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Forex Daily News | Forex Articles | Forex Information
Tuesday, 09 November 2010 13:06

GBP/NZD Looking Like a Very Interesting Chart

No recommendation just yet but we thought we would steer your attention to this cross which trades just off of record lows established in recent trade. The 2 handle should offer itself as formidable support and we see room for plenty of upside over the coming months. We target a move back towards 2.5000.
Published in Forex News

Contributed By: DailyFx

 AUDUSD_Clear_signs_of_another_short-term_top_emerging

AUD/USD:Clear signs of another short-term top emerging with the market stalling out by fresh post-float record highs at 1.0185 on Friday, and then reversing course on Monday to end a sequence of consecutive daily higher lows. Tuesday’s break back below Monday’s low encourages reversal prospects, and we look for an acceleration of declines back towards the 0.9900 area at a minimum over the coming sessions. Back above 1.0185 negates.

Published in Forex News
Tuesday, 09 November 2010 12:29

EUR/CHF: the cross has finally managed a close back

Contributed By: DailyFx

EUR/CHF:The market could finally have found a major base by the recently set record lows at 1.2765, with weekly and monthly studies starting to correct. The cross has finally managed a close back above some major falling trend-line resistance from May to further encourage the prospects for a shift in the trend and additional recovery over the coming weeks. Next key resistance comes in by 1.3925, while current setbacks should be very well supported ahead of 1.3300.

Published in Forex News
Tuesday, 09 November 2010 12:29

EUR/USD:The latest break to fresh multi-day highs

Contributed By: DailyFx

 EURUSD_The_latest_break_to_fresh_multi-day_highs

EUR/USD:The latest break to fresh multi-day highs beyond 1.4160 has lacked any real follow through, with the market stalling out ahead of 1.4300 and reversing course quite sharply. From here, it is difficult to establish any clear directional bias, but while the price holds above 1.3695, the overall pressure remains on the upside and dips can be expected to be well supported. Back below 1.3695 will however relieve topside pressure and force a shift in the structure.

Published in Forex News

Contributed By: DailyFx

 GBP/JPY:A closer look at Ichimoku studies suggests that we are still very much in downtrend, with the market most recently breaking to fresh 2010 lows by 126.45. However, as mentioned in previous commentary, daily studies were looking quite stretched, and despite the break to fresh yearly lows, the latest sharp bounce suggests that overall, the market is very well supported in the 126.00’s on a medium-term basis. From here, we would not at all be surprised to see additional upside towards 135.00, but we prefer to remain sidelined given what is still an overwhelmingly bearish trend. The market has also just recently stalled out by the bottom of the cloud to strengthen bearish prospects.

Published in Forex News

Contributed By: DailyFx

 NZDUSD_multi-month_gains_stalling_out_just_shy_of_critical_psychological_barriers

NZD/USD:We are finally starting to see some form of a top, with the multi-month gains stalling out just shy of critical psychological barriers by 0.8000 and reversing course. From here, there is plenty of room for additional weakness and we see scope for additional declines back towards previous resistance now turned support by 0.7650 over the coming sessions. Intraday rallies should be well capped ahead of 0.7900.

Published in Forex News
Tuesday, 09 November 2010 12:31

USD/CAD: Price action on Monday looks encouraging

Contributed By: DailyFx

USD/CAD:While we retain a medium-term and longer-term bullish outlook, rallies remain well capped for now, with the market once again dropping back to parity. However, despite the weakness, we recommend buying on dips into the major psychological barrier with the market expected to be very well supported by the figure. Ultimately, only a close back below 0.9970 would give reason for concern, while a break and close back above 1.0160 will relieve downside pressures. Price action on Monday looks encouraging and could act as a trigger for renewed upside.

Published in Forex News
Tuesday, 09 November 2010 09:36

UFXBank Forex Outlook: Dollar Continues to Advance

USD Dollar (USD) – The Dollar continues to advance versus the other major currencies in Forex trading, after Friday’s better than expected U.S. jobs data eased pressure on the Dollar in the wake of the Federal Reserve’s asset purchase plan announcement. The NASDAQ fluctuated around zero and the Dow Jones decreased by 0.33%. Crude oil strengthened by 0.2%, closing at $ 87.06 a barrel, the highest price in two years. Gold (XAU) rose by 0.4%, closing at $1403.20 an ounce, a new historic record. No major news is expected today.

Euro (EUR) – The Euro fell for a second day versus the Dollar amid concern that some governments in the region will struggle to pay their debt, curbing demand for European assets. The EUR/USD has broken the 1.4000 level and has been trading below it since yesterday. As long as the price is below this level, a short position is preferred. Overall, EUR/USD traded with a low of 1.3887 and with a high of 1.4085. Today, German Final CPI is expected to remain at 0.1%.

EUR/USD – Last: 1.3861

Resistance

1.3925

1.3980

1.4085

Support

1.3850

British Pound (GBP) – The Pound was down against the Dollar, falling to a 2 day low as the Dollar recovered ground on the back of Friday’s data .The main momentum of the GBP/USD is absolutely bullish, although it has fallen in the last two days. As long the price is trading above 1.6080 level and above the 10 moving average, a long position is preferred. Overall, GBP/USD traded with a low of 1.6104 and with a high of 1.6213. Today, Manufacturing Production is expected to remain at 0.30%, trade balance is expected at - 7.90B vs. -8.20B prior.

GBP/USD - Last: 1.6131

Resistance

1.6165

1.6210

1.6260

Support

1.6100

1.6065

1.6000

Japanese Yen (JPY) –The Yen fluctuated against the Dollar after the Bank of Japan said that there were signs of a moderate recovery in Japan’s economy which led investors to prefer the Japanese stock market. The USD/JPY continues to trade around the 80.00-81.00 area. The main support line on the daily chart is still located at 80.00, and the momentum is still bearish as long it‘s trading below the 82.00 level. Overall, USD/JPY traded with a low of 81.00 and with a high of 81.43. No economic data expected today.

USD/JPY-Last: 80.93

Resistance

81.00

81.25

81.50

Support

80.60

80.45

Canadian dollar (CAD) – The Canadian Dollar weakened versus the Dollar as the Dollar rallied against most major currencies on reduced demand for assets related to economic growth. The Canadian housing starts fell more than expected (168K vs. 181K), which supported a weaker Canadian dollar. The support level of the USD/CAD on the four hour chart is located at 0.9980, and if the USD/CAD breaks below this level, a short position is preferred and the momentum continues to be positive for the Canadian Dollar. Overall, USD/CAD traded with a low of 0.9994 and with a high of 1.0055. Today, BOC Gov Carney Speaks.

USD/CAD - Last: 1.0042

Resistance

1.0055

1.0100

1.0160

Support

1.0010

0.9990

 

 

 

Published in Forex Articles
Tuesday, 09 November 2010 09:11

USD/CHF: any setbacks should be very well supported

Contributed By: DailyFx

USD/CHF: We contend that the market is in the process of carving a material base by 0.9460, and any setbacks should be very well supported ahead of 0.9500 in favor of a sustained recovery. The market should in fact hold above the 0.9580 area on a close basis which represents a 78.6% fib retracement off of the latest move. Ultimately only back below 0.9460 would negate and give reason for pause. Look for a break and close back above 0.9740 to confirm and accelerate.

Published in Forex News
Monday, 08 November 2010 06:53

Crude Ripe for a Reversal

Contributed By: DailyFx

Crude_Ripe_for_a_Reversal

Crude’s 5th wave has finally burst on to the scene and price has reached 8650 (former support and resistance this year), which should provoke a reaction. I do expect this rally to reverse and for the larger decline to resume in a C wave lower. Additional strength would find resistance at 8880 (78.6% retracement).

Published in Forex News
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