Posted by
admin on October 18, 2010 |
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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
|
Resistance
|
1.3950
|
1.4020
|
1.4120
|
|
Support
|
1.3860
|
1.3780
|
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
|
Resistance
|
1.6020
|
1.6060
|
|
|
Support
|
1.5920
|
1.5770
|
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
|
Resistance
|
81.50
|
81.70
|
|
|
Support
|
81.20
|
80.80
|
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
|
Resistance
|
1.0180
|
1.0220
|
|
|
Support
|
1.0080
|
1.0020
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
Posted by
admin on October 15, 2010 |
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Daily Review 15/10/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar fell against most of the major currencies and reached a 10 month low before reports likely to fuel speculation the Federal Reserve will ease policy further to support prices, but during the day it rose again and closed around the open rate. The trade balance came out (-46.40B) worse than expected( -44.50B) and the initial jobless claim came out (462.00K) worse than expected (449.00K) .The trend is against a weak Dollar, the NASDAQ fell by (-0.24%) and Dow Jones by (-0.01%) and ,crude oil decreased by 0.5%, closing at 82.69$ a barrel, Gold (XAU) increased by 0.6% , closing at 1378.0$ an ounce. Today, the core CPI is expected at (0.10%) vs. 0.00% previously and the core retail sales is expected at (040%) vs. (0.60%) previously and the CPI is expected at (0.20%) vs. (0.30%) last time and the retail sales is expected unchanged and the Fed Chairman Bernanke Speak.
EURO (EUR)
The Euro strengthened against the Dollar and reached the higher rate since January and broke the 1.4000 resistance by more than 100 pips, The momentum of the EUR/USD is still strongly bullish as long as it is above 1.4000. Overall, EUR/USD traded with a low of 1.3980 and with a high of 1.4122. Today, the CPI is expected unchanged at 1.80% and also the Core CPI is expected unchanged at 1.00%.
EUR/USD – Last: 1.4039
| Resistance |
1.4123 |
|
|
| Support |
1.4000 |
1.3910 |
|
British Pound (GBP)
The Pound continued to rise against the Dollar after the weakened of the greenback last night and broke the strong resistance level at 1.6000 and hit the 1.6067 after 8 months. But the pair returned quickly to 1.6000. The GBP/USD on the daily chart is still facing the resistance around 1.6000, the momentum is bullish as long as the GBP/USD higher than 1.6000. Overall, GBP/USD traded at a low of 1.5932 and a high of 1.6067. Today, no economic data is expected.
GBP/USD – Last: 1.6009
| Resistance |
1.6065 |
|
|
| Support |
1.5969 |
1.5954 |
1.5928 |
Japanese Yen (JPY)
The Yen strengthened against the Dollar and sets fresh 15 years low at 80.88.as the American market continues to weaken, but later on it closed around the open rate. The momentum is still bearish as long as the USD/JPY remains below 81.75 Overall, USD/JPY traded with a low of 80.89 and with a high of 81.72. Today, BoJ Governor Shirakawa will speak at an annual meeting of Japanese credit unions at 3 p.m. in Tokyo.
USD/JPY-Last: 81.30
| Resistance |
81.34 |
81.67 |
82.35 |
| Support |
80.87 |
|
|
Canadian dollar (CAD)
The Canadian Dollar fell versus the Dollar after it reaches parity between the pair during the day. The trade balance came out (-1.40B) better than expected (-2.10B) . The momentum of the USD/CAD is still negative for the US Dollar, but the pair is facing a strong support at 1.000 levels on the daily chart. As long the USD/CAD below 1.0100 a short position is preferred. Overall, USD/CAD traded with a low of 0.9980 and with a high of 1.0074.Today, Manufacturing Sales is expected at (0.50%) vs. (-0.90%) previously.
USD/CAD – Last: 1.0049
| Resistance |
1.0070 |
1.0120 |
|
| Support |
1.000 |
0.9978 |
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
Posted by
admin on October 14, 2010 |
No comments
Daily Review 14/10/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar fell against most of the major currencies and reached a 10 month low during the night before reports were released that are likely to fuel speculation that the Federal Reserve will further ease policy to support prices. Overall, the trend supports a weak Dollar. The NASDAQ and Dow Jones advanced by 0.96% and 0.69%. Crude oil increased by 1.6%, closing at $83.01 a barrel, and Gold (XAU) increased by 1.8% to close at $1370.50 an ounce. Today, the trade balance is expected at -44.50B vs. -42.80B, previously, Initial jobless claims are expected at 449.00K vs. 445.00K previously, and the crude oil inventories are also expected to be released today.
EURO (EUR)
The Euro strengthened against the Dollar and reached the highest levels since January after the industrial production results came out 1.00% better than the expected 0.10%. The momentum of the EUR/USD is still strongly bullish, and as long as it is above 1.4000, the momentum will continue to be positive. Overall, EUR/USD traded with a low of 1.3912 and with a high of 1.4094. Today, the ECB (European Central Bank) monthly report is expected.
EUR/USD – Last: 1.4077
| Resistance |
1.4100 |
|
|
| Support |
1.4031 |
1.4001 |
1.3951 |
British Pound (GBP)
The Pound continued to rise against the Dollar after the unemployment rate came out better than expected, in addition to the Dollar continuing to weaken. The GBP/USD on the daily chart is facing resistance around 1.6000. The momentum is bullish as long as the GBP/USD is higher than 1.600. Overall, GBP/USD traded at a low of 1.5774 and a high of 1.6000. Today, no economic data is expected.
GBP/USD – Last: 1.5975
| Resistance |
1.6016 |
|
|
| Support |
1.5960 |
1.5928 |
1.5890 |
Japanese Yen (JPY)
The Yen strengthened against the Dollar, with the USD/JPY setting fresh 15 year lows at 81.20, as the American market continues to weaken. The momentum is still bearish as long as the USD/JPY remains below 81.75. Overall, USD/JPY traded with a low of 81.20 and with a high of 81.80. No economic data is expected today.
USD/JPY-Last: 81.16
| Resistance |
81.69 |
82.1 |
82.45 |
| Support |
81.07 |
|
|
Canadian dollar (CAD)
The Canadian Dollar rose versus the US Dollar to reach parity between the pair. This was last reached in April. The momentum of the USD/CAD is still strongly negative for the US Dollar, and as long as the USD/CAD is below 1.0050, a short position is preferred. Overall, USD/CAD traded with a low of 1.0000 and with a high of 1.0105. Today, the Trade balance is expected at -2.10B vs. -2.70B previously.
USD/CAD – Last: 1.0002
| Resistance |
1.0047 |
1.0067 |
1.0121 |
| Support |
.09994 |
|
|
Tags: currency trading, daily forex analysis, Daily Forex Review, forex market, Forex Trading
