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Forex Daily News | Forex Articles | Forex Information
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

 

Published in Forex Articles
Wednesday, 29 September 2010 13:15

UFXBank Forex Outlook: Yen Keeps Moving Strong vs USD

USD Dollar (USD) – The Dollar fell against most major currencies after American home prices rose at a slower pace in July (3.20% vs. 4.20% prior) and U.S. consumer confidence which fell (48.5 vs. 52.5 forecast), increasing the possibility the Fed will restart purchases of government debt. NASDAQ and Dow Jones rose by 0.41% and  0.43% respectively, crude oil weakened by 0.4%, closing at 76.18$ a barrel, Gold (XAU) continued to rise and made a new record (above 1309$ )during the session, in the end strengthened by 0.8% , closing at 1308.3$ an ounce. No major economic data expected today.

EURO (EUR) – The Euro traded at almost a five month high against the Dollar when U.S. home prices came out worse than expected in July, fueling speculation the Federal Reserve will ease monetary policy. The momentum of the EUR/USD is still strongly bullish for the euro, as long it’s above 1.3400 level a long position is preferred, the next resistance line on the daily chart is 1.3700,the RSI and the 10 moving average indicators support up trend as well . Overall, EUR/USD traded with a low of 1.3381 and with a high of 1.3595. No economic data expected today.

EUR/USD – Last: 1.3589

Resistance

1.3600

Support

1.3500

1.3290

1.3100

British Pound (GBP) – The Pound weakened against the Euro and fluctuated versus the Dollar in Forex Trading after Bank of England policy maker Adam Posen said that the central bank should resume its asset purchase program to boost the economy. The main resistance of the GBP/USD on the daily chart is still 1.6000, the momentum is bullish as long the price above 1.5700, the main support on the one hour chart is 1.5740 if the pair breakdown this rate probably it will continue to decline to 1.5500. Overall, GBP/USD traded with a low of 1.5718 and with a high of 1.5895.  Today, Net Lending to Individuals is expected to rise from 0.3B to 0.5B.

GBP/USD - Last: 1.5825

Resistance

1.5900

Support

1.5715

1.5600

1.5500

Japanese Yen (JPY) –The Yen strengthened and was near a two week high against the Dollar after reports showed that home U.S. prices dropped for the first in four months. The USD/JPY has broken the support level that it had at 84.20 level therefore the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 83.68 and with a high of 84.34. No economic data expected today.

USD/JPY-Last: 83.72

Resistance

84.00

84.65

85.50

Support

83.65

Canadian dollar (CAD) – The Canadian Dollar touched the weakest level since March against the euro and closed almost unchanged versus the Dollar amid speculation that the Bank of Canada may keep the benchmark interest rate on hold at its next meeting, also the Canadian stocks rose to a five months high ,supported a weaker Canadian Dollar as well. The momentum of the USD/CAD is still negative for the US Dollar although it’s fluctuating in the last few days, as long the USD/CAD below 1.0400 levels a short position is preferred, the next support on the daily chart is located at 1.0200. Overall, USD/CAD traded with a low of 1.0285 and with a high of 1.0361. No major economic data expected today.

USD/CAD - Last: 1.0282

Resistance

1.0360

Support

1.0220

1.0200

 

 

 

Published in Forex Articles
Tuesday, 28 September 2010 09:10

UFXBank Forex Outlook: Calm Before the Storm?

USD Dollar (USD) – The Dollar traded with a narrow range and closed almost unchanged against most major currencies in Forex trading because of speculation that the Federal Reserve will take more steps to ease monetary policy, damping demand for U.S. assets. The NASDAQ and Dow Jones weakened by 0.48% and 0.44% respectively, while crude oil remained unchanged, closing at $76.50 a barrel. Gold (XAU) continued to rise, strengthening by 0.1%, and closing at $1298.60 an ounce. Today, CB Consumer Confidence is expected at 52.5 vs. 53.5 prior.

EURO (EUR) – The Euro weakened a bit from a five month high against the Dollar as renewed signs of debt problems at European banks and countries such as Ireland and Portugal reduced demand for assets in the European zone. The momentum of the EUR/USD is still strongly bullish for the euro, and as long as it’s above 1.3350 levels a long position is preferred. The next resistance line on the daily chart is at 1.3700, and the RSI indicator supports an uptrend as well. Overall, EUR/USD traded with a low of 1.3425 and with a high of 1.3506. Today, German Prelim CPI is expected to weak from 0.0% to -0.2%.

EUR/USD – Last: 1.3459

Resistance

1.3500

Support

1.3425

1.3285

1.3100

British Pound (GBP) – The Pound also stayed almost unchanged against the dollar after a quiet day of news and data from these countries. The main resistance of the GBP/USD on the daily chart is 1.6000, and the momentum is bullish as long as the price is above 1.5750. Overall, GBP/USD traded with a low of 1.5787 and with a high of 1.5867.  Today, Current Account is expected to remain at -9.60B, and Final GDP is expected to stay at 1.2%.

GBP/USD - Last: 1.5825

Resistance

1.5867

Support

1.5785

1.5600

1.5500

Japanese Yen (JPY) –The Yen traded with a very small range versus the Dollar after there was no important news that influenced this pair. The USD/JPY has been fluctuating around 84.50 over the last four days. The support on the one hour chart is at 84.20, and if the pair breaks below the support line, the trend will continue to decline. Overall, USD/JPY traded with a low of 84.11 and with a high of 84.37. No economic data is expected today.

USD/JPY-Last: 84.24

Resistance

84.40

84.70

85.40

Support

84.10

Canadian Dollar (CAD) – The Canadian Dollar fell from a near six week high versus the Dollar, as U.S. stocks and crude oil declined and investors speculated that the Bank of Canada Governor Mark Carney may be unwilling to raise interest rates further. The momentum of the USD/CAD is still negative for the US Dollar, and as long the USD/CAD is below 1.0400 levels, a short position is preferred. The next support on the daily chart is located at 1.0200. Overall, USD/CAD traded with a low of 1.0223 and with a high of 1.0305. No economic data is expected today.

USD/CAD - Last: 1.0291

Resistance

1.0345

1.0380

Support

1.0225

1.0190

Published in Forex Articles
Monday, 27 September 2010 09:40

UFXBank Forex Outlook:Euro Hits 5-month High

USD Dollar (USD) – The Dollar fell against all major currencies after Federal Reserve Chairman Ben S. Bernanke said that damage from the financial crisis has left the U.S. economy growing at a slower pace than policy makers want, even though the central bank’s more than $1 trillion in bond purchases have reduced interest rates.  The NASDAQ and Dow Jones strengthened by 2.33% and 1.86% respectively, crude oil jumped by 2.0%, closing at $76.50 a barrel. Gold (XAU) rose to a new record during the session (above $1300), and in the end, strengthened by 0.1% to close at $1298 an ounce. No economic data is expected today.

EURO (EUR) – The Euro touched a five month high against the Dollar last Friday, as German business confidence unexpectedly rose to the highest level in more than three years in September (106.8 vs. 106.3 forecast). In addition to this, Bernanke’s declarations increased investor appetite for higher yielding assets. The momentum of the EUR/USD is still strongly bullish for the euro, and as long as it’s above 1.3350 levels, a long position is preferred. The next resistance line on the daily chart is 1.3700, and the 10 moving average also supports an uptrend. Overall, EUR/USD traded with a low of 1.3286 and with a high of 1.3495. Today, ECB President Trichet will speak.

EUR/USD – Last: 1.3462

Resistance

1.3500

Support

1.3440

1.3285

1.3160

British Pound (GBP) – The Pound rallied against the Dollar in Forex Trading, closing the week at a 6 week high, as concerns over the Bank of England's economic outlook were overshadowed by Friday's soft U.S. economic data. The main resistance of the GBP/USD on the daily chart is 1.6000 and the momentum is bullish as long as the price is above 1.5750. Overall, GBP/USD traded with a low of 1.5641 and with a high of 1.5844.  No economic data is expected today.

GBP/USD - Last: 1.5819

Resistance

1.5845

Support

1.5730

1.5600

1.5500

Japanese Yen (JPY) –The Yen strengthened against the Dollar after worse than expected data from US was released on Friday. Among the data were New Home Sales which came out at 288K vs. 292K forecast, Durable Goods Orders that came out at -1.3% vs. -0.9% forecast, and Bernanke’s statements regarding the economy, all of which drove investors towards the yen instead of the dollar. The USD/JPY has been fluctuating around 84.50 over the last three days, and support on the one hour chart is at 84.20. If the pair moves below the support line, the trend will continue to decline. Overall, USD/JPY traded with a low of 84.11 and with a high of 85.39. No economic data is expected today.

USD/JPY-Last: 84.24

Resistance

84.70

85.25

86.00

Support

84.10

Canadian dollar (CAD) – The Canadian Dollar gained for the first time in three days versus the Dollar as reports showing higher than forecast German business confidence and U.S. durable goods orders, spurred investor appetite for assets linked to growth. The momentum of the USD/CAD is still 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 1.0200. Overall, USD/CAD traded with a low of 1.0225 and with a high of 1.0355. No economic data is expected today.

USD/CAD - Last: 1.0251

Resistance

1.0280

1.0350

1.0380

Support

1.0225

1.0195

Published in Forex Articles

USD Dollar (USD) – The Dollar gained against most of the major currencies in Forex Trading after the Initial Jobless Claims came out 465k worse than expected 450k. The Existing Home Sales came out 4.13M better than expected 4.04M and trimmed part of the dollar gains. Stock Markets closed negative with Dow Jones losing -0.72% and NASDAQ fell by -0.32%. Crude Oil gained 0.6% and closed at 75$ a barrel. Gold (XAU) closed another positive day adding 0.3% and closed at 1292$ an ounce. Today, the Core Durable Goods are expected at 0.7% vs. -3.7% previously. The New Home Sales are expected at 290k vs. 276k previously.

EURO (EUR) – The Euro fell against the dollar after the macro data showed that the German Manufacturing PMI came out 55.3 worse than expected 57.8 and the Manufacturing PMI came out 53.6 also worse than expected 54.6. Holding above the 1.3240 support level keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3285 and with a high of 1.3414. Today, the German Ifo Business Climate Index is expected at 106.3 vs. 106.7 previously.

EUR/USD – Last: 1.3333

Resistance

1.3360

1.3440

Support

1.3305

1.3240


British Pound (GBP) – The Pound posted small gains against the dollar with another failed attempt to breach the 1.5730 resistance level and retreated again below the 1.57 zone. The BBA Mortgage Approvals came out 31.8K worse than expected 32.3k. Holding above the 1.56 support level keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5610 and with a high of 1.5740. No economic data is expected today.

GBP/USD - Last: 1.5670

Resistance

1.57

1.5730

Support

1.5600

1.5500


Japanese Yen (JPY) – The USD/JPY pair traded in very tight range fluctuating between the support level at 84.30 and bouncing to 84.70 resistances area as the banks in Japan were closed. Trading above the support level of 83.80 keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 84.25 and with a high of 84.66. No economic data is expected today.

USD/JPY-Last: 85.20

Resistance

85.25

85.90 


Support

84.70

84.30

Canadian dollar (CAD) – The U.S. dollar gained against Canada's dollar as reports in Europe and U.S. added to risk aversion of investors on concern of the stability of the global economic recovery. Breaching the 1.0350 resistance level might push the pair higher. Overall, USD/CAD traded with a low of 1.0283 and with a high of 1.0377. No economic data is expected today.

USD/CAD - Last: 1.0330

Resistance

1.0320

1.0350

1.0400

Support

1.0270

1.0220

 

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Which is the Best Forex Broker you have traded with?

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.

2. What is your experience and professional background?

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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