18 low of 0.4926.
  • Equities were mixed with the S&P down 1.1% but Euro stoxx up 0.8%. Oil prices were higher at the end of last week with WTI up 0.9% to $70.60/bbl. Copper was flat and iron ore is just under $100/t.
  • There are no data in Australia/NZ today with the final December Jibun Bank Japan manufacturing PMI and November South Korean November IP the main data releases.