Posted by
admin on September 16, 2010 |
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Daily Review 16/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar weakened against most majors after US Industrial production fell more than expected in August (0.2% vs. 0.3% forecast vs. 0.6% in July). Additionally, the Empire State Manufacturing Index also fell more than expected (4.1 vs. 8.7 forecast) and other mixed data came out during the session, which supported negative sentiment for the Dollar. The NASDAQ and Dow Jones strengthened by 0.50% and 0.44% respectively. Crude oil decreased by 1.0% to close at $76 a barrel, and Gold (XAU) weakened by 0.2%,closing at $1268.70 an ounce. Today, Unemployment Claims are expected to rise from 451K to 463K, PPI is expected at 0.3% vs. 0.2% prior, Treasury Sec Geithner Speaks, and TIC Long-Term Purchases are expected to weaken from 44.4B to 37.9B.
EURO (EUR)
The Euro traded near a one month high against the Dollar amid speculation that the Federal Reserve will buy additional Treasury securities this year to help sustain growth as the economic recovery falters. The momentum of the EUR/USD has been bullish the past few days, and as long it\’s above 1.2950, the trend continues to be positive for the Euro. Overall, EUR/USD traded with a low of 1.2955 and with a high of 1.3037. Today, the Trade Balance is expected at -0.7B vs. -1.6B prior.
EUR/USD – Last: 1.2992
| Resistance |
1.3033 |
|
|
| Support |
1.2955 |
1.2891 |
1.2763 |
British Pound (GBP)
The Pound strengthened against the Dollar, rising to a 4 week high following a flurry of mixed U.S. economic data, which supports higher yielding assets. The main resistance of the GBP/USD on the daily chart is 1.5700, and if the price trades above this level, the momentum will continue to be bullish .Overall, GBP/USD traded with a low of 1.5448 and with a high of 1.5652. Today, Retail Sales are expected to weaken from 1.1% to 3.3%, and CBI Industrial Order Expectations are expected at -12 vs. -14 prior.
GBP/USD – Last: 1.5615
| Resistance |
1.5652 |
|
|
| Support |
1.5595 |
1.5500 |
1.5375 |
Japanese Yen (JPY)
The Yen weakened against all major currencies, falling to a 12 day low versus the Dollar. This came after Japan\’s government said it intervened in currency markets for the first time in 6 years in order to stem the Yen\’s sharp gains. The trend of the USD/JPY is opposite from downwards to upwards since yesterday, therefore a long position is preferred, and the next resistance on the daily chart is located at 86.50 levels. Overall, USD/JPY traded with a low of 82.87 and with a high of 85.77. No economic data is expected today.
USD/JPY-Last: 85.28
| Resistance |
85.77 |
|
|
| Support |
85.10 |
84.40 |
83.50 |
Canadian dollar (CAD)
The Canadian Dollar rose a bit versus the US Dollar after weaker than forecast manufacturing data was released in the U.S., renewing Canada’s concerns about the economy and its largest trading partner. As long the USD/CAD is below 1.0400 levels, a short position is preferred and the momentum is strongly bearish. The next support on the daily chart is at 1.0200. Overall, USD/CAD traded with a low of 1.0251 and with a high of 1.0320. No economic data is expected today.
USD/CAD – Last: 1.0274
| Resistance |
1.0320 |
1.0400 |
1.0500 |
| Support |
1.0220 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 9, 2010 |
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Daily Review 09/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar weakened against the major currencies as risk appetite seemed to push the investors sell the USD and favor other higher yielding currencies. The Stock Markets in U.S. closed positive with Dow Jones and NASDAQ rising by 0.45% and 0.9% respectively. Crude Oil climbed for the first time after 3 days of weakness and closed near the 75$ a barrel. Gold (XAU) declined after reaching a high of 1262.4$ and closed at 1254$ an ounce. Today, the Trade Balance is expected at -47.2B vs. -49.9B previously. The Initial Jobless Claims is expected at 470k vs. 472K previously.
EURO (EUR)
The Euro gained versus the Dollar after an attempt to break the 1.2650 area and soon after recovered to trade back above the 1.27 level. The German Industrial Production came out 0.1% worse than expected 1.1%. Holding above the support level of 1.2670 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2658 and with a high of 1.2762. Today, the German CPI is expected unchanged at 0%. The French NFP is expected unchanged at 0.2%. The ECB Monthly Report will come out.
EUR/USD – Last: 1.2695
| Resistance |
1.2770 |
1.2820 |
|
| Support |
1.2670 |
1.2630 |
|
British Pound (GBP)
The Sterling soared versus the Dollar reaching 1 week high near 1.5530 zones but failed to hold this level and to trade below the 1.55 levels. The Manufacturing Production came out 0.3% unchanged as expected. The Industrial Production came out 0.3% worse than expected 0.4%. Holding above the support level of 1.5430 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5342 and with a high of 1.5530. Today, the Trade Balance is expected at -7.5B vs. -7.4B previously. The Interest Rate Decision is expected unchanged at 0.5%.
GBP/USD – Last: 1.5460
| Resistance |
1.5485 |
1.5530 |
|
| Support |
1.5430 |
1.5380 |
|
Japanese Yen (JPY)
The USD/JPY pair reached new 15 year low at 83.32 and since then it\’s trading in a narrow range capped under the 84 level. The BSI Large Manufacturing Index came out 13.3 better than expected 6.3. Breaching above the 84 level might turn the momentum to positive for the pair. Overall, USD/JPY traded with a low of 83.64 and with a high of 84.01. Today, the GDP is expected at 0.4% vs. 0.1% previously.
USD/JPY-Last: 83.74
| Resistance |
84.00 |
84.30 |
84.80 |
| Support |
83.35 |
|
|
Canadian Dollar (CAD)
Canada\’s Dollar gained versus the U.S Dollar as BOC raised the interest rate by 0.25% from 0.75% to 1% and signaled it may increase them again as the nation’s economy continues to grow. The Ivey PMI came out 65.9 better than expected 55.9 also supporting the CAD. Only breaking the 1.0340 support area might extend the gains for the pair otherwise a rebound could be seen. Overall, USD/CAD traded with a low of 1.0344 and with a high of 1.0507. Today, the Housing Starts are expected at 185K vs. 189K previously. The Trade Balance is expected at -0.8B vs. -1.1B previously.
USD/CAD – Last: 1.0387
| Resistance |
1.0490 |
1.0570 |
1.0670 |
| Support |
1.0340 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 8, 2010 |
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Daily Review 08/09/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar gained against most major currencies as speculation economic growth will slow in the European zone, supported safety assets like the Dollar and the Yen. NASDAQ and Dow Jones weakened by 1.11% and 1.03% respectively , crude oil weakened by 0.36%, closing at 73.8$ a barrel, Gold (XAU) declined by 0.22% ,closing at 1256.8$ an ounce. Today, Beige Book.
EURO (EUR) – The Euro weakened for a second day versus the Dollar as stocks and commodities dropped amid concern Europe’s sovereign debt crisis may worsen. The EUR/USD has broken the support level at 1.2800 and crossed the 10 moving average on the daily chart, therefore the momentum became bearish. Overall, EUR/USD traded with a low of 1.2677 and with a high of 1.2819. Today, German Industrial Production is expected to rise from -0.6% to 1.1%.
EUR/USD – Last: 1.2695
| Resistance |
1.2745 |
1.2850 |
1.2920 |
| Support |
1.2655 |
|
|
British Pound (GBP) – The Pound extended losses against the Dollar touched a 6 week low, as risk sentiment fell amid renewed concerns over the global economic recovery. The GBP/USD continues to trade in negative range, therefore the momentum is bearish and the next support level on the daily chart is located at 1.5300,if the pair breaks this rate it will continue with its downwards trend. Overall, GBP/USD traded with a low of 1.5296 and with a high of 1.5424. Today, Manufacturing Production is expected to be unchanged at 0.30%, Industrial Production is expected to weak from -0.50% to 0.40%.
GBP/USD – Last: 1.5376
| Resistance |
1.5416 |
1.5490 |
|
| Support |
1.5345 |
1.5300 |
|
Japanese Yen (JPY) –The Yen rallied to a 15 year high against the Dollar as slowing economic growth increased demand for the Yen as a refuge .The main momentum of the USD/JPY is still strongly bearish but it’s still fluctuating around 84.0 level and has not succeeded to break the main support at 83.50. Overall, USD/JPY traded with a low of 83.51 and with a high of 84.26.Today, BOJ Monthly Report.
USD/JPY-Last: 83.60
| Resistance |
83.85 |
84.25 |
84.65 |
| Support |
83.50 |
|
|
Canadian dollar (CAD) – The Canadian Dollar fell the most in two weeks against the Dollar as crude oil declined and concern the global economy may weaken, boosted the investors to sell higher yielding assets. The momentum of the USD/CAD became a positive for the US Dollar ,As long the USD/CAD above 1.0400 levels a long position is preferred, the next resistance on the one hour chart is located at 1.0560. Overall, USD/CAD traded with a low of 1.0352 and with a high of 1.0484. Today, Interest Rate Decision is expected to rise from 0.75% to 1.00%,Building Permits are expected to weak from 6.5% to -4.2%, Ivey PMI is expected at 55.9 vs. 54.0 prior.
USD/CAD – Last: 1.0473
| Resistance |
1.0490 |
1.0570 |
1.0675 |
| Support |
1.0340 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
