ForexLive Asia Wrap Up: Buy Again At These Levels?

Noda to tell Cabinet today to craft stimulus plan in November. Australia Westpac MI leading index rose 0.5% in August. A 4.0- magnitude (originally a 4.6 mag by the USGS) earthquake struck near Hollis center, Maine at 7:12 PM ET.  Moody's leaves Spain sovereign rating at investment grade but assigns a negative outlook. If you need it, the Presidential debate full transcript. Two debates down, one more to go, I'd call it the last one a 'bloody draw'. Yankees lose 2-1, go down 3-0 to the Detroit Tigers. I call this series a 'bloody shame'. The market started off this usually quiet session with a bang when Moody's affirmed Spain's investment grade rating. The 'risk on' tone was the theme of the evening as the market searched to establish higher levels across the board. The EUR/USD started at 1.3050/55 and immediately took out resistance at 1.3070 and triggered stops just above.  Option strikes at 1.3100 and 1.3115 were defended for some time but soon gave way as EUR/USD raced to a high of 1.3124. The next line of resistance now at 1.3130 with stops above starting at 1.3140, target level 1.3170/75.  Support down around 1.3040/50 level for now. USD/JPY still runs into a brick wall up at 79.00 the high being 78.91 tonight.  Support down near the 78.50/60 level as Noda prepares for a big stimulus plan. AUD/USD followed the EUR/USD higher starting out at 1.0274, then meeting minor resistance at 1.0300 before triggering stops at 1.0310/15 sending it to session highs  at 1.0322. More stops reported around 1.0330 ahead of sellers at 1.0350. The market has now given back almost half of its session move with EUR/USD at 1.3090, USD/JPY at 78.72, and AUD/USD at 1.0310.  It should be interesting to see where Europe takes us from here. Have a good day.