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 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 |
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Posted by admin on October 6, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar fell against most major currencies as the appetite for riskier assets increased and investors preferred to purchase higher yielding assets over the Greenback. The ADP Non-Farm Employment Change data came out at 91k better than the expected 76k and triggered the Stock Markets to rally, with the Dow Jones appreciating by 1.21% and the NASDAQ by 2.32%. Crude Oil soared by 5.3% after Stocks showed a drop of -4.7M and Crude Oil closed at $79.60 a barrel. Gold (XAU) also joined the positive trend and increased by 1.6% to close to $1641 an ounce. Today, Unemployment Claims are expected at 411k vs. 391k previously.
Euro (EUR) – The Euro rose against most currencies and was firm against the US Dollar amid optimism about a possible solution to the debt crisis; after Germany said that the bailout fund can be used to recover struggling banks. Retail Sales came out -0.3% worse than the expected -0.2%. 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 1.3260 and with a high of 1.3383. Today, the Interest Rate Decision is expected to remain unchanged at 1.5%. Soon after, the ECB Press Conference is expected, and it might determine further trends for the European Currency.
EUR/USD – Last: 1.3331
| Resistance |
1.3350 |
1.3400 |
1.3460 |
| Support |
1.3300 |
1.3240 |
1.3150 |
British Pound (GBP) – The British Pound fell against the US Dollar on speculation that the Bank of England will encourage its program of bond purchases, or Quantitative Easing, at the policy meeting which is expected today. The GBPUSD pair made several attempts to breach the 1.5490 level but failed and remained capped. The Services PMI came out at 52.9, better than the expected 50.6. 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 1.5393 and with a high of 1.5492. Today, the Interest Rate Decision is expected to remain unchanged at 0.5%. Soon after, the MPC Rate Statement is expected, and it might determine further trends for the Cable.
GBP/USD – Last: 1.5425
| Resistance |
1.5490 |
1.5550 |
1.5600 |
| Support |
1.5420 |
1.5380 |
1.5340 |
Japanese Yen (JPY) – The US Dollar traded unchanged against the Japanese Yen after the pair did not succeed to break its resistance level of 77.00. 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: 76.73
| Resistance |
76.80 |
77.00 |
77.20 |
| Support |
76.55 |
76.30 |
76.10 |
Canadian Dollar (CAD) – The Canadian Dollar gained for a second day against the Greenback as an improvement in market sentiment weakened the US Dollar across the board and Black Gold prices soared, supporting the Loonie. Holding below the resistance area of 1.0500 keeps the momentum bearish for the pair. Overall, the USD/CAD traded with a low of 1.0394 and with a high of 1.0569. Today, the Building Permits are expected at 0.6% vs. 6.3% previously. The Ivey PMI is expected at 58.2 vs. 57.6 previously.
USD/CAD – Last: 1.0425
| Resistance |
1.0480 |
1.0570 |
1.0650 |
| Support |
1.0370 |
1.0280 |
1.0200 |
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