Posted by
admin on October 28, 2010 |
No comments
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
|
Resistance
|
1.3840
|
1.3880
|
1.3980
|
|
Support
|
1.3740
|
1.3700
|
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
|
Resistance
|
1.5900
|
1.5945
|
|
|
Support
|
1.5755
|
1.5685
|
1.5650
|
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
|
Resistance
|
82.00
|
82.30
|
|
|
Support
|
81.50
|
80.90
|
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
|
Resistance
|
1.0300
|
1.0340
|
|
|
Support
|
1.0220
|
1.0160
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
Posted by
admin on October 27, 2010 |
No comments
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
| Resistance |
1.3878 |
1.3982 |
1.4080 |
| Support |
1.3750 |
1.3700 |
|
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
| Resistance |
1.5900 |
1.5945 |
|
| Support |
1.5755 |
1.5685 |
1.5650 |
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
| Resistance |
82.00 |
|
|
| Support |
81.30 |
80.80 |
80.45 |
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
| Resistance |
1.0300 |
1.0355 |
|
| Support |
1.0210 |
1.0160 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
Posted by
admin on October 22, 2010 |
No comments
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
| Resistance |
1.3971 |
1.4050 |
|
| Support |
1.3894 |
1.3696 |
|
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
| Resistance |
1.5787 |
1.5869 |
1.5944 |
| Support |
1.5691 |
1.5650 |
|
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
| Resistance |
81.35 |
81.64 |
|
| Support |
80.12 |
80.83 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
