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Daily Cross 18/1 – Buy EUR/CAD

Buy EUR/CAD @ 1.3150

SL @  1.2990

TP1 @ 1.3190

TP2 @ 1.3315

TP3 @ 1.3433

All analysis is based on the 4 hour chart

Last price: 1.3150

Tags: currency pair, currency trading, daily forex, EUR/USD, foreign exchange, forex, forex account, forex analysis, forex demo, forex market, forex news, Forex Online, forex online market, forex online trading, Forex reviews, forex strategy, Forex Trading, fx forex, fx trading, GBP/USD, gold trading, learn forex, NASDAQ, start forex trading, trade forex, USD/CAD, USD/JPY

Daily Cross 17/1 – Sell EUR/GBP

Sell EUR/GBP @ 0.8394

SL @  0.8510

TP1 @ 0.8355

TP2 @ 0.8292

TP3 @ 0.8180

All analysis is based on the 4 hour chart

Last price:  0.8394

Tags: currency pair, currency trading, daily forex, EUR/USD, foreign exchange, forex, forex account, forex analysis, forex demo, forex market, forex news, Forex Online, forex online market, forex online trading, Forex reviews, forex strategy, Forex Trading, fx forex, fx trading, GBP/USD, gold trading, learn forex, NASDAQ, start forex trading, trade forex, USD/CAD, USD/JPY

USD Fell Again v.s Forex Majors

Daily Review 29/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

The Dollar lost gained ground across the board as investors preferred to invest in higher yielding assets in a volatile trading session as traders expect the FED\’s monetary policy meeting next week. The Initial Jobless Claims came out 434k better than expected 455k. The Stock Markets in U.S. closed mixed with Dow Jones losing -0.11% and the NASDAQ advanced by 0.16%. Crude Oil closed with no significant change from yesterday at 82$ a barrel. Gold (XAU) gained and jumped back to 1343$ an ounce as investors choose to turn back to safe haven gold. Today, the GDP is expected at 2% vs. 1.7% previously. Chicago PMI is expected at 57.5 vs. 60.40 previously. The Michigan Consumer Sentiment Index is expected at 68 vs. 67.9 previously.

EURO (EUR)

The Euro climbed up again to the 1.39 levels, covering the last 2 day loses. The fluctuation is still valid till some fresh news will cause the pair to break through to new prices. Holding above the support level of 1.3880 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3763 and with a high of 1.3944. Today, the CPI is expected at 1.7% vs. 1.8% previously. The Unemployment Rate is expected unchanged at 10.10%.

EUR/USD – Last: 1.3900

Resistance	1.3980	1.4040
Support	1.3880	1.3840	1.3740

British Pound (GBP)

The Pound gained versus the dollar and attempted once again to approach the 1.6 area. More optimism was seen for the Sterling as speculations that BOE will delay another round of asset purchases. The Nationwide HPI came out -0.7% worse than expected -0.3%. The CBI Realized Sales came out 36 worse than expected 40. Holding above the support level of 1.59 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5760 and with a high of 1.5977. Today, the net lending to individuals is expected at 0.9B vs. 1.5B previously.

GBP/USD – Last: 1.5945

Resistance	1.5980	1.6070
Support	1.5900	1.5820	1.5760

Japanese Yen (JPY)

The Japanese Yen gained versus the Dollar as the pair fell again to the 81 area from 82 on speculation that the FED will keep supporting the stimulus and by that reducing the demand for U.S. assets. The Interest Rate Decision came out unchanged as expected at 0.1%. The Tokyo Core CPI came out -0.5% better than expected -0.8%. Breaking the support level of 80.40 might push the pair to new lows. Overall, USD/JPY traded with a low of 80.82 and with a high of 81.76. No economic data is expected today.

USD/JPY-Last: 80.58

Resistance	80.90	82.00	82.30
Support	80.40

Canadian dollar (CAD)

The Canadian dollar gained versus the U.S. dollar as a weak greenback was seen across the board but still the pair is supported by the 1.02 zone. Holding above the 1.0160 support level might rebound the pair back to 1.03 zones and push it higher. Overall, USD/CAD traded with a low of 1.0180 and with a high of 1.0285. Today, the GDP is expected at 0.3% vs. -0.1% previously.

USD/CAD – Last: 1.0212

Resistance	1.0220	1.0340
Support	1.0160	1.0080

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