Posted by admin on June 27, 2011 under forex market | 
USD Dollar (USD) – The dollar strengthened in forex trading against most of the major currencies due to a decline in risk appetite among investors over high concern for Greece’s debt crisis. In addition, Orders for durable goods climbed by 1.90% more than forecast in May, signaling that manufacturing may be one of the first areas of the U.S. economy to rebound from a first-half slowdown in growth, despite Federal Reserve member, Fisher statements. He said that he sees economic growth picking up in the second half, while remaining slow, and the Fed sustaining its record asset holdings for an “appropriate” period. It’s a slow recovery and it’s going to continue to be slow. The Stock Markets closed the week negative as the Dow Jones fell by 0.96% and the NASDAQ lost 1.26%. Crude oil dropped by 0.40%, closing at $90.60 a barrel. Oil dropped on concern that slowing U.S. economic growth will reduce demand and the International Energy Agency’s announcement of the release of 60 million barrels to the market. Gold (XAU) had its largest one day drop in seven weeks by 1.25%, closing at $1,501 an ounce. The dollar has eroded the allure of gold as an alternative investment and a tumble in energy costs this week have reduced demand for the metal as an inflation hedge. Today, Personal Spending m/m is expected to rise by 0.20% vs. 0.40% previously.
Euro (EUR) – The euro fell against the U.S Dollar on speculation that a Greek austerity plan and a European Union pledge to stabilize the region’s economy won’t resolve its sovereign-debt crisis. In addition, if Greece’s parliament does not approve a package of austerity measures this week, the euro will continue to struggle against the US Dollar. Trading below the resistance level of 1.4200 will keep the momentum negative to for the pair, but if the pair breaks above this resistance level, it might reach 1.4400 again. Overall, EUR/USD traded with a low of 1.4126 and with a high of 1.4441. Today, no economic data is expected.
EUR/USD – Last: 1.4130
| Resistance |
1.4200 |
1.4250 |
1.4350 |
| Support |
1.4070 |
1.4000 |
1.3900 |
British Pound (GBP) – The Pound fell against the Greenback amid speculation that the Bank of England will keep interest rates at a record low to counter faltering growth. In addition, Bank of England Governor, King said the euro-area debt crisis poses the biggest risk to the stability of the U.K. financial system and didn’t provide any reason for traders to buy the Pound again. The trend for the pair is bearish if the pair maintains its resistance level of 1.6020. Overall, GBP/USD traded with a low of 1.5940 and with a high of 1.6262. Today, no economic data is expected.
GBP/USD – Last: 1.5930
| Resistance |
1.5950 |
1.6050 |
1.6150 |
| Support |
1.5890 |
1.5800 |
1.5700 |
Japanese Yen (JPY) – The dollar strengthened against the yen after the pair didn’t succeed to break its support level of 80.00 and a stronger Dollar prevailed. If the pair will succeed to break its resistance of 80.80 it may bring the pair to 81.20, its next resistance level. Today, no economic data is expected.
USD/JPY-Last: 80.70
| Resistance |
80.80 |
81.20 |
81.80 |
| Support |
80.20 |
80.00 |
79.60 |
Canadian dollar (CAD) – The Canadian Dollar fell against its U.S. counterpart as risk-averse investors sought refuge in the most liquid of assets, the U.S. dollar. In addition, the Canadian Dollar slid after futures on crude oil, Canada’s largest export, fell below $90 a barrel yesterday for the first time since February. Today, no economic data is expected.
USD/CAD – Last: 0.9900
| Resistance |
0.9930 |
1.0000 |
1.0050 |
| Support |
0.9800 |
0.9770 |
0.9670 |
Posted by admin on June 23, 2011 under forex market |
USD Dollar (USD) – The Dollar rose in forex trading against the other major currencies as Federal Reserve Chairman Ben S. Bernanke commented on the economy at a press conference after policy makers said they would maintain record stimulus after a Treasury purchase program ends. The Interest rate was released and stayed unchanged at 0.25%. Wall Street closed negative as the NASDAQ weakened by 0.67% and the Dow Jones fell by 0.66%. Crude oil advanced by $1.24, closing at $95.41 a barrel. Gold (XAU) increased by 0.5%, and closed at $1553.40 an ounce. Today, Unemployment Claims are expected to be 410K vs. 414K last week, and New Home Sales are expected to weaken from 323K to 310K.
Euro (EUR) – The Euro weakened versus the Dollar amid speculation that Greek Prime Minister George Papandreou will struggle to pass additional austerity measures, even after winning a confidence vote. Also, the Dollar was strong due to the FOMC press Conference, and this supported a weaker Euro during the evening session. The EUR/USD’s momentum is bearish as long it’s trading below 1.4360 levels and we will probably see the Euro around 1.4260 or even less. Overall, EUR/USD traded with a low of 1.4341 and with a high of 1.4442. Today, ECB President Trichet Speaks, the Manufacturing PMI is expected to decline from 54.60 to 53.80, and the Services PMI is expected to come out at 55.30 vs. 56.00 previously.
EUR/USD – Last: 1.4312
| Resistance |
1.4385 |
1.4440 |
|
| Support |
1.4285 |
1.4191 |
1.4125 |
British Pound (GBP) – The Pound fell to the lowest level in three weeks versus the Dollar as minutes released today from the Bank of England’s most recent meeting, showed that more policy makers voted to keep interest rates at a record low this month. As long as the GBP/USD is trading below 1.6150, the pound’s momentum is still very bearish and a short position is preferred. The next support level on the daily chart is located at 1.5920. Overall, GBP/USD traded with a low of 1.6061 and with a high of 1.6263. Today, CBI Realized Sales are expected to be 13.00 vs. 18.00 previously.
GBP/USD – Last: 1.6046
| Resistance |
1.6100 |
1.6200 |
1.6250 |
| Support |
1.6020 |
|
|
Japanese Yen (JPY) –The Yen weakened a bit versus the Dollar owing to Bernanke’s declaration which supported a stronger Dollar. The USD/JPY has been struggling with 80.00-80.50 levels during the last three days, and only if the pair breaks above 81.00 levels, will the US Dollar will be bullish again. Overall, USD/JPY traded with a low of 80.01 and with a high of 80.38. No economic data is expected today.
USD/JPY-Last: 80.53
| Resistance |
80.70 |
81.10 |
|
| Support |
80.35 |
80.00 |
|
Canadian dollar (CAD) – The Canadian Dollar stayed weaker versus the greenback after the Federal Reserve said it would let asset purchases end and maintain record monetary stimulus. As long as the pair is trading below 0.9780 levels, the Canadian Dollar is more relevant, the next support level on the one hour chart is located at 0.9700 levels. Overall, USD/CAD traded with a low of 0.9700 and with a high of 0.9753. No economic data is expected today.
USD/CAD – Last: 0.9735
| Resistance |
0.9750 |
0.9800 |
0.9850 |
| Support |
0.9700 |
|
|
Posted by admin on June 22, 2011 under forex market |
USD Dollar (USD) – The Dollar fell yesterday against the major currencies but then rose after Greek Prime Minister George Papandreou won a confidence vote amid investor concerns that the government will struggle to pass austerity measures to stave off default. Wall Street closed very positive as the NASDAQ rose by 2.19% and the Dow Jones strengthened by 0.91%. July Crude oil contracts rose by 14 cents, closing at $93.40 a barrel. August contracts of rose by 54 cents. Gold (XAU) increased for the 6th day and closed at $1546.40 an ounce. Today is a very important day for the markets and we should be very alert for economic data regarding the House Price Index, which is expected at -0.20% vs. -0.30 previously. Also, pay close attention to the Interest Rate Decision, which is expected unchanged at 0.25%. We also have Crude Oil Inventories expected at -1.60M vs. -3.40M last week, we are expecting the FOMC Statement, and the Fed Chairman Bernanke will speak.
Euro (EUR) – Europe’s single currency declined in forex trading versus a majority of its most-traded peers as the ballot cleared way for a separate vote on a 78 billion-euro ($112 billion) package of budget cuts and asset sales. The EUR/USD’s trend is bullish and testing the resistance at 1.4440. As long as the pair is trading below 1.4440, the daily trend is bearish. Overall, EUR/USD traded with a low of 1.4300 and with a high of 1.4431. Today, Consumer Confidence is expected at -10.40 vs. -10.00 previously.
EUR/USD – Last: 1.4368
| Resistance |
1.4423 |
1.4440 |
1.4486 |
| Support |
1.4350 |
1.4300 |
1.4198 |
British Pound (GBP) – The Pound gained against the Dollar for the 3rd day after CBI Industrial Trends Orders came out at 1.00, better than the expected -5.00. As long as the GBP/USD is trading below 1.6300, the pound’s momentum is still bearish and a short position is preferred, the next resistance level on the one hour chart is located at 1.6250 and the pair already tested this level again last night, but after hitting, it fell again to the 1.6200 area. If it breaks this level, the pound will probably continue towards 1.6300. Overall, GBP/USD traded with a low of 1.6166 and with a high of 1.6252. Today, the MPC Meeting Minutes are expected.
GBP/USD – Last: 1.6214
| Resistance |
1.6250 |
1.6300 |
1.6350 |
| Support |
1.6200 |
1.6170 |
1.6095 |
Japanese Yen (JPY) – The Yen is still moving in a range between 80.00 to 80.33 levels for the 3rd day as investors are waiting for a decision from the European central bank about the debt of Greece and the aid package expected. The resistance level is at 80.40, the support level is at 80.00, and you can adjust your limit orders according these levels for short or long positions. Overall, USD/JPY traded with a low of 80.04 and with a high of 80.33. No economic data is expected today.
USD/JPY-Last: 80.24
| Resistance |
80.34 |
80.55 |
81.00 |
| Support |
80.00 |
79.80 |
79.50 |
Canadian dollar (CAD) – Canada’s dollar rose against the majority of its most-traded counterparts as stocks and commodities rallied before a government confidence vote in Greece that may determine whether it avoids default. The Core Retail Sale came out at 0.00%, worse than the expected 0.60% .The next resistance level on the daily chart is located at 0.9800 and the support level sits at 0.9670 levels. Overall, USD/CAD traded with a low of 0.9706 and with a high of 0.9804. Today, no major economic data is expected.
USD/CAD – Last: 0.9732
| Resistance |
0.9750 |
0.9800 |
0.9850 |
| Support |
0.9710 |
0.97080 |
0.9675 |
