Posted by
admin on September 28, 2010 |
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Daily Review 28/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar traded with a narrow range and closed almost unchanged against most major currencies because of speculation that the Federal Reserve will take more steps to ease monetary policy, damping demand for U.S. assets. The NASDAQ and Dow Jones weakened by 0.48% and 0.44% respectively, while crude oil remained unchanged, closing at $76.50 a barrel. Gold (XAU) continued to rise, strengthening by 0.1%, and closing at $1298.60 an ounce. Today, CB Consumer Confidence is expected at 52.5 vs. 53.5 prior.
EURO (EUR)
The Euro weakened a bit from a five month high against the Dollar as renewed signs of debt problems at European banks and countries such as Ireland and Portugal reduced demand for assets in the European zone. The momentum of the EUR/USD is still strongly bullish for the euro, and as long as it’s above 1.3350 levels a long position is preferred. The next resistance line on the daily chart is at 1.3700, and the RSI indicator supports an uptrend as well. Overall, EUR/USD traded with a low of 1.3425 and with a high of 1.3506. Today, German Prelim CPI is expected to weak from 0.0% to -0.2%.
EUR/USD – Last: 1.3459
| Resistance |
1.3500 |
|
|
| Support |
1.3425 |
1.3285 |
1.3100 |
British Pound (GBP)
The Pound also stayed almost unchanged against the dollar after a quiet day of news and data from these countries. The main resistance of the GBP/USD on the daily chart is 1.6000, and the momentum is bullish as long as the price is above 1.5750. Overall, GBP/USD traded with a low of 1.5787 and with a high of 1.5867. Today, Current Account is expected to remain at -9.60B, and Final GDP is expected to stay at 1.2%.
GBP/USD – Last: 1.5825
| Resistance |
1.5867 |
|
|
| Support |
1.5785 |
1.5600 |
1.5500 |
Japanese Yen (JPY)
The Yen traded with a very small range versus the Dollar after there was no important news that influenced this pair. The USD/JPY has been fluctuating around 84.50 over the last four days. The support on the one hour chart is at 84.20, and if the pair breaks below the support line, the trend will continue to decline. Overall, USD/JPY traded with a low of 84.11 and with a high of 84.37. No economic data is expected today.
USD/JPY – Last: 84.24
| Resistance |
84.40 |
84.70 |
85.40 |
| Support |
84.10 |
|
|
Canadian dollar (CAD)
The Canadian Dollar fell from a near six week high versus the Dollar, as U.S. stocks and crude oil declined and investors speculated that the Bank of Canada Governor Mark Carney may be unwilling to raise interest rates further. The momentum of the USD/CAD is still negative for the US Dollar, and as long the USD/CAD is 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 1.0223 and with a high of 1.0305. No economic data is expected today.
USD/CAN – Last: 1.0291
| Resistance |
1.0345 |
1.0380 |
|
| Support |
1.0225 |
1.0190 |
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 22, 2010 |
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Daily Review 22/09/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar was down against the other major currencies after the Federal Reserve said it’s willing to ease monetary policy further to bolster the U.S. economy. In addition, the interest rate stayed at 0.25% and the Housing Starts data increased in august (0.60M vs. 0.55M forecast), easing concerns that the recovery in the world’s largest economy may be stumbling. The NASDAQ weakened by 0.28% and the Dow Jones fluctuated around 0, closing at + 0.07%. Crude oil weakened by 1.8%, closing at $73.50 per barrel. Gold (XAU) rose to another new record during the session (above 1290$), dropping some by the end, but still strengthening by 0.4% to close at $1283 an ounce. No major economic data is expected today.
EURO (EUR) – The Euro strengthened to a six week high against the Dollar as a result of statements by members of the Federal Reserve’s Open Market Committee. The momentum of the EUR/USD is still bullish for the euro, and as long it is above the 1.3100 level, a long position is preferred. The next resistance line on the daily chart is 1.3340, and the 10 moving average supports an uptrend as well. Overall, EUR/USD traded with a low of 1.3059 and with a high of 1.3286. Today, Industrial New Orders are expected to become negative from 2.5% prior to -1.20% forecast.
EUR/USD – Last: 1.3297
| Resistance |
1.3312 |
|
|
| Support |
1.3160 |
1.3030 |
1.2960 |
British Pound (GBP) – The Pound weakened versus the Dollar and Euro during the European session, dropping against the Euro to the lowest level in two months, as a report showed the U.K.’s budget deficit widened more than forecast in August. At the end of the US session, the pound succeeded to rebound some versus the Dollar after the US Federal Reserve statements. The main support of the GBP/USD on the daily chart is still 1.5500, and if the pair goes below this rate, it will probably continue to decline. The resistance on the one hour chart is 1.5650, and if it goes above this line, it will continue to rise. Overall, the GBP/USD traded with a low of 1.5503 and with a high of 1.5644. Today, MPC Meeting Minutes will be released.
GBP/USD – Last: 1.5664
| Resistance |
1.5685 |
1.5730 |
|
| Support |
1.5600 |
1.5500 |
1.5430 |
Japanese Yen (JPY) –The Yen reached the strongest level against the Dollar since Sept. 15, as a result of the interest rate statement by U.S. Federal Reserve policy makers. The USD/JPY has been fluctuating the past few days. The support on the daily chart is 84.75, and if the pair goes below the support line, the trend will become bearish. Overall, USD/JPY traded with a low of 84.98 and with a high of 85.72. No economic data is expected today.
USD/JPY-Last: 84.87
| Resistance |
85.25 |
86.00 |
|
| Support |
84.70 |
|
|
Canadian dollar (CAD) – The Canadian Dollar rose against the US Dollar after the Federal Reserve said it is willing to ease monetary policy further to boost the economy, which increased demand for assets that benefit from global growth. The momentum of the USD/CAD is still negative for the US Dollar, and as long the USD/CAD below 1.0350 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 1.0216 and with a high of 1.0331. Today, Core Retail Sales are expected to rise from -0.5% to +0.4%, and the Leading Index is expected at 0.5% vs. 0.4% prior.
USD/CAD – Last: 1.0248
| Resistance |
1.0290 |
1.0320 |
1.0350 |
| Support |
1.0215 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 20, 2010 |
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Daily Review 20/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar strengthened against most of the other major currencies as a correction of the last few days. Core CPI came out at 0% vs. 0.10% forecast, and Michigan Inflation Expectations came out at 2.20% vs. 2.70% forecast. NASDAQ and Dow Jones continued their uptrend for the third week in a row, closing at +0.5% and +0.1% respectively. Crude oil weakened for the fourth day in a row, falling by 1.2%, to close at $73.66 a barrel. Gold (XAU) rose to a new record high of $1282, strengthening by 2.9% comparing to last week, but finally closing at $1279 an ounce. Today no major reports are expected.
EURO (EUR)
The Euro continued to stay near 1.3000 levels as it did in last week’s advance versus the Dollar. This occurred as risk appetite waned amid fresh fears over the euro zone sovereign debt crisis. The momentum of the EUR/USD is still bullish for the euro, and as long it’s above 1.3000 levels, a long position is preferred. Also, the CCI indicator is above +100, which supports an uptrend as well. Overall, EUR/USD traded with a low of 1.3031 and with a high of 1.3067. No major economic data is expected today.
EUR/USD – Last: 1.3071
| Resistance |
1.3159 |
|
|
| Support |
1.3031 |
1.2959 |
1.2829 |
British Pound (GBP)
The Pound continued to stay near its strongest level versus the US dollar in more than a month. The main resistance of the GBP/USD on the daily chart is 1.57, and if the pair crosses this rate, it will continue its upward trend. If not, we could see the pair continue to decline to the 1.5580 level. Overall, GBP/USD traded with a low of 1.5592 and with a high of 1.5648. No major economic data is expected today.
GBP/USD – Last: 1.5664
| Resistance |
1.5729 |
|
|
| Support |
1.5594 |
1.5460 |
|
Japanese Yen (JPY)
The yen fluctuated near the 85.70 levels for a fourth day versus the dollar on speculation the U.S. housing market is stagnating, which is increasing demand for safer assets. The momentum of the USD/JPY is still strongly bullish these days, and the resistance on the daily chart is at 86. One thing to note is that there is a pennant shape forming. Overall, USD/JPY traded with a low of 85.593 and with a high of 85.929. No economic data is expected today due to a bank holiday.
USD/JPY-Last: 85.71
| Resistance |
85.93 |
|
|
| Support |
85.64 |
85.22 |
|
Canadian dollar (CAD)
The Canadian Dollar weakened against the US dollar as Oil fell more than 1% and drifted the Canadian Dollar along with it. The momentum of the USD/CAD is still negative for the US Dollar, and as long the USD/CAD is below 1.0400 levels, a short position is preferred. The next resistance on the one hour chart is located at 1.0350. Overall, USD/CAD traded with a low of 1.0216 and with a high of 1.0350. Wholesale Sales is expected to come in at 0.60% versus -0.30% prior.
USD/CAD – Last: 1.0312
| Resistance |
1.0347 |
|
|
| Support |
1.0309 |
1.0251 |
1.0216 |
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
