Posted by
admin on August 26, 2010 |
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Daily Review 26/08/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar traded mixed after the Core Durable Goods Orders came out at 3.8%, much weaker than the expected 0.5%. In addition, New Home Sales plunged to the lowest level since 1963. The report came out at 276K, worse than an expected 330K, tacking on more bad news to an already weakening economic recovery. NASDAQ and Dow Jones rose by 0.84% and 0.2% respectively after a negative opening. Crude Oil closed positive after earlier breaking the $71 level and soon recovered to close at $72.87 a barrel. Gold (XAU) hit another rally on the upside, closing at $1240 an ounce. Today, the Initial Jobless Claims is expected at 485K vs. 500K previously.
EURO (EUR)
The Euro gained versus the dollar for the first day after 5 consecutive days of losses. The German IFO Business Climate came out 106.7, better than the expected 105.8. An upside reversal pattern might be seen if the pair will hold above the 1.2670 levels. Overall, EUR/USD traded with a low of 1.2607 and with a high of 1.2725. Today, the Gfk German Consumer Climate is expected at 4.1 vs. 3.9 previously.
EUR/USD – Last: 1.2696
| Resistance |
1.2640 |
1.2730 |
1.2790 |
| Support |
1.2580 |
|
|
British Pound (GBP)
The Pound gained against the dollar after testing and holding above the 1.54 support zone. Breaching the 1.5485 resistance level might fuel a positive momentum for the pair. Overall, GBP/USD traded with a low of 1.5388 and with a high of 1.5487. Today, the CBI DTS data, which measures the health of the retail sector, is expected at 25 vs. 33 previously.
GBP/USD – Last: 1.5490
| Resistance |
1.5520 |
1.5600 |
|
| Support |
1.5460 |
1.5380 |
|
Japanese Yen (JPY)
The Dollar rose from the bottom versus the Yen on speculations that Japan’s policy makers will take measures to halt the currency’s rapid advance. Breaching the 85 level will put the pair back on the known channel it was on before the plunge. Overall, USD/JPY traded with a low of 83.89 and with a high of 84.87. Today, the Tokyo Core CPI is expected at -1.2% vs. -1.3% previously.
USD/JPY-Last: 84.72
| Resistance |
84.90 |
85.40 |
|
| Support |
84.50 |
83.80 |
|
Canadian dollar (CAD)
The US Dollar fell against the Canadian dollar after 4 consecutive days of rising. This occurred as stocks rose from the day’s lows and Crude Oil, Canada\’s biggest export commodity, also jumped. Holding below the 1.0660 resistance level, might push the pair downwards. Overall, USD/CAD traded with a low of 1.0572 and with a high of 1.0666. No economic data is expected today.
Tags: currency trading, daily forex analysis, Daily Forex Review, forex analysis, forex market
Posted by
admin on August 24, 2010 |
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Daily Review 24/08/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar gained against most of its majors as risk aversion continued amid fears that the rate of global economic growth is slowing down. The NASDAQ and Dow Jones weakened by 0.92% and 0.38%, respectively. Crude oil weakened by 1.0% to close at $73.10 a barrel, and Gold (XAU) declined by 0.05%, closing at 1$228.50 an ounce. Today, Existing Home Sales are expected to weaken from 5.37M to 4.68M.
EURO (EUR) – The Euro reached the lowest level versus the Dollar in almost six weeks after data showed services and manufacturing growth slowed in the 16 nation Euro area. German Manufacturing PMI came out at 58.2 vs. the 60.9 forecast, and European Manufacturing PMI came out at 55.0 vs. an expected 56.3. The pair has been trading downwards since August and continues to trade under the 10 moving average on the daily chart, therefore the momentum is still bearish and a short position is preferred. Overall, EUR/USD traded with a low of 1.2647 and with a high of 1.2729. Today, Industrial New Orders are expected at 1.6% vs. 3.8% prior.
EUR/USD – Last: 1.2636
| Resistance |
1.2725 |
1.2833 |
1.2922 |
| Support |
1.2620 |
|
|
British Pound (GBP) – The Pound was near the lowest level against the dollar in almost four weeks as a quarterly gauge of business confidence weakened, further stoking fears that the economic recovery may be slowing. The GBP/USD continues with its stable trend. The next support on the daily chart is at 1.5480 and if the price breaks this level, a short position is preferred. Overall, GBP/USD traded with a low of 1.5499 and with a high of 1.5619. Today, BBA Mortgage Approvals are expected at 35.3K vs. 34.8K prior.
GBP/USD – Last: 1.5447
| Resistance |
1.5500 |
1.5620 |
1.5700 |
| Support |
1.5435 |
|
|
Japanese Yen (JPY) – The Yen rose against all majors as signs the global economy is slowing boosted demand for the currency as a refuge. As long the USD\\JPY is trading below the 86.00 level, a short position is preferred and the momentum is clearly bearish. The next support on the daily chart is located at 84.60. Overall, USD/JPY traded with a low of 85.09 and with a high of 85.64. No economic data is expected today.
USD/JPY-Last: 85.06
| Resistance |
85.45 |
85.70 |
86.00 |
| Support |
84.90 |
|
|
Canadian dollar (CAD) – The Canadian Dollar touched the weakest level in a month as crude oil declined and traders reprised their expectations for a Bank of Canada interest rate increase, in light of economic data that suggests a slowing recovery. As long as the USD/CAD is above 1.0450 levels, a long position is preferred. The next resistance on the one hour chart is located at 1.0535 and if the price crosses, this level the trend will continue to be bullish. Overall, USD/CAD traded with a low of 1.0444 and with a high of 1.0530. Today, Core Retail Sales are expected to weaken from 3.8% to 1.6%.
USD/CAD – Last: 1.0550
| Resistance |
1.0570 |
|
|
| Support |
1.0445 |
1.0380 |
1.0300 |
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on August 23, 2010 |
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Daily Review 23/08/2010
Today’s Forex Trading review:
USD Dollar (USD)- The Dollar continue to rise against other major currencies on Friday as fears that the global economic recovery is slowing down after worse than expected U.S. jobless claims that rose to their highest level since November 2009 on Thursday ,causing investors to sell risky assets and to stick with the Dollar . NASDAQ strengthened by 0.04% and Dow Jones weakened by 0.56%. Crude oil weakened by 1.3% closing at 73.4$ a barrel and Gold (XAU) declined by 0.5%, closing at 1228.8$ an ounce. No economic data expected today.
EURO (EUR)- The Euro dropped for a second week against the Dollar to a five-week low as weaker economic data and calls by a European Central Bank official for more economic aid damped investor appetite for higher-yielding currencies. The pair has been trading downwards since August and trading under the 10 moving average on the daily chart, therefore the momentum is bearish and a short position is preferred. Overall, EUR/USD traded with a low of 1.2663 and with a high of 1.2833.Today, German Flash Manufacturing PMI is expected at 60.9 vs. 61.2 prior, Flash Manufacturing PMI is expected at 56.3 vs. 56.7 prior.
EUR/USD – Last: 1.2712
| Resistance |
1.2734 |
1.2833 |
1.2922 |
| Support |
1.2660 |
|
|
British Pound (GBP)- The Pound fell versus the Dollar and yen as concern that the global economic recovery is slowing boosted demand for the safest assets. The GBP/USD has been trading very stable in the last week, the next support on the daily chart is 1.5480, if the price breaks this level a short position is preferred. Overall, GBP/USD traded with a low of 1.5460 and with a high of 1.5595.
GBP/USD – Last: 1.5563
| Resistance |
1.5588 |
1.5700 |
|
| Support |
1.5500 |
1.5460 |
|
Japanese Yen (JPY) – The Yen rose against most majors as data indicated the global economic recovery may be faltering. As long the USD\\JPY is trading below 86.50 level a short position is preferred and the momentum is clearly bearish, the next support is located at 84.60. Overall, USD/JPY traded with a low of 85.19 and with a high of 85.82. No economic data expected today.
USD/JPY-Last: 85.35
| Resistance |
85.90 |
86.40 |
|
| Support |
85.10 |
84.90 |
|
Canadian dollar (CAD) – The Canadian Dollar weakened to the lowest level in a month versus the Dollar after a report of Core CPI showed negative data in July, came lower than the forecast (-0.1% vs. 0.1), led the investors to sell the Canadian currency . As long the USD/CAD above 1.0450 levels a long position is preferred, the next resistance on the one hour chart is located at 1.0520 if the price cross this level the trend will continue to be bullish. Overall, USD/CAD traded with a low of 1.0382 and with a high of 1.0515. No economic data expected today.
USD/CAD – Last: 1.0490
| Resistance |
1.0515 |
|
|
| Support |
1.0465 |
1.0380 |
1.0300 |
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex market
