Posted by admin on October 5, 2011 under forex market | 
USD Dollar (USD) – In forex trading, the US Dollar fell against most major currencies after Federal Reserve Chairman, Ben Bernanke, said that the central bank is ready do more to boost the economy. Bernanke is struggling to find ways to reduce unemployment, which is stuck at 9 percent and avert a second recession in three years after deploying unconventional stimulus tools. The US Dollar fell despite speculation that signs of economic slowdown will compel the European Central Bank to increase monetary stimulus at its meeting tomorrow. Wall Street closed positive as the NASDAQ rose by 2.95% and the Dow Jones rose 1.44% due to a report that European Union officials were examining ways to coordinate the recapitalization of banks and valuations at the cheapest level since 2009. Crude oil jumped for the first day in four by 2.00 and closed at $77.70 a barrel. Gold (XAU) fell by 1.86%, closing at $1,630 an ounce. Today, the ADP Non-Farm Employment Change is expected to grow by 76K vs. 91K previously, the ISM Non-Manufacturing PMI is expected to show 53.0 vs. 53.3 previously and Crude Oil Inventories are expected to grow by 1.0M vs. 1.9M previously.
Euro (EUR)–The Euro bounced off an 8 month low, finishing higher at 1.3290, amid speculation that Europe will recapitalize its banks to tame a debt crisis which threatens to curb economic growth. The Euro held its ground, despite Moody’s announcement about downgrading Italy’s government bond rating by three notches, from AA2 to A2, which meant that Italy’s credit rating was cut for the first time in almost two decades. There is concern that the government will struggle to reduce the region’s second-largest debt amid chronically weak growth. Trading below the resistance level of 1.3480 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3144 and with a high of 1.3368. Today, Retail Sales are expected to decline by -0.20% vs. 0.30% previously.
EUR/USD – Last: 1.3290
| Resistance |
1.3300 |
1.3350 |
1.3400 |
| Support |
1.3240 |
1.3190 |
1.3150 |
British Pound (GBP) – The British Pound strengthened against the Greenback as the Euro-region debt crisis stoked demand for comparatively safer assets and investors wait to hear whether the Bank of England will announce further monetary stimulus to revive the economy tomorrow. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5420 and with a high of 1.5582. Today, the Current Account is expected to decline by -10.4B vs. -9.4B previously, the Services PMI is expected to show 50.6 vs. 51.1 previously and the final GDP is expected to grow by 0.2% as previously.
GBP/USD – Last: 1.5435
| Resistance |
1.5500 |
1.5550 |
1.5600 |
| Support |
1.5420 |
1.5380 |
1.5340 |
Japanese Yen (JPY) – The US Dollar traded unchanged against the Japanese Yen after the pair did not succeed to break it resistance level of 77.00. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.
USD/JPY – Last: 76.70
| Resistance |
76.80 |
77.00 |
77.20 |
| Support |
76.30 |
76.00 |
|
Canadian Dollar (CAD) – The Canadian Dollar fell on concern that the global economy is weakening after Federal Reserve Chairman Ben Bernanke said the U.S. central bank stands ready to take additional steps to boost growth. The trend for the pair will continue to remain bullish if the pair maintains its support level of 1.0350. Today, no economic data is expected.
USD/CAD – Last: 1.0550
| Resistance |
1.0600 |
1.0680 |
1.0760 |
| Support |
1.0480 |
1.0400 |
1.0350 |
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Posted by admin on October 4, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar strengthened against most major currencies as concern about Europe’s debt crisis overshadowed higher-than-estimated U.S. economic data. Treasury bonds rallied as the Federal Reserve bought longer-term debt. At the same time, the ISM Manufacturing PMI in the U.S. came out at 51.60 vs. the forecast 50.50. The ISM shows the economy is growing slowly, but not going into a recession. Wall Street closed negative as the NASDAQ fell by 3.29% and the Dow Jones declined by 2.36% due to high concern over the Greek debt crisis and Bank of America Corp. Crude oil fell by 2.68%, the lowest level in more than a year and closed at $76.20 a barrel on concern that Greece will default on debt payments, leading to slower global economic growth and lower fuel consumption. Gold (XAU) trade rose by 1.90%, closing at $1,661 an ounce. Today, Fed Chairman Bernanke is expected to speak and Factory Orders are expected to grow by 0.20% vs. 2.40% previously.
Euro (EUR)–The Euro fell to a 10-month low against the U.S Dollar and to more than a decade low against the Yen as risk aversion intensifies and stocks extend losses on Wall Street. In addition, the incoming European Central Bank President, Mario Draghi, said a lack of confidence may be among the reasons for lenders’ “funding problem”. Trading below the resistance level of 1.3480 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3162 and with a high of 1.3380. Today, ECB President Trichet is expected to speak.
EUR/USD – Last: 1.3195
| Resistance |
1.3220 |
1.3300 |
1.3400 |
| Support |
1.3150 |
1.3080 |
1.3000 |
British Pound (GBP) – The British Pound fell for a second day against the Greenback after traders judged a surprise expansion of U.K. manufacturing as insufficient to keep the Bank of England from providing further stimulus for the economy. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5420 and with a high of 1.5582. Today, the Halifax HPI is expected to grow by 0.30% vs. -1.20% previously and the Construction PMI is expected to show 51.70 vs. 52.60 previously.
GBP/USD – Last: 1.5430
| Resistance |
1.5500 |
1.5550 |
1.5600 |
| Support |
1.5420 |
1.5380 |
1.5340 |
Japanese Yen (JPY) – The US Dollar fell against the Japanese Yen after the Bank of Japan said today that its’ quarterly Tankan Index of Sentiment increased to 2 in September from minus 9 in June. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.
USD/JPY – Last: 76.70
| Resistance |
76.80 |
77.00 |
77.20 |
| Support |
76.30 |
76.00 |
|
Canadian Dollar (CAD)–The Canadian Dollar fell the most since October 2008 as Europe’s finance leaders prepared to weigh the risk of a Greek debt default. As a result Canadian stocks fell, led by energy companies and banks. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0350. Today, no economic data is expected.
USD/CAD – Last: 1.0550
| Resistance |
1.0600 |
1.0680 |
1.0760 |
| Support |
1.0480 |
1.0400 |
1.0350 |
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Posted by admin on September 28, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar declined against the major currencies amid optimism that European leaders are close to an agreement to contain the region’s debt crisis, damping demand for a refuge currency. In addition, the CB Consumer Confidence came out less than forecasted at 45.4 vs. 46.2 supporting a weak Dollar. Wall Street closed higher for a third day as the NASDAQ increased by 1.20% and the Dow Jones by 1.33% respectively. Crude oil jumped by 5.3% due to optimism in the stock markets and closed at $84.45 a barrel. Gold (XAU) rose by 3.6%, finishing at $1652.5 an ounce. Today, Core Durable Goods Orders are expected to decline from 0.8% to 0.1% and the Federal Chairman, Bernanke, will speak.
Euro (EUR) – The Euro gained for a third day against the US Dollar as German Chancellor Angela Merkel said her nation would help Greece meet the terms of its bailout agreement. Moreover, the Greek Prime Minister won support in parliament for an expansion in the region’s rescue fund, which also contributed the Euro’s gain. The EUR/USD’s momentum remains bearish as long as the pair is trading below the 1.3675 level, when the pair breaks the 1.3675 level, the Euro will become bullish again. The next support level on the one hour chart is located at the 1.3550 level. Overall, the EUR/USD traded with a low of 1.3479 and with a high of 1.3668. Today, the German Prelim CPI is expected to be at -0.1% vs. 0.0% previously.
EUR/USD – Last: 1.3555
|
Resistance
|
1.3670
|
1.3800
|
1.3940
|
|
Support
|
1.3385
|
|
|
British Pound (GBP) – The British Pound strengthened for the third day against the US Dollar as stock gains sapped appetite for the U.S. currency. As long as the GBP\USD is trading above the 1.5550 level, the British Pound’s trend continues to be positive and might rise further. The next resistance level on the one hour chart is at the 1.5750 level. Overall, the GBP/USD traded with a low of 1.5525 and with a high of 1.5705. No economic news needs to be published.
GBP/USD – Last: 1.5621
|
Resistance
|
1.5750
|
1.5870
|
1.6085
|
|
Support
|
1.5430
|
1.5325
|
|
Japanese Yen (JPY) – The Yen weakened against most major pairs as risk appetite led investors to prefer higher yielding assets; the USD/JPY still struggles with the 76.50 – 77.00 level. As long as the pair remains below the 77.20 level, the Yen is more attractive. The next support line on the daily chart is located at the 76.00 level. Overall, the USD/JPY traded with a low of 76.26 and with a high of 76.93. Today, Retail Sales are expected to decline from 0.6% to -0.6%.
USD/JPY – Last: 76.58
|
Resistance
|
77.00
|
77.85
|
|
|
Support
|
76.10
|
|
|
Canadian Dollar (CAD) – The Canadian Dollar strengthened against the US Dollar on speculation that Europe’s debt crisis is easing; crude oil’s strength contributed to the gain in the Canadian currency. As long as the pair is trading below the 1.0275 level, the US Dollar loses its bullish momentum. The Moving Average Indicator on the one hour chart supports a bearish trend. The next support on the one hour chart is located at the 1.0125 level. Overall, the USD/CAD traded with a low of 1.0143 and with a high of 1.0281. No economic data needs to be published.
USD/CAD – Last: 1.0256
|
Resistance
|
1.0325
|
1.0385
|
|
|
Support
|
1.0145
|
0.9975
|
0.9800
|
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