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

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

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

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

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

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

Daily Review 28/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

The Dollar strengthened across the board as stocks in the U.S. approached session lows. Core Durable Goods Orders came out at -0.8%, worse than the expected 0.2%. New Home Sales came out at 307K better than the expected 300K. The Stock Markets in the U.S. closed mixed with the Dow Jones losing 0.39% and the NASDAQ advancing by 0.24%. Crude Oil fell by 0.7%, closing near $82 a barrel. Gold (XAU) also declined and closed at $1325 an ounce. Today, The Initial Jobless Claims report is expected at 455k vs. 452k previously.

EURO (EUR)

The Euro weakened against the Dollar for a second day in a row, although the German CPI came out unchanged at 0.1%. Holding above the 1.3740 support level might rebound the pair back to 1.38 zones and push it higher. Overall, EUR/USD traded with a low of 1.3733 and with a high of 1.3877. Today, ECB President Trichet will speak.

EUR/USD – Last: 1.3824

British Pound (GBP)

The Pound weakened against the dollar and almost erased all the previous day\’s gains. The pair weakened after negative a Wall Street opening and strengthening of the Dollar across the board. Holding above the 1.57 support level might rebound the pair back to 1.58 zones and push it higher. Overall, GBP/USD traded with a low of 1.5728 and with a high of 1.5863. Today, the Nationwide HPI is expected at -0.3% vs. 0.1% previously. CBI Realized Sales are expected at 44 vs. 49 previously.

GBP/USD – Last: 1.5803

Japanese Yen (JPY)

The Dollar gained versus the Yen for a second day in a row but still seems capped under the 82 zone. Retail Sales came out at 1.2%, worse than the expected 3.2%. Breaching the 82 resistance level in the pair might fuel a positive trend for the USD/JPY. Overall, USD/JPY traded with a low of 81.30 and with a high of 81.97. Today, the Interest Rate Decision is expected unchanged at 0.1%. The Tokyo Core CPI is expected at -0.8% vs. -1% previously.

USD/JPY-Last: 81.56

Canadian dollar (CAD)

Canada’s dollar weakened for a second day against the U.S. Dollar as the USD strengthened against all of its major counterparts on speculation that bond buying by the FED will be less than expected. Breaching the 1.0340 resistance level in the pair might fuel a positive trend for the USD/CAD. Overall, USD/CAD traded with a low of 1.0225 and with a high of 1.0337. No economic data is expected today.

USD/CAD – Last: 1.0267

Daily Review 27/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

The Dollar strengthened versus most major currencies after U.S. consumer confidence rose more than expected in October, 50.2 vs. 49.3 forecast. This rise from a seven month low encourage investors to prefer the Dollar instead other assets. The NASDAQ and Dow Jones advanced by 0.26% and 0.05% respectively. Crude oil declined by 0.1%, closing at $82.55 a barrel and Gold (XAU) decreased by 0.1%, closing at $1338.60 an ounce. Today, Core Durable Goods Orders are expected to decline from 1.7% to 0.1%, and New Home Sales are expected at 295K vs. 288K prior.

EURO (EUR)

The Euro weakened against the Dollar for the first time in three days on speculation that an increase in debt purchases by the Federal Reserve will cause inflation to accelerate. The EUR/USD has been fluctuating around 1.3800 to 1.3900 levels during the past week, and therefore, the trend is not clear. Only if the pair crosses the 1.3950 line, will the Euro continue with its positive trend. Overall, EUR/USD traded with a low of 1.3825 and with a high of 1.3982. Today, German Prelim CPI is expected to rise from -0.10% to 0.10%.

EUR/USD – Last: 1.3811

British Pound (GBP)

The Pound rose after the U.K. economy grew at double the pace economists had forecast for the third quarter, with GDP coming out at 0.8% vs. an expected 0.4%. The resistance of the GBP/USD on the one hour chart is 1.5900, and as long as the pair is trading below this level, the momentum is still negative for the pound. Overall, GBP/USD traded with a low of 1.5706 and with a high of 1.5896. No economic data is expected today.

GBP/USD – Last: 1.5822

Japanese Yen (JPY)

The Yen slid from almost its strongest level in 15 years against the dollar amid concerns that Japanese authorities may renew action to weaken the currency. The USD/JPY has been trading around 81.00-81.50 area in the last few days and the main support line on the daily chart is located at 80.40. The momentum is still bearish as long as it‘s trading below the 10 moving average. Overall, USD/JPY traded with a low of 80.61 and with a high of 81.65. No economic data is expected today.

USD/JPY-Last: 81.74

Canadian dollar (CAD)

The Canadian Dollar weakened against the Dollar for the first time in three days as stocks and raw materials declined, reducing demand for currencies tied to economic growth. The support level of the USD/CAD on the daily chart is located at 1.0150, and if the USD/CAD breaks below this price level, a short position is preferred. Overall, USD/CAD traded with a low of 1.0181 and with a high of 1.0266. Today, BOC Gov Carney Speaks.

USD/CAD – Last: 1.0265

Daily Review 22/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

The Dollar strengthened against most of the majors currencies. A positive economic forecast was published by the beige book earlier this week and effected the Dollar. The Stock Markets in the U.S. closed positive while the Dow increased by 0.35% and the Nasdaq rose by 0.09%. The Commodities weakened against the Dollar, Crude Oil by 2.4% closing at 80.56$ a barrel. Gold (XAU) decreased by 1.4% closing at 1,325 $ an ounce. Today, no economic data is expected.

EURO (EUR)

The Euro weakened against the Dollar although the manufacturing PMI came out 54.10 better than expected 53.20. The forecast of Deutsche Bank for the Dollar against the Euro is clearly negative for the first quarter of the next year. Expecting a bullish trend as long as the pair is above 1.3860. Overall, EUR/USD traded with a low of 1.3871 and with a high of 1.4050. Today, the German Ifo Business Climate Index is expected at 106.50 vs. 106.80 previously.

EUR/USD – Last: 1.3971

British Pound (GBP)

The Pound fell against the Dollar after the Retail Sales came out at -0.20% worse than expected 0.40%. Trading below 1.5780 resistance level will keep the momentum of the day negative for the pair. Overall, GBP/USD traded at a low of 1.5685 and a high of 1.5849. Today, no economic data is expected

GBP/USD – Last: 1.5746

Japanese  Yen (JPY)

The yen fell against the dollar and had a strong brake from the dollar, although the pair still traded close to the low of the 15 years. Trading below the resistance level 81.35 will return the momentum to be positive for the Yen. Overall the USD/JPY traded at low of 80.92 and a high of 81.82. No major economic data is expected today.

USD/JPY-Last: 81.14

Daily Review 21/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

The Dollar fell against most of the major currencies after the jump the day before. A positive economic forecast was published today by the beige book. The Stock Markets in U.S. closed positive with the Dow increasing by 1.18% and the Nasdaq rose by 0.84%. Crude Oil rose 2.9%, closing at $81.77 a barrel, while Gold (XAU) increased by $8.20, to close at $1,344 an ounce. Today, Initial Jobless Claims are expected at 455k vs. 462k previously.

Euro (EUR)

The Euro rose versus the Dollar after the German PPI came out at 0.3%, better than the expected 0.2%. Trading above the 1.3700 support level keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3699 and with a high of 1.3991. Today, the manufacturing PMI is expected at 53.20 vs. 53.70 prior.

EUR/USD – Last: 1.3920

British Pound (GBP)

The Pound rose against the Dollar after U.K. Chancellor of the Exchequer George Osborne detailed his plan to almost eliminate the nation’s 156 billion pound ($246 billion) budget deficit. Trading below the 1.5870 resistance level keeps the momentum of the pair negative for the day. Overall, GBP/USD traded at a low of 1.5654 and a high of 1.5878. Today, Retail Sales are expected at 0.4% vs. -0.5% previously.

GBP/USD – Last: 1.5797

Japanese Yen (JPY)

The yen rose against the Dollar ahead of economic data that may add to the cause of more monetary easing by the Federal Reserve, which will debase the currency. Trading below the resistance level of 81.70 will keep the momentum positive for the Yen. Overall the USD/JPY traded at low of 80.84 and a high of 81.82. No major economic data is expected today.

USD/JPY-Last: 81.17

Canadian dollar (CAD)

The Canadian Dollar increased against the green back after the wholesale sales came out 1.2% better than the expected 0.5%. Commodities markets rose also against the U.S Dollar after the crash the day prior. The USD/CAD pair seems to be on a bullish trend as long as the pair remains above the 1.0200 support level on the daily chart. Overall, USD/CAD traded with a low of 1.0204 and with a high of 1.0347. Today, The Leading Indicators are expected at 0.2% vs. 0.5% previously.

USD/CAD – Last: 1.0250

Daily Review 20/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

The Dollar gained against most of the majors as China unexpectedly raised the interest rates in concern of global economic growth spurring demand for safety currencies. Building permits came out 0.54M worse than expected 0.58M. Housing Starts came out 0.61M better than expected 0.59M. The Stock Markets in U.S. closed negative with Dow Jones losing -1.48% and the Nasdaq declined by -1.76%. The Commodities tumbled with Crude Oil crushing by more than -4.3% closing at 79.5$ a barrel. Gold (XAU) plummeted by 40$ of its price closing at 1331$ an ounce. Today, The Fed’s Beige Book will come out.

EURO (EUR)

The Euro lost gains versus the dollar falling as much as 300 pips and momentarily breaking the 1.37 level but quickly jumping back to 1.375 zones. Overbought conditions lead the investors to take profit. The German Zew Economic sentiment came out -7.2 worse than expected -7 also supported the weakness of the Euro. Trading below the 1.3780 resistance level keeps the momentum negative for the pair. Overall, EUR/USD traded with a low of 1.3696 and with a high of 1.4002. Today, the German PPI is expected at 0.2% vs. 0% previously.

EUR/USD – Last: 1.3773

British Pound (GBP)

The Pound collapsed versus the dollar as the Chinese rate hike triggered the buying pressure of the dollar. CBI Industrial Trends Orders came out -28 worse than expected -19 also supported the weakness of the Sterling. Trading below the 1.5770 resistance level keeps the momentum negative for the pair. Overall, GBP/USD traded at a low of 1.5649 and a high of 1.5935. Today, The MPC Meeting minutes are expected. The Public Sector Net Borrowing is expected at 14.2B vs. 15.3B previously.

GBP/USD – Last: 1.5727

Japanese Yen (JPY)

The Yen was among the strongest performers against most of the currencies but still no breakthrough was seen versus the dollar as it capped in a range between the 80.90 support and 81.90 resistance boundaries. Breaking the boundaries levels will take the pair to new trading levels. Overall the USD/JPY traded at low of 80.84 and a high of 81.91. No economic data is expected today.

USD/JPY-Last: 81.35

Canadian dollar (CAD)

The U.S. dollar gained against the Canada’s dollar for a fourth day as BOC kept the interest rate unchanged at 1% reducing its economic growth forecast. Commodities markets crushed with Crude Oil losing more than -4% also supported the weakness of the loonie. The USD/CAD pair seems to be on a bullish trend as long as the pair remains above the 1.0220 support level. Overall, USD/CAD traded with a low of 1.0160 and with a high of 1.0372. Today, The Wholesale Sales are expected at 0.5% vs. -0.1% previously and later the BOC Monetary Policy Report will come out.

USD/CAD – Last: 1.0295

Daily Review 19/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

The Dollar strengthened slightly against most of the major currencies. Industrial production came out as expected with no change at -0.2%. The TIC Net long-Term Transactions greatly exceeded expectations; 128.70B vs. the forecast of 47.5B. Adding to the positive tone, the NAHB Housing market was also up by 16.00 vs. an expected 13.00. The NASDAQ and Dow Jones advanced by 0.73% and 0.48%, respectively. Crude oil was up by 2.3% to close at $83 a barrel, while Gold (XAU) increased by 10 cents, closing at $1372 an ounce. Today, Building permits are expected at 0.58M vs. 0.57M prior, Housing Starts are expected at 0.59M vs 0.60M prior, and Fed Chairman Bernanke is scheduled to speak later on.

Euro (EUR)

The Euro weakened considerably against the Dollar to fall below 1.4000 after testing it numerous times. The EUR/USD seems to be in a range between 1.3925 and 1.400. Above 1.4000, we can expect positive momentum. Overall, EUR/USD traded with a low of 1.3830 and with a high of 1.3999. Today, the German Zew Economic sentiment report is expected at -7.00 vs. a prior -3.30. The Zew Economic sentiment scheduled to be released and is expected at -2.00 vs. 4.40 prior. The ECB president is also set to speak.

EUR/USD – Last: 1.3937

British Pound (GBP)

The Pound dropped against the Dollar, falling below the 1.5900 level after the pair tried to break 1.5950, which seems to be its resistance. The momentum is slightly bullish as long as the GBP/USD is higher than 1.5750. Overall, GBP/USD traded at a low of 1.5834 and a high of 1.5993. Today, CBI Industrial Trends Orders are to be announced and are expected at -19 vs. -17.00 previously, and the BOE governor is to speak later on.

GBP/USD – Last: 1.5881

Japanese Yen (JPY)

The Yen entered a tight range with the Dollar, between 81.12 and 81.34 and the momentum will be governed by a breakout from this range. Below 81.12, the momentum can be expected to remain negative, and above 81.34 the momentum may be expected to be positive. Overall the USD/JPY traded at a high of 81.39 and a low of 81.12.

USD/JPY-Last: 81.35

Canadian dollar (CAD)

The Canadian Dollar weakened against the dollar to reach highs of 1.0168 and corrected slightly, to levels of 1.01502. The USD/CAD pair seems to be on a bullish trend as long as the pair remains above parity. Overall, USD/CAD traded with a low of 1.0133 and with a high of 1.0229.Today, although the Interest rate decision didn’t change at 1.00%, ESIST traders wait eagerly to take advantage of the announcement.

USD/CAD – Last: 1.0185

Daily Review 18/10/2010

Today’s Forex Trading review:

USD Dollar (USD)

Friday saw the dollar losing momentum to reach another 10 month low, yet toward the end of the trading day, the dollar strengthened. Most of the volatility was seen during Bernanke’s speech, where he hinted towards interest rates not moving and the need for additional stimulus. Other then Bernanke’s speech about the new quantitative easing program, core CPI came out at 0% vs. an expected 0.10%. Core retail sales came out as expected at 0.40%. The fed budget balance came out at -34.50B vs. an expected -32.00B. The stock markets closed with the DOW JONES losing -0.29% and the NASDAQ moving up by 1.37%. Crude oil decreased by 1.7%, closing at $81.25 a barrel. Gold (XAU) declined slightly by -0.4%, closing at $1372 an ounce. Today, the TIC Long-Term Purchases is expected to be released at 47.5B vs. 61.2B previously, and the Industrial Production expectations will also be released and is not expected to change from the previous results of 0.2%.

Euro (EUR)

Although Friday saw the euro strengthen against the dollar to break a 10 month high and reach 1.4156, the pair lost momentum and fell sharply during the American session. The CPI results were of no change, remaining as expected at 1%. The Asian session last night saw the Euro continue to weaken against the major currencies. As long as the EUR/USD is above 1.3890, the trend is still bullish. We may witness a slight correction based on overbought conditions, and a bearish tone may settle in if the market breaks Friday’s low of 1.3935. Overall, EUR/USD traded with a low of 1.3861 and with a high of 1.3895. There is no economic data expected today.

EUR/USD – Last: 1.3885

British Pound (GBP)

The Pound continued to rise against the Dollar to break the much tested 1.6060. The American session saw the Pound lose ground and return to 1.6000 zone. The GBP/USD on the daily chart is still above its moving average, and if the pair breaks 1.5970, it might push the pair lower to the 1.59 zone. The pair reached a low of 1.5914 and a high of 1.5949. Today, no economic data is expected.

GBP/USD – Last: 1. 5950

Japanese Yen (JPY)

Friday saw the Yen strengthen dramatically against the Dollar to return to its 15 year low of 80.86. The American session saw the yen weaken to levels of 81.35. Last night saw the Yen strengthen slightly. The momentum on the pair is still bearish as long as the USD/JPY remains below 81.50. Overall, USD/JPY traded with a low of 81.13 and with a high of 81.40. Today, no economic data is expected.

USD/JPY-Last: 81.20

Canadian dollar (CAD)

The Canadian Dollar strengthened versus the Dollar advancing 150 pips from parity. Friday’s announcement of Manufacturing Sales was much higher than expected and came out at 2% vs.0.5%. The momentum of the USD/CAD seems to be positive as long as the pair remains above 1.0080. Overall, USD/CAD traded with a low of 1.001 and with a high of 1.095.Today, no economic data is expected.

USD/CAD – Last: 1.0050