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Friday, 26 November 2010 03:21

New Zealand Dollar Focus on 7400

Contributed By: DailyFx


The NZDUSD has broken to a fresh monthly low and reached t the 100% extension at 7510 (reinforced by 60 day average). Bigger picture, the rally to 7975 may have completed wave B of an expanded flat from the October 2009 high. The next level of interest on the downside is 7400 (former support and resistance), then 7280 (161.8% ext).

Published in Forex News
Friday, 26 November 2010 03:21

Canadian Dollar Lacking Directional Bias

Contributed By: DailyFx


The USDCAD has traded sideways for the last 14 months and direction is null until the pair can sustain a break above either 10375 or below 9925. The positive 10, 20 day SMA cross is bullish evidence but the 60 day SMA continues to act as resistance. Former resistance at 10090 is potential support.

Published in Forex News
Friday, 26 November 2010 03:08

British Pound Breaks Down

Contributed By: DailyFx


The GBPUSD is failing just ahead of its year+ resistance line. The line is at 16310 this week. For some time, I’ve favored the idea that a triangle is unfolding from the January 2009 low. If this is the case, then the GBPUSD should decline for months towards 15000 in wave d. A more bearish count is shown above. Near term focus is on 15500. 15660 is resistance.

Published in Forex Articles
Friday, 26 November 2010 03:09

Crude Completing Small Flat Correction

Contributed By: DailyFx


5 waves down are visible from the top, which confirms that the larger trend has reversed. The move above 8332 most likely completed a flat correction. Expectations are for a top and sharp decline in a 3rd wave. The specter of a head and shoulders top reinforces the bearish bias.

Published in Forex News
Monday, 29 November 2010 03:09

GBPUSD: Sellers Clear Key Channel Support

Contributed By: DailyFx


Strategy: Pending Short

GBPUSD has taken out at the bottom of a falling channel set from the swing high set earlier this month to stall ahead of support at 1.5561, the 76.4% Fibonacci retracement of the 9/1-11/4 advance. Risk/reward considerations make it unattractive to enter short from here with the pair so close to a support level and we will look for a corrective rebound into the 1.5661-1.5703 region for selling opportunities.

Published in Forex News
Monday, 29 November 2010 03:09

USDCAD: Entry Elusive as Prices Edge Higher

Contributed By: DailyFx


Strategy: Flat

USDCAD has edged higher having established a double bottom just below the parity figure, with prices stalling near the middle of a downward-sloping channel in place since late May. Risk-reward considerations make any entry at current levels unattractive and we will remain on the sidelines for the time being.

Published in Forex News
Monday, 29 November 2010 03:09

AUDUSD: Chart Setup Hints Bearish Breakout

Contributed By: DailyFx


Strategy: Pending Short

AUDUSD is on pace to confirm a bearish Head and Shoulders top chart setup after prices cleared a rising trend line set from early June, with final confirmation to be seen on a conclusive break below the 38.2% Fibonacci retracement of the 8/25-11/5 advance. Confirmation of the breakdown would expose a measured target at the 0.91 figure. We will be on the look-out for selling opportunities in the days ahead.

Published in Forex News

Contributed By: DailyFx

 The Australian Dollar is up slightly after Building Approvals for the month of October rose an impressive 9.3% month-over-month, well ahead of the 1.4% consensus estimate. The gains more than reversed September’s 5.3% decline, and allowed approvals to rise above the year ago level by 1.2%.

Traders are less focused on Australia’ Current Account Balance deficit for the third quarter, which came in wider than anticipated at -7830 million versus the -6600 consensus. The deficit remains high relative to recent years as foreign capital flows into the country seeking higher yields.

Meanwhile, Private Sector Credit for October rose 0.1% month-over-month, below the 0.2% expectation. That is the equivalent of a 3.3% year-over-year increase.

Published in Forex News

Contributed By: DailyFx

 The Japanese Yen is little changed after several mixed economic data points were released. The most important is the Jobless Rate for October, which came in at 5.1% up from 5% in September and above the 5% expectation. Japanese unemployment remains relatively elevated as the economy struggles with anemic growth and crippling deflation. For context, the unemployment rate fell to a low of 3.6% in 2007 before spiking to 5.6% in 2009- a modern day record.

In contrast to the weaker-than-expected employment figure, Japanese Industrial Production was a positive surprise, falling only 1.8% month-over-month in October versus the 3.2% decline that was expected. On a year-over-year basis, industrial production was up 4.5%, besting the 3.1% consensus estimate. That being said, industrial production in Japan has fallen for five straight months, suggesting that strength in the Yen may have had a negative impact on the economy.

Finally, Overall Household Spending fell 0.4% year-over-year in October. That was down from the unchanged reading in September.

Published in Forex News

Contributed By: DailyFx

 U.S. Session Key Developments

* Amazon.com Climbs on Cyber Monday
* European Debt Concerns Continue to Hold Market Back

Markets Close Lower As Investors Worry About Irish Bailout

U.S. Markets closed lower to start the week as investors grew concerned about the potential effectiveness of the 112.61 billion dollar Irish bailout. Many are concerned that the amount might not be enough to contain the Euro-zone debt crisis and fear that there may be a massive contagion throughout western economies. The Dow was initially down over 160 points, but has managed to gain ground at the close of the session. The cost of insuring debt of Portugal and Spain against default continued to rise. Furthermore, many are concerned that European efforts to cut deficits may end up causing even larger unemployment.. Investors bought the dollar for safety as the Euro fell on Monday. Demand for Treasurys also rose, pushing the yield on the 10-year note down to 2.82 percent.

DJIA 30 / 11,052.49 / -39.51 / -0.36%

The DJIA closed lower as the majority of sectors closed in the red to start off the week. American Express rose 2.2 percent, which helped the DJIA regain some early losses. Bank of America and JPMorgan Chase & Co. also gained 1.7 and 1.2 percent, respectively late in the trading session. However, the technology and consumer sectors did not perform as well on Cyber Monday. HP, Home Depot, Cisco Systems, and Walt Disney all experienced significant declines throughout the session.

S&P 500 / 1,187.77 / -1.63 / -0.14%

The S&P 500 gained back some ground after experiencing a substantial decline early in the session. Among stocks in focus, online retailer Amazon.com surged nearly 2 percent on optimism for Cyber Monday sales, after the Black Friday shopping weekend seemed to be positive. The National Retail Federation survey predicts that 106.9 million shoppers are expected to hit retailers’ websites Monday, up 11 percent from last year. However, most other retail stocks, including Nordstrom, Best buy, and Macy’s, fell over 2 percent.

NASDAQ / 2,525.22 / -9.34 / -0.37%

The NASDAQ experienced the largest decline among the 3 major US benchmark indexes as technology stocks weighed down the index. Hewlett Packard closed off 1.5 percent, while Cisco Systems dropped nearly 1 percent. Cyber Monday was not able to boost technology shares higher as European debt concerns weighed down any optimism among investors.

Published in Forex News
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