From the FXWW Chatroom: WestPac… Aud and Nzd a tech dream or nightmare? In aud we have met the objective of retracing 50% of the post US election moves at 0.7470. Now 100dma and 200dma at 0.7501 with the ichimoku cloud base at 0.7492 add in audnzd 200dma at 1.0590, audcad 200dma at 0.9825 and suspect supply in aud with a break of 0.7525 being my undoing (Dec 13-14 highs)- late Nov to early Dec saw heavy sellers 0.7500-25. In Nzd the options expiries yesterday and the Trump effect kept the Nzd supported – 200dma at 0.7085 with 100dma at 0.7149.
WestPac.. As we suspected yesterday morning and ultimately proving correct that “CNN/Buzzfeed frenzy on Trump/Russia suggests there will be very little time in the press conference for economic policy plans. Probably will have to wait for post-Jan 20 for further details”. The press conference was a rather bizarre affair with rambling and non presidential the standouts. Markets disappointed with the lack of clarity and leaving lots of questions unanswered – see post above. From here in euro watch offers into key 1.0660-70 61.8% of 1.0874 – 1.0341 Dec move- but care as a break targets 1.0850 whilst in Jpy buyers into 114.15 61.8% of the 111.36-118.66 move and down to early Dec lows at 114.00.
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