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 12, 2010 |
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Daily Review 12/10/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar rose against the other major currencies on thin trading volumes, partly as a result of the Columbus Day holiday in the US. However, the Dollar sentiment remained negative as investors with Federal Reserve stimulus concerns, awaited the minutes of the Federal Reserve’s policy meeting. NASDAQ and Dow Jones were very stable due to Columbus day, advancing by 0.02% and 0.03%, respectively. Crude oil weakened by 0.9%, closing at $81.90 a barrel. Gold (XAU) increased to a new historic record, strengthening by 0.7%, and closing at $1354.40 an ounce. Today, FOMC Meeting Minutes are to be released.
EURO (EUR)
The Euro declined against the Dollar after a quiet day where there was little data that could affect the symbol. It probably declined as a correction on this pair, because technical indicators showed it advanced last week to an eight month high. The momentum of the EUR/USD is still strongly bullish for the euro, but the pair has fluctuated around 1.3900 levels during the past three days. As long as it’s above 1.3800 levels, the momentum continues to be positive. Overall, EUR/USD traded with a low of 1.3866 and with a high of 1.3999. Today, ECB President Trichet Speaks.
EUR/USD – Last: 1.3880
| Resistance |
1.3950 |
1.4030 |
|
| Support |
1.3830 |
1.3750 |
1.3640 |
British Pound (GBP)
The Pound weakened against the Dollar and Euro as investors speculated that the Bank of England will restart its debt-purchase program to bolster the economic recovery. The main trend of the GBP/USD is bullish facing a resistance around 1.6000, and if the price crosses this level, the pair will continue with its uptrend. Overall, GBP/USD traded with a low of 1.5867 and with a high of 1.5963. Today, CPI is expected to remain at 3.1% and the Trade Balance is expected to weaken from -8.70B to -8.0B.
USD/JPY-Last: 81.92
| Resistance |
86.00 |
89.00 |
|
| Support |
81.72 |
|
|
Canadian dollar (CAD)
The Canadian Dollar weakened versus the US Dollar as crude oil prices retreated from recent highs, weakening the Canadian Dollar as well. The momentum of the USD/CAD is still strongly negative for the US Dollar, despite the US Dollar rising yesterday. As long as the USD/CAD below 1.0250 levels, the momentum is bearish and the next support on the daily chart is located at 1.0060. Overall, USD/CAD traded with a low of 1.0093 and with a high of 1.0150. No economic data is expected today.
USD/CAD – Last: 1.0144
| Resistance |
1.0150 |
1.0235 |
|
| Support |
1.0060 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on October 5, 2010 |
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Daily Review 05/10/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar rose against the major currencies despite macro economic data showing that Pending Home Sales came out 4.3% better than the expected 2.8% and concerns about recovery still remain. The Stock Markets in the U.S. closed negative with the Dow Jones losing 0.72% and the NASDAQ falling by 1.11%. Crude Oil jumped above $82.30, but dragged back and closed almost unchanged at $81.40 a barrel. Gold (XAU) touched another record high at $1320, but closed with a small loss at $1315 an ounce. Today, The ISM Non-Manufacturing Index is expected at 51.8 vs. 51.5 previously.
EURO (EUR) – The Euro declined versus the Dollar as overbought conditions and profit taking led the market. Also, the PPI came out at 0.1%, worse than the expected 0.2%, which added to the Euro’s weakness. Trading below the 1.3720 resistance level might extend the decline in the pair. Overall, EUR/USD traded with low of 1.3643 and with a high of 1.3802. Today, Retail Sales are expected at 0.2% vs. 0.1% previously.
EUR/USD – Last: 1.3650
| Resistance |
1.3720 |
1.3805 |
|
| Support |
1.3620 |
1.3560 |
|
British Pound (GBP) – The Pound showed some strength against the dollar as it became trapped in a range, fluctuating around the 1.58 zone. The constructions PMI came out at 53.8, better than the expected 51.7. Trading below the 1.5880 resistance level might extend the decline in the pair. Overall, GBP/USD traded with a low of 1.5746 and a high of 1.5867. Today, the Services PMI is expected at 51.2 vs. 51.3 previously.
GBP/USD – Last: 1.5814
| Resistance |
1.5880 |
1.5920 |
|
| Support |
1.5750 |
1.5680 |
|
Japanese Yen (JPY) – The USD/JPY pair is trapped in a tight range fluctuating around the 83.5 level and seems like fresh news needed to move this pair in any direction. The USD/JPY has broken the support level that it had at 84.20 levels. Therefore, the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.16 and with a high of 83.85. Today, the Interest rate decision is expected unchanged at 0.1%.
USD/JPY-Last: 83.53
| Resistance |
83.80 |
84.05 |
84.45 |
| Support |
83.15 |
|
|
Canadian dollar (CAD) – The U.S. Dollar gained against Canada’s dollar following the trend of the USD’s strength in the market. The pair is back to trading above the 1.02 zone. Trading above the support level of 1.0220 might push the pair higher. Overall, USD/CAD traded with a low of 1.0178 and with a high of 1.0243. No economic data is expected today.
USD/CAD – Last: 1.0251
| Resistance |
1.0280 |
1.0340 |
|
| Support |
1.0220 |
1.0180 |
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
