Posted by
admin on October 21, 2010 |
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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
| Resistance |
1.3970 |
1.4100 |
|
| Support |
1.3792 |
1.3700 |
|
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
| Resistance |
1.5840 |
1.5878 |
1.5988 |
| Support |
1.5653 |
|
|
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
| Resistance |
81.28 |
81.70 |
82.12 |
| Support |
80.83 |
|
|
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
| Resistance |
1.0279 |
1.0360 |
|
| Support |
1.0202 |
1.0137 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
Posted by
admin on October 20, 2010 |
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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
| Resistance |
1.3790 |
1.3860 |
1.4000 |
| Support |
1.3700 |
|
|
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
| Resistance |
1.5740 |
1.5770 |
1.5840 |
| Support |
1.5650 |
|
|
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
| Resistance |
81.90 |
82.80 |
|
| Support |
80.90 |
|
|
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
| Resistance |
1.0280 |
1.0360 |
|
| Support |
1.0220 |
1.0140 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
Posted by
admin on October 19, 2010 |
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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
| Resistance |
1.4000 |
1.4158 |
|
| Support |
1.3917 |
1.3831 |
|
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
| Resistance |
1.5944 |
|
|
| Support |
1.5836 |
|
|
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
| Resistance |
81.37 |
81.70 |
|
| Support |
81.12 |
80.86 |
|
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
| Resistance |
1.0196 |
1.0225 |
|
| Support |
1.0132 |
1.0000 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
