2 Dec 2013
Asia Recap: AUD corrective transition expands, GBP's bullish momentum goes on
FXstreet.com (Barcelona) - The Aussie and the Sterling were the star performers in the Asian session, with the first starting to show tentative signs that a broader recovery might develop, while the latter simply affirms even further its bullish momentum.
GBP/USD managed to break above Friday's high and the bullish extension - mix of poor liquidity and stop loss hunting - saw what little offers might have been above 1.64 being absorbed, as the pair continues to set the stage for ambitious targets.
The AUD/USD also saw a promising performance, as sellers finally gave up the 0.91350/50 contention area, allowing the exchange rate to break through it in what represents a key intraday technical break, potentially allowing further upside. Positive PMIs out of China, combined with local indicators in Australia coming better-than-expected, spurred the Aussie.
The USD/JPY, and the rest of Yen crosses in rally mode (except GBP/JPY) found unsustainable demand, mainly due to the USD/JPY facing a wekkly area of resistance from 102.50 all the way to 104/105 coupled with the Nikkei 225 struggle to break above 15700.
Key headlines in Asia
NZ 3Q Terms of trade rises 7.5 % q/q
China's HSBC PMI revised higher
NZD/USD: Stops tripped above 8180
PBOC's Liu:QE exit will bring volatility to China
BOJ's Kuroda:BOJ will take significant measures if risks materilaize
GBP/USD managed to break above Friday's high and the bullish extension - mix of poor liquidity and stop loss hunting - saw what little offers might have been above 1.64 being absorbed, as the pair continues to set the stage for ambitious targets.
The AUD/USD also saw a promising performance, as sellers finally gave up the 0.91350/50 contention area, allowing the exchange rate to break through it in what represents a key intraday technical break, potentially allowing further upside. Positive PMIs out of China, combined with local indicators in Australia coming better-than-expected, spurred the Aussie.
The USD/JPY, and the rest of Yen crosses in rally mode (except GBP/JPY) found unsustainable demand, mainly due to the USD/JPY facing a wekkly area of resistance from 102.50 all the way to 104/105 coupled with the Nikkei 225 struggle to break above 15700.
Key headlines in Asia
NZ 3Q Terms of trade rises 7.5 % q/q
China's HSBC PMI revised higher
NZD/USD: Stops tripped above 8180
PBOC's Liu:QE exit will bring volatility to China
BOJ's Kuroda:BOJ will take significant measures if risks materilaize