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 5, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US dollar strengthened against most of the major currencies on speculation that European nations will struggle to contain the region’s debt crisis. This spurred demand for the world’s reserve currency. In addition, Payrolls were unchanged last month, the weakest reading since September 2010, after a gain of 85,000 in July that was less than initially estimated. This is further evidence that the economy is very close to stalling if not having stalled. The US jobless rate held at 9.1% as American employers became less confident in the strength of an economic recovery. The present economic condition spurred President Barack Obama to make plans to address a joint session of Congress on Sept. 8 to unveil economic proposals, including tax breaks to spur hiring and more spending on infrastructure. The Stock markets closed negative as the Dow Jones fell by 2.20% and the NASDAQ lost 2.58%. The main reason is because of Friday’s poor economic data. Crude oil fell for a second day by 3.4%, closing at $88.90 a barrel on concern that the U.S. and Chinese economies are weakening, which indicates that fuel demand will falter in the world’s two biggest crude-consuming nations. Gold (XAU) jumped by 3.20%, closing at $1,885 an ounce as concern about a global economic slowdown boosted demand for a haven. Today, no economic data is expected due to the Labor Day holiday.
Euro (EUR) – The Euro fell to a three-week low against the U.S. Dollar on concern that European nations will struggle to contain the region’s debt crisis. In addition, an election loss for German Chancellor Angela Merkel’s party in her home state added to concern that the opposition is growing to bailouts for debt-saddled European nations. Trading below the resistance level of 1.4240 will keep the momentum negative for the pair, but if the pair breaks above this resistance level, it may reach the 1.4350 levels again. Overall, the EUR/USD traded with a low of 1.4135 and with a high of 1.4314. Today, the Retail Sales are expected to decline from 0.7% to 0.1%.
EUR/USD – Last: 1.4170
| Resistance |
1.4220 |
1.4250 |
1.4300 |
| Support |
1.4150 |
1.4110 |
1.4050 |
British Pound (GBP) – The Pound fell against the greenback after the pair didn’t succeed to break the resistance level at 1.6250. The trend for the pair remains bearish if the pair maintains its resistance level of 1.6250, but if the pair will breaks that resistance, it may reach 1.6320. Overall, the GBP/USD traded with a low of 1.6131 and with a high of 1.6253. Today, the Services PMI is expected to come out at 54.3 vs. 55.4 previously.
GBP/USD – Last: 1.6170
| Resistance |
1.6250 |
1.6290 |
1.6350 |
| Support |
1.6120 |
1.6080 |
1.6000 |
Japanese Yen (JPY) – The Dollar strengthened a bit against the Yen after Minister Jun Azumi said yesterday on public broadcaster NHK’s “Sunday Debate” program that Japan will take decisive action against speculative moves in the foreign- exchange markets if needed. If the USD/JPY pair succeeds to break the resistance level of 77.20 it may bring the pair to the 78.00 resistances once again. Today, no economic data is expected.
USD/JPY-Last: 76.70
| Resistance |
77.20 |
78.00 |
78.50 |
| Support |
76.30 |
75.90 |
|
Canadian dollar (CAD) – The Canadian Dollar fell against its U.S. counterpart on concern that the global economy may lapse into another recession, dimming prospects for the nation’s export of raw materials. The trend for the pair will continue to be bullish if the pair maintains the support level of 0.9840. Today, Canadian banks will be closed in observance of Labor Day.
USD/CAD – Last: 0.9870
| Resistance |
0.9900 |
0.9950 |
1.0000 |
| Support |
0.9840 |
0.9780 |
0.9750 |
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Posted by admin on July 28, 2011 under forex market |
USD Dollar (USD) – In forex trading, the Dollar advanced against most the other major currency pairs as an agreement to raise the US debt limit remained elusive, spurring demand for a refuge. In addition, the Durable Goods Orders came out at -2.1% vs. 0.4% previously and the Core Durable Goods came out at 0.1% vs. 0.5% previously. Wall Street closed negative as the NASDAQ fell by 2.65% and the Dow Jones by 1.59% respectively. Crude oil fell by 2.2% owing to the Crude Oil Inventories data which came out better than expected, rising to 2.3M vs. -1.2M previously and closing at $97.40 a barrel. Gold (XAU) declined by 0.35%, closing at $1613.45 an ounce. Today, Unemployment Claims are expected to fall to 412K vs. 418K last week. Pending Home Sales are expected to become negative, from 8.20% to -2.00%.
Euro (EUR) – The Euro fell against the US Dollar after Standard & Poor’s lowered Greece to CC, two steps above default. The EUR/USD’s momentum turned bearish as the pair broke the 1.4450 level; and as long as the Euro is trading below the 1.4400 level, the pair will most likely decrease further from 1.4250 and continue to decline. Overall, EUR/USD traded with a low of 1.4338 and with a high of 1.4536. Today, the German Unemployment Change is expected to fall to -15.00K vs. -8.00K prior.
EUR/USD – Last: 1.4357
| Resistance |
1.4438 |
1.4535 |
|
| Support |
1.4325 |
1.4240 |
|
British Pound (GBP) – The Pound declined from a two-month high against the US dollar as an index of U.K. factory orders fell more than estimated. The CBI Industrial Order came out lower than expected, -10 vs. -2. As long as the GBP/USD is trading below 1.6400 level the momentum of the Pound is bearish, and the next support level on the one hour chart is located at 1.6260; the moving average supports a downtrend. Overall, GBP/USD traded with a low of 1.6312 and with a high of 1.6439. Today, the CBI Realized Sales are expected to become positive, from -2 to 2.
GBP/USD – Last: 1.6337
| Resistance |
1.6340 |
1.6440 |
|
| Support |
1.6260 |
1.6120 |
1.6070 |
Japanese Yen (JPY) –The Yen fluctuated against the Dollar, but managed to close with a small gain, as negative data from the US caused investors to prefer the Yen as a safe haven. The USD/JPY is strongly bearish and as long as the pair is trading below 78.50, the yen is more attractive. Overall, USD/JPY traded with a low of 77.57 and with a high of 78.16. No economic data is expected today.
USD/JPY-Last: 77.84
| Resistance |
78.15 |
78.55 |
79.00 |
| Support |
77.55 |
|
|
Canadian dollar (CAD) – The Canadian Dollar weakened against the US Dollar as the worldwide value of the USD rose and the price of oil fell, causing the Canadian to lose momentum. As long as the pair is trading above the 0.9440 level, the momentum of the US Dollar is positive. The next resistance level on the one hour chart is located at 0.9530. Overall, USD/CAD traded with a low of 0.9410 and with a high of 0.9505. No economic data is expected today.
USD/CAD – Last: 0.9492
| Resistance |
0.9529 |
0.9635 |
0.9780 |
| Support |
0.9400 |
|
|
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