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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (3910)	5/23/2001 10:56:34 PM
From: John Pitera	Respond to of 33421

FX ALERT: EUR/USD, AUD/USD fall driven by large US hedge fund Sydney--1033 JT/0133 GMT--May 24 Tel: +612-9375-5134 A large U.S. hedge fund drove AUD/USD down through major support at 0.5150 to a low of 0.5113. The same fund was also selling EUR/USD. There is a large U.S. bank selling EUR/JPY. A break of 102.00 has triggered stops taking USD/JPY to major Fibonacci support at 119.25. BridgeNews FX ALERT: EUR/USD extends overnight fall on US selling out of Asia Sydney--0941 JT/0041 GMT--May 24 Tel: +612-9375-5134 EUR/USD has extended overnight losses with a fall from an early high of 0.8573 to a low so far of 0.8531. Dealers have seen some aggressive selling from a large U.S. bank out of Singapore. Sentiment is increasingly bearish after the lower-than-expected German and French GDP data and higher-than-expected German CPI data released overnight. The collapse in EUR/JPY also has dealers worried. However, despite the general reluctance to buy euro, 0.8530 is a major technical support (pivot level from late 2000 and channel support parallel to 0.9580 downtrend). With the market thinning out for Ascension day and central bank intervention a risk, shorts should be looking to take some profit. If 0.8530 does break, option triggers at 0.8500 may be activated and a fall to 0.8460 and 0.8420 may ensue, but this is not the favored view. BridgeNews fxstreet.com