Posted by admin on August 29, 2011 under forex market | 
USD Dollar (USD) – In forex trading, the Dollar slumped against the other major currencies after Bernanke did not comment on a third quantity ease plan for QE3 during his speech, but affirmed that the FED has tools that could be used to provide additional monetary stimulus, as economic recovery has been weaker than expected and then shifted focus to September 2nd, the day of the FOMC meeting. The Preliminary GDP came out at 1%, worse than the expected at 1.1%. U.S. Stock Markets advanced as the Dow Jones rose by 1.21% and the NASQAQ gained 2.49%. Crude oil closed at $85.50 a barrel but remains strongly under range; this commodity has been trading for a fourth day between the 83 – 86.4 areas and will stay capped unless those boundaries are finally breached. Gold (XAU) recovered aggressively to trade above the 1800 zones and closed at $1,827 an ounce. Today, the Pending Home Sales are expected at -0.8% vs. 2.4% previously.
Euro (EUR) – The Euro advanced against the US Dollar and reached the 1.45 area after the FED said that the US economy isn’t weak enough to warrant immediate additional stimulus but it might be in the future. Breaching the resistance level of 1.4570 might extend gains for the pair; otherwise the pair will decline to the 1.4440 level. Overall, the EUR/USD traded with a low of 1.4328 and with a high of 1.4502. Today, the ECB President is expected to speak on the debt crisis.
EUR/USD – Last: 1.4484
| Resistance |
1.4505 |
|
|
| Support |
1.4440 |
1.4340 |
1.4270 |
British Pound (GBP) – The Pound gained against the Dollar and was back to trading above the 1.63 area, recovering from the week’s lows. The Revised GDP came out as expected at 0.2%. As long as the GBP\USD is trading below 1.6400 levels, the trend of the pound is bearish. The Moving Average indicator supports a downtrend as well; the next support level on the one hour chart is at 1.6250. Overall, the GBP/USD traded with a low of 1.6206 and with a high of 1.6377. Today, UK Banks will be closed in observance of the Summer Bank Holiday.
GBP/USD – Last: 1.6369
| Resistance |
1.6400 |
1.6530 |
|
| Support |
1.6320 |
1.6220 |
1.6120 |
Japanese Yen (JPY) – The Yen gained against the US Dollar after Federal Reserve Chairman Ben S. Bernanke disappointed investors and did not supply more market stimulus at this stage. Holding above the critical support level of 76.40 keeps the momentum positive for the USD/JPY pair. Overall, the USD/JPY traded with a low of 76.48 and with a high of 77.51. Today, the Retails Sales are expected to come out unchanged at 1.2%.
USD/JPY-Last: 76.69
| Resistance |
77.20 |
77.70 |
|
| Support |
76.40 |
|
|
Canadian dollar (CAD) – The Canadian Dollar rose for the first time against the US Dollar after 4 weeks as equities gained on Bernanke’s comment that the U.S. economy will probably recover during the second half of this year. As long as the pair is trading above the 0.9800 levels, the trend of the US Dollar is positive and the next resistance level on the daily chart is located at 0.9925. Overall, USD/CAD traded with a low of 0.9807 and with a high of 0.9922. No economic data is expected today.
USD/CAD – Last: 0.9798
| Resistance |
0.9920 |
1.0000 |
|
| Support |
0.9770 |
0.9640 |
|
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Posted by admin on August 25, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar gained against the other major currencies after Orders for Durable Goods in the U.S. increased to 4%, twice as much as was estimated (4.00% vs. the 2.1% expected) and speculation regarding Bernanke’s announcement this week about providing more stimulus for the economy boosted US assets to become positive. Wall Street closed positive as the NASDAQ rose by 0.88% and the Dow Jones by 1.29% respectively. Crude oil declined by 0.30% and closed at $85.16 a barrel. Gold (XAU) fell by 5.60% owing to investors optimism, which were selling gold and in the end the yellow metal closed at $1,757 an ounce. Today, the Unemployment Claims are expected to be at 405K vs. 408K last week.
Euro (EUR) – The Euro weakened against the US Dollar as the German business confidence dropped to the lowest level in more than a year, coming out at 108.7 vs. 111, which led traders to prefer other assets to invest in. The EUR/USD is struggling at the 1.4400 level in the past few days, and as long as the pair is trading above the 1.4380 level, the Euro is more attractive. The next resistance level on the daily chart is at 1.4500. Overall, the EUR/USD traded with a low of 1.4374 and with a high of 1.4481. Today, the GfK German Consumer Climate is expected to decline from 5.40 to 5.20.
EUR/USD – Last: 1.4407
| Resistance |
1.4452 |
1.4500 |
|
| Support |
1.4375 |
1.4345 |
1.4290 |
British Pound (GBP) – The Pound weakened against the Dollar after the release of U.S. data on the Core Durable Goods Orders came out very positive and generally supported a stronger US Dollar. As long as the GBP\USD is trading below the 1.6430 level, the trend of the Pound is negative. It should be noted that the Moving Average indicator supports a downtrend as well. Overall, the GBP/USD traded with a low of 1.6365 and with a high of 1.6534. Today, the CBI Realized Sales are expected to be -10 vs. -5 prior.
GBP/USD – Last: 1.6371
| Resistance |
1.6435 |
1.6520 |
1.6575 |
| Support |
1.6350 |
|
|
Japanese Yen (JPY) –The Yen weakened against the Dollar as Moody’s Investors Service lowered the nation’s debt rating one step to Aa3. The main trend of the USD/JPY is bearish, and as long as the pair is trading below 77.40, the Yen is more attractive and a short position is preferred. Overall, the USD/JPY traded with a low of 76.46 and with a high of 77.07. No economic data is expected today.
USD/JPY-Last: 76.97
| Resistance |
77.15 |
|
|
| Support |
76.85 |
76.45 |
76.20 |
Canadian dollar (CAD) – The Canadian Dollar fluctuated against the US Dollar as positive reports in the US were released, which led to traders buying higher yielding assets. In addition, crude oil closed weaker, causing the pair to be unstable. As long as the pair is trading above 0.9830 level, the momentum of the US Dollar is positive. The next resistance level on the daily chart is located at 0.9920. Overall, the USD/CAD traded with a low of 0.9839 and with a high of 0.9905. No major data is expected today.
USD/CAD – Last: 0.9876
| Resistance |
0.9910 |
0.9940 |
|
| Support |
0.9835 |
|
|
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Posted by admin on August 22, 2011 under forex market |
USD Dollar (USD) – In forex trading, the U.S. Dollar fell against most of the major currencies as traders this week expected Federal Reserve Chairman Ben Bernanke to signal that the Central Bank will start a new monetary policy in order to help the United States economy. The Stock markets closed negative as the Dow Jones fell by 1.57% and the NASDAQ also fell by 1.62%. Crude oil dropped by 0.2% and closed at $82.26 a barrel, after Morgan Stanley and Deutsche Bank AG cut their forecasts for global economic expansion. Gold (XAU) strengthened by 6.30% last week and closed at $1,852.20 an ounce– an all time record– due to demand for an investment haven. Today, the MBA Delinquency Rates are expected at 7.76% vs. 8.32% previously.
Euro (EUR) – The Euro strengthened against the U.S. Dollar as currency traders trusted Trichet to save the European countries with budget deficits, like Greece and Portugal. The momentum is bullish, facing a strong resistance at 1.4440. The EUR/USD traded with a low of 1.4381 and with a high of 1.4389. No economic data is expected today.
EUR/USD – Last: 1.4365
| Resistance |
1.4440 |
1.4410 |
1.4580 |
| Support |
1.4355 |
1.4310 |
1.4270 |
British Pound (GBP) – The Pound strengthened against the greenback after a five day rally. The currency declined after the Public Sector Net Borrowing came out -2.00B better than the forecasted 0.20B last Friday. The trend for the pair remains bearish if the pair succeeds to break its support level of 1.6480. Overall, the GBP/USD traded with a low of 1.6485 and with a high of 1.6507. No economic data is expected today.
GBP/USD – Last: 1.6486
| Resistance |
1.6520 |
1.6550 |
1.6620 |
| Support |
1.6480 |
1.6390 |
1.6330 |
Japanese Yen (JPY) – The Yen weakened against the USD, Euro and Pound during the Asian section. The USD/JPY has been struggling around the 76.50 – 76.90 levels. The pairs bullish momentum has increased after it didn’t succeed to break above the support level of 76.30. Overall, the USD/JPY pair traded with a low of 76.54 and with a high of 77.20. No economic data is expected today.
USD/JPY-Last: 76.89
| Resistance |
76.85 |
77.00 |
78.50 |
| Support |
76.60 |
76.30 |
76.00 |
Australian dollar (AUD) Australia’s dollar was 0.9 percent from a one-week low versus the U.S. currency on signs that the global economy is slowing, which in turn reduced demand for higher-yielding assets. The trend for the pair starts the week as bullish, but if it doesn’t pass the resistance at 1.0480, the momentum will return bearish. No economic data is expected today.
AUD/USD – Last: 1.0402
| Resistance |
1.0447 |
1.0490 |
1.0550 |
| Support |
1.0395 |
1.0374 |
1.0324 |
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