Posted by admin on October 25, 2011 under forex market | 
USD Dollar (USD) – In forex trading, the US Dollar continued weakening versus all other major currencies as stocks and Commodities made advances following better than expected corporate earnings. Investors wait for the unveiling of the plan by European leaders to contain the debt crisis. Comments regarding progress made over the weekend summit helped stocks and higher yielding currencies keep their bullish momentum. Wall Street finished higher with the NASDAQ gaining by 2.35% and the Dow Jones by 0.89%. Crude oil gained by 0.41% and closed at $91.64 a barrel. Gold (XAU) gained slightly closing at $1,652 an ounce. Today, the CB Consumer Confidence is expected to be higher at 46.1.
Euro (EUR) – The Euro gained slightly versus the Dollar following positive comments from European leaders, saying there was substantial progress over the weekend summit. The efforts to resolve the European debt crisis fueled the market with optimism, which helped push up stocks and higher yielding currencies. Industrial New Orders came out stronger with 1.9% versus the 0.1% expected. The momentum of the EUR/USD is still bullish, facing resistance at the 1.3950 level, if this resistance will be breached the pair could rally strongly. The support level according to the daily chart is located at the 1.3670 level. Overall, the EUR/USD traded with a low of 1.3821 and with a high of 1.3953. Today, the Gfk German Consumer Climate is expected at 5.1.
EUR/USD – Last: 1.3910
| Resistance |
1.3950 |
1.4000 |
1.4100 |
| Support |
1.3890 |
1.3820 |
1.3800 |
British Pound (GBP) – The British Pound gained versus the US Dollar as demand for higher yielding assets rose following optimism regarding the European debt crisis and better than expected company earnings released in the US. The trend for the pair remains bullish if it maintains its support level of 1.5900, but if the pair breaks that support it may reach the 1.5430 level again. Overall, the GBP/USD traded with a low of 1.5899 and a high of 1.6007. Today, the Current Account is expected to show a deficit of -9.7B.
GBP/USD – Last: 1.5985
| Resistance |
1.6005 |
1.6060 |
1.6100 |
| Support |
1.5955 |
1.5900 |
1.5850 |
Japanese Yen (JPY) – The Yen continued gaining versus the US Dollar and weakening versus the other major currencies. Stronger demand for higher yielding assets followed better than expected earnings from companies and lowered demand for refuge currencies, like the Yen. The Trade Balance was better than expected due to a rise in exports, which pushed the Yen to its record high versus the Dollar. Technically, the USD/JPY is trading within a narrow range with no clear long term trend, but there are signs of narrowing down. The pair tried breaking below its 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: 76.10
| Resistance |
77.00 |
77.20 |
77.80 |
| Support |
76.60 |
76.30 |
76.00 |
Canadian Dollar (CAD) – Canada’s Dollar rose versus the US Dollar as demand for higher yielding assets continues to grow over optimism in the market regarding upcoming solutions for the European debt crisis. Expansion in Chinese Manufacturing PMI helped the high yielding Canadian Dollar reach its highest level in a month, nearing equality with the Greenback. The trend for the pair remains bearish with a strong resistance level of 1.0250, according to the daily chart. The pair may start retracing, near the support level at 1.0010. Today, the BOC will release its interest rate decision which is expected to be unchanged at 1%.
USD/CAD – Last: 1.0030
| Resistance |
1.0100 |
1.0155 |
1.0200 |
| Support |
1.0010 |
0.9950 |
0.9910 |
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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 September 28, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar declined against the major currencies amid optimism that European leaders are close to an agreement to contain the region’s debt crisis, damping demand for a refuge currency. In addition, the CB Consumer Confidence came out less than forecasted at 45.4 vs. 46.2 supporting a weak Dollar. Wall Street closed higher for a third day as the NASDAQ increased by 1.20% and the Dow Jones by 1.33% respectively. Crude oil jumped by 5.3% due to optimism in the stock markets and closed at $84.45 a barrel. Gold (XAU) rose by 3.6%, finishing at $1652.5 an ounce. Today, Core Durable Goods Orders are expected to decline from 0.8% to 0.1% and the Federal Chairman, Bernanke, will speak.
Euro (EUR) – The Euro gained for a third day against the US Dollar as German Chancellor Angela Merkel said her nation would help Greece meet the terms of its bailout agreement. Moreover, the Greek Prime Minister won support in parliament for an expansion in the region’s rescue fund, which also contributed the Euro’s gain. The EUR/USD’s momentum remains bearish as long as the pair is trading below the 1.3675 level, when the pair breaks the 1.3675 level, the Euro will become bullish again. The next support level on the one hour chart is located at the 1.3550 level. Overall, the EUR/USD traded with a low of 1.3479 and with a high of 1.3668. Today, the German Prelim CPI is expected to be at -0.1% vs. 0.0% previously.
EUR/USD – Last: 1.3555
|
Resistance
|
1.3670
|
1.3800
|
1.3940
|
|
Support
|
1.3385
|
|
|
British Pound (GBP) – The British Pound strengthened for the third day against the US Dollar as stock gains sapped appetite for the U.S. currency. As long as the GBP\USD is trading above the 1.5550 level, the British Pound’s trend continues to be positive and might rise further. The next resistance level on the one hour chart is at the 1.5750 level. Overall, the GBP/USD traded with a low of 1.5525 and with a high of 1.5705. No economic news needs to be published.
GBP/USD – Last: 1.5621
|
Resistance
|
1.5750
|
1.5870
|
1.6085
|
|
Support
|
1.5430
|
1.5325
|
|
Japanese Yen (JPY) – The Yen weakened against most major pairs as risk appetite led investors to prefer higher yielding assets; the USD/JPY still struggles with the 76.50 – 77.00 level. As long as the pair remains below the 77.20 level, the Yen is more attractive. The next support line on the daily chart is located at the 76.00 level. Overall, the USD/JPY traded with a low of 76.26 and with a high of 76.93. Today, Retail Sales are expected to decline from 0.6% to -0.6%.
USD/JPY – Last: 76.58
|
Resistance
|
77.00
|
77.85
|
|
|
Support
|
76.10
|
|
|
Canadian Dollar (CAD) – The Canadian Dollar strengthened against the US Dollar on speculation that Europe’s debt crisis is easing; crude oil’s strength contributed to the gain in the Canadian currency. As long as the pair is trading below the 1.0275 level, the US Dollar loses its bullish momentum. The Moving Average Indicator on the one hour chart supports a bearish trend. The next support on the one hour chart is located at the 1.0125 level. Overall, the USD/CAD traded with a low of 1.0143 and with a high of 1.0281. No economic data needs to be published.
USD/CAD – Last: 1.0256
|
Resistance
|
1.0325
|
1.0385
|
|
|
Support
|
1.0145
|
0.9975
|
0.9800
|
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