Daily forex market summary from MahiFX - 13 June
Market Summary
The spotlight was on the Cable in early Asian trade today as the BOE Governor Mark Carney said that the BOE could raise interest rates sooner than the markets expect. Carney expressed concerns over the housing market debt mountain, which could undermine stability. U.K. house prices rose ~10% over the past year placing loan/income ratios at an all time record. (Cable highs 1.6958). The Aussie rally continued to .9438 highs after yesterday’s solid May employment data release, whilst the Kiwi peaked at .8700 putting its peak gains at 1.75% since the mildly hawkish RBNZ statement yesterday. The Euro managed to post only marginally additional losses to 1.3512 before rallying to 1.3572 highs, whilst the JPY continued to firm (Usd/jpy lows 101.60, last 101.80). Resistance at 102.10/15 caps the Usd/jpy for the time being before the BOJ.
Pre-European Open, Technical Analysis
The commentary below represents our opinion on the state of the markets and our hypothetical trading strategies. This commentary is not a recommendation or advice. Please refer to the disclaimer below for further guidance. Please note that market volatility may have voided some scenarios.
EUR/USD Intraday: BUYERS EMERGE AHEAD OF 1.3500, EUROZONE CPI AWAITED
Pivot: 1.35456, R1 1.35789, R2 1.36053, R3 1.3665, S1 1.35192, S2 1.34859, S3 1.34262. (All pivots are daily 5 pm NY).
Support Levels: Minor 1.3500/10, Minor/Medium 1.3470/80.
Resistance Levels: Minor/Medium 1.3580/85, Very Minor 1.3620/25, Medium 1.3670/80.
View: The 1.3580/90 level holds the key, CPI could foster some vol, shorts would stop above here, the first support level is 1.3500/10. A break of 1.3590 should bring 1.3620 into view.
Technical Comment: The dailies remain soft with a high ADX, the 4H's are firming (although the ADX is falling), the 1H's are ticking up.
GBP/USD Intraday: CABLE SOARS ON CARNEY RATE HIKE TALK
Pivot: 1.68819, R1 1.69775, R2 1.70263, R3 1.71707, S1 1.68331, S2 1.67375, S3 1.65931.
Support Levels: Extremely Minor 1.6900/05, Very Minor 1.6880/85, Minor 1.6845/55.
Resistance Levels: Very Minor 1.6975/80, Minor/Medium 1.6995/1.7005, Medium/Major 1.7040/50.
View: Whilst thin Asian markets have no doubt exacerbated the up-move the bulls are in charge. We like to buy ahead of 1.6900, adding ahead of 1.6880, stops under 1.6840 for 1.7000+
Technical Comment: The dailies are very strong, the 4H's are also strong (the RSI and Stochs are o/bght, the ADX is high), the 1H's are very similar to the 4H's.
USD/JPY Intraday: THE JPY FIRMS TO 101.60 VS THE USD. BOJ IN FOCUS
Pivot: 101.851, R1 102.023, R2 102.352, R3 102.887, S1 101.487, S2 101.279, S3 100.743.
Support Levels: Extremely Minor 101.60/65, Very Minor 101.40/50, Extremely Minor 101.30/35, Very Minor 101.10/15.
Resistance Levels: Minor 102.05/15, Extremely Minor 102.40/45, Minor 102.65/70.
View: Some vol. will ensure over the BOJ, we favour selling rallies for now but will wait for the BOJ commentary to clear, 102.10/15 and 102.40 are the first topside levels to watch.
Technical Comment: The dailies are weak although the momentum is stil low (although increasing), the 4H's are heavy (the ADX is high), the 1H's are firming.
AUD/USD Intraday: THE AUSSIE RALLY CONTINUES TO .9438 HIGHS
Pivot: .94054, R1 .94609, R2 .94938, R3 .95822, S1 .93725, S2 .9317, S3 .92286.
Support Levels: Very Minor .9400/05, Extremely Minor .9390/95, Very Minor .9375/80, Minor/Medium .9350/60.
Resistance Levels: Minor .9440/50, Minor/Medium .9460/65, Very Minor .9485/90.
View: The bulls are in charge but we are hesitant after the strong run and the S.T. tech's are pointing to a consolidation. We won't chase preferring to buy at .9375/85 stops under .9350, care over Chinese data required.
Technical Comment: The dailies are firm (MACD aside, the Stochs are o/bght), the 4H's are firm but currently tracking sideways, the 1H's are soft.
To Subscribe to the Daily Score sign up here.
Market Summary
The spotlight was on the Cable in early Asian trade today as the BOE Governor Mark Carney said that the BOE could raise interest rates sooner than the markets expect. Carney expressed concerns over the housing market debt mountain, which could undermine stability. U.K. house prices rose ~10% over the past year placing loan/income ratios at an all time record. (Cable highs 1.6958). The Aussie rally continued to .9438 highs after yesterday’s solid May employment data release, whilst the Kiwi peaked at .8700 putting its peak gains at 1.75% since the mildly hawkish RBNZ statement yesterday. The Euro managed to post only marginally additional losses to 1.3512 before rallying to 1.3572 highs, whilst the JPY continued to firm (Usd/jpy lows 101.60, last 101.80). Resistance at 102.10/15 caps the Usd/jpy for the time being before the BOJ.
Pre-European Open, Technical Analysis
The commentary below represents our opinion on the state of the markets and our hypothetical trading strategies. This commentary is not a recommendation or advice. Please refer to the disclaimer below for further guidance. Please note that market volatility may have voided some scenarios.
EUR/USD Intraday: BUYERS EMERGE AHEAD OF 1.3500, EUROZONE CPI AWAITED
Pivot: 1.35456, R1 1.35789, R2 1.36053, R3 1.3665, S1 1.35192, S2 1.34859, S3 1.34262. (All pivots are daily 5 pm NY).
Support Levels: Minor 1.3500/10, Minor/Medium 1.3470/80.
Resistance Levels: Minor/Medium 1.3580/85, Very Minor 1.3620/25, Medium 1.3670/80.
View: The 1.3580/90 level holds the key, CPI could foster some vol, shorts would stop above here, the first support level is 1.3500/10. A break of 1.3590 should bring 1.3620 into view.
Technical Comment: The dailies remain soft with a high ADX, the 4H's are firming (although the ADX is falling), the 1H's are ticking up.

GBP/USD Intraday: CABLE SOARS ON CARNEY RATE HIKE TALK
Pivot: 1.68819, R1 1.69775, R2 1.70263, R3 1.71707, S1 1.68331, S2 1.67375, S3 1.65931.
Support Levels: Extremely Minor 1.6900/05, Very Minor 1.6880/85, Minor 1.6845/55.
Resistance Levels: Very Minor 1.6975/80, Minor/Medium 1.6995/1.7005, Medium/Major 1.7040/50.
View: Whilst thin Asian markets have no doubt exacerbated the up-move the bulls are in charge. We like to buy ahead of 1.6900, adding ahead of 1.6880, stops under 1.6840 for 1.7000+
Technical Comment: The dailies are very strong, the 4H's are also strong (the RSI and Stochs are o/bght, the ADX is high), the 1H's are very similar to the 4H's.

USD/JPY Intraday: THE JPY FIRMS TO 101.60 VS THE USD. BOJ IN FOCUS
Pivot: 101.851, R1 102.023, R2 102.352, R3 102.887, S1 101.487, S2 101.279, S3 100.743.
Support Levels: Extremely Minor 101.60/65, Very Minor 101.40/50, Extremely Minor 101.30/35, Very Minor 101.10/15.
Resistance Levels: Minor 102.05/15, Extremely Minor 102.40/45, Minor 102.65/70.
View: Some vol. will ensure over the BOJ, we favour selling rallies for now but will wait for the BOJ commentary to clear, 102.10/15 and 102.40 are the first topside levels to watch.
Technical Comment: The dailies are weak although the momentum is stil low (although increasing), the 4H's are heavy (the ADX is high), the 1H's are firming.

AUD/USD Intraday: THE AUSSIE RALLY CONTINUES TO .9438 HIGHS
Pivot: .94054, R1 .94609, R2 .94938, R3 .95822, S1 .93725, S2 .9317, S3 .92286.
Support Levels: Very Minor .9400/05, Extremely Minor .9390/95, Very Minor .9375/80, Minor/Medium .9350/60.
Resistance Levels: Minor .9440/50, Minor/Medium .9460/65, Very Minor .9485/90.
View: The bulls are in charge but we are hesitant after the strong run and the S.T. tech's are pointing to a consolidation. We won't chase preferring to buy at .9375/85 stops under .9350, care over Chinese data required.
Technical Comment: The dailies are firm (MACD aside, the Stochs are o/bght), the 4H's are firm but currently tracking sideways, the 1H's are soft.

To Subscribe to the Daily Score sign up here.