New York Forex Report: All Quiet Ahead Of The Fed

EURUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Fundamental: EUR remained range-bound over quiet European trading strengthening into the New York open as equities softened.  Lack of domestic data sees traders turning their attention to US Durable goods at 1230GMT expected -1.3% against previous -2.3% with US consumer confidence later in the session at 1400GMT expected unchanged at 103.

Technical: Breaches 1.10 support, while 1.1080/1.11 caps intraday upside reactions expect bearish pressure to be maintained targeting 1.09 bids next. A close above 1.1122, targets 1.1240 next.

Interbank Flows: Bids 1.0950 stops below. Offers 1.1120 Stops above.
Retail Sentiment: Bullish
Trading Take-away: Sell pullbacks against 1.1120 targeting 1.09

eu2015-10-27 07_33_11-NetDania - NetStation

GBPUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Fundamental: GBP dropped sharply during early European trading as YoY 3Q GDP undershot expectations of 2.4% to print 2.3%.  Losses were mostly reversed however with sterling trading back up on the session heading into the New York cross over.

Technical:  While 1.5300 supports downside reactions expect a grind higher to test 1.56 symmetry objective. A breach of 1.53 targets a retest of pivotal 1.52 support.

Interbank Flows: Bids 1.5300 stops below. Offers 1.54 stops above
Retail Sentiment: Neutral to bullish
Trading Take-away: Sidelines for now

gu2015-10-27 07_35_34-NetDania - NetStation

USDJPY
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bearish

Fundamental: JPY strengthened over European trading, extending strength found overnight from data showing the Japanese corporate service index rose 0.6% YoY in September. Alongside headline US data we also have US PMIs and later on today Japanese retail trade data.

Technical: Bulls target a sustained break of 121 to target range highs at 121.85 an intraday failure at 120.00 would suggest return to range.

Interbank Flows: Bids 119.50/30 stops below. Offers 121.50 stops above
Retail Sentiment: Bearish
Trading Take-away: Buy pullbacks against 120.50 targeting upside range break

uj2015-10-27 07_36_24-NetDania - NetStation

EURJPY
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Fundamental: JPY rally maintained as the risk sentiment lull persists and cross flow continues to weigh on the pair. The main focus for Japan will be the Fed and BoJ meetings later this week.

Technical:  133.40 pivotal support being eroded, while 134.50 caps intraday upside reactions expect a breach of 133.40 to target equality corrective objective at 131.20 next

Interbank Flows: Bids 133.00 stops below. Offers 134.50 stops above
Retail Sentiment: Bearish
Trading Take-away: Sell pullback against 134,50 targeting 131.20

ey2015-10-27 07_36_59-NetDania - NetStation

AUDUSD
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bearish

Fundamental:Aussie pulled back from overnight highs as commodities softened in line with a broader lull in risk sentiment so far today with equities flat to down also.

Technical: Bids ahead of  .7160 symmetry objective support as this level holds anticipate a grind higher to retest .7400 offers. A breach of .7140 concerns near term bullish bias and suggest a retest of pivotal .7060 support next.

Interbank Flows: Bids .7150 stops below. Offers .7400 stops above
Retail Sentiment: Neutral
Trading Take-away: Sidelines for now

au2015-10-27 08_10_31-NetDania - NetStation

USDCAD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bullish

Fundamental: CAD was little changed against the US dollar ahead of US and Japan central bank
decisions on interest rates with persistent oil weakness keeping the Canadian Dollar pressured to the downside.

Technical: Near term bearish tend remains intact as intraday resistance at 1.3260 contains intraday upside reactions bears target a retest of bids below 1.2850. A breach of 1.3260 opens test of 1.3450 offers and potential broader bullish trend continuation

Interbank Flows: Bids 1.3090 stops below. Offers 1.32 stops above
Retail Sentiment: Bearish
Trading Take-away: Sidelines for now

uc2015-10-27 08_11_22-NetDania - NetStation