Posted by admin on July 25, 2011 under forex market | 
USD Dollar (USD) – In forex trading, the dollar was crushed across the board last Friday as optimism among investors grew on an agreement in Europe to deal with the region’s debt crisis, which made riskier assets more attractive. With the opening of the Asian markets last night, the dollar strengthened against the majors. The Stock Markets in the U.S. closed mixed as the Dow Jones fell by 0.34% and the NASDAQ gained 0.86%. Crude oil touched the $100 area, but retraced and closed at $99.87 a barrel, posting a 0.8% advance. Gold (XAU) reached a new high at $1623 per ounce. No economic data is expected today.
Euro (EUR) – The Euro rose against the U.S Dollar and closed at 1.4423 last Friday. With the opening of the Asian markets, the Euro fell by 100 pips to 1.4323 and back to the 1.4400 area. Further appreciation in the pair is possible if the resistance level of 1.4440 is breached, otherwise we might see a technical adjustment downwards towards 1.4280 zones. Overall, the EUR/USD traded with a low of 1.4323 and with a high of 1.4436. Today, no major economic data is expected.
EUR/USD – Last: 1.4381
| Resistance |
1.4440 |
1.4500 |
|
| Support |
1.4320 |
1.4270 |
1.4210 |
British Pound (GBP) – The Pound strengthened against the greenback for a third day on positive developments at the EU Summit, causing the pair to hit a 5 week highs after it finally breached the resistance level of 1.6170. Further appreciation in the pair is possible if the resistance level of 1.6370 is breached, otherwise we might see some technical adjustment downwards to 1.6280 zones. Overall, the GBP/USD traded with a low of 1.6263 and with a high of 1.6343. No economic data is expected today.
GBP/USD – Last: 1.6300
| Resistance |
1.6330 |
1.6375 |
|
| Support |
1.6270 |
1.6200 |
1.6160 |
Japanese Yen (JPY) – The yen advanced against the dollar to its highest level since March as no deal on raising the U.S. debt limit has been reached. Trading below the resistance level of 78.60 keeps the trend negative for the pair. Overall, the USD/JPY traded with a low of 78.11 and with a high of 78.72. No economic data is expected today.
USD/JPY-Last: 78.37
| Resistance |
78.50 |
78.70 |
78.90 |
| Support |
78.20 |
78.00 |
|
Canadian dollar (CAD) – Canada’s dollar rose, touching the strongest level against the greenback in more than three years, as investors took Canada’s statements to mean that the central bank may become more aggressive with interest-rate increases. The pair couldn’t break the support level of 0.9440 and rebounded to the 0.9500 area. Overall, the USD/CAD traded with a low of 0.9476 and with a high of 0.9518. Today, no major economic data is expected.
USD/CAD – Last: 0.9514
| Resistance |
0.9540 |
0.9590 |
|
| Support |
0.9500 |
0.9480 |
0.9420 |
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Posted by admin on July 20, 2011 under forex market |
USD Dollar (USD) – In forex trading, the dollar fell against most of the major currencies amid increased risk appetite among investors. President Barack Obama embraced a $3.7 trillion debt-cutting plan by a bipartisan group of senators that would combine tax increases and spending cuts, saying it could end a congressional deadlock over raising the U.S. borrowing limit. His remarks spurred optimism that lawmakers can reach an agreement deal that would cut the U.S. budget deficit and avoid default. In addition, U.S. housing starts increased by 0.63M, more than the forecast of 0.62M, to the fastest pace in five months. The Stock Markets closed positive as the Dow Jones rose by 1.63% and the NASDAQ gained 2.22%. The main reason is a combination of good corporate earnings and the market is looking for a relief rally after the debt-ceiling and deficit negotiations. Crude oil rose for the second day in a row by 2.08%, closing at $98.10 a barrel as investors bet that shrinking stockpiles and signs of economic recovery in the U.S. indicate that fuel demand will increase in the world’s biggest crude-consuming nation. Gold (XAU) declined from an all-time high by 0.90%, closing at $1,590 an ounce, on investor sales after the metal’s longest rally in 31 years. Gold may continue to gain as European and US leaders won’t likely see a return of confidence among investor within their economies. Today, Existing Home Sales are expected to rise by 4.92M vs. 4.81M previously and Crude Oil Inventories are expected to fall by -1.5M vs. -3.1M previously.
Euro (EUR) – The euro strengthened against the U.S Dollar as a result of increased risk appetite among investors. European Union leaders are preparing for a summit on July 21 to hammer out a solution to the Greek debt crisis. The Euro strengthened despite statements by German Chancellor Angela Merkel who said that Europe’s sovereign crisis can’t be fixed “in one step,” damping expectations that government leaders can resolve the region’s debt woes at a July 21 summit. Trading below the resistance level of 1.4220 will keep the momentum negative for the pair, but if the pair breaks above this resistance level, it may reach the 1.4450 levels again. Overall, the EUR/USD traded with a low of 1.3836 and with a high of 1.4281. Today, German PPI m/m is expected to grow by 0.10% vs. 0.0% previously.
EUR/USD – Last: 1.4160
| Resistance |
1.4180 |
1.4220 |
1.4300 |
| Support |
1.4100 |
1.4050 |
1.4000 |
British Pound (GBP) – The Pound strengthened against the greenback after the pair didn’t succeed to break its support of 1.6060. The trend for the pair remains bearish if the pair is able to maintain its resistance level of 1.6160. However, if the pair breaks that resistance, it may reach 1.6300. Overall, the GBP/USD traded with a low of 1.5901 and with a high of 1.6191. Today, MPC Meeting Minutes are expected to be released.
GBP/USD – Last: 1.6130
| Resistance |
1.6160 |
1.6220 |
1.6300 |
| Support |
1.6100 |
1.6060 |
1.6020 |
Japanese Yen (JPY) – The dollar strengthened against the Yen as President Barack Obama endorsed deficit-cutting measures proposed by a bipartisan group of senators, easing concern the U.S. is moving closer to default. If the pair succeeds in breaking its resistance level of 79.60, it may bring the pair to the 80.00 resistance level once again. Tomorrow, the Trade Balance is expected to decline by -0.25T vs. -0.47T previously.
USD/JPY-Last: 79.15
| Resistance |
79.60 |
80.00 |
80.40 |
| Support |
79.00 |
78.50 |
|
Canadian dollar (CAD) – The Canadian Dollar strengthened to the strongest level in 11 weeks against its U.S. counterpart after the Bank of Canada kept its main interest rate unchanged and said borrowing costs will increase as the economy recovers. In addition, crude oil’s rise provided additional support for the Loonie, and the trend for the pair remains bearish. Today, the BOC Monetary Policy Report is expected to be released and the Bank of Canada is expected to hold a press conference.
USD/CAD – Last: 0.9505
| Resistance |
0.9580 |
0.9620 |
0.9650 |
| Support |
0.9500 |
0.9480 |
0.9450 |
Tags: currency pair, currency trading, daily forex, daily forex analysis, EUR/USD, foreign exchange, forex demo, forex news, forex online trading, learn forex, NASDAQ, start forex trading, trading online, ufx bank, ufxbank, USD/CAD, USD/JPY
Posted by admin on July 19, 2011 under forex market |
USD Dollar (USD) – In forex trading, the U.S. Dollar strengthened against most of the major currencies amid concern American lawmakers will fail to reach a deal on the nation’s debt limit two weeks before the deadline, which decreases risk appetite among investors. Today, the U.S. Senate’s top leaders said the chamber will remain in session until lawmakers hammer out an agreement to raise the U.S. debt limit, even as President Barack Obama threatened to veto a proposal to require the U.S. government to balance its budget as part of a debt deal. It is important to understand that failing to raise the U.S. debt limit by August 2 would restrict an economy struggling to recover from the worst recession since the Great Depression. In addition, Fitch Ratings reiterated today that it would cut all defaulted Treasury securities if the government’s failure to raise the debt limit causes it to miss its bond payment. The Stock Markets closed negative for the fourth day as the Dow Jones fell by 0.76% and the NASDAQ lost 0.89%. Crude oil fell the most in two weeks by 1.60%, closing at $96.10 a barrel. The main reason is that Europe’s worsening debt crisis will probably slow the economy. Gold (XAU) rose to an all-time high, gaining 0.62% and closing at $1,604 an ounce. This all-time high caps the longest rally in 31 years, as debt concerns in Europe and the U.S. boosted demand for the metal as a haven. Gold may even continue to gain as European and U.S. leaders aren’t striving to boost investor confidence in their economies. Today, the Building Permits is expected to rise by 0.61M as previously and the Housing Starts are expected to rise by 0.58M vs. 0.56M previously.
Euro (EUR) – The Euro declined against the USD on concern European leaders won’t take concrete steps to contain the region’s debt crisis at a summit in three days. The Euro continues to fall despite European Central Bank President Trichet’s quote that, “Europe can surmount its sovereign debt crisis. Naturally the Europeans can manage the issue and it is a question of will and determination”. Euro-zone leaders will meet in Brussels on July 21 to discuss the “financial stability” of the region. Trading below the resistance level of 1.4220 will keep the momentum negative for the pair, but if the pair breaks above this resistance level, it may reach the 1.4450 level again. Overall, the EUR/USD traded with a low of 1.3836 and with a high of 1.4281. Today, the German ZEW Economic Sentiment is expected to show -11.8 vs. -9.0 previously.
EUR/USD – Last: 1.4120
| Resistance |
1.4140 |
1.4220 |
1.4300 |
| Support |
1.4100 |
1.4050 |
1.4000 |
British Pound (GBP) – The Pound declined for a second day against the Dollar as a report showed U.K. housing prices declined in July – for the first time this year. The trend for the pair remains bearish if the pair maintains its resistance level of 1.6160. Overall, the GBP/USD traded with a low of 1.5901 and with a high of 1.6191. No economic data is expected today.
GBP/USD – Last: 1.6070
| Resistance |
1.6110 |
1.6160 |
1.6220 |
| Support |
1.6060 |
1.6020 |
1.5980 |
Japanese Yen (JPY) – The U.S. dollar traded unchanged against the Yen as the pair didn’t succeed to break the 79.00 support level. If the pair succeeds to break the support level of 79.00, it may bring the pair to the 78.60 support level once again. No economic data is expected today.
USD/JPY-Last: 79.40
| Resistance |
80.00 |
80.40 |
81.20 |
| Support |
79.10 |
78.50 |
|
Canadian dollar (CAD) – The Canadian Dollar fell against its U.S. counterpart as stocks and commodities, such as Crude oil, declined on concern that European debt is on the rise, making lower-yielding currencies more attractive. The trend for the pair is still bullish. Today, the Bank of Canada is expected to hold the Overnight Rate at 1.00% as previously and to release a statement.
USD/CAD – Last: 0.9585
| Resistance |
0.9600 |
0.9670 |
0.9750 |
| Support |
0.9560 |
0.9530 |
0.9500 |
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