Posted by
admin on August 18, 2010 |
No comments
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
Posted by
admin on August 17, 2010 |
No comments
Daily Review 17/08/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar weakened against most of the other major currencies amid fears over the strength of the U.S. recovery. More concern came after a flurry of mixed U.S. economic data, such as Orders and sales at New York manufacturers that decreased in August for the first time in more than a year. NASDAQ rose by 0.39% and Dow Jones weakened by 0.01%. Crude oil decreased by 0.2%, closing at $75.20 a barrel. Gold (XAU) strengthened by 0.8%, closing at $1226.20 an ounce. Today, Building Permits are expected to remain unchanged at 0.58M, PPI is expected to rise from -0.5% to 0.2%, and Treasury Sec Geithner is Speaking.
EURO (EUR) – The Euro rose versus the Dollar, following the release of mixed data on the U.S. economy that caused markets all over the world to fluctuate. The pair has been trading on a downtrend since last week and trading far away below the 10 moving average on the daily chart. Therefore, the momentum is strongly bearish and the next support on the one hour chart is located at 1.2730 levels. Overall, EUR/USD traded with a low of 1.2734 and with a high of 1.2871. Today, German ZEW Economic Sentiment is expected to weaken from 21.2 to 20.9, ZEW Economic Sentiment is expected at 10.6 vs. 10.7 prior.
EUR/USD – Last: 1.2846
| Resistance |
1.2932 |
1.3075 |
1.3230 |
| Support |
1.2735 |
|
|
British Pound (GBP) – The Pound rallied against the Dollar on mixed data from the U.S., which led investors to prefer the British currency over the Dollar. The GBP/USD has clearly been on a downward trend over the last few days, and the next support on the daily chart is at 1.5500. The price is still trading below the 10 moving average on the daily chart which also supports a downward trend, and the next resistance on the one hour chart is at 1.5720. Overall, GBP/USD traded with a low of 1.5534 and with a high of 1.5702. Today, CPI is expected at 3.1% vs. 3.2% prior, and the BoE Inflation Letter will be released.
GBP/USD – Last: 1.5675
| Resistance |
1.5715 |
1.5900 |
1.6000 |
| Support |
1.5535 |
|
|
Japanese Yen (JPY) –The Yen rose against most of its major counterparts, approaching a 15-year high versus the dollar, as signs the global economic recovery is faltering, boosted its appeal as a haven. As long as 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 20 moving average supports a downward trend, as well. Overall, USD/JPY traded with a low of 85.21 and with a high of 85.98. No economic data expected today.
USD/JPY-Last: 85.35
| Resistance |
85.45 |
86.00 |
86.40 |
| Support |
84.90 |
84.70 |
|
Canadian dollar (CAD) – The Canadian Dollar swung between gains and losses versus the Dollar after the Japanese economy and manufacturing in the New York region expanded slower than economists had forecast. As long as the USD/CAD is below 1.0500 levels, a short position is preferred. The next support on the one hour chart is located at 1.0350 and the next resistance is located at 1.0500 levels. Overall, USD/CAD traded with a low of 1.0371 and with a high of 1.0465. Today, Foreign Securities Purchases are expected at 9.42B vs. 23.06B prior, and Manufacturing Sales are expected to be negative, -0.4% vs. 0.4% prior.
USD/CAD – Last: 1.0411
| Resistance |
1.0465 |
1.0500 |
|
| Support |
1.0388 |
1.0350 |
1.0300 |
Tags: currency trading, daily forex analysis, Daily Forex Review, forex analysis, forex market
Posted by
admin on August 12, 2010 |
No comments
Daily Review 12/08/2010
Today’s Forex Trading review:
USD Dollar (USD) – The dollar made a big rally versus the majors as a slowdown of the global economic recovery pushed the investors to stay on a safe side favoring the greenback on other currencies. The Trade Balance came out -49.9B worse than expected -42.5B. The Federal Budget Balance came out -165B better than expected -167.6B. The Stock Markets in U.S tumbled with Dow Jones losing -2.49% and the NASDAQ fell by -3.01%. Crude Oil crushed by -3.5% closing at 77.3$ a barrel. Gold (XAU) is still fluctuating near the 1200$ zone closing at 1198$ an ounce. Today, the Initial Jobless Claims are expected at 465K vs. 479K previously. The Import Price Index is expected 0.4% vs. -1.3% previously.
EURO (EUR) – The Euro crushed versus the dollar as concerns about another slowdown in economy and rumors that ECB had to buy Irish debt papers fuelled the selling of the European currency. Breaking the support level of 1.2820 will extend the negative momentum for the pair. Overall, EUR/USD traded with a low of 1.2829 and with a high of 1.3185. Today, the ECB Monthly Report will come out and later the Industrial Production is expected at 0.7% vs. 1% previously.
EUR/USD – Last: 1.2882
| Resistance |
1.2920 |
1.2980 |
1.3030 |
| Support |
1.2820 |
1.2750 |
|
British Pound (GBP) – The Pound slumped against the dollar on risk aversion of the investors as a main trend in the market. The Claimant Count Change came out -3.8k worse than expected -17.4k. Breaking the support level of 1.5620 will extend the negative momentum for the pair. Overall, GBP/USD traded with a low of 1.5612 and with a high of 1.5861. No economic data is expected today.
GBP/USD – Last: 1.5677
| Resistance |
1.5680 |
1.5750 |
1.5780 |
| Support |
1.5620 |
1.5560 |
|
Japanese Yen (JPY) – The Yen gained across the board as concern the global economic recovery is moving a pace down spurred demand for the safest assets favoring the Japanese currency. The pair fell to fresh low level of 84.71 and since fluctuating near the 85 zone. Holding below the resistance level of 85.40 keeps the momentum negative for the pair. Overall, USD/JPY traded with a low of 84.71 and with a high of 85.45. No major economic data is expected today.
USD/JPY-Last: 85.12
| Resistance |
85.40 |
85.70 |
86.00 |
| Support |
84.80 |
|
|
Canadian dollar (CAD) – Canada’s dollar dropped to the lowest level against the dollar in almost 3 weeks as commodities and stocks tumbled on concern of recovery in the U.S. will be slower. The Trade Balance came out -1.1B worse than expected 0.4B. Holding above the support level of 1.04 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0302 and with a high of 1.0487. No economic data is expected today.
USD/CAD – Last: 1.0463
| Resistance |
1.0500 |
1.0580 |
|
| Support |
1.0400 |
1.0300 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex charts, forex market
