Posted by admin on August 8, 2011 under forex market | 
USD Dollar (USD) – In forex trading, the US dollar weakened against most of the major currencies on concern that economic slowdown will worsen and after the S&P cut the American credit rating from AAA to AA+ after the market closed, and when Asian stocks dropped. Investors are panicked and anxiously awaiting the European market to reopen today, in order to see how the market will behave. Futures pared losses after Group of Seven nations said they will take every step necessary to stabilize financial markets. The Nonfarm Payrolls came out at 117K better than the expected 95K and the Unemployment Rate came out at 9.10% better than the expected 9.20%. Wall Street closed mixed as the NASDAQ declined by 0.94% and Dow Jones rose by 0.54% respectively. Crude oil fell to $83.66 a barrel and Gold (XAU) jumped to $1,696 an ounce. No major economic data is expected today.
Euro (EUR) – The Euro rose against the US dollar before the Federal Reserve meeting today, only to decline on monetary policy after the S&P cut the U.S one level. German Industrial Production came out at -1.10% which was worse than the expected 0.10%. The EUR/USD’s momentum is bearish below the 1.4400 level and the next support level on the daily chart is at 1.4000. Overall, the EUR/USD pair traded with a low of 1.4287 and with a high of 1.4430. No major economic data is expected today.
EUR/USD – Last: 1.4315
| Resistance |
1.4350 |
1.4390 |
1.4450 |
| Support |
1.4270 |
1.4240 |
1.4180 |
British Pound (GBP) – The Pound rose against the US Dollar after the S&P cut the rating of the U.S to AA+ for the first time. The Halifax HPI came out at 0.30%, better than the expected 0.10%. As long as the GBP/USD pair is trading below the 1.6500 level, the trend of the Pound is bearish. The next support level on the one hour chart is at 1.6380. The Moving Average Indicator supports a downward trend as well. Overall, the GBP/USD pair traded with a low of 1.6404 and with a high of 1.6477. No major economic data is expected today.
GBP/USD – Last: 1.6260
| Resistance |
1.6440 |
1.6385 |
1.6440 |
| Support |
1.6384 |
1.6470 |
1.6500 |
Japanese Yen (JPY) –The Yen strengthened against the U.S Dollar despite investors concern from the new credit rating of the US and uncertainty before the Federal Reserve meeting. The main trend of the USD/JPY is bearish and as long as the pair is trading below 78.50, the USD is less attractive and a short position is preferred. Overall, USD/JPY traded with a low of 77.90 and with a high of 78.45. No economic data is expected today.
USD/JPY-Last: 78.03
| Resistance |
79.50 |
78.80 |
79.35 |
| Support |
77.65 |
77.20 |
76.60 |
Canadian dollar (CAD) – The Canadian dollar fell against the US Dollar as crude oil dropped on economic slowdown concerns in the US and the fact that the US is the second oil consumer, after China. The Employment Change came out at 7.10K, which was worse than the expected 20K. The Unemployment Rate came out at 7.20%, which was better than the expected 7.40%. The Levy PMI came out at 45.40, worse than the expected 62.90. As long as the pair is trading above 0.9800, a long position is preferred. Overall, USD/CAD traded with a low of 0.9797 and with a high of 0.9863. No major economic data is expected today.
USD/CAD – Last: 0.9841
| Resistance |
0.9860 |
0.9900 |
0.9950 |
| Support |
0.9800 |
0.9770 |
0.9700 |
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Posted by admin on August 4, 2011 under forex market |
USD Dollar (USD) – In forex trading, the Dollar weakened against most of the other major currencies as mixed data was reported, like the ISM PMI, which grew at the slowest pace in 17 months (52.7 vs. 53.8 forecast), however, the ADP Non Farm Employment data– which rose 114,000 from June to July—gave way to positive momentum for risky assets and positively affected a weakened Dollar. Wall Street closed positive as the NASDAQ advanced by 0.89% and the Dow Jones by 0.25% respectively. Crude oil fell by 1.9%, closing at $91.90 a barrel. Gold (XAU) rose to a new record during the session (above $1,675), and in the end strengthened by 1.30% and closed at $1,666 an ounce. Today, Unemployment Claims are expected to rise from 398K to 406K.
Euro (EUR) – The Euro gained against the Dollar as European Retail Sales rebounded in June from a drop in the previous month, and came out at 0.9% vs. 0.5% as expected, supporting a positive Euro. The EUR/USD’s momentum is bullish above the 1.4275 level. The next resistance level on the one hour chart is at the 1.4350 level. Overall, EUR/USD traded with a low of 1.4142 and with a high of 1.4344. Today, the EU interest rate is expected to remain unchanged at 1.50%, following a decision at the ECB Press Conference.
EUR/USD – Last: 1.4295
| Resistance |
1.4370 |
1.4450 |
|
| Support |
1.4275 |
1.4185 |
1.4150 |
British Pound (GBP) – The Pound strengthened against the Dollar as a report showed U.K. services growth unexpectedly strengthened and came out at 55.4 vs. 53.3 forecast. As long as the GBP/USD is trading above the 1.6380 level, the trend of the Pound is bullish. The next resistance level on the one hour chart is located at 1.6480. The RSI indicator also supports an uptrend. Overall, GBP/USD traded with a low of 1.6251 and with a high of 1.6434. Today, the interest rate is expected to remain unchanged at 0.50%, following the UK’s Bank of England MPC rate statement.
GBP/USD – Last: 1.6377
| Resistance |
1.6440 |
1.6475 |
|
| Support |
1.6360 |
1.6300 |
1.6250 |
Japanese Yen (JPY) –The Yen continued to hold strong against the Dollar as U.S. Service Industries came out worse than expected and US stock market instability led investors to prefer the Yen as a safe investment. During the Asian session we saw the Yen fell sharply due to intervening in the foreign exchange market by the Bank of Japan in an effort to stem an appreciating exchange rate that threatened to damage export competitiveness. The main trend of the USD/JPY is becoming bullish; as long as the pair is trading above 78.00, the US Dollar will be favored. Overall, USD/JPY traded with a low of 76.78 and with a high of 77.37. No economic data is expected today.
USD/JPY-Last: 78.92
| Resistance |
79.35 |
80.85 |
|
| Support |
76.70 |
|
|
Canadian dollar (CAD) – The Canadian Dollar touched the lowest level in three weeks versus the US Dollar as Crude oil dropped and US data came out mixed, causing the pair to fall. As long as the pair is trading above the 0.9560 level the momentum of the US Dollar is positive; the next resistance level on the one hour chart is located at 0.9650. Overall, USD/CAD traded with a low of 0.9568 and with a high of 0.9647. No economic data is expected today.
USD/CAD – Last: 0.9640
| Resistance |
0.9650 |
|
|
| Support |
0.9600 |
0.9565 |
0.9490 |
Tags: currency trading, daily forex, daily forex analysis, Daily Forex review, foreign exchange, foreign exchange market, Forex, forex account, forex analysis, forex currency, forex market, forex online, forex online market, forex online trading, forex options, forex review, GBP/USD, gold trading, learn forex, ufx bank, USD/CAD, USD/JPY
Posted by admin on August 1, 2011 under forex market |
USD Dollar (USD) – In forex trading, the Dollar fell against most of the major currencies amid increased risk appetite amongst investors and on speculation that raising the U.S. debt limit will be approved later on today. US President Barack Obama said earlier today that leaders of both parties in the U.S. House and Senate had approved an agreement, which must now be sold to Congress. This agreement will raise the nation’s debt ceiling by $2.1 trillion and cut the federal deficit by as much as $2.5 trillion over a decade. The President’s announcement forestalled the Aug. 2 deadline to default and wore down demand for haven assets. In addition, the Advance GDP expanded at a 1.3 percent annual rate in the second quarter, after a 0.4 percent pace in the prior period, the worst six months since the recovery began in June 2009. The Stock Markets closed negative as the Dow Jones fell by 0.79% and the NASDAQ lost 0.36%. The main reasons are a combination of disappointing US GDP figures and the debt deal negotiations. Crude oil fell by 0.20%, closing at $97.00 a barrel, on concern that a failure to reach a deal on raising the U.S. debt limit may cause the nation to default, and threatening the economy of the world’s biggest crude oil consumer. Gold (XAU) traded unchanged, closing at $1,616 an ounce after reaching an earlier record of $1,632.70 an ounce. Today, the ISM Manufacturing PMI is expected to decline to 55.0 vs. 55.3 previously.
Euro (EUR) – The Euro strengthened against the U.S. Dollar after the release of weak economic data in the US and proceeded to recover from weekly lows at 1.4230. In addition, there are reports which suggest that chances are slim that a US Senate vote on the latest debt agreement will take place before Monday. Trading above the support level of 1.4300 will keep the momentum positive for the pair, but if the pair breaks above this support level, it may reach the 1.4100 level again. Overall, the EUR/USD traded with a low of 1.4228 and with a high of 1.4412. Today, the Unemployment Rate is expected to remain at 9.9% as it was previously.
EUR/USD – Last: 1.4380
| Resistance |
1.4400 |
1.4450 |
1.4520 |
| Support |
1.4300 |
1.4250 |
1.4160
|
British Pound (GBP) – The Pound strengthened against the greenback after the pair didn’t succeed to break its support of 1.6280 and long awaited positive economic data regarding the UK economy was released. The trend for the pair remains bullish if the pair maintains its support level of 1.6320, but if the pair breaks that support, it may reach 1.6150. Overall, the GBP/USD traded with a low of 1.6260 and with a high of 1.6472. Today, the Manufacturing PMI is expected to decline to 51.1 vs. 51.3 previously.
GBP/USD – Last: 1.6440
| Resistance |
1.6480 |
1.6550 |
1.6620 |
| Support |
1.6380 |
1.6320 |
1.6280 |
Japanese Yen (JPY) – The dollar strengthened against the Yen on speculation of a possible agreement in Washington DC; encouraging USD buying as well as covering risk aversion trades. If the pair succeeds to break its resistance level of 78.00, it may bring the pair to the 78.80 resistance level once again. Tomorrow, Average Cash Earnings are expected to grow by 0.40% vs. 1.00% previously.
USD/JPY-Last: 77.70
| Resistance |
78.00 |
78.80 |
79.20 |
| Support |
77.20 |
76.80 |
|
Canadian dollar (CAD) – The Canadian Dollar fell slightly against its U.S. counterpart on concern that the U.S. economy, the main destination for Canadian exports, is losing momentum amid political delays to raising the U.S. debt ceiling. The trend for the pair will be bearish if the pair breaks the support level of 0.9500. Today, most Canadian banks will be closed in observance of Civic Day.
USD/CAD – Last: 0.9520
| Resistance |
0.9580 |
0.9620 |
0.9650 |
| Support |
0.9500 |
0.9480 |
0.9450 |
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