FX Update

Overnight, the reserve bank of Australia held interest rate unchanged. The bank in her policy statement retted the fact that the china uncertainty a bit at ease and there are possibility for growth in Australian economy which is supported by low interest rate. This saw a rally on Australian dollar put up a massive strength on the back of this decision and commodity pooped up a little bit.

Elsewhere, EURO has been strong since the opening of the European cash equity market this morning, EURUSD has moved from the bottom support level of 1.1169 and trading above 1.120 resistance level. Sterling remains relatively weak especially against the USD. GBPUSD is still trading below the reissuance level of 1.51701 which opens the currency for more downside except price rally through this level. USDJPY remains bullish above 120.000, if price continues to trade above the support level we could possible see prices at 123.000 again.