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Forex Daily News | Forex Articles | Forex Information
Wednesday, 13 October 2010 09:46

UFXBank Forex Outlook: EUR/USD Up on FED Minutes

USD Dollar (USD) – The Dollar was down against the other major currencies as Federal Reserve policymakers agreed yesterday about purchases of Treasury securities and agreed to boost inflation expectations as ways to add stimulus. Doing so would cause the stock markets to erase losses and that would support a weaker Dollar. The NASDAQ and Dow Jones advanced by 0.65% and 0.09%. Crude oil weakened by 0.7%, closing at $81.67 a barrel, and Gold (XAU) decreased by 0.6% to close at $1346.70 an ounce. Today, Fed Chairman Bernanke Speaks.

Euro (EUR) – The Euro erased its drop and succeeded to strengthen versus the Dollar in Forex trading as sentiment on the U.S. dollar weakened after the Federal Reserve’s meeting. The momentum of the EUR/USD is still strongly bullish for the euro but the pair has been fluctuating around 1.3900 levels for the past four days. As long as it’s above 1.3750 levels, the momentum continues to be positive. Overall, EUR/USD traded with a low of 1.3775 and with a high of 1.3939. Today, Industrial Production is expected at 0.70% vs. 0.10% prior.

EUR/USD – Last: 1.3965

Resistance

1.4030

Support

1.3900

1.3775

1.3640

British Pound (GBP) – The Pound extended its losses against the Dollar, falling to a 5 day low after Bank of England monetary policy committee member David Miles made negative remarks about the economic forecast. The main trend of the GBP/USD on the daily chart is bullish and is still facing resistance around 1.6000. The pair has declined in the past two days and therefore, if it breaks below the 1.5780 rate, it could decline to the 1.5700 area. Overall, GBP/USD traded with a low of 1.5753 and with a high of 1.5917. Today, Claimant Count Change is expected to rise from 2.30K to 3.90K and MPC Member Sentence will speak.

GBP/USD - Last: 1.5817

Resistance

1.5860

1.5965

1.6020

Support

1.5750

Japanese Yen (JPY) –The Yen remained higher against the Dollar as minutes of the Federal meeting showed the central bank was prepared to ease monetary policy.  The USD/JPY has broken the support level at 82.00 and therefore, the momentum continues to be bearish, with the 10 moving average supporting a bearish trend as well. Overall, USD/JPY traded with a low of 81.65 and with a high of 82.31. No economic data is expected today.

USD/JPY-Last: 81.80

Resistance

82.00

82.55

83.20

Support

81.40

Canadian dollar (CAD) – The Canadian Dollar rose versus the US Dollar as the Federal Open Market Committee minutes showed the central bank moved closer to further easing monetary policy and global stocks rebounded from the day’s lows. The momentum of the USD/CAD is still strongly negative for the US Dollar, and as long as the USD/CAD is below 1.0250, a short position is preferred. Overall, USD/CAD traded with a low of 1.0089 and with a high of 1.0183. No major economic data is expected today.

USD/CAD - Last: 1.0095

Resistance

1.0125

1.0185

1.0235

Support

1.0060

 

 

 

Published in Forex Articles
Tuesday, 12 October 2010 09:37

UFXBank Forex Outlook: Columbus Saves the USDay

USD Dollar (USD) – The Dollar rose against the other major currencies on thin trading volumes, partly as a result of the Columbus Day holiday in the US. However, the Dollar sentiment remained negative as investors with Federal Reserve stimulus concerns, awaited the minutes of the Federal Reserve’s policy meeting.  NASDAQ and Dow Jones were very stable due to Columbus day, advancing by 0.02% and 0.03%, respectively. Crude oil weakened by 0.9%, closing at $81.90 a barrel. Gold (XAU) increased to a new historic record, strengthening by 0.7%, and closing at $1354.40 an ounce. Today, FOMC Meeting Minutes are to be released.

EURO (EUR) – The Euro declined against the Dollar after a quiet day of Forex trading, where there was little data that could affect the symbol. It probably declined as a correction on this pair, because technical indicators showed it advanced last week to an eight month high. The momentum of the EUR/USD is still strongly bullish for the euro, but the pair has fluctuated around 1.3900 levels during the past three days. As long as it’s above 1.3800 levels, the momentum continues to be positive. Overall, EUR/USD traded with a low of 1.3866 and with a high of 1.3999. Today, ECB President Trichet Speaks.

EUR/USD – Last: 1.3880

Resistance

1.3950

1.4030

Support

1.3830

1.3750

1.3640

British Pound (GBP) – The Pound weakened against the Dollar and Euro as investors speculated that the Bank of England will restart its debt-purchase program to bolster the economic recovery. The main trend of the GBP/USD is bullish facing a resistance around 1.6000, and if the price crosses this level, the pair will continue with its uptrend. Overall, GBP/USD traded with a low of 1.5867 and with a high of 1.5963. Today, CPI is expected to remain at 3.1% and the Trade Balance is expected to weaken from -8.70B to -8.0B.

GBP/USD - Last: 1.5906

Resistance

1.5965

1.6000

Support

1.5865

1.5820

1.5770

Japanese Yen (JPY) –The Yen weakened from a 15 year high against the Dollar after no news was released that could influence this pair. Investors are waiting for the minutes of the Federal Reserve’s policy meeting for September. The USD/JPY traded in a very short range, encountering a strong support level at 82.00, and as long as it trades below 82.60, a short position is preferred. Overall, USD/JPY traded with a low of 81.82 and with a high of 82.18. No economic data is expected today.

USD/JPY-Last: 81.92

Resistance

86.00

89.00

Support

81.72

Canadian dollar (CAD) – The Canadian Dollar weakened versus the US Dollar as crude oil prices retreated from recent highs, weakening the Canadian Dollar as well. The momentum of the USD/CAD is still strongly negative for the US Dollar, despite the US Dollar rising yesterday. As long as the USD/CAD below 1.0250 levels, the momentum is bearish and the next support on the daily chart is located at 1.0060. Overall, USD/CAD traded with a low of 1.0093 and with a high of 1.0150. No economic data is expected today.

USD/CAD - Last: 1.0144

Resistance

1.0150

1.0235

Support

1.0060

 

 

 

Published in Forex Articles

USD Dollar (USD) – The Dollar fluctuated against other major currencies and almost closed at its opening rate after the non- farm pay rolls came out at -95k, worse than an expected 1k. As a result of the data last Friday, the Federal Reserve might be buying more debt.  In addition, the unemployment Rate came out at 9.6%, better than the expected 9.7%.   The NASDAQ and Dow Jones strengthened by 0.77% and 0.53% respectively. Crude oil rose by 1%, closing at $82.66 a barrel. Gold (XAU) increased by 0.7%, closing at $1345.3 an ounce. Today, no economic data is expected.

EURO (EUR) –The Euro strengthened against the Dollar for a fourth week in the longest stretch of losses for the Dollar in almost two years. This comes as bigger than expected U.S. job cuts spurred speculation that the Federal Reserve will buy more debt. EUR/USD has encountered the 1.4000 level a couples of times and it has become the main resistance on daily chart. As long it’s above 1.3850, the momentum is remains bullish. Overall, EUR/USD traded with a low of 1.3832 and with a high of 1.3984. Today, The ECB President Trichet Speaks.

EUR/USD – Last:  1.3980

Resistance

1.4029

Support

1.3898

1.3822

1.3637

British Pound (GBP) – The Pound advanced against the Dollar in Forex trading after the Bank of England held the target for bond holdings at 200 billion pounds. This news and the disappointed data out of the US led investors to prefer the Pound over the Dollar. The GBP/USD is still fighting at the 1.6000 resistance line. Once it crosses it, the trend will continue in an uptrend .Overall, GBP/USD traded with a low of 1.5823 and with a high of 1.5966. Today, no economic data is expected.

GBP/USD - Last: 1.5947

Resistance

1.5966

1.6018

Support

1.5923

1.5845

1.5770

Japanese Yen (JPY) –The Yen touched a 15 year high against the Dollar on speculation that Federal Reserve policy makers will signal this week their willingness to buy more government debt to support economic growth. The USD/JPY has continued with its negative trend, therefore the momentum is bearish for the Dollar. The main resistance on the 1 hour chart is at 83.00 and if the price crosses this level, it could climb to 84.00. Overall, USD/JPY traded with a low of 81.72 and with a high of 82.56. No economic data is expected today.

USD/JPY-Last: 81.97

Resistance

82.42

82.79

83.25

Support

81.37

Canadian dollar (CAD) – The Canadian Dollar rose against the Dollar for the sixth straight week, the longest stretch since May 2009. This came after a weak U.S. jobs report was released, which strengthened oil and other assets that lifted the Canadian. In addition, the Employment Change came out worse than expected at -6.60K vs. 11.30K forecast and the Unemployment Rate  remains unchanged at 8.00%. The momentum of the USD/CAD is still strongly negative for the US Dollar, and as long the USD/CAD is below 1.0350 levels, the momentum is bearish. The next support on the 1 hour chart is located at 1.0050. Overall, USD/CAD traded with a low of 1.0068 and with a high of 1.0233. Today, no economic data is expected.

USD/CAD - Last: 1.0101

Resistance

1.0151

1.0219

1.0254

Support

1.0062

 

 

 

Published in Forex Articles
Friday, 08 October 2010 13:09

UFXBank Forex Outlook: Dollar Down on Jobs Data

USD Dollar (USD) – The Dollar was mixed against the major currencies as the release of better than expected U.S. data on initial jobless claims which came out 445K vs. 454K expectations and the announcements of the rate decisions from UK and Europe support fluctuated trend.  NASDAQ strengthened by 0.13% and Dow Jones weakened by 0.17%, crude oil fell by 1.9%, closing at 81.67$ a barrel, Gold (XAU) decreased by  0.95% , closing at 1335$ an ounce. Today, Non-Farm Employment Change is expected to become positive from -54K to 3K, Unemployment Rate is expected to be 9.7% vs. 9.6% prior.

EURO (EUR) – The Euro closed unchanged versus the Dollar after reaching the strongest level in eight month as Industrial production in Germany Europe’s largest economy increased more than three times in August (1.7% vs. 0.4% forecast). In addition, The European Central Bank left its main interest rate unchanged at 1% for the 17th consecutive month amid caution over the economic outlook. The momentum of the EUR/USD is still strongly bullish for the euro, as long it’s above 1.3800 level a long position is preferred, the next resistance line on the daily chart is 1.4025. Overall, EUR/USD traded with a low of 1.3857 and with a high of 1.4029. Today, German Trade Balance is expected at 12.7B vs. 12.2B prior.

EUR/USD – Last: 1.3950

Resistance

1.4030

Support

1.3850

1.3640

1.3560

British Pound (GBP) – The Pound touched the highest level in eight months in Forex trading versus the Dollar (above 1.6000) after the Bank of England left interest rates at a record low (0.5%) and refrained from increasing its bond buying program to stimulate the economy. The GBP/USD couldn’t break the resistance that he has at 1.6000 during yesterday’s session but the momentum is still bullish as long the price above 1.5750,and the support on the one hour chart is 1.5800 .Overall, GBP/USD traded with a low of 1.5826 and with a high of 1.6018. Today, PPI Input is expected to rise from -0.5% to 0.3%.

GBP/USD - Last: 1.5890

Resistance

1.5930

1.6020

Support

1.5830

1.5750

1.5670

Japanese Yen (JPY) –The Yen advanced to a 15 year high against the Dollar amid growing expectations the Federal Reserve will expand credit easing to sustain the U.S. recovery.  The USD/JPY has continued with its negative trend, therefore the momentum is bearish for the Dollar, the main support on the daily chart is 82.00. Overall, USD/JPY traded with a low of 82.11 and with a high of 83.03. No economic data expected today.

USD/JPY-Last: 82.32

Resistance

82.51

83.15

83.90

Support

82.00

Canadian dollar (CAD) – The Canadian Dollar declined from a five month high versus the Dollar after building permits in August fell more than four times as much as expected, came out at -9.2% vs. -1.9% forecast. The momentum of the USD/CAD is still strongly negative for the US Dollar although the US Dollar rose yesterday, as long the USD/CAD below 1.0400 levels the momentum is bearish, the next support on the daily chart is located at 1.0060. Overall, USD/CAD traded with a low of 1.0077 and with a high of 1.0211.Today, Employment Change Is expected to weak from 35.8K to 11.3K, Unemployment Rate is expected to remain at 8.1%, Housing Starts are expected at 180K vs. 183K prior.

USD/CAD - Last: 1.0162

Resistance

1.0210

1.0275

1.0345

Support

1.0060

 

 

 

Published in Forex Articles
Thursday, 07 October 2010 09:51

UFXBank Forex Outlook: Gold Nearing $1350

USD Dollar (USD) – The Dollar was down against most major currencies in Forex trading after worse than expected U.S. data on ADP nonfarm payrolls, which came out at -39K vs. 23K forecast. This, in addition to commodities advancing sharply after positive Crude Oil Inventories data, supported a weaker Dollar during the US session. The NASDAQ weakened by 0.80% and the Dow Jones advanced by 0.21%. Crude oil rose by 0.5%, closing at $82.58 a barrel, and Gold (XAU) continued to rise, reaching a new record (above $1349 ) during the session. In the end, Gold strengthened by 0.65%, closing at $1347.90 an ounce. Today, Unemployment Claims are expected to increase from 453K to 455K.

EURO (EUR) – The Euro touched an eight month high versus the Dollar on speculation that the Federal Reserve will join the Bank of Japan in increasing purchases of government debt to sustain an economic recovery. Also, the ADP data from the US, which came out negative, supported a stronger euro. The momentum of the EUR/USD is still strongly bullish for the euro, and as long as it’s above 1.3600 levels, a long position is preferred. The next resistance line on the daily chart is 1.4000 and the RSI and the 10 moving average indicators support an uptrend as well. Overall, EUR/USD traded with a low of 1.3798 and with a high of 1.3948. Today, the interest rate decision is expecting to remain at 1.00%, German Industrial Production is expected to rise from 0.1% to 0.4%, and there is an ECB Press Conference.

EUR/USD – Last: 1.3918

Resistance

1.3950

Support

1.3800

1.3630

1.3560

British Pound (GBP) – The Pound weakened versus the Dollar and the Euro as speculation waits for the MPC’s decision deciding whether to resume asset purchases, or to keep its bond buying program at 200 billion pounds, as it has been the past 11 months. The main resistance of the GBP/USD on the daily chart is still 1.6000. The momentum is bullish and as long as the price is above 1.5750, the main support on the one hour chart is 1.5700. Overall, GBP/USD traded with a low of 1.5832 and with a high of 1.5940. Today, the interest rate decision is expected to remain at 0.50%, Manufacturing Production is expected to weaken from 0.3% to 0.1%.

GBP/USD - Last: 1.5868

Resistance

1.5940

Support

1.5830

1.5775

1.5700

Japanese Yen (JPY) –The Yen strengthened to a 15 year high against the Dollar after a private report showed U.S. companies unexpectedly cut jobs last month, fueling speculation that the Federal Reserve will buy U.S. assets to spur a slowing economy.  The USD/JPY has been trading in a negative trend for the last three weeks and therefore, the momentum is bearish for the Dollar. The main support on the daily chart is 82.60. Overall, USD/JPY traded with a low of 82.70 and with a high of 83.24. No major economic data is expected today.

USD/JPY-Last: 82.90

Resistance

83.15

83.80

84.00

Support

82.70

Canadian dollar (CAD) – The Canadian Dollar touched a five month high versus the Dollar among speculation that central banks of other nations will continue to ease monetary policy, as the Bank of Canada remains on hold. The momentum of the USD/CAD is still strongly negative for the US Dollar and as long as the USD/CAD is below 1.0400 levels, a short position is preferred. The next support on the daily chart is located at 1.0000. Overall, USD/CAD traded with a low of 1.0062 and with a high of 1.0167. Today, Building Permits are expected at -1.9% vs. -3.3% prior.

USD/CAD - Last: 1.0105

Resistance

1.0180

1.0270

1.0345

Support

1.0060

 

 

 

Published in Forex Articles
Read more...
Wednesday, 06 October 2010 09:48

UFXBank Forex Outlook: EUR/USD on 8-Month High

USD Dollar (USD) – The dollar fell across the board on speculation that the FED will keep purchases of government debt. The ISM Non-Manufacturing Index came out at 53.2, better than the expected 51.8. The Stock Markets in the U.S. soared with the Dow Jones adding 1.8% and NASDAQ rising by 2.36%. Crude Oil jumped by more than 1.5%, closing at $82.70 a barrel. Gold (XAU) reached another record high as it jumped by 1.8% and closed at $1340 an ounce. Today, the ADP Nonfarm Employment Change is expected at 18k vs. -10k previously.

EURO (EUR) – The euro reached fresh 8 month high levels versus the dollar after it breached the 1.38 resistance area, despite worse than expected Retail Sales data which came out at -0.4%, worse than the expected 0.2%. Trading above the 1.3770 support level might extend the bullish momentum in the pair. Overall, EUR/USD traded with low of 1.3636 and with a high of 1.3858. Today, The GDP is expected unchanged at 1%. The German Factory Orders are expected at 0.9% vs. -2.2% previously.

EUR/USD – Last: 1.3840

Resistance

1.3805

1.3860

Support

1.3620

1.3560


British Pound (GBP) – The Pound gained versus the dollar in Forex trading as the Services PMI data came out at 52.8, better than an expected 51.2. The Sterling continues to trade in a range despite dollar weakness across the board. Trading above the 1.5880 support level might extend the bullish momentum in the pair. Overall, GBP/USD traded with a low of 1.5750 and high of 1.5928. No economic data is expected today.

GBP/USD - Last: 1.5909

Resistance

1.5880

1.5920


Support

1.5750

1.5680


Japanese Yen (JPY) – The Yen gained versus the dollar and for a short period, the pair broke below the 83 level on speculation that BOJ will avoid intervening in the market, as they did 3 weeks ago. The interest rate decision came out at 0%, slightly lower than the expected 0.1%. The USD/JPY has broken the support level that it had at 84.20 levels and therefore, the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 82.94 and with a high of 83.97. No economic data is expected today.

USD/JPY-Last: 83.15

Resistance

83.80

84.05

84.45

Support

83.05


Canadian dollar (CAD) – Canada’s dollar gained against the U.S. dollar following the trend of the dollar's weakness in the market, supported by a rise in Stocks and Crude Oil prices. The pair is back to trade below the 1.02 zone reaching 2 month lows for the pair. Trading below the resistance level of 1.0220 might push the pair lower. Overall, USD/CAD traded with a low of 1.0166 and with a high of 1.0271. Today, the Ivey PMI is expected at 63.2 vs. 65.9, previously.

USD/CAD - Last: 1.0149

Resistance

1.0180

1.0220

1.0280

Support

1.0150


 

Published in Forex Articles
Tuesday, 05 October 2010 09:32

UFXBank Forex Outlook: Dollar Won't Give In

USD Dollar (USD) – The Dollar rose against the major currencies despite macro economic data showing that Pending Home Sales came out 4.3% better than the expected 2.8% and concerns about recovery still remain. The Stock Markets in the U.S. closed negative with the Dow Jones losing 0.72% and the NASDAQ falling by 1.11%. Crude Oil jumped above $82.30, but dragged back and closed almost unchanged at $81.40 a barrel. Gold (XAU) touched another record high at $1320, but closed with a small loss at $1315 an ounce. Today, The ISM Non-Manufacturing Index is expected at 51.8 vs. 51.5 previously.

EURO (EUR) – The Euro declined versus the Dollar in Forex trading, as overbought conditions and profit taking led the market. Also, the PPI came out at 0.1%, worse than the expected 0.2%, which added to the Euro's weakness. Trading below the 1.3720 resistance level might extend the decline in the pair. Overall, EUR/USD traded with low of 1.3643 and with a high of 1.3802. Today, Retail Sales are expected at 0.2% vs. 0.1% previously.

EUR/USD – Last: 1.3650

Resistance

1.3720

1.3805

Support

1.3620

1.3560


British Pound (GBP) – The Pound showed some strength against the dollar as it became trapped in a range, fluctuating around the 1.58 zone. The constructions PMI came out at 53.8, better than the expected 51.7. Trading below the 1.5880 resistance level might extend the decline in the pair. Overall, GBP/USD traded with a low of 1.5746 and a high of 1.5867. Today, the Services PMI is expected at 51.2 vs. 51.3 previously.

GBP/USD - Last: 1.5814

Resistance

1.5880

1.5920


Support

1.5750

1.5680


Japanese Yen (JPY) – The USD/JPY pair is trapped in a tight range fluctuating around the 83.5 level and seems like fresh news is needed to move this pair in any direction. The USD/JPY has broken the support level that it had at 84.20 levels. Therefore, the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.16 and with a high of 83.85. Today, the Interest rate decision is expected unchanged at 0.1%.

USD/JPY-Last: 83.53

Resistance

83.80

84.05

84.45

Support

83.15


Canadian dollar (CAD) – The U.S. Dollar gained against Canada’s dollar following the trend of the USD’s strength in the market. The pair is back to trading above the 1.02 zone. Trading above the support level of 1.0220 might push the pair higher. Overall, USD/CAD traded with a low of 1.0178 and with a high of 1.0243. No economic data is expected today.

USD/CAD - Last: 1.0251

Resistance

1.0280

1.0340


Support

1.0220

1.0180

 

Published in Forex Articles

USD Dollar (USD) – The dollar weakened against most of the major currencies in Forex Trading, after the ISM Manufacturing PMI came out 54.40 lower than the expected 54.50. The core PCE price index came out unchanged at 0.1%. Personal Spending came out 0.40%, better than an expected 0.30%, and the Revised UOM Consumer Sentiment came out 68.2, better than the expected 67.1.    The stock market closed positive with the Dow Jones rising 0.39% and the NASDAQ rising 0.09%. Crude Oil jumped another day to $81.69 a barrel. Gold (XAU) touched another record $1320.5 but closed at $1318.87 an ounce. Today, the Pending Home Sales are expected at 2.8% vs. 5.2% previously, and the Fed Chairman, Ben Bernanke will speak.

EURO (EUR) – The Euro rose and reached another record for the last 6 months after the Final Manufacturing PMI came out at 53.7, better than the expected 53.6. Breaching the resistance level of 1.3800 might push the pair higher. Overall, EUR/USD traded with a low of 1.3628 and with a high of 1.3791.  Today, the PPI is expected unchanged at 0.2%.

EUR/USD – Last: 1.3760

Resistance

1.3805

Support

1.3740

1.3680

1.3560

British Pound (GBP) – The Pound rose versus the dollar. The Manufacturing PMI came out at 53.4, lower than an expected 53.9. Breaching the resistance level of 1.5870 might push the pair higher. Overall, the GBP/USD traded with a low of 1.5703 and high of 1.5872. Today, the Constructions PMI is expected at 51.7 vs. 52.1 previously.

GBP/USD - Last: 1.5809

Resistance

1.5867

1.5880

1.5919

Support

1.5780

1.5680


Japanese Yen (JPY) – The USD/JPY pair attempted to reach low levels of 83, but it seemed like investors were holding it above and the pair moved back to 83.5, leaving it unchanged. The Average Cash Earning came out at 0.0%, lower than the expected 0.8%. The USD/JPY has broken the support level that it had at 84.20 levels, therefore the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.15 and with a high of 83.55. No economic data is expected today.

USD/JPY-Last: 83.58

Resistance

83.79

84.05

85.00

Support

83.15


Canadian dollar (CAD) – The U.S dollar weakened against the Canadian Dollar. Trading below 1.0220 might pull the pair down. Overall, USD/CAD traded with a low of 1.0187 and with a high of 1.0313 . No economic data is expected today.

USD/CAD - Last: 1.0189

Resistance

1.0220

1.0255

1.0313

Support

1.0189


 

Published in Forex Articles

USD Dollar (USD) – The dollar gained against most of the majors in Forex Trading, despite better than expected macro data in U.S. as the Initial Jobless Claims came out 453k better than expected 457k. The GDP came out 1.7% better than expected 1.6%. The Chicago PMI came out 60.4 better than expected 56. The Stock Markets closed negative with Dow Jones falling -0.44% and the NASDAQ decreasing by -0.33%. Crude Oil jumped another day nearly at 80$ a barrel. Gold (XAU) touched another fresh high record level at 1316$ but closed at 1308$ an ounce. Today, many important macro data will come out starting with the Core PCE Price Index that expected unchanged at 0.1%. The Personal Spending is expected at 0.3% vs. 0.4% previously. The Michigan Consumer Sentiment Index is expected at 67.1 vs. 66.6 previously. The ISM Manufacturing Index is expected at 54.5 vs. 56.3 previously.

EURO (EUR) – The Euro made small gains versus the dollar as it reached another fresh high after The German Unemployment Change came out -40k better than expected -20k and the CPI came out unchanged at 1.8% as expected. Breaching the resistance level of 1.3680 might push the pair higher. Overall, EUR/USD traded with a low of 1.3558 and with a high of 1.3682. Today, The Manufacturing PMI is expected unchanged at 53.6. The Unemployment Rate is expected unchanged at 10%.

EUR/USD – Last: 1.3655

Resistance

1.3680

Support

1.3620

1.3565

1.3500

British Pound (GBP) – The Pound tumbled after it reached fresh high levels above 1.59 but failed to sustain and broke down falling below 1.57 levels. The Nationwide HPI came out 0.1% better than expected -0.2%. Trading above the 1.5680 support level might rebound the pair back to 1.58 areas. Overall, GBP/USD traded with a low of 1.5667 and with a high of 1.5921. Today, The Manufacturing PMI is expected at 53.9 vs. 54.3 previously.

GBP/USD - Last: 1.5740

Resistance

1.5780

1.5880

1.5920

Support

1.5680

1.5600


Japanese Yen (JPY) – The USD/JPY pair attempted to reach the 83 low levels but seems like investors hold it above and the pair back to 83.5 unchanged levels. The Tokyo Core CPI came out -1% unchanged as expected. The USD/JPY has broken the support level that it had at 84.20 levels therefore the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.15 and with a high of 83.80. No economic data is expected today.

USD/JPY-Last: 83.45

Resistance

84.00

84.65


Support

83.35

82.90

Canadian dollar (CAD) – Canada's dollar gained against the U.S. dollar as the pair fluctuated in a range it capped for two weeks between the 1.0220 support level to 1.0340 resistance level. The GDP came out -0.1% unchanged as expected. Range trading is expected further unless the pair will finally break the bounds. Overall, USD/CAD traded with a low of 1.0229 and with a high of 1.0343. No economic data is expected today.

USD/CAD - Last: 1.0298

Resistance

1.0360

1.0460

Support

1.0220


 

Published in Forex Articles
Thursday, 30 September 2010 13:24

UFXBank Forex Outlook: EUR/USD Keeps Pushing Forwardr

USD Dollar (USD) – The dollar traded mixed against the majors as no economic data came out and still the prospects for further U.S. monetary easing moved the market. The Stock Markets closed negative with Dow Jones falling -0.21% and the NASDAQ decreasing by -0.13%. Crude Oil soared by 2.2% after the Inventories data closing nearly at 78$ a barrel. Gold (XAU) continued to rise and closed at new record high of 1310$ an ounce. Today, many important macro data will come out starting with the Initial Jobless Claims that expected at 457k vs. 465k previously. The GDP is expected unchanged at 1.6%. The Chicago PMI is expected at 56 vs. 56.7 previously and later, Ben Bernanke, US Federal Reserve Chairman, will be testifying.

EURO (EUR) – The euro touched another fresh high level against the dollar although no economic data came out and seemingly on signs the U.S. economy is slowing. Trading below the resistance level of 1.3640 might push the pair downside for technical adjustments. Overall, EUR/USD traded with a low of 1.3565 and with a high of 1.3646. Today, The German Unemployment Change is expected at -20k vs. -17k previously. The CPI is expected at 1.8% vs. 1.6% previously.

EUR/USD – Last: 1.3595

Resistance

1.3640

Support

1.3565

1.3500

1.3440

British Pound (GBP) – The Pound fluctuated for another day around the 1.5840 level in Forex Trading still unable to close above. The Net Lending to Individuals came out 1.5B better than expected 0.4B. Trading below the resistance level of 1.5880 might push the pair downside for technical adjustments. Overall, GBP/USD traded with a low of 1.5718 and with a high of 1.5895. Today, the Nationwide HPI is expected at -0.2% vs. -0.9% previously.

GBP/USD - Last: 1.5845

Resistance

1.5880

Support

1.5780

1.5730

1.5700

Japanese Yen (JPY) – The Yen gained versus the dollar as Asian stocks fell, boosting demand for safer assets. Seems like the pair attempts to reach previous levels it traded before the Bank of Japan intervened 2 weeks ago. The USD/JPY has broken the support level that it had at 84.20 levels therefore the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.48 and with a high of 84.07. Today, The Tokyo Core CPI is expected at -1% vs. -1.1% previously.

USD/JPY-Last: 83.50

Resistance

84.00

84.65


Support

83.35

82.90

Canadian dollar (CAD) – The U.S. dollar gained against Canada's dollar while the pair attempted again to breach the 1.0340 level and keeps fluctuate around. Breaching the 1.0340 resistance level might push the pair higher. Overall, USD/CAD traded with a low of 1.0238 and with a high of 1.0340. Today, the GDP is expected to shrink by -0.1% vs. improving by 0.2% previously. Later, BOC Gov will speak.

USD/CAD - Last: 1.0338

Resistance

1.0360

1.0460

Support

1.0220

1.0200

 

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