- EURUSD: USD got a lift from Yellen yesterday who said that she and most of the FOMC members anticipate a rate hike in 2015. Perfect with our strategy as we had the opportunity to sell the pair around 1.1280 (1.1296 yesterday high) and we are already close to the buying area around 1.1130. The USD Index is back around 96.50. A break there would open the way to 97.75 again. 96 and 95.50 played their supportive roles yesterday. Our intraday strategy is unchanged and will consist of selling rallies around 1.1210-20 (closest stops above 1.1240) or around 1.1280 (stops above pivot 1.1330) and buying dips around 1.1130 and 1.1085-65 area (stops below 1.0990)
- GBPUSD: Cable went down again yesterday on a risk off move to test 1.5201 in the afternoon and 1.5205 overnight. As stock markets should fair better today after Yellen s comments, we expect cable to consolidate above 1.5200 . A test at 1.5350 resistance area could be seen today. Very volatile day again for a cross with a high seen at 0.7411…. we stick to the same idea that 0.7400/20 is a massive resistance medium term area .Short term, a spike up could be seen again toward 0.7340/60 level but sooner or later we expect a break of 0.7300 for a test at 0.7260/80.
- USDJPY: Nikkei rebounded 1.76 pct but for the time being we can’t get out of the previous 119.50/120.50 range. Looking on the upside the first resistance stands at 120.50-60 but the Midterm pivot is clearly 121.00. As market looks clearly in a risk on mode after Yellen s comments, we can’t exclude a spike up at 121.00 as 120.00 should hold short term.
- AUDUSD: After Yellen s comments, we expect Audusd to consolidate around current levels. Watch again 0.6990/00 support ,0.7050 and 0.7080 on top. In the midterm, Aussie could move quickly back on its 2015’s low 0.6890 given the move lower on commodities yesterday.
- USDCAD: As long as the pair stands above its intraday support 1.3290, we stay bullish and expect a move toward 1.3380. Otherwise, we can expect a move back on next support 1.3230/40.
(SOCIETE GENERALE)
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