Posted by
admin on September 29, 2010 |
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Daily Review 29/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar fell against most major currencies after American home prices rose at a slower pace in July (3.20% vs. 4.20% prior) and U.S. consumer confidence which fell (48.5 vs. 52.5 forecast), increasing the possibility the Fed will restart purchases of government debt. NASDAQ and Dow Jones rose by 0.41% and 0.43% respectively, crude oil weakened by 0.4%, closing at 76.18$ a barrel, Gold (XAU) continued to rise and made a new record (above 1309$ )during the session, in the end strengthened by 0.8% , closing at 1308.3$ an ounce. No major economic data expected today.
EURO (EUR)
The Euro traded at almost a five month high against the Dollar when U.S. home prices came out worse than expected in July, fueling speculation the Federal Reserve will ease monetary policy. The momentum of the EUR/USD is still strongly bullish for the euro, as long it’s above 1.3400 level a long position is preferred, the next resistance line on the daily chart is 1.3700,the RSI and the 10 moving average indicators support up trend as well . Overall, EUR/USD traded with a low of 1.3381 and with a high of 1.3595. No economic data expected today.
EUR/USD – Last: 1.3589
| Resistance |
1.3600 |
|
|
| Support |
1.3500 |
1.3290 |
1.3100 |
British Pound (GBP)
The Pound weakened against the Euro and fluctuated versus the Dollar after Bank of England policy maker Adam Posen said that the central bank should resume its asset purchase program to boost the economy. The main resistance of the GBP/USD on the daily chart is still 1.6000, the momentum is bullish as long the price above 1.5700, the main support on the one hour chart is 1.5740 if the pair breakdown this rate probably it will continue to decline to 1.5500. Overall, GBP/USD traded with a low of 1.5718 and with a high of 1.5895. Today, Net Lending to Individuals is expected to rise from 0.3B to 0.5B.
GBP/USD – Last: 1.5825
| Resistance |
1.5900 |
|
|
| Support |
1.5715 |
1.5600 |
1.5500 |
Japanese Yen (JPY)
The Yen strengthened and was near a two week high against the Dollar after reports showed that home U.S. prices dropped for the first in four months. The USD/JPY has broken the support level that it had at 84.20 level therefore the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.68 and with a high of 84.34. No economic data expected today.
USD/JPY-Last: 83.72
| Resistance |
84.00 |
84.65 |
85.50 |
| Support |
83.65 |
|
|
Canadian Dollar (CAD)
The Canadian Dollar touched the weakest level since March against the euro and closed almost unchanged versus the Dollar amid speculation that the Bank of Canada may keep the benchmark interest rate on hold at its next meeting, also the Canadian stocks rose to a five months high ,supported a weaker Canadian Dollar as well. The momentum of the USD/CAD is still negative for the US Dollar although it’s fluctuating in the last few days, as long the USD/CAD below 1.0400 levels a short position is preferred, the next support on the daily chart is located at 1.0200. Overall, USD/CAD traded with a low of 1.0285 and with a high of 1.0361. No major economic data expected today.
USD/CAD – Last: 1.0282
| Resistance |
1.0360 |
|
|
| Support |
1.0220 |
1.0200 |
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 28, 2010 |
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Daily Review 28/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar traded with a narrow range and closed almost unchanged against most major currencies because of speculation that the Federal Reserve will take more steps to ease monetary policy, damping demand for U.S. assets. The NASDAQ and Dow Jones weakened by 0.48% and 0.44% respectively, while crude oil remained unchanged, closing at $76.50 a barrel. Gold (XAU) continued to rise, strengthening by 0.1%, and closing at $1298.60 an ounce. Today, CB Consumer Confidence is expected at 52.5 vs. 53.5 prior.
EURO (EUR)
The Euro weakened a bit from a five month high against the Dollar as renewed signs of debt problems at European banks and countries such as Ireland and Portugal reduced demand for assets in the European zone. The momentum of the EUR/USD is still strongly bullish for the euro, and as long as it’s above 1.3350 levels a long position is preferred. The next resistance line on the daily chart is at 1.3700, and the RSI indicator supports an uptrend as well. Overall, EUR/USD traded with a low of 1.3425 and with a high of 1.3506. Today, German Prelim CPI is expected to weak from 0.0% to -0.2%.
EUR/USD – Last: 1.3459
| Resistance |
1.3500 |
|
|
| Support |
1.3425 |
1.3285 |
1.3100 |
British Pound (GBP)
The Pound also stayed almost unchanged against the dollar after a quiet day of news and data from these countries. The main resistance of the GBP/USD on the daily chart is 1.6000, and the momentum is bullish as long as the price is above 1.5750. Overall, GBP/USD traded with a low of 1.5787 and with a high of 1.5867. Today, Current Account is expected to remain at -9.60B, and Final GDP is expected to stay at 1.2%.
GBP/USD – Last: 1.5825
| Resistance |
1.5867 |
|
|
| Support |
1.5785 |
1.5600 |
1.5500 |
Japanese Yen (JPY)
The Yen traded with a very small range versus the Dollar after there was no important news that influenced this pair. The USD/JPY has been fluctuating around 84.50 over the last four days. The support on the one hour chart is at 84.20, and if the pair breaks below the support line, the trend will continue to decline. Overall, USD/JPY traded with a low of 84.11 and with a high of 84.37. No economic data is expected today.
USD/JPY – Last: 84.24
| Resistance |
84.40 |
84.70 |
85.40 |
| Support |
84.10 |
|
|
Canadian dollar (CAD)
The Canadian Dollar fell from a near six week high versus the Dollar, as U.S. stocks and crude oil declined and investors speculated that the Bank of Canada Governor Mark Carney may be unwilling to raise interest rates further. The momentum of the USD/CAD is still negative for the US Dollar, and as long the USD/CAD is below 1.0400 levels, a short position is preferred. The next support on the daily chart is located at 1.0200. Overall, USD/CAD traded with a low of 1.0223 and with a high of 1.0305. No economic data is expected today.
USD/CAN – Last: 1.0291
| Resistance |
1.0345 |
1.0380 |
|
| Support |
1.0225 |
1.0190 |
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 27, 2010 |
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Daily Review 27/09/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar fell against all major currencies after Federal Reserve Chairman Ben S. Bernanke said that damage from the financial crisis has left the U.S. economy growing at a slower pace than policy makers want, even though the central bank’s more than $1 trillion in bond purchases have reduced interest rates. The NASDAQ and Dow Jones strengthened by 2.33% and 1.86% respectively, crude oil jumped by 2.0%, closing at $76.50 a barrel. Gold (XAU) rose to a new record during the session (above $1300), and in the end, strengthened by 0.1% to close at $1298 an ounce. No economic data is expected today.
EURO (EUR) – The Euro touched a five month high last Friday against the Dollar as German business confidence unexpectedly rose to the highest level in more than three years in September (106.8 vs. 106.3 forecast). In addition to this, Bernanke’s declarations increased investor appetite for higher yielding assets. The momentum of the EUR/USD is still strongly bullish for the euro, and as long as it’s above 1.3350 levels, a long position is preferred. The next resistance line on the daily chart is 1.3700, and the 10 moving average also supports an uptrend. Overall, EUR/USD traded with a low of 1.3286 and with a high of 1.3495. Today, ECB President Trichet will speak.
EUR/USD – Last: 1.3462
| Resistance |
1.3500 |
|
|
| Support |
1.3440 |
1.3285 |
1.3160 |
British Pound (GBP) – The Pound rallied against the Dollar, closing the week at a 6 week high, as concerns over the Bank of England’s economic outlook were overshadowed by Friday’s soft U.S. economic data. The main resistance of the GBP/USD on the daily chart is 1.6000 and the momentum is bullish as long as the price is above 1.5750. Overall, GBP/USD traded with a low of 1.5641 and with a high of 1.5844. No economic data is expected today.
GBP/USD – Last: 1.5819
| Resistance |
1.5845 |
|
|
| Support |
1.5730 |
1.5600 |
1.5500 |
Japanese Yen (JPY) –The Yen strengthened against the Dollar after worse than expected data from US was released on Friday. Among the data were New Home Sales which came out at 288K vs. 292K forecast, Durable Goods Orders that came out at -1.3% vs. -0.9% forecast, and Bernanke’s statements regarding the economy, all of which drove investors towards the yen instead of the dollar. The USD/JPY has been fluctuating around 84.50 over the last three days, and support on the one hour chart is at 84.20. If the pair moves below the support line, the trend will continue to decline. Overall, USD/JPY traded with a low of 84.11 and with a high of 85.39. No economic data is expected today.
USD/JPY-Last: 84.24
| Resistance |
84.70 |
85.25 |
86.00 |
| Support |
84.10 |
|
|
Canadian dollar (CAD) – The Canadian Dollar gained for the first time in three days versus the Dollar as reports showing higher than forecast German business confidence and U.S. durable goods orders, spurred investor appetite for assets linked to growth. The momentum of the USD/CAD is still negative for the US Dollar, and as long as the USD/CAD is below 1.0400 levels, a short position is preferred. The next support on the daily chart is located at 1.0200. Overall, USD/CAD traded with a low of 1.0225 and with a high of 1.0355. No economic data is expected today.
USD/CAD – Last: 1.0251
| Resistance |
1.0280 |
1.0350 |
1.0380 |
| Support |
1.0225 |
1.0195 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
