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 10, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar fell versus most of the majors after better than expected Payrolls data lowered risk aversion and caused investors to prefer higher yielding assets. Non Farms Payrolls came out with a 103K increase from 57K last month and a 55K forecast. Wall Street couldn’t sustain early gains and finished in the red as the NASDAQ declined by 1.1% and the Dow Jones declined by 0.18%. Crude oil gained by 0.11% and closed at $83.07 a barrel. Gold (XAU) weakened by -0.76%, closing at $1,636.10 an ounce. Today is Columbus Day, a Bank Holiday in the USA and low liquidity and irregular volatility are expected.
Euro (EUR) – The Euro strengthened versus the US Dollar after French and German leaders pledged to deliver a plan in three weeks to recapitalize banks and reiterated their intention to keep Greece within the Euro. This occurred, despite Fitch Ratings cutting Italy’s rating to A+ from AA- and Spain’s rating from AA+ to AA-. Additionally, Portugal is expected to become the next country to be downgraded. Trading below the resistance level of 1.3500 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 1.3360 and with a high of 1.3524. Today, the German Trade Balance is expected at 9.8B versus 10.10B previously and the French and Italian Industrial Production will be released.
EUR/USD – Last: 1.3460
| Resistance |
1.3500 |
1.3525 |
1.3570 |
| Support |
1.3410 |
1.3350 |
1.3280 |
British Pound (GBP) – The British Pound gained versus the US Dollar after better than expected Payrolls data in the U.S spurred demand for higher yielding assets. The Pound retraced most of its gains later during the trading session. MPC Member, Weale, said on Sunday that the Bank of England is likely to increase asset purchases even further than the 275 Billion Pounds, which was announced on Thursday. 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 1.5422 and with a high of 1.5645. No economic data is expected today.
GBP/USD – Last: 1.5610
| Resistance |
1.5670 |
1.5730 |
1.5780 |
| Support |
1.5580 |
1.5550 |
1.5500 |
Japanese Yen (JPY) – The Yen finished lower versus the US Dollar and most majors after better than expected Non Farm Payrolls in the US spurred investors toward higher yielding assets. The Bank of Japan made no changes in its monetary policy by leaving rates unchanged, and stated that there is an increasing risk of a global slowdown. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. If the pair breaks below the 76.00 level, the trend will continue downwards. Today is a Bank Holiday in Japan which can lead to abnormally low or high volatility.
USD/JPY – Last: 76.80
| Resistance |
77.00 |
77.20 |
77.80 |
| Support |
76.60 |
76.30 |
76.00 |
Canadian Dollar (CAD) – The Canadian Dollar finished unchanged versus the US Dollar on Friday. The Employment Change was 60.9K better than the expected 15.2K and the Unemployment Rate was also better than expected with 7.1% versus 7.3%. Positive economic data caused the Canadian Dollar to strengthen to a one-week high versus the U.S Dollar, but a 103K in Non Farm Payrolls helped the US Dollar bounce back. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0280. Today is a Bank Holiday in Canada in observance of Thanksgiving Day and the market is expected to be low on liquidity which could lead to abnormal volatility.
USD/CAD – Last: 1.0340
| Resistance |
1.0400 |
1.0450 |
1.0480 |
| Support |
1.0320 |
1.0280 |
1.0240 |
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Posted by admin on September 22, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar strengthened against most of the major currencies after the Federal Reserve’s plan to shift holdings of treasuries to keep the economy from falling into recession. This increased the refuge appeal of the currency. In addition, the FOMC left the rate benchmark unchanged at <0.25%. The Fed plan, called Operation Twist, involves buying $400 billion of bonds with maturities of six to 30 years through June and selling an equal amount of debt maturing in three years or less. It was mentioned in the Fed statement that “There are significant downside risks to the economic outlook, including strains in global financial markets”. As a result the safe-haven currency rose. Earlier today Moody’s Investors Service downgraded the debt rating of Bank of America Corp and Wells Fargo & Co. Moody’s analysts wrote in the report that U.S. support has become less likely if lenders get into financial trouble. Wall Street closed negative as the NASDAQ fell by 2.01% and the Dow Jones declined by 2.49%. Crude oil fell by 2.50% and closed at $84.70 a barrel on concern that slowing economic growth in the U.S will crimp fuel consumption by the world’s biggest crude oil consumer. Gold (XAU) declined by 1.40%, closing at $1,784 an ounce as the US Dollar’s rally eroded demand for the metal as an alternative investment. Today, the Unemployment Claims are expected to rise by 419K vs. 428k previously.
Euro (EUR)–The Euro fell against the U.S Dollar due to a decrease in risk aversion after the Fed announced Operation Twist, which includes measures to support the mortgage market. Trading below the resistance level of 1.3800 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 1.3556 and with a high of 1.3796. Today, the German Flash Manufacturing PMI is expected to show 50.20 vs. 50.90 previously. The Flash Manufacturing PMI is expected to show 48.60 vs. 49.00 previously and Industrial New Orders are expected to decline to 1.10% vs. -0.90% previously.
EUR/USD – Last: 1.3540
| Resistance |
1.3600 |
1.3680 |
1.3750 |
| Support |
1.3480 |
1.3430 |
1.3380 |
British Pound (GBP) – The British Pound fell to an 8 week low against the Greenback after Bank of England officials said they may need to buy more bonds to keep borrowing costs capped as the recovery falters.The trend for the pair remains bearish if the pair maintains its resistance level of 1.5670, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5475 and with a high of 1.5688. Today, the CBI Industrial Order Expectations are expected to show -5 vs. 1 previously.
GBP/USD – Last: 1.5450
| Resistance |
1.5500 |
1.5600 |
1.5670 |
| Support |
1.5400 |
1.5320 |
1.5200 |
Japanese Yen (JPY) – The US Dollar strengthened against the Yen after Japanese Finance Minister, Azumi, told reporters in Tokyo today that he’s closely watching markets and will take “bold” action on currencies if needed. Technically, trading above 76.60 will keep the trend bullish. No economic data is expected today.
USD/JPY-Last: 76.80
| Resistance |
77.20 |
78.00 |
78.50 |
| Support |
76.60 |
76.30 |
76.00 |
Canadian Dollar (CAD)–The Canadian Dollar fell to its weakest level versus its U.S. counterpart since January after the Fed announced Operation Twist. The currency, which is linked to Commodities, lost ground as risk aversion has been the theme of the day amid weak stocks and crude oil losses. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0000. Today, Retail Sales are expected to fall to -0.20% vs. 0.70% previously.
USD/CAD – Last: 1.1030
| Resistance |
1.170 |
1.0200 |
|
| Support |
1.100 |
1.0080 |
1.0050 |
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