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 5, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar fell against most major currencies after Federal Reserve Chairman, Ben Bernanke, said that the central bank is ready do more to boost the economy. Bernanke is struggling to find ways to reduce unemployment, which is stuck at 9 percent and avert a second recession in three years after deploying unconventional stimulus tools. The US Dollar fell despite speculation that signs of economic slowdown will compel the European Central Bank to increase monetary stimulus at its meeting tomorrow. Wall Street closed positive as the NASDAQ rose by 2.95% and the Dow Jones rose 1.44% due to a report that European Union officials were examining ways to coordinate the recapitalization of banks and valuations at the cheapest level since 2009. Crude oil jumped for the first day in four by 2.00 and closed at $77.70 a barrel. Gold (XAU) fell by 1.86%, closing at $1,630 an ounce. Today, the ADP Non-Farm Employment Change is expected to grow by 76K vs. 91K previously, the ISM Non-Manufacturing PMI is expected to show 53.0 vs. 53.3 previously and Crude Oil Inventories are expected to grow by 1.0M vs. 1.9M previously.
Euro (EUR)–The Euro bounced off an 8 month low, finishing higher at 1.3290, amid speculation that Europe will recapitalize its banks to tame a debt crisis which threatens to curb economic growth. The Euro held its ground, despite Moody’s announcement about downgrading Italy’s government bond rating by three notches, from AA2 to A2, which meant that Italy’s credit rating was cut for the first time in almost two decades. There is concern that the government will struggle to reduce the region’s second-largest debt amid chronically weak growth. 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 1.3144 and with a high of 1.3368. Today, Retail Sales are expected to decline by -0.20% vs. 0.30% previously.
EUR/USD – Last: 1.3290
| Resistance |
1.3300 |
1.3350 |
1.3400 |
| Support |
1.3240 |
1.3190 |
1.3150 |
British Pound (GBP) – The British Pound strengthened against the Greenback as the Euro-region debt crisis stoked demand for comparatively safer assets and investors wait to hear whether the Bank of England will announce further monetary stimulus to revive the economy tomorrow. 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 Current Account is expected to decline by -10.4B vs. -9.4B previously, the Services PMI is expected to show 50.6 vs. 51.1 previously and the final GDP is expected to grow by 0.2% as previously.
GBP/USD – Last: 1.5435
| Resistance |
1.5500 |
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 it 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: 76.70
| Resistance |
76.80 |
77.00 |
77.20 |
| Support |
76.30 |
76.00 |
|
Canadian Dollar (CAD) – The Canadian Dollar fell on concern that the global economy is weakening after Federal Reserve Chairman Ben Bernanke said the U.S. central bank stands ready to take additional steps to boost growth. The trend for the pair will continue to remain 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 October 3, 2011 under forex market |
USD Dollar (USD) – In forex trading, the US Dollar strengthened against most of the major currencies on concerns that global growth is slowing, boosting investors’ demand for currencies perceived as being the safest. It is important to notice that the US Dollar rally is an outcome of the fact which there really is no other choice for a safe haven currency. At the same time, consumer spending in the U.S. slowed in August as incomes unexpectedly dropped for the first time in almost two years. Wall Street closed negative as the NASDAQ fell by 2.63% and the Dow Jones declined by 2.16% as investors speculated that policy makers are doing too little to contain the European debt crisis. Crude oil fell by 0.95% and closed at $78.30 a barrel on signs of slowing growth in China, the U.S. and Germany heightened concern that demand for fuel will weaken. Gold (XAU) trade is unchanged, closing at $1,630 an ounce. Today, the ISM Manufacturing PMI is expected to show 50.50 vs. 50.60 previously.
Euro (EUR)–The Euro fell to a 10-month low against the U.S Dollar due to a decrease in risk aversion amidst high concern that European leaders won’t be able to contain the region’s debt crisis and that Greece may default on its debt. There is still high risk for the European economy despite the effort of the ECB to buy the bonds of Italy and Spain in order to stabilize the nations’ borrowing costs; as well as lending dollars to Euro-area banks, in coordination with the Fed and other central banks, to curb liquidity concerns. Trading below the resistance level of 1.3680 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 1.3330 and with a high of 1.3689. Today, no economic data is expected.
EUR/USD – Last: 1.3320
| Resistance |
1.3400 |
1.3480 |
1.3520 |
| Support |
1.3300 |
1.3220 |
1.3150 |
British Pound (GBP) – The British Pound fell against the Greenback after British Prime Minister Cameron said his government is determined to do everything it can within its deficit-reduction rules to restore growth in the U.K. economy. His words signaled to investors the option of lowering the interest rate in the future. The trend for the pair remains bearish if the pair 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 1.5531 and with a high of 1.5715. Today, the Manufacturing PMI is expected to decline to 48.9 vs. 49.0 previously.
GBP/USD – Last: 1.5530
| Resistance |
1.5580 |
1.5600 |
1.5670 |
| Support |
1.5500 |
1.5450 |
1.5420 |
Japanese Yen (JPY) – The US Dollar strengthened against the Yen due to expectations that the central bank of Japan will take “bold” action by purchasing Dollars in order to weaken the Yen and help exporters. Technically, trading above the 76.80 level will keep the trend bullish and the pair may test its resistance of 77.50. Today, no economic data is expected.
USD/JPY – Last: 77.00
| Resistance |
77.20 |
77.50 |
77.80 |
| Support |
76.80 |
76.30 |
76.00 |
Canadian Dollar (CAD)–The Canadian Dollar fell the most since October 2008 on concern that the global economy is sinking back into recession, which spurred a haven rally in the U.S. currency and dimmed the outlook for commodity prices. The currency, which is linked to commodities, lost ground on crude oil losses. 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: 1.0520
| Resistance |
1.0600 |
1.0680 |
1.0760 |
| Support |
1.0480 |
1.0400 |
1.0350 |
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