Posted by admin on October 25, 2011 under forex market | 
USD Dollar (USD) – In forex trading, the US Dollar continued weakening versus all other major currencies as stocks and Commodities made advances following better than expected corporate earnings. Investors wait for the unveiling of the plan by European leaders to contain the debt crisis. Comments regarding progress made over the weekend summit helped stocks and higher yielding currencies keep their bullish momentum. Wall Street finished higher with the NASDAQ gaining by 2.35% and the Dow Jones by 0.89%. Crude oil gained by 0.41% and closed at $91.64 a barrel. Gold (XAU) gained slightly closing at $1,652 an ounce. Today, the CB Consumer Confidence is expected to be higher at 46.1.
Euro (EUR) – The Euro gained slightly versus the Dollar following positive comments from European leaders, saying there was substantial progress over the weekend summit. The efforts to resolve the European debt crisis fueled the market with optimism, which helped push up stocks and higher yielding currencies. Industrial New Orders came out stronger with 1.9% versus the 0.1% expected. The momentum of the EUR/USD is still bullish, facing resistance at the 1.3950 level, if this resistance will be breached the pair could rally strongly. The support level according to the daily chart is located at the 1.3670 level. Overall, the EUR/USD traded with a low of 1.3821 and with a high of 1.3953. Today, the Gfk German Consumer Climate is expected at 5.1.
EUR/USD – Last: 1.3910
| Resistance |
1.3950 |
1.4000 |
1.4100 |
| Support |
1.3890 |
1.3820 |
1.3800 |
British Pound (GBP) – The British Pound gained versus the US Dollar as demand for higher yielding assets rose following optimism regarding the European debt crisis and better than expected company earnings released in the US. The trend for the pair remains bullish if it maintains its support level of 1.5900, but if the pair breaks that support it may reach the 1.5430 level again. Overall, the GBP/USD traded with a low of 1.5899 and a high of 1.6007. Today, the Current Account is expected to show a deficit of -9.7B.
GBP/USD – Last: 1.5985
| Resistance |
1.6005 |
1.6060 |
1.6100 |
| Support |
1.5955 |
1.5900 |
1.5850 |
Japanese Yen (JPY) – The Yen continued gaining versus the US Dollar and weakening versus the other major currencies. Stronger demand for higher yielding assets followed better than expected earnings from companies and lowered demand for refuge currencies, like the Yen. The Trade Balance was better than expected due to a rise in exports, which pushed the Yen to its record high versus the Dollar. Technically, the USD/JPY is trading within a narrow range with no clear long term trend, but there are signs of narrowing down. The pair tried breaking below its support level of 76.00, but failed to remain below it. Today no major economic data is expected to come out from Japan.
USD/JPY – Last: 76.10
| Resistance |
77.00 |
77.20 |
77.80 |
| Support |
76.60 |
76.30 |
76.00 |
Canadian Dollar (CAD) – Canada’s Dollar rose versus the US Dollar as demand for higher yielding assets continues to grow over optimism in the market regarding upcoming solutions for the European debt crisis. Expansion in Chinese Manufacturing PMI helped the high yielding Canadian Dollar reach its highest level in a month, nearing equality with the Greenback. The trend for the pair remains bearish with a strong resistance level of 1.0250, according to the daily chart. The pair may start retracing, near the support level at 1.0010. Today, the BOC will release its interest rate decision which is expected to be unchanged at 1%.
USD/CAD – Last: 1.0030
| Resistance |
1.0100 |
1.0155 |
1.0200 |
| Support |
1.0010 |
0.9950 |
0.9910 |
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Posted by admin on October 24, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar fell versus most major currencies on hopes that the European debt crisis is closer to being resolved. Rumors and headlines currently steer the market as traders try to predict the next step, which will be announced by European leaders. Wall Street finished strongly, with the NASDAQ gaining by 1.49% and the Dow Jones by 2.31%. Crude oil gained by 1.55% and closed at $87.40 a barrel. Gold (XAU) strengthened by 1.44%, closing at $1,635 an ounce. Today no major economic data is expected.
Euro (EUR) – The Euro gained versus the US Dollar on Friday over optimism that European leaders are closer to an agreement on a plan to stop the debt crisis. The momentum of the EUR/USD is still bullish facing resistance at 1.3910. If this resistance is breached the pair could rally strongly. The support level, according the daily chart, is located at the 1.3670 level. Overall, the EUR/USD traded with a low of 1.3703 and with a high of 1.3900. Today, the French and German Manufacturing and Services PMI will be released. Industrial New Orders are expected to rise by 0.1%.
EUR/USD – Last: 1.3850
| Resistance |
1.3910 |
1.3980 |
1.4000 |
| Support |
1.3770 |
1.3720 |
1.3650 |
British Pound (GBP) – The British Pound rallied versus the US Dollar reaching a 6 week high after the Public Sector Net Borrowing showed a smaller deficit than expected. It came out at 11.4B better than the expected 12.0B. The trend for the pair remains bullish if it maintains its support level of 1.5850, but if the pair breaks that support it may reach the 1.5430 level again. Overall, the GBP/USD traded with a low of 1.5752 and a high of 1.5972. Today, MPC Member Paul Tucker will speak at the European Commission Conference in Brussels.
GBP/USD – Last: 1.5960
| Resistance |
1.6000 |
1.6040 |
1.6080 |
| Support |
1.5910 |
1.5850 |
1.5800 |
Japanese Yen (JPY) – The Yen reached its strongest level versus the Dollar since 1946 (Post World War 2) as speculation regarding further monetary easing by the Federal Reserve rose. Market participants speculated that the Japanese government will struggle to curtail the currency’s gains. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. The pair attempted to break below the support level of 76.00, but failed to remain below it. Today no major economic data is expected to come out from Japan.
USD/JPY – Last: 76.20
| Resistance |
76.60 |
77.00 |
77.20 |
| Support |
76.00 |
75.80 |
|
Canadian Dollar (CAD) – The Canadian Dollar increased against the Greenback as Commodities rose following positive momentum in the markets bringing increased demand for higher yielding assets. The BOC will announce its interest rate decision tomorrow (Tuesday). The interest rate is expected to remain unchanged at 1% but rumors could affect the currency’s movement. The trend for the pair remains bearish with a strong resistance level of 1.0250, according to the daily chart. No economic data is expected today.
USD/CAD – Last: 1.0055
| Resistance |
1.0080 |
1.0150 |
1.0250 |
| Support |
1.0000 |
0.9950 |
0.9900 |
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Posted by admin on October 19, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar weakened against most major currencies after Germany and France said that they would boost the size of the European rescue fund. There was a positive close in the stock markets in the US following better than estimated results from Bank of America Corp, supporting higher yielding assets. Wall Street closed positive as the NASDAQ increased by 1.63% and the Dow Jones by 1.58% respectively. Crude Oil rose by 2.3%, the highest level in 4 weeks, closing at $88.34 a barrel. Gold (XAU) weakened by 1.40%, finishing at $1652.80 an ounce. Today, Building Permits are expected to reach 0.61M vs. 0.63M previously. The CPI is expected to be at 0.3% vs. 0.4% previously and the Core CPI is expected to remain at 0.2%. The Beige Book is expected to be released today.
Euro (EUR) – The Euro fluctuated against the US Dollar after Moody’s Investors Service cut Spain’s government bond ratings, fueling concern about the spread of the region’s debt crisis. The encouraging announcement from Germany and France about increasing the size of the aid package, led the pair to be volatile and bullish. In addition, the German ZEW Economic Sentiment came out worse than expected at -48.3 vs. -44.8 previously. The EUR/USD’s momentum continues to be bearish below the 1.3810 level, the next support level on the one hour chart is located at the 1.3680 level and breaking this level will probably cause the pair to decline toward the 1.3600 level. Overall, the EUR/USD traded with a low of 1.3652 and with a high of 1.3817. Today, the Current Account is expected at -7.3B vs.-12.9B previously.
EUR/USD – Last: 1.3798
|
Resistance
|
1.3833
|
1.3915
|
|
|
Support
|
1.3725
|
1.3650
|
|
British Pound (GBP) – The British Pound weakened versus the US Dollar, reversing an earlier gain, after inflation accelerated to match a record high in September. The CPI was released at 5.2% vs. 4.5% previously. The GBP\USD’s positive trend has been halted after breaking the1.5800 level and if the pair breaks up at the 1.5800 level, then the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5631 and with a high of 1.5821. Today, the MPC Meeting Minutes are expected to be released.
GBP/USD – Last: 1.5737
|
Resistance
|
1.5784
|
1.5820
|
1.5850
|
|
Support
|
1.5700
|
1.5630
|
|
Japanese Yen (JPY) – The Yen traded with a very narrow range against the US Dollar, remaining within the 76.50 – 77.50 level. As long as the pair remains between these levels the trend remains unclear. Overall, the USD/JPY traded with a low of 76.63 and with a high of 76.91. No economic news is expected to be published
USD/JPY- Last: 76.68
|
Resistance
|
76.90
|
77.20
|
77.45
|
|
Support
|
76.60
|
76.40
|
|
Canadian dollar (CAD) – The Canadian Dollar rose against the US Dollar as stocks and Crude Oil, (Canada’s largest export), strengthened due to optimism on the market following the declaration by Germany and France. As long as the pair is trading below the 1.0200 level, the US Dollar’s momentum is on hold. The Moving Average Indicator on the one hour chart supports a negative trend for the US Dollar and the next support level is located at the 1.0050 level. Overall, the USD/CAD traded with a low of 1.0111 and with a high of 1.0263. Today, the Leading Index is expected to rise from 0.0% to 0.2%.
USD/CAD – Last: 1.0118
|
Resistance
|
1.0180
|
1.0270
|
1.0325
|
|
Support
|
1.0090
|
1.0040
|
|
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