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
|
|
Tags: currency trading, daily forex, Daily Forex review, EUR/USD, forex analysis, forex demo, forex market, forex news, forex online, learn forex, start forex trading, trading online, ufx bank, ufxbank, USD/CAD, USD/JPY
Posted by admin on October 3, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar strengthened against most of the major currencies on concerns that global growth is slowing, boosting investors’ demand for currencies perceived as being the safest. It is important to notice that the US Dollar rally is an outcome of the fact which there really is no other choice for a safe haven currency. At the same time, consumer spending in the U.S. slowed in August as incomes unexpectedly dropped for the first time in almost two years. Wall Street closed negative as the NASDAQ fell by 2.63% and the Dow Jones declined by 2.16% as investors speculated that policy makers are doing too little to contain the European debt crisis. Crude oil fell by 0.95% and closed at $78.30 a barrel on signs of slowing growth in China, the U.S. and Germany heightened concern that demand for fuel will weaken. Gold (XAU) trade is unchanged, closing at $1,630 an ounce. Today, the ISM Manufacturing PMI is expected to show 50.50 vs. 50.60 previously.
Euro (EUR)–The Euro fell to a 10-month low against the U.S Dollar due to a decrease in risk aversion amidst high concern that European leaders won’t be able to contain the region’s debt crisis and that Greece may default on its debt. There is still high risk for the European economy despite the effort of the ECB to buy the bonds of Italy and Spain in order to stabilize the nations’ borrowing costs; as well as lending dollars to Euro-area banks, in coordination with the Fed and other central banks, to curb liquidity concerns. Trading below the resistance level of 1.3680 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 1.3330 and with a high of 1.3689. Today, no economic data is expected.
EUR/USD – Last: 1.3320
| Resistance |
1.3400 |
1.3480 |
1.3520 |
| Support |
1.3300 |
1.3220 |
1.3150 |
British Pound (GBP) – The British Pound fell against the Greenback after British Prime Minister Cameron said his government is determined to do everything it can within its deficit-reduction rules to restore growth in the U.K. economy. His words signaled to investors the option of lowering the interest rate in the future. The trend for the pair remains bearish if the pair 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 1.5531 and with a high of 1.5715. Today, the Manufacturing PMI is expected to decline to 48.9 vs. 49.0 previously.
GBP/USD – Last: 1.5530
| Resistance |
1.5580 |
1.5600 |
1.5670 |
| Support |
1.5500 |
1.5450 |
1.5420 |
Japanese Yen (JPY) – The US Dollar strengthened against the Yen due to expectations that the central bank of Japan will take “bold” action by purchasing Dollars in order to weaken the Yen and help exporters. Technically, trading above the 76.80 level will keep the trend bullish and the pair may test its resistance of 77.50. Today, no economic data is expected.
USD/JPY – Last: 77.00
| Resistance |
77.20 |
77.50 |
77.80 |
| Support |
76.80 |
76.30 |
76.00 |
Canadian Dollar (CAD)–The Canadian Dollar fell the most since October 2008 on concern that the global economy is sinking back into recession, which spurred a haven rally in the U.S. currency and dimmed the outlook for commodity prices. The currency, which is linked to commodities, lost ground on crude oil losses. 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: 1.0520
| Resistance |
1.0600 |
1.0680 |
1.0760 |
| Support |
1.0480 |
1.0400 |
1.0350 |
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