Posted by
admin on October 26, 2010 |
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Daily Review 26/10/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar remained down against most of the major currencies regardless of the home sales data being better the expected at 4.53M vs 4.25M forecast. The dollar continues to be in the shadow of the G20 summit remaining week against the majors. NASDAQ and Dow Jones advanced by 0.46% and 0.28%, respectively crude oil gained 1.00% closing at 82.52$ a barrel, Gold (XAU) increased by 1.1% , closing at 1340$ an ounce. Today, CB Consumer Confidence is expected at 49.00 vs. 48.5 prior.
Euro (EUR)
The Euro strengthened against the dollar with Industrial New Orders exceeding expectation at 5.30% vs 2.1% resulting in a stronger Euro. The last few days have seen the pair with in a daily range with a support of 1.3856 and resistance of 1.4049, as long as the pair remains above levels of 1.3900 the trend will remain positive. Overall, EUR/USD traded with a low of 1.3935 and with a high of 1.4079. No economic data expected today.
EUR/USD – Last: 1.3960
| Resistance |
1.3972 |
1.4039 |
1.4080 |
| Support |
1.3907 |
1.3856 |
|
British Pound (GBP)
The Pound strengthened against the dollar despite the Mortgage Approvals coming out worst then expected at 31.10K vs. 31.60K forecast. The buyers outweighed the sellers in search for higher yielding assets in the GBP. The momentum for the pound remains negative despite the pair’s efforts to break the daily moving average at around 1.5776. The trend continues to be bearish with a strong support of 1.5650 .Overall, GBP/USD traded with a low of 1.5677 and with a high of 1.5772 Today, Prelim GDP q/q is expected 0.40% vs. 1.20% prior and later on MPC Member Posen will speak.
GBP/USD – Last: 1.5731
| Resistance |
1.5749 |
1.5772 |
|
| Support |
1.5715 |
1.5686 |
|
Japanese Yen (JPY)
The Yen reached a 15 year high against the dollar, the dollar weekend against all the major currencies today which only assisted toward a stronger Yen. The Yen continued to strengthen against the dollar for the sixth consecutive day and reached highs that were last seen in 1995 the trend on the pair is still bearish although we might see some minor corrections. Overall, USD/JPY traded with a low of 80.40 and with a high of 81.32. No economic data expected today.
USD/JPY-Last: 80.78
| Resistance |
80.83 |
80.90 |
|
| Support |
80.65 |
80.40 |
|
Canadian dollar (CAD)
The Canadian Dollar strengthened to reach a weekly high against the US dollar as a result of government reports last week that hinted about inflation and retail sales exceeding economist expectations. The strengthened commodities support a strong Canadian dollar. The USD/CAD broke it moving average and entered its second day of negative performance; the trend continues to be bearish below the level 1.0220. Overall, USD/CAD traded with a low of 1.0154 and with a high of 1.0258. Today, BOC Gov Carney Speaks.
USD/CAD – Last: 1.0200
| Resistance |
1.0208 |
1.0236 |
|
| Support |
1.0178 |
1.0162 |
1.0154 |
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex market
Posted by
admin on October 22, 2010 |
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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
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
