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 17, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar weakened versus most majors as investors shifted away from safe haven currencies into higher yielding assets. Stronger than expected Retail Sales (1.1% vs 0.5%) and increased speculation on the resolution of the European debt crisis spurred investors towards riskier assets. Wall Street gained strongly as the NASDAQ rose by 1.82% and the Dow Jones gained by 1.45%, posting the best weekly performance since July 2009. Crude Oil bounced by 3.62% and closed at $87.28 a barrel. Gold (XAU) gained by 0.76%, closing at $1,680.70 an ounce. Today, the Empire State Manufacturing Index is expected at -3.9 versus -8.8 previously and Industrial Production is expected unchanged at 0.2%.
Euro (EUR) – The Euro rallied versus the US Dollar and the Japanese Yen, as expectations regarding the possibility of solving the European debt crisis rose. The G20 meeting over the weekend urged the Eurozone to finalize the aid plan to recapitalize its banks and end the Greek Debt crisis within a week. The EUR/USD rallied for the past 2 weeks but it is facing major resistance levels near 1.40. Overall, the EUR/USD traded with a low of 1.3722 and with a high of 1.3893. No economic data is expected today.
EUR/USD – Last: 1.3840
| Resistance |
1.3900 |
1.4000 |
1.4050 |
| Support |
1.3825 |
1.3750 |
1.3715 |
British Pound (GBP) – The British Pound rose versus the US Dollar following optimism regarding the European debt crisis. The trend for the pair will remain bullish if it maintains its support level of 1.57, but if the pair breaks that support it may resume its downtrend. Overall, the GBP/USD traded with a low of 1.5720 and with a high of 1.5851. No economic data is expected today.
GBP/USD – Last: 1.5790
| Resistance |
1.5850 |
1.5900 |
1.5950 |
| Support |
1.5770 |
1.5720 |
1.5660 |
Japanese Yen (JPY) – The Yen declined versus the US Dollar and other majors as investors turned towards higher yielding assets over expectations that the European debt crisis is close to a solution. Technically, the USD/JPY is trading within a narrow range between 77.50 and 76 with no clear trend. No economic data is expected today.
USD/JPY – Last: 77.17
| Resistance |
77.50 |
77.80 |
78.00 |
| Support |
76.80 |
76.10 |
|
Canadian Dollar (CAD) – The Canadian Dollar gained versus the US Dollar as commodity-linked currencies rallied after stronger than expected retail sales in the US and more signs of global growth. The USD/CAD is on a strong decline and is near oversold conditions according to the 4 hour RSI. Today, Foreign Securities Purchases is expected at 9.23B versus 11.78B previously. The Bank of Canada will release its quarterly Business Outlook Survey.
USD/CAD – Last: 1.0097
| Resistance |
1.0125 |
1.0155 |
1.0225 |
| Support |
1.0080 |
1.0050 |
1.0000 |
Tags: currency pair, currency trading, daily forex, Daily Forex review, foreign exchange, foreign exchange market, forex account, forex online, fx forex, fx trading, trade forex, ufx bank, ufxbank, USD/CAD, USD/JPY
