Posted by
admin on September 7, 2010 |
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Daily Review 07/09/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar closed mixed against the other major currencies amid low trading volume, as U.S. markets were closed for the Labor Day holiday. The NASDAQ and Dow Jones were closed as a result of the holiday. Crude oil declined by 0.2%, closing at $74.06 a barrel while Gold (XAU) fluctuated around $1250 an ounce. No economic data expected today.
EURO (EUR) – The Euro closed almost unchanged against the dollar in a day where almost no news was released in Europe, or the US, which could influence the pair. The EUR/USD has been trading upwards in the last few days and has reached a new resistance at 1.2950 on the daily chart. If the pair succeeds to cross this rate, the trend will continue to be bullish. Overall, EUR/USD traded with a low of 1.2867 and with a high of 1.2919. Today, German Factory Orders are expected to weaken from 3.2% to 0.6%.
EUR/USD – Last: 1.2801
| Resistance |
1.2855 |
1.2920 |
|
| Support |
1.2775 |
1.2660 |
1.2625 |
British Pound (GBP) – The Pound weakened for a fifth straight day against the Euro and declined versus the Dollar on speculation that signs of a slowing economy will prompt policy makers to consider increasing asset purchases when they convene for a central bank meeting this week. The GBP/USD is still trading in a negative range and still trading below the 10 moving average on the daily chart. Therefore, the momentum is bearish and the next support level on the daily chart is located at 1.5320. Overall, GBP/USD traded with a low of 1.5344 and with a high of 1.5489. No economic data is expected today.
GBP/USD – Last: 1.5378
| Resistance |
1.5490 |
1.5575 |
|
| Support |
1.5325 |
|
|
Japanese Yen (JPY) –The Yen rose a bit against the Dollar, falling to a 2 day low, as investors turned their attention to a report from the Bank of Japan monetary policy meeting that is expected to be released. The interest rate was released and remained unchanged at 0.10%. The main momentum of the USD/JPY is still strongly bearish, but in the last few days, the pair has been fluctuating around the 84.0 level. The next support on the daily chart is located at 83.50, and the RSI supports a bearish trend, as well. Overall, USD/JPY traded with a low of 84.04 and with a high of 84.49.Today, the BOJ Press Conference will be happening.
USD/JPY-Last: 84.20
| Resistance |
84.66 |
85.22 |
85.90 |
| Support |
84.00 |
83.65 |
|
Canadian dollar (CAD) – The Canadian Dollar rallied against the US Dollar, advancing to a 3 week high amid low trade volume, as markets in the U.S. and Canada were closed for the Labor Day holiday. As long as the USD/CAD is below the 1.0450 levels, a short position is preferred and the momentum is bearish. The next support on the daily chart is located at 1.0270, and if the price crosses this level, the trend will continue to be bearish. Overall, USD/CAD traded with a low of 1.0340 and with a high of 1.0403. No economic data expected today.
USD/CAD – Last: 1.0357
| Resistance |
1.0400 |
1.0570 |
1.0675 |
| Support |
1.0340 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 6, 2010 |
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Daily Review 06/09/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar fell against most major currencies as U.S. private employers added more jobs than forecast in August, easing concern the recovery in the world’s biggest economy is slowing, boosting the investors for risk appetite. Payrolls came out at -54k vs. -101k forecast. NASDAQ and Dow Jones advanced by 1.53% and 1.24% respectively , crude oil weakened by 0.6%, closing at 74.6$ a barrel, Gold (XAU) declined by 0.2% , closing at 1251$ an ounce. There is no news owing to bank holiday in US.
EURO (EUR) – The Euro touched a two-week high versus the Dollar as overall U.S. employment declined by about half of the amount forecast, supported higher yielding assets. As long the rate is above 1.2800 level a long position is preferred and the momentum is bullish, the next resistance on the one hour chart is located at 1.2900 and the RSI indictor support up trend as well. Overall, EUR/USD traded with a low of 1.2808 and with a high of 1.2897. No major economic data expected today.
EUR/USD – Last: 1.2888
| Resistance |
1.2900 |
|
|
| Support |
1.2855 |
1.2775 |
1.2700 |
British Pound (GBP) – The Pound fell for a fourth week against the Dollar, the longest run of losses since June, as reports showing that U.K. services grew at a slower pace and house prices dropped fueled concern the recovery will falter (PMI came at 51.3 vs. 53.0 forecast). The GBP/USD is still trading in negative range and still trading below the 10 moving average on the daily chart, therefore the momentum is bearish, the next resistance level on the one hour chart is located at 1.5500. Overall, GBP/USD traded with a low of 1.5389 and with a high of 1.5468. No economic data expected today.
GBP/USD – Last: 1.5467
| Resistance |
1.5470 |
1.5490 |
1.5575 |
| Support |
1.5390 |
1.5350 |
1.5325 |
Japanese Yen (JPY) –The Yen fell against major currencies as stocks market over the world climbed after positive data from U.S. that released, leading the investors to sell safety assets. The main momentum of the USD/JPY is still strongly bearish but in the last few days the pair is fluctuating around 84.0 level, the next support on the daily chart is located at 83.50, if the price crosses this level the trend will continue to be bearish. Overall, USD/JPY traded with a low of 84.16 and with a high of 85.22. No economic data expected today.
USD/JPY-Last: 84.37
| Resistance |
84.66 |
85.22 |
85.90 |
| Support |
84.00 |
83.65 |
|
Canadian dollar (CAD) – The Canadian Dollar strengthened for the first week in a month versus the Dollar after a report showed U.S. employers added more private jobs than economists forecast, boosting stocks and brightening the outlook for trade between the two nations. As long the USD/CAD below 1.0500 levels a short position is preferred, the next support on the daily chart is located at 1.0350, if the price cross this level the trend will continue to be bearish. Overall, USD/CAD traded with a low of 1.0365 and with a high of 1.0569. There is no news owing to bank holiday in Canada.
USD/CAD – Last: 1.0396
| Resistance |
1.0450 |
1.0570 |
1.0675 |
| Support |
1.0365 |
|
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
Posted by
admin on September 3, 2010 |
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Daily Review 03/09/2010
Today’s Forex Trading review:
USD Dollar (USD)
The Dollar fluctuated against most major currencies after pending U.S. home resales unexpectedly rose, signaling the housing market may start to stabilize and boosting investor appetite for higher yielding assets. NASDAQ and Dow Jones advanced by 1.06% and 0.49% respectively , crude oil rose by 1.5%, closing at 75.02$ a barrel, Gold (XAU) strengthened by 0.4% , closing at 1253.4$ an ounce. Today, Non-Farm Employment Change is expected to declined from -131K to -118K, Unemployment Rate is expected at 9.6% vs. 9.5% prior, ISM Non-Manufacturing PMI is expected to weak from 54.30 to 53.20.
EURO (EUR)
The Euro was near its strongest level in two weeks versus the Dollar after European Central Bank President Jean-Claude Trichet said a double-dip recession is “not in the cards.” Speaking after the ECB left its benchmark rate at 1 percent. As long the rate is above 1.2800 level a long position is preferred and the momentum is bullish, the next resistance on the one hour chart is located at 1.2860, if the rate crosses this level the euro will continue with its bullish trend. Overall, EUR/USD traded with a low of 1.2776 and with a high of 1.2848.Today, Retail Sales are expected to rise from 0.0% to 0.3%.
EUR/USD – Last: 1.2821
| Resistance |
1.2855 |
|
|
| Support |
1.2775 |
1.2700 |
1.2625 |
British Pound (GBP)
The Pound weakened for a third day against the Euro and declined against the Dollar as a report showed U.K. house prices slid the most in six months in August (-0.90% vs. -0.30% forecast), stoking speculation that the economic recovery may falter. The GBP/USD is still trading in negative range and still trading below the 10 moving average on the daily chart, therefore the momentum is bearish, the next support level on the one hour chart is located at 1.5350. Overall, GBP/USD traded with a low of 1.5350 and with a high of 1.5451. Today, Services PMI is expected to be like the previous one at 53.1.
GBP/USD – Last: 1.5408
| Resistance |
1.5430 |
1.5490 |
1.5575 |
| Support |
1.5380 |
1.5330 |
|
Japanese Yen (JPY)
The Yen rose versus the major currencies on speculation the Japanese companies are bringing home overseas earnings before the first half of the fiscal ends this month. The momentum of the USD/JPY is still strongly bearish, the next support on the daily chart is located at 83.50, therefore a short position is preferred. Overall, USD/JPY traded with a low of 83.99 and with a high of 84.55. No economic data expected today.
USD/JPY-Last: 84.30
| Resistance |
84.66 |
85.90 |
|
| Support |
84.00 |
83.35 |
|
Canadian dollar (CAD)
The Canadian Dollar depreciated versus the Dollar after the biggest one-day rally in three months on concern U.S. job losses will stall the global economic recovery. As long the USD/CAD below 1.0550 levels a short position is preferred, the next support on the daily chart is located at 1.0450, if the price cross this level the trend will continue to be bearish. Overall, USD/CAD traded with a low of 1.0471 and with a high of 1.0555. No economic data expected today.
USD/CAD – Last: 1.0544
| Resistance |
1.0555 |
1.0615 |
1.0675 |
| Support |
1.0520 |
1.0470 |
|
Tags: daily forex analysis, Daily Forex Review, Daily reviews, forex analysis, forex review
