The market tried to stage a bit of a bounce today but the US inventory just wasn't good enough to sustain it. The market also wasn't impressed with OPEC's jawboning.

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Lots of resistance was above at the and hour MAs and old lows at the 1. Even the hawks are losing their appetite We're living in some kind of bizarro central banking world. The AUDUSD stalled is trading at new session lows - spurred on by the breaking of some key levels. UK election goes sideways, commodity currencies go up The trio of NZD, AUD and CAD are easily the top performers this month.

The strength in June is part of a seasonal trend that I highlighted three weeks ago. NZD vulnerable to the RBNZ decision later Credit Agricole CIB FX Strategy Research notes that the RBNZ is widely expected to leave the OCR at 1. Now it's back to unchanged and back in the middle. So no big deal. The highs yesterday came in between The high today just peaked at The highs from June peaked at Going back to the end of the May, the high at that time reached Weekly oil inventory and production data from the US Department of Energy coming up next - Prior was K Here's what API reported yesterday: May US existing home sales - Prior was 5.

The US is heading back towards big housing price gains. Evans talks about hiking with the WSJ The WSJ posted a short with Chicago Fed President Charles Evans. The comments were virtually identical to his other media appearances on Monday. Rally higher today stalled ahead of key resistance levels.

The EURUSD sellers remain in control. How do I know? If you read my recent posts on the EURUSD, I am putting lots of faith in the 1. That area has a lot of swing levels going back to mid-May see red circles in the chart above. There was a break below on May 30th. There was a break lower last week Thursday into Friday. That failed with a higher low compared to May Comments from the German finance minister That may be true, for now.

Surely if the ECB shares the same view, it means the start of a series of rate hikes. Iran oil minister Zanganeh said today that talks have begun about further cuts. It comes less than a month after OPEC's one-year cut extension announced May Reverses above and gets kick higher from Haldane comments. The GBPUSD fell sharply yesterday on the back of comments from BOE Carney and some technical breaks. The price moved to the lowest levels since "snap election day" and also fell below the day MA see daily chart below.

The battleground at the moment is likely December. My sense is that the bar is low.

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The Fed obviously thinks the latest stumble in growth is an aberration but that doesn't mean they need the pendulum to swing in the other direction in order to hike. He's now the heir to the throne of his year-old father. At just years-old himself it puts him in-line to rule the kingdom for many decades.

The GBP is the strongest. The AUD is the weakest. As North American traders enter for the day, the GBP is the strongest, while the AUD is the weakest. The GBP switches positions on the strong and weak table from being the weakest yesterday on the back of Carney's speech, to the strongest today on. UK PM May's spokesman with a follow up statement to the Queen's Speech - thinks parliament will get behind the Queens Speech - not deaf to people's weariness over austerity This just in from DUP:.

US MBA mortgage data for w-e 16 June - applications 0.

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Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. As with all such advisory services, past results are never a guarantee of future results. Title text for next article. Looking for a new forex broker? USDJPY down on the day.

Wed 21 Jun Traded lower and then higher. It is now lower. The low today stalled near the hour MA blue line in the chart above. The high stalled just below the day MA at The pair is now below the close from yesterday at The hour MA is now at View Full Article with Comments. USDCAD tests day MA at 1. Do the GBPUSD dip buyers come in here?

Wouldn't want to start unwinding balance sheet in Sept if inflation weakens Even the hawks are losing their appetite We're living in some kind of bizarro central banking world. Trades at session lows. Here is the story so far this month UK election goes sideways, commodity currencies go up The trio of NZD, AUD and CAD are easily the top performers this month. Watch for RBNZ jawboning - Credit Agricole NZD vulnerable to the RBNZ decision later Credit Agricole CIB FX Strategy Research notes that the RBNZ is widely expected to leave the OCR at 1.

USDJPY pushes toward yesterday's highs day MA looms The better existing homes data helped to send the USDJPY toward the highs from yesterday and closer to the day MA at Weekly US oil inventories are due up next Weekly oil inventory and production data from the US Department of Energy coming up next - Prior was K Here's what API reported yesterday: May US existing home sales 5.

Balance sheet plan not likely to depend on economic data Evans talks about hiking with the WSJ The WSJ posted a short with Chicago Fed President Charles Evans. EURUSD sellers remain in control. The danger of deflation in eurozone has clearly been dispelled Comments from the German finance minister That may be true, for now. GBPUSD can't stay below day MA Reverses above and gets kick higher from Haldane comments.

Will Muhammad bin Nayef go quietly in the Saudi game of thrones? The strongest and weakest currencies as NA traders enter for the day The GBP is the strongest.

UK government absolutely committed to immigration target UK PM May's spokesman with a follow up statement to the Queen's Speech - thinks parliament will get behind the Queens Speech - not deaf to people's weariness over austerity This just in from DUP: US MBA mortgage applications fell last week US MBA mortgage data for w-e 16 June - applications 0. Learn About ForexLive Contact Us. Stay Connected Connect with forexlive via: Premier forex trading news site Founded in , ForexLive.