Asian Session Recap – July 4, 2014

  • No surprises from RBA official Ellis’ testimony
  • German factory orders and euro zone retail PMI due
  • U.S. banks closed for Fourth of July holiday

It looks like forex pairs are in holiday mode already! With U.S. traders out for the Fourth of July holiday today, it appears that the crazy price action in the previous trading sessions has calmed down. There were no major reports released over the past few hours, as the only market event that took place was RBA official Luci Ellis’ speech and that didn’t cause any commotion among Aussie pairs.

After yesterday’s sharp drop, AUD/USD is struggling to hold on to the .9350 minor psychological level, dipping to a low of .9340 and reaching a high of .9364. NZD/USD is fighting to stay above the .8750 level while USD/JPY has seen a bit more movement as it retreated from a high of 102.21 to the 102.06 area as of this writing.

In the next trading session, the euro zone retail PMI and German factory orders data are due. After showing a 3.1% gain in April, German factory orders could slump by 0.8% in May. Euro zone retail PMI has fallen to contractionary levels in May and an even deeper industry contraction for June could push the euro lower against its forex counterparts.

See also:

U.S. Session Recap

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  • ForExchange

    Hi Pip Diddy,

    I do not understand, I tried to answer for your US Session Recap in the forum, I could only click on “reply with a quote” and then when I clicked on it, it said that I do not have the right to write in that thread. Is your thread saved with some kind of protection so we cannot write in it?

    Anyway, I just wanted to ask what you think about the NFP Report. Is it a long-term changer or just a short-term correction? Is the US economy getting better and suggests that the USD finally starts strenthening?

    Have a nice weekend