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Forex Daily News | Forex Articles | Forex Information
Tuesday, 11 October 2011 16:28

Oil rises to $85.40, Gold jumps to $1.675

USD Dollar (USD) – In forex trading, the US Dollar fell versus most of the major's counterparts as global stocks advanced, sapping demand for the Greenback as a haven currency, causing investors to prefer higher yielding assets. Wall Street closed positive as the NASDAQ advanced by 3.50% and the Dow Jones rose by 2.97% on optimism that Europe will address its debt crisis and after improvement in American economic data. Crude oil climbed to the highest level in two weeks by 2.80% and closed at $85.40 a barrel due to signs that demand will increase. Gold (XAU) jumped by 2.38%, closing at $1,675 an ounce. No economic data is expected today.

Euro (EUR) – The Euro strengthened the most in more than a year versus the US Dollar after French and German leaders pledged to deliver a plan to support banks and repeated a commitment to keep Greece in the single-currency bloc. The leaders promised that they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by the 3rd of November. After the announcement, optimism rose in the market. Therefore the Euro stayed higher even as a report showed European investor confidence fell to the lowest in more than two years. Trading below the resistance level of 1.3700 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 1.3377 and with a high of 1.3697. Today, the ECB President, Trichet is expected to speak.

EUR/USD – Last: 1.3630

Resistance

1.3700

1.3780

1.3850

Support

1.3600

1.3520

1.3450

British Pound (GBP) – The British Pound gained versus the US Dollar after German Chancellor Angela Merkel and French President Nicholas Sarkozy’s announcement that they will deliver a plan to recapitalize the region’s banks and address the Greek crisis. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance level it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5422 and with a high of 1.5645. Today, Manufacturing Production is expected to decline by -0.10% vs. 0.10% previously.

GBP/USD - Last: 1.5630

Resistance

1.5670

1.5730

1.5780

Support

1.5580

1.5550

1.5500

Japanese Yen (JPY) – The Yen strengthened versus the US Dollar and most majors due to positive economic data.  The Current Account came out better than the expected 0.65T vs. the 0.51T forecast. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. If the pair breaks below the 76.00 level, the trend will continue downwards. Tomorrow, Core Machinery Orders are expected to grow by 4.5% vs. -8.2% previously. 

USD/JPY - Last: 76.60

Resistance

77.00

77.20

77.80

Support

76.60

76.30

76.00

 

Canadian Dollar (CAD) The Canadian Dollar strengthened against its US counterpart as stocks and commodities, such as crude oil, advanced on speculation that debt concern in Europe may ease, making higher-yielding currencies more attractive. The trend for the pair is bearish, if the pair maintains its resistance level of 1.0330. Today, Housing Starts are expected to grow by 187k vs. 185k previously.   

USD/CAD - Last: 1.0290

Resistance

1.0330

1.0400

1.0450

Support

1.0280

1.0230

1.0180

Published in Forex News
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Monday, 03 October 2011 14:48

US Dollar Strengthens Against Major Currencies

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

 

Published in Forex News
Wednesday, 28 September 2011 10:15

GBP and Euro Rise Against the USD

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

Published in Forex News
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Thursday, 22 September 2011 15:03

Operation Twist Increases Attraction of USD as Safe Investment Currency

USD Dollar (USD) – In forex trading, the US Dollar strengthened against most of the major currencies after the Federal Reserve’s plan to shift holdings of treasuries to keep the economy from falling into recession. This increased the refuge appeal of the currency. In addition, the FOMC left the rate benchmark unchanged at

Euro (EUR)–The Euro fell against the U.S Dollar due to a decrease in risk aversion after the Fed announced Operation Twist, which includes measures to support the mortgage market. Trading below the resistance level of 1.3800 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 1.3556 and with a high of 1.3796. Today, the German Flash Manufacturing PMI is expected to show 50.20 vs. 50.90 previously. The Flash Manufacturing PMI is expected to show 48.60 vs. 49.00 previously and Industrial New Orders are expected to decline to 1.10% vs. -0.90% previously.

EUR/USD – Last: 1.3540

Resistance

1.3600

1.3680

1.3750

Support

1.3480

1.3430

1.3380

British Pound (GBP) – The British Pound fell to an 8 week low against the Greenback after Bank of England officials said they may need to buy more bonds to keep borrowing costs capped as the recovery falters.The trend for the pair remains bearish if the pair maintains its resistance level of 1.5670, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5475 and with a high of 1.5688. Today, the CBI Industrial Order Expectations are expected to show -5 vs. 1 previously.

GBP/USD - Last: 1.5450

Resistance

1.5500

1.5600

1.5670

Support

1.5400

1.5320

1.5200

Japanese Yen (JPY) – The US Dollar strengthened against the Yen after Japanese Finance Minister, Azumi, told reporters in Tokyo today that he’s closely watching markets and will take “bold” action on currencies if needed. Technically, trading above 76.60 will keep the trend bullish. No economic data is expected today.

USD/JPY-Last: 76.80

Resistance

77.20

78.00

78.50

Support

76.60

76.30

76.00

 

Canadian Dollar (CAD)The Canadian Dollar fell to its weakest level versus its U.S. counterpart since January after the Fed announced Operation Twist. The currency, which is linked to Commodities, lost ground as risk aversion has been the theme of the day amid weak stocks and crude oil losses. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0000. Today, Retail Sales are expected to fall to -0.20% vs. 0.70% previously.

USD/CAD - Last: 1.1030

Resistance

1.170

1.0200


Support

1.100

1.0080

1.0050

Published in Forex News
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Wednesday, 21 September 2011 16:48

JPY and GBP ascend versus the Dollar

USD Dollar (USD) – In forex trading the US Dollar fell against the other major currencies as investors are expecting the Fed to offer a new plan to aid the U.S economy. Today the FOMC is expected to publish the results of the two day negotiation. Wall Street closed as the NASDAQ fell by 0.86% and the Dow Jones rose by 0.07%. Crude oil jumped by 1.4% and closed at $86.89 a barrel. Gold (XAU) also rose today by 1.7%, closing at nearly $1,809.1 an ounce. Today, existing Home Sales are expected to be at 4.76M vs. 4.67M. The Crude Oil Inventories is expected at -1.6M, the FOMC Statement is expected and the Federal Funds Rate is expected at 0.25.

Euro (EUR) – The Euro closed almost unchanged against the US Dollar waiting for news on the Greek default. The German ZEW Economic Sentiment came out at -43.3, which is better than the expected -44.30 and the European ZEW came out at -44.6 worse than expected at -42.30. The EUR/USD’s momentum is bearish as long as the pair remains below the 1.3740 level, the next support level on the daily chart is at the 1.3605 level. Overall, the EUR/USD traded at a low of 1.3592 and at a high of 1.3743. No major economic data is expected today.

EUR/USD – Last: 1.3719

Resistance

1.3740

1.3770

1.3827

Support

1.3692

1.3655

1.3600

British Pound (GBP) – The British Pound rose against the US Dollar yesterday. The momentum of the cable is bearish below the 1.5676 level with a support level at 1.5585 and a resistance level at 1.5840. Overall, the GBP/USD traded with a low of 1.5654 and with a high of 1.5746. Today, the MPC Meeting Minutes are expected at 0-0-9 as previously and the Public Sector Net Borrowing is expected at 11.3B vs. -2.0B previously.

GBP/USD - Last: 1.5735

Resistance

1.5775

1.5800

1.5825

Support

1.5705

1.5675

1.5640

Japanese Yen (JPY) –The Yen strengthened against the US Dollar as investors are concerned about the future of Greece.The USD/JPY is struggling at the 77.00 level and as long as the pair is trading below the 77.20 level, short positions are preferred. The next support line on the daily chart is located at the 76.00 level. Overall, the USD/JPY traded with a low of 76.34 and with a high of 76.75. Today, the All Industries Activity m/m is expected at 0.90% vs. 2.30% previously.

USD/JPY-Last: 76.35

Resistance

76.46

76.59

76.82

Support

76.30

76.10

76.00

 

Canadian dollar (CAD) – The Canadian dollar reached a three day low versus its U.S. counterpart as the International Monetary Fund cut its forecast for global economic growth and reduced projections for Canada. As long as the pair is trading abovethe 0.9880 level, the trend of the US Dollar is bullish.The Moving Average indicator on the one-hour chart supports a positive trend for the US Dollar. Overall, the USD/CAD traded with a low of 0.9881 and with a high of 0.9947. Today, Core CPI is expected at 0.1%% vs. 0.2% previously.

USD/CAD - Last: 0.9926

Resistance

0.9947

0.9965

1.0000

Support

0.9910

0.9885

0.9850

 

 

 

 

 

Published in Forex News
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Tuesday, 20 September 2011 16:43

Gold and Oil Fall

USD Dollar (USD) – In forex trading, the Dollar strengthened against the other major currencies as Stocks pared losses in the final hour of trading as Greece reported that discussions with European officials about the country’s bailout were productive. President Obama proposed the "Buffet tax" plan to Congress, to increase taxes from citizens who make more than 1 million dollars a year and more cuts in the government budget that will minimize the deficit by 1.5 trillion Dollars over the next 10 years. Wall Street closed bearish as the NASDAQ fell by 0.36% and the Dow Jones by 0.94%. Crude oil dropped by 2.6% and closed at $85.70 a barrel. Gold (XAU) also fell today by 2% closing at nearly $1,778.90 an ounce. Today, the Building Permits are expected to come out at 0.60M as before.

Euro (EUR) – The Euro fell against the US Dollar as the stocks markets in Europe experienced a sharp drop as investors wait to hear whether Greece will default tomorrow. In addition, Italy’s credit rating was cut by Standard & Poor on concern that weakening economic growth and a “fragile” government means that the nation won’t be able to reduce the Euro region’s second largest debt burden. The EUR/USD’s momentum is bearish as long as the pair remains below the 1.3650 level; the next support level on the daily chart is at the 1.3585 level. Overall, the EUR/USD traded with a low of 1.3604 and with a high of 1.3688. Today, the German ZEW Economic Sentiment is expected to come out at -44.3 vs. -37.6 previously. The European ZEW is expected to come out at -42.3 vs. -40.0 previously.

EUR/USD  – Last: 1.3609

Resistance 1.3645 1.3685 1.3715
Support 1.3585 1.3555 1.3515

British Pound (GBP) – The British Pound fell against the US Dollar as the stock market fell today. The momentum of the GBP/EUR is bearish below 1.5676 with a support level at 1.5585 and resistance level at 1.5840. Overall, the GBP/USD traded with a low of 1.5655 and with a high of 1.5702. No economic data is expected to be published today.

GBP/USD - Last: 1.5674

Resistance 1.5682 1.5705 1.5735
Support 1.5655 1.5630 1.5585

Japanese Yen (JPY) – The Yen strengthened against the US Dollar as investors are concerned about the future of Greece. The USD/JPY is struggling at the 77.00 level and as long as the pair is trading 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 76.31 and with a high of 76.96. No economic data is expected to be published today.

USD/JPY-Last: 76.49

Resistance 77.45 77.30 77.70
Support 76.80 76.50 76.25

 

Canadian Dollar (CAD) – Canada’s Dollar dropped the most in more than a month against its U.S. counterpart on concern that Greece may not receive an installment of aid, crimping demand for higher-yielding assets. As long as the pair is trading abovethe 0.9880 level, the trend of the US Dollar is bullish.The Moving Average indicator on the one-hour chart supports a positive trend for the US Dollar. Overall, the USD/CAD traded with a low of 0.9892 and with a high of 0.9936. Today, the Bank of Canada Gov Carney speaks and the Wholesale Sales m/m are expected at 0.7% vs. 0.2% previously.

USD/CAD - Last: 0.9927

Resistance 0.9935 0.9950 0.9965
Support 0.9910 0.9895 0.9880

Published in Forex News
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Monday, 19 September 2011 19:39

Gold Rose by 2 Percent as Oil Drops by 2 Percent

USD Dollar (USD) – In forex trading, the Dollar strengthened against the other major currencies as investors await whether Greece will default. President Obama proposed to Congress the "Buffet tax" plan that will increase taxes from citizens who make more than 1 million dollars a year. The TIC Long-Term Purchases came out at 9.5B worse than expected and the Prelim UoM Consumer Sentiment came out at 57.8, better than the expected at 55.7. Wall Street closed bullish as the NASDAQ increased by 0.58% and the Dow Jones by 0.66% respectively, completing one week of a bullish trend. Crude oil dropped by 2% and closed at $87.00 a barrel. Gold (XAU) rose by 2% closing at nearly $1,811 an ounce. Today, the NAHB Housing Market Index is expected at 15 as previously.

Euro (EUR) – The Euro fell against the US Dollar after the European Central Bank said it would keep or even lower the interest rate next year. The Trade Balance came out at -2.5B worse than the expected at 1.7B. The EUR/USD’s momentum is bullish as long as the pair remains above the 1.3650 level, the next resistance level on the one-hour chart is at 1.3780. Overall, the EUR/USD traded with a low of 1.3662 and with a high of 1.3892. No major economic data is expected today.

EUR/USD – Last: 1.3665

Resistance

1.3780

1.3870

1.3935

Support

1.3660

1.3600

1.3515

British Pound (GBP) – The Pound fell against the US dollar leaving a huge gap towards 1.5700 in early Asia. According to the 4-hour chart and the hourly indicators the trend is bearish towards 1.5500. Overall, the GBP/USD traded with a low of 1.5705 and with a high of 1.5840. No economic data is expected to be published today.

GBP/USD - Last: 1.5697

Resistance

1.5755

1.5790

1.5835

Support

1.5690

1.5650

1.5600

Japanese Yen (JPY) –The Yen fluctuated against the US Dollar after mixed data was released in the US and the bank leader’s announcement caused the pair to be inconsistent. The USD/JPY is struggling at the 77.00 level; as long as the pair is trading below the 77.20 level the Yen is more attractive. The next support line on the daily chart is located at 76.00 level. Overall, the USD/JPY traded with a low of 76.64 and with a high of 76.96. No economic data is expected to be published today.

USD/JPY-Last: 76.90

Resistance

77.05

77.30

77.70

Support

76.80

76.50

76.25

 

Canadian dollar (CAD) – The Canadian Dollar reached a two-week high against the US Dollar as reports show Foreign Securities Purchases rose. As long as the pair is trading below the 0.9880 level, the trend of the US Dollar is bearish. The Moving Average indicator on the one-hour chart supports a negative trend for the US Dollar. Overall, the USD/CAD traded with a low of 0.9860 and with a high of 0.9785. Today, Gov Council Member Lane speaks.

USD/CAD - Last: 0.9836

Resistance

0.9855

0.9870

0.9900

Support

0.9820

0.9785

0.9740

 

Published in UFX Bank Daily Review
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Monday, 12 September 2011 17:28

USD Posts Gains Across the Board

USD Dollar (USD)

In forex trading, the Dollar gained across the board as the Debt Crisis in Greece and Juergen Stark's, a member of the Executive Board, quit from his ECB post over the bank's purchases of bonds pushed investors for risk aversion and favored the greenback. The Stock Markets reacted sharply negative as the Dow Jones was crushed by -2.69% and the NASDAQ lost -2.42%. Crude oil declined by -2% and closed at $87.20 a barrel. Gold (XAU) has slightly strengthened by 0.1% and closed at $1,859.50 an ounce. No economic news is expected to be published today.

Euro (EUR)

The Euro was crushed against the US Dollar on speculation that the ECB will cut interest rates based on the fact that the region's debt crisis is worsening and increasing interest rates is not seen as an option in the midterm. Breaking the next support level of 1.3640 might push the pair lower to the 1.34 zones; otherwise a rebound to the 1.38 areas might be seen. Overall, the EUR/USD traded with a low of 1.3626 and with a high of 1.3936. Today, no major economic news is expected to be published.

EUR/USD – Last: 1.3593

Resistance

1.3640

1.3970

1.3870

Support

1.3570



British Pound (GBP)

The Pound buckled under the buying pressure of the US Dollar and fell below the 1.59 zones. The disappointing data of the PPI Input came out at -1.9% worse than the expected -1.6%. Breaking the next support level of 1.5830 might push the pair lower to the 1.56 zones; otherwise a rebound to the 1.6 areas might be seen. Overall, the GBP/USD traded with a low of 1.5842 and with a high of 1.5989. Today, no economic news is expected to be published.

GBP/USD - Last: 1.5858

Resistance

1.5900

1.5990

1.6070

Support

1.5820



Japanese Yen (JPY)

The Yen weakened against the US Dollar as a positive US Dollar trend caused the Yen to be less attractive to traders. The USD/JPY’s trend is positive above the 77.00 areas; the next resistance point on the daily chart lies at the 77.75 levels. When the pair breaches this level a long position will be preferred. Overall, the USD/JPY traded with a low of 77.08 and with a high of 77.84. Today, no economic news is expected to be published.

USD/JPY-Last: 77.48

Resistance

77.80

78.40


Support

77.10

76.40


Canadian dollar (CAD)

The Canadian Dollar fell for the second day versus the US Dollar as the Stock Markets dropped and led investors to stick with the US Dollar as a refuge. The disappointing economic data in Canada (published as the Employment Change) came out at -5.5k worse, than the expected 24.2k also supported the greenback. Holding above the support level of 0.9940 might push the pair back to parity. Overall, the USD/CAD traded with a low of 0.9867 and with a high of 0.9977.  Today, no economic news is expected to be published.

USD/CAD - Last: 0.9982

Resistance

1.0000



Support

0.9910

0.9830

0.9740

 

Published in Forex News
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Tuesday, 13 September 2011 17:22

Gold Slumps by More Than -2.5%

USD Dollar (USD) – In forex trading, the US Dollar closed slightly weaker against most of the majors after it was trading on the daily highs during most of the last trading session amid the debt crisis in Greece. In addition, US President Barack Obama said yesterday that “Businesses are having trouble staying open; you’ve got a world economy that is full of uncertainty right now in Europe and in the Middle East. Some events may be beyond our control, but this is something we can control.” His words described, in simple terms, the uncertainty that rules the financial markets these days.  The Equity Markets were trading negative until a few minutes before the closing bell, but then sharply reversed. Obama's plan to approve a program which will boost employment pushed the Stock Markets to close positive as the Dow Jones climbed by 0.63% and the NASDAQ gained 1.10%. Crude oil jumped by 1.1% and closed at $88.90 a barrel due to crude stockpiles shrinking in the US. Gold (XAU) has slumped by more than -2.5% and closed at $1,815.50 an ounce as the greenback's recovery increases. Today, the Federal Budget Balance is expected at -126.5B vs. -129.4B previously.

Euro (EUR) - The Euro recovered from its lowest level at 1.3500 since February against the US Dollar after the Financial Times reported that Italy was in contact with a Chinese investment firm that may buy its bonds. However, there is still much concern about the euro zone debt crisis before Italy sells its bonds today, especially Greece, which is nearing default. Breaking the support level of 1.3640 might push the pair lower to the 1.34 zones; otherwise a rebound to the 1.38 areas might be seen. Overall, the EUR/USD traded with a low of 1.3494 and with a high of 1.3694. Today, the French CPI is expected at 0.3% vs. -0.4% previously.

 

EUR/USD – Last: 1.3673

Resistance

1.3730

1.3870

1.3970

Support

1.3570

1.3500


British Pound (GBP) - The Pound rebounded from a 7-month low against the US Dollar as the overall trend has changed and the greenback has started to lose gains. The RICS House Price Balance came out at -23%, worse than the expected -22%. Breaking the support level of 1.5830 might push the pair lower to the 1.56 zones; otherwise a rebound to the 1.6 areas might be seen. Overall, the GBP/USD traded with a low of 1.5771 and with a high of 1.5884. Today, the CPI is expected at 4.5% vs. 4.4% previously.

GBP/USD - Last: 1.5860

Resistance

1.5900

1.5990

1.6070

Support

1.5780



Japanese Yen (JPY) - The Yen has slightly advanced against the US dollar as a demand for refuge increased on concern over the slowing US economy and Eurozone debt problems. The USD/JPY’s trend is bearish if the pair maintains the resistance level at 77.00. The next support point on the daily chart lies at the 76.80 levels. When the pair breaches this level, a short position will be preferred. Overall, the USD/JPY traded with a low of 76.73 and with a high of 77.57. Today, no economic news is expected to be published.

USD/JPY-Last: 77.00

Resistance

77.10

77.80

78.40

Support

76.80

76.30


Canadian dollar (CAD) - The Canadian Dollar gained against the US Dollar even though earlier the USD/CAD pair was trading above the parity level. Crude oil soared and dragged the Loonie with it. Breaking the support level of 0.9940 might push the pair lower. Overall, the USD/CAD traded with a low of 0.9867 and with a high of 1.0024. Today, no economic news is expected to be published.

USD/CAD - Last: 0.9917

Resistance

0.9910

1.0020


Support

0.9830

0.9740


 

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Thursday, 08 September 2011 16:50

Crude Oil Jumps by 3.9% & Gold Declines by 2.9%

USD Dollar (USD) – In forex trading, the Dollar weakened against the other major currencies as the Federal Reserve said its Beige Book survey found the economy grew at a slower pace in some regions of the country. Wall Street closed positive after four negative days led the Dollar to its weakness, the NASDAQ rose by 3.04% and the Dow Jones by 2.47% respectively. Crude oil jumped by 3.9% and closed at $89.30 a barrel. Gold (XAU) fell by 2.9% owing to the positive stock markets close and finished at $1,819 an ounce. Today, Fed Chairman Bernanke speaks and the Trade Balance is expected at -51.00B vs. -53.10B prior. The Unemployment Claims are expected to be at 405K vs. 409K last week.

Euro (EUR) – The Euro rose against the US Dollar after Italian Prime Minister Berlusconi won a confidence vote on austerity measures, adding to progress in addressing the region’s debt crisis. The EUR/USD is struggling around the 1.4100 level, and only if the pair trades above the 1.4150 level will the Euro become more attractive. Overall, EUR/USD traded with a low of 1.4006 and with a high of 1.4149. Today, the Interest Rate decision is expected to remain at 1.00%, after the ECB Press Conference.

EUR/USD – Last: 1.4055

Resistance

1.4110

1.4150

1.4290

Support

1.4010

1.3970


British Pound (GBP) – The Pound closed positive versus the Dollar as the Stock Market rebounded from a four-day global slump, which encouraged higher-yielding assets. As long as the GBP\USD is trading below the 1.6050 level the trend of the Pound is very bearish. The RSI indicator on the daily chart supports a downtrend as well; the next support level on the one-hour chart is at the 1.5925 level. Overall, the GBP/USD traded with a low of 1.5918 and with a high of 1.6039. Today, the Interest Rate decision is expected to remain unchanged at 0.50%.

GBP/USD - Last: 1.5958

Resistance

1.6000

1.6040

1.6230

Support

1.5920



Japanese Yen (JPY) –The Yen strengthened against the US Dollar after the Bank of Japan kept their monetary policy unchanged. A negative momentum of the Dollar also led the Yen to be more attractive. The USD/JPY’s trend is positive above the 77.00 level; when the pair breaks the 77.55 level a long position will be preferred. Overall, the USD/JPY traded with a low of 77.07 and with a high of 77.55. No economic data is expected today.

USD/JPY-Last: 77.37

Resistance

77.45

77.72


Support

77.00

76.70


 

Canadian dollar (CAD) – The Canadian Dollar gained the most in three weeks versus the US Dollar after the Bank of Canada said it expects growth to resume in the second half of 2011. In addition, the Bank of Canada kept its main interest rate unchanged at 1.00%.  As long as the pair is trading below the 0.9900 level the trend of the US Dollar is negative; the next support level on the one-hour chart is located at the 0.9800 level. Overall, the USD/CAD traded with a low of 0.9832 and with a high of 0.9909. Today, Building Permits are expected to decline from 2.1% to 0.2% and the Trade Balance is expected to be at -1.05B vs. 1.60B prior.

USD/CAD - Last: 0.9855

Resistance

0.9890

0.9925

0.9965

Support

0.9830

0.9765


 

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Interview with Matthew Sheppard

Senior Forex Advisor at XForex


1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

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In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

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