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30 Oct 2014
USD accelerates higher vs G10 complex in early Asia
FXStreet (Bali) - With the resumption of the USD bull trend in full motion after a more hawkish Fed than anticipated, Asia has rushed to re-set longs int the world's reserve currency, which is currently breaking Wed's highest levels against the G10 complex.
The acceleration of gains in Asia has taken the EUR/USD into new lows at 1.2623 from a NY close of 1.2630, selling in the Sterling has been sharper so far, hitting new lows for the week at 1.5977 after closing NY at 1.60 round number, while the Antipodean currencies and the Yen are also suffering important early losses.
Valeria Bednarik, Chief Analyst at FXStreet, notes: "The EUR/USD trades at a fresh weekly low a handful pips above 1.2620, having lost over 100 pips in less than an hour. The 1 hour chart shows price breaking through all of its moving averages and indicators turning south into negative territory, while the 4 hours chart shows present a quite similar picture ahead of US close. Intermediate pullbacks had been extremely shallow, favoring further declines for the upcoming sessions towards the 1.2500 lows posted earlier this month."
The acceleration of gains in Asia has taken the EUR/USD into new lows at 1.2623 from a NY close of 1.2630, selling in the Sterling has been sharper so far, hitting new lows for the week at 1.5977 after closing NY at 1.60 round number, while the Antipodean currencies and the Yen are also suffering important early losses.
Valeria Bednarik, Chief Analyst at FXStreet, notes: "The EUR/USD trades at a fresh weekly low a handful pips above 1.2620, having lost over 100 pips in less than an hour. The 1 hour chart shows price breaking through all of its moving averages and indicators turning south into negative territory, while the 4 hours chart shows present a quite similar picture ahead of US close. Intermediate pullbacks had been extremely shallow, favoring further declines for the upcoming sessions towards the 1.2500 lows posted earlier this month."