Posted by
BettyBoop on November 17, 2009 |
No comments
AUD/USD:
The Aussie continues to strengthen against the Greenback and is now retesting short term resistance at .9343. The Aussie completed the top portion of a double top (as depicted on the Chart by the 2 white boxes) last week but is on the verge of a breakout.
INSERT CHART
The AUD has been holding support along the 40 SMA since mid March. The 40 SMA is currently sitting at .9045. A break below support in addition to a close below the previous higher low (indicated by the red circle) would be a signal to open a Short AUD position.
For the moment we favor a Long AUD position. You can see the formation of an ascending triangle (dotted white lines) with the 40 SMA acting as the slope of the triangle. Anticipated continued weakness in the USD, the AUD’s close tie to commodities, the strength of Australian economy, the carry trade, and the strong trend on the Chart certainly point towards continued AUD strength. We are looking to take some profit at .95 and a further position reduction at .98
NZD/USD:
There are quite a few technicals to note on the Kiwi’s most recent price action. Firstly, similar to nearly all the other G-7′s versus the Dollar the NZD has been trending long and hard. However, back at the end of October it looked like the trend was about to break. The Kiwi hit .76 and started to fall as indicated by the 2 orange parallel lines. The appearance of those line when preceded by a strong trend is called a Pennant.
The 50 day MA has been holding support for the NZD since March. The Pennant reached the 50 SMA and price bounced off of support. Near term resistance is just north of .76. We would maintain a Long NZD position. Near term PNL could be taken at .76 while we target .78 for more significant profit taking.
Analysis by http://www.golearnforex.net
Tags: daily forex analysis, forex analysis
Posted by
NigelGee on November 17, 2009 |
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USD Dollar (USD)
The Dollar dropped versus the other after Fed Chairman Bernanke said interest rates would remain low to spur growth. Retail Sales came out at 1.4% better than 1% forecast but Core Retail Sales came out 0.2% worse than 0.4% forecast. NASDAQ and Dow Jones reached new 13 month highs with 1.38% and 1.45% gains respectively after Bernanke\’s speech. Crude gained by 3.3% closing at 78.87$ a barrel and Gold (XAU) jumped by 2.02% closing at 1140.4$ an ounce. Today, PPI is expected stronger with 0.6% versus -0.6% prior. TIC Long-Term Purchases are expected with 27.3B versus 28.6B prior. Industrial Production is expected with 0.4% versus 0.7% prior. FOMC Member Lacker will speak about his economic outlook at the State House Appropriation Committee in Richmond.
EURO (EUR)
The Euro gained versus the Dollar after Fed Chairman Bernanke commented the interest rates will remain low, spurring Risk Appetite. European CPI and Core CPI came out as expected with -0.1% and 1.2% respectively. EUR/USD traded with a low of 1.4880 and with a high of 1.5014. Today, European Trade Balance is expected with -0.9B versus 1B.
EUR/USD – Last: 1.4970
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Resistance
|
1.5020
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1.5050
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1.5115
|
|
Support
|
1.4880
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1.4825
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1.4740
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British Pound (GBP)
The Pound reached new 3 month highs versus the Dollar after Bernanke\’s speech spurred risk appetite. Overall, GBP/USD traded with a low of 1.6657 and a high of 1.6876. Today, CPI is expected stronger with 1.4% versus 1.1% prior. RPI is expected with -0.9% versus -1.4% prior.
GBP/USD – Last: 1.6825
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Resistance
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1.6875
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1.6900
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1.6955
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|
Support
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1.6790
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1.6750
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1.6670
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Japanese Yen (JPY)
The Yen gained versus the Dollar, Euro and the Pound as it Japan\’s economy showed the fastest growth pace in more than 2 years pulling Japan out of the recession. Tertiary Industry Activity came out weaker with -0.5% versus 0.1% expected and 0.3% prior. Overall, USD/JPY traded with a low of 88.74 and a high of 89.72 and EUR/JPY traded with a low of 133.18 and a high of 134.32. No major economic data is expected today.
USD/JPY-Last: 89.10
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Resistance
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89.40
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89.65
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90.00
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Support
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88.75
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88.60
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88.25
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Canadian dollar (CAD)
The Canadian Dollar gained versus the Dollar as stocks and commodities gained. Manufacturing Sales came out 1.4% better than 1% expected and -1.8% prior. Overall, USD/CAD traded with a low of 1.0425 and a high of 1.0540. No major economic data is expected today.
CAD/USD – Last: 1.048
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Resistance
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1.0515
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1.0575
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1.0610
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|
Support
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1.0417
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1.0380
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1.0315
|
Research by http://www.ufxbank.com
Tags: Daily Forex Review, forex review
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