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
Posted by
admin on September 29, 2010 |
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Daily Review 29/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar fell against most major currencies after American home prices rose at a slower pace in July (3.20% vs. 4.20% prior) and U.S. consumer confidence which fell (48.5 vs. 52.5 forecast), increasing the possibility the Fed will restart purchases of government debt. NASDAQ and Dow Jones rose by 0.41% and 0.43% respectively, crude oil weakened by 0.4%, closing at 76.18$ a barrel, Gold (XAU) continued to rise and made a new record (above 1309$ )during the session, in the end strengthened by 0.8% , closing at 1308.3$ an ounce. No major economic data expected today.
EURO (EUR)
The Euro traded at almost a five month high against the Dollar when U.S. home prices came out worse than expected in July, fueling speculation the Federal Reserve will ease monetary policy. The momentum of the EUR/USD is still strongly bullish for the euro, as long it’s above 1.3400 level a long position is preferred, the next resistance line on the daily chart is 1.3700,the RSI and the 10 moving average indicators support up trend as well . Overall, EUR/USD traded with a low of 1.3381 and with a high of 1.3595. No economic data expected today.
EUR/USD – Last: 1.3589
| Resistance |
1.3600 |
|
|
| Support |
1.3500 |
1.3290 |
1.3100 |
British Pound (GBP)
The Pound weakened against the Euro and fluctuated versus the Dollar after Bank of England policy maker Adam Posen said that the central bank should resume its asset purchase program to boost the economy. The main resistance of the GBP/USD on the daily chart is still 1.6000, the momentum is bullish as long the price above 1.5700, the main support on the one hour chart is 1.5740 if the pair breakdown this rate probably it will continue to decline to 1.5500. Overall, GBP/USD traded with a low of 1.5718 and with a high of 1.5895. Today, Net Lending to Individuals is expected to rise from 0.3B to 0.5B.
GBP/USD – Last: 1.5825
| Resistance |
1.5900 |
|
|
| Support |
1.5715 |
1.5600 |
1.5500 |
Japanese Yen (JPY)
The Yen strengthened and was near a two week high against the Dollar after reports showed that home U.S. prices dropped for the first in four months. The USD/JPY has broken the support level that it had at 84.20 level therefore the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.68 and with a high of 84.34. No economic data expected today.
USD/JPY-Last: 83.72
| Resistance |
84.00 |
84.65 |
85.50 |
| Support |
83.65 |
|
|
Canadian Dollar (CAD)
The Canadian Dollar touched the weakest level since March against the euro and closed almost unchanged versus the Dollar amid speculation that the Bank of Canada may keep the benchmark interest rate on hold at its next meeting, also the Canadian stocks rose to a five months high ,supported a weaker Canadian Dollar as well. The momentum of the USD/CAD is still negative for the US Dollar although it’s fluctuating in the last few days, as long the USD/CAD below 1.0400 levels a short position is preferred, the next support on the daily chart is located at 1.0200. Overall, USD/CAD traded with a low of 1.0285 and with a high of 1.0361. No major economic data expected today.
USD/CAD – Last: 1.0282
| Resistance |
1.0360 |
|
|
| Support |
1.0220 |
1.0200 |
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
