Posted by
admin on August 23, 2010 |
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Daily Review 23/08/2010
Today’s Forex Trading review:
USD Dollar (USD)- The Dollar continue to rise against other major currencies on Friday as fears that the global economic recovery is slowing down after worse than expected U.S. jobless claims that rose to their highest level since November 2009 on Thursday ,causing investors to sell risky assets and to stick with the Dollar . NASDAQ strengthened by 0.04% and Dow Jones weakened by 0.56%. Crude oil weakened by 1.3% closing at 73.4$ a barrel and Gold (XAU) declined by 0.5%, closing at 1228.8$ an ounce. No economic data expected today.
EURO (EUR)- The Euro dropped for a second week against the Dollar to a five-week low as weaker economic data and calls by a European Central Bank official for more economic aid damped investor appetite for higher-yielding currencies. The pair has been trading downwards since August and trading under the 10 moving average on the daily chart, therefore the momentum is bearish and a short position is preferred. Overall, EUR/USD traded with a low of 1.2663 and with a high of 1.2833.Today, German Flash Manufacturing PMI is expected at 60.9 vs. 61.2 prior, Flash Manufacturing PMI is expected at 56.3 vs. 56.7 prior.
EUR/USD – Last: 1.2712
| Resistance |
1.2734 |
1.2833 |
1.2922 |
| Support |
1.2660 |
|
|
British Pound (GBP)- The Pound fell versus the Dollar and yen as concern that the global economic recovery is slowing boosted demand for the safest assets. The GBP/USD has been trading very stable in the last week, the next support on the daily chart is 1.5480, if the price breaks this level a short position is preferred. Overall, GBP/USD traded with a low of 1.5460 and with a high of 1.5595.
GBP/USD – Last: 1.5563
| Resistance |
1.5588 |
1.5700 |
|
| Support |
1.5500 |
1.5460 |
|
Japanese Yen (JPY) – The Yen rose against most majors as data indicated the global economic recovery may be faltering. As long the USD\\JPY is trading below 86.50 level a short position is preferred and the momentum is clearly bearish, the next support is located at 84.60. Overall, USD/JPY traded with a low of 85.19 and with a high of 85.82. No economic data expected today.
USD/JPY-Last: 85.35
| Resistance |
85.90 |
86.40 |
|
| Support |
85.10 |
84.90 |
|
Canadian dollar (CAD) – The Canadian Dollar weakened to the lowest level in a month versus the Dollar after a report of Core CPI showed negative data in July, came lower than the forecast (-0.1% vs. 0.1), led the investors to sell the Canadian currency . As long the USD/CAD above 1.0450 levels a long position is preferred, the next resistance on the one hour chart is located at 1.0520 if the price cross this level the trend will continue to be bullish. Overall, USD/CAD traded with a low of 1.0382 and with a high of 1.0515. No economic data expected today.
USD/CAD – Last: 1.0490
| Resistance |
1.0515 |
|
|
| Support |
1.0465 |
1.0380 |
1.0300 |
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex market
Posted by
admin on August 19, 2010 |
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Daily Review 19/08/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar fluctuated against most major currencies as risk aversion remained at a high level after a negative assessment of the U.S. economy by a senior Federal Reserve official. The NASDAQ and Dow Jones strengthened by 0.28% and 0.09%, respectively. Crude oil weakened by 0.5% closing at $75.40 a barrel, and Gold (XAU) strengthened by 0.3%, to close at $1231.40 an ounce. Today, Unemployment Claims are expected to weaken from 484K to 478K and the Philly Fed Manufacturing Index is expected to rise from 5.1 to 7.1.
EURO (EUR) – The Euro weakened against the Dollar as European stocks opened weaker, declining for the first time this week and boosting demand for safer assets like the Dollar. The pair has been trading downwards since last week but has made a correction in the last three days. The next resistance on the one hour chart is located at 1.2950 levels, and if the rate trades above this level, the pair will continue with its uptrend. Overall, EUR/USD traded with a low of 1.2823 and with a high of 1.2922. Today, the German PPI is expected to weaken from 0.6% to 0.2%.
EUR/USD – Last: 1.2808
| Resistance |
1.2932 |
1.3077 |
1.3185 |
| Support |
1.2734 |
|
|
British Pound (GBP) – The Pound rebounded from a three-week low against the Dollar and rose versus the Euro after minutes of the Bank of England’s last meeting showed policy makers considered arguments for withdrawing emergency stimulus this month. The GBP/USD has been trading very stable in the last four days, the next support on the daily chart is 1.5500, and if the price breaks this level, a short position is preferred. Overall, GBP/USD traded with a low of 1.5498 and with a high of 1.5688. Today, Retail Sales are expected at 0.4% vs. 0.7% prior and CBI Industrial Order Expectations is expected at -14 vs. -16 prior.
GBP/USD – Last: 1.5564
| Resistance |
1.5700 |
1.5825 |
|
| Support |
1.5510 |
|
|
Japanese Yen (JPY) –The Yen approached its strongest level against the Euro in more than six weeks and fluctuated versus the Dollar. This occurred as a concern that the global economic recovery is losing steam, and as a result, it boosted demand for the currency as a refuge. As long the USD/JPY is trading below an 86.50 level, a short position is preferred, and the momentum is clearly bearish. The next support is located at 84.60 and the 10 moving average supports a downward trend as well. Overall, USD/JPY traded with a low of 85.19 and with a high of 85.61. No economic data is expected today.
USD/JPY-Last: 85.61
| Resistance |
86.00 |
86.20 |
86.40 |
| Support |
85.10 |
84.70 |
|
Canadian dollar (CAD) – The Canadian Dollar rose for a second day versus the Dollar in Forex Trading. This occurred as speculation that a purchase of Potash Corp. of Saskatchewan Inc. will eventually proceed, and thus, raised the prospect of further demand for commodity producers. As long as the USD/CAD is below 1.0300 levels, a short position is preferred and the momentum is clearly bearish. The next support on the one hour chart is located at 1.0260 and the next resistance is located at 1.0350 levels. Overall, USD/CAD traded with a low of 1.0270 and with a high of 1.0341. Today, the Leading Index is expected at 0.7% vs. 1.0% prior, and Wholesale Sales are expected to rise from -0.1% to 0.4%.
USD/CAD – Last: 1.0289
| Resistance |
1.0345 |
1.0465 |
1.0500 |
| Support |
1.0265 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on August 18, 2010 |
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Daily Review 18/08/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar was mixed versus other major currencies after positive U.S. economic data, which support the idea of a recovering economy, succeeded to support the stock market and the commodities indices. The NASDAQ and Dow Jones rose by 1.26% and 1.01%, respectively. Crude oil increased by 0.7% to close at $75.70 a barrel, and Gold (XAU) strengthened by 0.2%, closing at $1228.30 an ounce. No economic data is expected today.
EURO (EUR) – The Euro rose versus the Dollar after good data was released from the European zone, like the ZEW Economic Sentiment, which came better than the forecast at 15.8 vs. 10.6. This led investors to buy into the Euro. The pair has been trading downwards since last week, but has made a correction during the last two days. The next resistance on the daily chart is located at 1.3000 levels, and if the rate trades above this level, the pair will continue with its uptrend. Overall, EUR/USD traded with a low of 1.2804 and with a high of 1.2916. No economic data is expected today.
EUR/USD – Last: 1.2849
| Resistance |
1.2920 |
1.3075 |
1.3230 |
| Support |
1.2735 |
|
|
British Pound (GBP) – The Pound fell against the Dollar after the governor for the Bank of England wrote an open letter to the British chancellor explaining why inflation is still above target. The GBP/USD has been trading very stable in the last three days. The next support on the daily chart is at 1.5500, and if the price breaks this level, a short position is preferred. Overall, GBP/USD traded with a low of 1.5551 and with a high of 1.5695. Today, the MPC Meeting Minutes will be released.
GBP/USD – Last: 1.5553
| Resistance |
1.5715 |
1.5825 |
1.5910 |
| Support |
1.5535 |
|
|
Japanese Yen (JPY) –The Yen fell against most majors as advances by stocks and commodities dampened demand for financial safe havens. The yen also weakened as a result of speculation that Japan’s policy makers will move to slow the currency’s appreciation after it gained 9 percent against the Dollar this year. As long the USD\JPY is trading below 86.50, a short position is preferred, and the momentum is clearly bearish. The next support is located at 84.60 and we find that the 10 moving average supports a downward trend as well. Overall, USD/JPY traded with a low of 85.18 and with a high of 85.68. No economic data expected today.
USD/JPY-Last: 85.38
| Resistance |
85.68 |
86.15 |
86.37 |
| Support |
85.10 |
84.70 |
|
Canadian dollar (CAD) – The Canadian Dollar strengthened against most majors as global stocks rallied and Potash Corp., of Saskatchewan Inc., received a $39 billion purchase offer that boosted demand for growth assets. As long the USD/CAD is below 1.0400 levels, a short position is preferred and the momentum is bearish. The next support on the one hour chart is located at 1.0300, and the next resistance is located at 1.0450 levels. Overall, USD/CAD traded with a low of 1.0308 and with a high of 1.040436. No economic data is expected today.
USD/CAD – Last: 1.0331
| Resistance |
1.0390 |
1.0465 |
1.0500 |
| Support |
1.0300 |
1.0265 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, forex review
