Dollar held gains on the Yen having bounced from 2-1/2-month lows after upbeat ISM -Forex Insight

The ISM report showed the strongest rate of growth in 10 months, countering recent speculation the Federal Reserve will embark on a third round of bond buying to bolster the economy.

The dollar rebounded above 80.00 yen and last stood at 80.110. Its recovery from a trough of 79.640 yen caught speculators short and forced them to buy back the dollar.

 Immediate resistance was found at Monday's high of 80.39, ahead of 80.45/50, the 38.2 percent retracement of the 81.78/79.64 move. Support is seen at 79.60 yen, the 100-day moving average. The euro retreated to $1.32365, having briefly touched a one-month peak of $1.3284 overnight. The single currency has been stuck around $1.3235/45 for four trading days with dealers citing talk of central banks on both sides of the market to hem in price action. - Reuters link

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Euro hit 2-week highs against the dollar 4/20 - Forex Insight

NEWS HEADLINES Apr 20th reuters - The euro got a boost after a Group of 20 official said the G20 would pledge to increase the International Monetary Fund's resources by more than $400 billion to fight the European debt crisis.

 Spanish 10-year government bond yields, however, topped 6 percent for a third time this week, which could keep the euro constrained within the $1.30-$1.32 range.

There's a lot of talk about the IMF and the G20 and the possibility it will get increased. Most analysts, however, expect the euro to remain range bound ahead of Sunday's first round of the French vote, but financial markets were nervous the policies espoused by the expected eventual winner, Socialist Francois Hollande, could be detrimental to the economy. full article at reuters -- click to view


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Safe-haven yen eased on Monday, Aussie jumps

The Australian dollar soared nearly a full U.S. cent to $1.0441, having peaked at $1.0470, after a report on Sunday showed activity in big Chinese factories hit an 11-month high in March.



traders expect the Aussie to consolidate in the $1.0410/70 range before another attempt on the upside. Against the yen, the Aussie climbed to 86.50, pulling well away from last week's trough around 84.60.

The yen could also resume its downtrend as support from Japan's fiscal year-end flows have all but fizzled. The low-yielding Japanese currency is still seen as a funding currency for carry trades.

 The dollar held firm against the yen, having benefited on Friday from higher Treasury yields in the wake of the upbeat spending data. It stood at 82.83 versus 82.78 in New York. Reuters link

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Spot  Trend and Go With It

Determine the trend and follow it. Market trends come in many sizes – long-term, intermediate-term and short-term. First, determine which one you're going to trade and use the appropriate chart. Make sure you trade in the direction of that trend. Buy dips if the trend is up. Sell rallies if the trend is down. If you're trading the intermediate trend, use daily and weekly charts. If you're day trading, use daily and intra-day charts. But in each case, let the longer range chart determine the trend, and then use the shorter term chart for timing.