As of 730 CST,
the market auctioned lower from Fri Settlement, 110.53s, achieving the Stopping Point, 109.76s, at/near Fri’s Upper Cluster Low.
The market has balanced, 109.76s-110.40s, for the remainder of the Globex session.
Focus on response at either edge of the Balance for likely next directional phase.
The market began the week with a sharp sell off/ liquidity vacuum during Sunday’s Globex session driving price lower, achieving the Stopping Point Low, 104.20s, where buy programs entered, rejecting the low.
Buy programs entered at/near 105.70s, forming a Structural Buying Tail, 104.20s-105.70s, implying the potential for price discovery higher. The market auctioned higher through the Major Aug Trade Cluster, 103.40s-108.80s, achieving a Stopping Point, 108.80s, at/near prior Key Structural Resistance.
The market balanced, 108.80s-107.10s, through midweek, as buy programs entered into Fri’s session at the Balance High, driving price higher above the Key Structural Resistance, achieving the Weekly Stopping Point High, 110.70s, closing at/near 110.55s.
- ECB Leaves Benchmark Unchanged. (Money Beat)
- BOE Holds Steady. (Reuters)
- BRICs To Commit $100bil To Foreign Exchange Fund. (Reuters)
- US Economy Growing At “Modest To Moderate” Pace, Sayeth The Fed. (Reuters)
- RBA Mangles Message On A$. (Reuters)
- Senate Panel Authorizes Limited Military Strike In Syria. (Zerohedge)
- IMF Sees Emerging Economies Vulnerable To US Tapering. (Reuters)
- Japan Sees No Issue As US Waiver From Iran Sanctions Expires. (Platts)
Supply/Demand & Markets