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Forex Daily News | Forex Articles | Forex Information
Monday, 24 October 2011 10:53

The USD slides versus most major currencies

USD Dollar (USD) – In forex trading, the US Dollar fell versus most major currencies on hopes that the European debt crisis is closer to being resolved. Rumors and headlines currently steer the market as traders try to predict the next step, which will be announced by European leaders. Wall Street finished strongly, with the NASDAQ gaining by 1.49% and the Dow Jones by 2.31%. Crude oil gained by 1.55% and closed at $87.40 a barrel. Gold (XAU) strengthened by 1.44%, closing at $1,635 an ounce. Today no major economic data is expected. 

Euro (EUR) – The Euro gained versus the US Dollar on Friday over optimism that European leaders are closer to an agreement on a plan to stop the debt crisis. The momentum of the EUR/USD is still bullish facing resistance at 1.3910. If this resistance is breached the pair could rally strongly. The support level, according the daily chart, is located at the 1.3670 level. Overall, the EUR/USD traded with a low of 1.3703 and with a high of 1.3900. Today, the French and German Manufacturing and Services PMI will be released. Industrial New Orders are expected to rise by 0.1%.

EUR/USD – Last: 1.3850

Resistance

1.3910

1.3980

1.4000

Support

1.3770

1.3720

1.3650

 

British Pound (GBP) – The British Pound rallied versus the US Dollar reaching a 6 week high after the Public Sector Net Borrowing showed a smaller deficit than expected. It came out at 11.4B better than the expected 12.0B. The trend for the pair remains bullish if it maintains its support level of 1.5850, but if the pair breaks that support it may reach the 1.5430 level again. Overall, the GBP/USD traded with a low of 1.5752 and a high of 1.5972. Today, MPC Member Paul Tucker will speak at the European Commission Conference in Brussels.

GBP/USD - Last: 1.5960

Resistance

1.6000

1.6040

1.6080

Support

1.5910

1.5850

1.5800

 

Japanese Yen (JPY) – The Yen reached its strongest level versus the Dollar since 1946 (Post World War 2) as speculation regarding further monetary easing by the Federal Reserve rose. Market participants speculated that the Japanese government will struggle to curtail the currency’s gains. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. The pair attempted to break below the support level of 76.00, but failed to remain below it. Today no major economic data is expected to come out from Japan.

USD/JPY - Last: 76.20

Resistance

76.60

77.00

77.20

Support

76.00

75.80

 

Canadian Dollar (CAD) The Canadian Dollar increased against the Greenback as Commodities rose following positive momentum in the markets bringing increased demand for higher yielding assets. The BOC will announce its interest rate decision tomorrow (Tuesday). The interest rate is expected to remain unchanged at 1% but rumors could affect the currency’s movement. The trend for the pair remains bearish with a strong resistance level of 1.0250, according to the daily chart. No economic data is expected today.

USD/CAD - Last: 1.0055

Resistance

1.0080

1.0150

1.0250

Support

1.0000

0.9950

0.9900

 

Published in Forex News
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Wednesday, 05 October 2011 18:33

USD falls against major currencies

USD Dollar (USD) – In forex trading,The US Dollar fell against most major currencies after Federal Reserve Chairman, Ben Bernanke, said that the central bank is ready do more to boost the economy. Bernanke is struggling to find ways to reduce unemployment, which is stuck at 9 percent and avert a second recession in three years after deploying unconventional stimulus tools. The US Dollar fell despite speculation that signs of economic slowdown will compel the European Central Bank to increase monetary stimulus at its meeting tomorrow. Wall Street closed positive as the NASDAQ rose by 2.95% and the Dow Jones rose 1.44% due to a report that European Union officials were examining ways to coordinate the recapitalization of banks and valuations at the cheapest level since 2009. Crude oil jumped for the first day in four by 2.00 and closed at $77.70 a barrel. Gold (XAU) fell by 1.86%, closing at $1,630 an ounce. Today, the ADP Non-Farm Employment Change is expected to grow by 76K vs. 91K previously, the ISM Non-Manufacturing PMI is expected to show 53.0 vs. 53.3 previously and Crude Oil Inventories are expected to grow by 1.0M vs. 1.9M previously.

Euro (EUR)–The Euro bounced off an 8 month low, finishing higher at 1.3290, amid speculation that Europe will recapitalize its banks to tame a debt crisis which threatens to curb economic growth. The Euro held its ground, despite Moody's announcement about downgrading Italy's government bond rating by three notches, from AA2 to A2, which meant that Italy’s credit rating was cut for the first time in almost two decades. There is concern that the government will struggle to reduce the region’s second-largest debt amid chronically weak growth.  Trading below the resistance level of 1.3480 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 1.3144 and with a high of 1.3368. Today, Retail Sales are expected to decline by -0.20% vs. 0.30% previously.

EUR/USD – Last: 1.3290

Resistance

1.3300

1.3350

1.3400

Support

1.3240

1.3190

1.3150

British Pound (GBP) – The British Pound strengthened against the Greenback as the Euro-region debt crisis stoked demand for comparatively safer assets and investors wait to hear whether the Bank of England will announce further monetary stimulus to revive the economy tomorrow. The trend for the pair remains bearish if it 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 1.5420 and with a high of 1.5582. Today, the Current Account is expected to decline by -10.4B vs. -9.4B previously, the Services PMI is expected to show 50.6 vs. 51.1 previously and the final GDP is expected to grow by 0.2% as previously.

GBP/USD - Last: 1.5435

Resistance

1.5500

1.5550

1.5600

Support

1.5420

1.5380

1.5340

Japanese Yen (JPY) – The US Dollar traded unchanged against the Japanese Yen after the pair did not succeed to break it resistance level of 77.00. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.  

USD/JPY - Last: 76.70

Resistance

76.80

77.00

77.20

Support

76.30

76.00


 

Canadian Dollar (CAD) – The Canadian Dollar fell on concern that the global economy is weakening after Federal Reserve Chairman Ben Bernanke said the U.S. central bank stands ready to take additional steps to boost growth. The trend for the pair will continue to remain bullish if the pair maintains its support level of 1.0350. Today, no economic data is expected.  

USD/CAD - Last: 1.0550

Resistance

1.0600

1.0680

1.0760

Support

1.0480

1.0400

1.0350

Published in UFX Bank Daily Review
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Tuesday, 04 October 2011 18:22

Crude Oil falls to $76.20, Gold rises to $1,661

USD Dollar (USD) – In forex trading, the USD Dollar (USD) strengthened against most major currencies as concern about Europe’s debt crisis overshadowed higher-than-estimated U.S. economic data. Treasury bonds rallied as the Federal Reserve bought longer-term debt. At the same time, the ISM Manufacturing PMI in the U.S. came out at 51.60 vs. the forecast 50.50. The ISM shows the economy is growing slowly, but not going into a recession. Wall Street closed negative as the NASDAQ fell by 3.29% and the Dow Jones declined by 2.36% due to high concern over the Greek debt crisis and Bank of America Corp. Crude oil fell by 2.68%, the lowest level in more than a year and closed at $76.20 a barrel on concern that Greece will default on debt payments, leading to slower global economic growth and lower fuel consumption. Gold (XAU) trade rose by 1.90%, closing at $1,661 an ounce. Today, Fed Chairman Bernanke is expected to speak and Factory Orders are expected to grow by 0.20% vs. 2.40% previously.

Euro (EUR)–The Euro fell to a 10-month low against the U.S Dollar and to more than a decade low against the Yen as risk aversion intensifies and stocks extend losses on Wall Street. In addition, the incoming European Central Bank President, Mario Draghi, said a lack of confidence may be among the reasons for lenders’ “funding problem". Trading below the resistance level of 1.3480 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 1.3162 and with a high of 1.3380. Today, ECB President Trichet is expected to speak.

EUR/USD – Last: 1.3195

Resistance

1.3220

1.3300

1.3400

Support

1.3150

1.3080

1.3000

British Pound (GBP) – The British Pound fell for a second day against the Greenback after traders judged a surprise expansion of U.K. manufacturing as insufficient to keep the Bank of England from providing further stimulus for the economy. The trend for the pair remains bearish if it 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 1.5420 and with a high of 1.5582. Today, the Halifax HPI is expected to grow by 0.30% vs. -1.20% previously and the Construction PMI is expected to show 51.70 vs. 52.60 previously.

GBP/USD - Last: 1.5430

Resistance

1.5500

1.5550

1.5600

Support

1.5420

1.5380

1.5340

Japanese Yen (JPY) – The US Dollar fell against the Japanese Yen after the Bank of Japan said today that its’ quarterly Tankan Index of Sentiment increased to 2 in September from minus 9 in June. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.  

USD/JPY - Last: 76.70

Resistance

76.80

77.00

77.20

Support

76.30

76.00


 

Canadian Dollar (CAD)The Canadian Dollar fell the most since October 2008 as Europe’s finance leaders prepared to weigh the risk of a Greek debt default. As a result Canadian stocks fell, led by energy companies and banks. 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: 1.0550

Resistance

1.0600

1.0680

1.0760

Support

1.0480

1.0400

1.0350

Published in UFX Bank Daily Review
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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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Tuesday, 27 September 2011 17:49

GBP and JPY Make Gains Against the USD

USD Dollar (USD) – In forex trading, the US Dollar weakened for the first time in four days against the other major currencies as speculation increased that European leaders will do what is necessary to stem the region’s sovereign debt crisis. In addition, New Homes Sales data fell to a six month low, at 295K vs. 302K, which led investors to prefer other assets for investment. Wall Street closed bullish as the NASDAQ increased by 1.35% and the Dow Jones was down by 2.53% respectively. Crude oil strengthened for the first time in 4 days and rose by 0.5%, closing at $80.24 a barrel. Gold (XAU) weakened by 2.7% and finished at $1594.80 an ounce. Today, the CB Consumer Confidence is expected to rise from 44.5 to 46.

Euro (EUR) – The Euro succeeded in closing higher after weakening during the day against the US Dollar. An official reported that the European Central Bank may restart covered bond purchases, along with further measures to ease monetary conditions. The German IFO Business Climate released better data than forecasted at 107.5 vs. 107.0, which also pushed the Euro higher. The EUR/USD’s momentum remains bearish as long as the pair is trading below the 1.3620 level, if the pair breaks up at this level the Euro could continue to rise to the 1.3700 level. Overall, the EUR/USD traded with a low of 1.3362 and with a high of 1.3542. Today the GFK German Consumer Climate is expected to be at 5.1K vs. 5.2K previously.

EUR/USD - Last: 1.3536

Resistance

1.3565

1.3720

1.3800

Support

1.3460

1.3360

British Pound (GBP) – The British Pound advanced against the US Dollar after Bank of England policy maker, Ben Broadbent, said that inflation expectations remain under control, causing relief about economic growth in the UK. The weakness of the US Dollar contributed to the gain in the British Pound. As long as the GBP\USD is trading above the 1.5500 level, the British Pound may continue to rise and the next resistance level on the four hour chart is at the 1.5750 level. Overall, the GBP/USD traded with a low of 1.5432 and with a high of 1.5570. Today, CBI Realized Sales are expected to remain at the -14 level.

GBP/USD - Last: 1.5571

Resistance

1.5595

1.5685

1.5745

Support

1.5490

1.5420

1.5330

Japanese Yen (JPY) – The Yen strengthened versus the US Dollar as the negative momentum of the US Dollar against other major pairs contributed to the gain in the Yen. The USD/JPY is still struggling with the 76.50 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 still located at the 76.00 level. Overall, the USD/JPY traded with a low of 76.22 and with a high of 76.76. No economic data needs to be published.

USD/JPY - Last: 76.32

Resistance

77.00

77.70

79.40

Support

76.00

 

Canadian dollar (CAD) – The Canadian Dollar erased losses as stock markets and oil climbed, with higher yielding assets emerging more attractive than the US Dollar. As long as the pair is trading above the 1.0180 level, the US Dollar remains positive. The Moving Average Indicator on the daily chart continues to support a bullish trend and the next resistance on the one hour chart is located at the 1.0400 level. Overall, the USD/CAD traded with a low of 1.0249 and with a high of 1.0385. No economic data needs to be published.

USD/CAD - Last: 1.0238

Resistance

1.0325

1.0385

Support

1.0185

0.9940

 

 

Published in Forex News
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Monday, 26 September 2011 15:34

GBP, CAD and EUR Weaken Against the USD

USD Dollar (USD) – In forex trading, the US Dollar continued with its bullish trend against the other major currencies as the Fed saw “significant downside risks” to the U.S. economy and the European debt crisis, which continued to top the news headlines. This led investors to stick with the US Dollar as a refuge investment .Wall Street closed bullish after dropping three days as NASDAQ increased by 1.12% and Dow Jones by 0.35% respectively. Crude oil weakened by 0.5%, and closed at $80.5 a barrel. Gold (XAU) plunged by 6.0% as investors sold the precious metal to cover losses on other assets and finished at $1632 an ounce. Today, New Home Sales are expected to be 293K vs. 298K previously.

Euro (EUR) – The Euro erased some losses against the US Dollar as European officials announced that they would be taking steps to prevent further debt contagion in the Euro region. The EUR/USD’s momentum is bearish as long as the pair remains below the 1.3800 level, the next support level on the daily chart is at the 1.3400 level; with the RSI indicator in a negative range, which means that the Euro might continue to decrease. Overall, EUR/USD traded with a low of 1.3418 and with a high of 1.3567. Today, the German IFO Business Climate is expected to decline from 108.7 to 106.80.

EUR/USD – Last: 1.3416

Resistance 1.3570 1.3745 1.3800
Support 1.3415

British Pound (GBP) – The British Pound fell for a third consecutive day against the US Dollar amid speculation that the Bank of England will respond to slowing global economic growth after saying it may buy more bonds to keep borrowing costs capped. As long as the GBP\USD is trading below the 1.5860 level, the trend of the British Pound is still negative. The next support level on the daily chart is at the 1.5350 level, if the pair breaks below this level the British Pound might slump to the 1.5120 level. Overall, the GBP/USD traded with a low of 1.5359 and with a high of 1.5491. No economic data needs to be published.

GBP/USD - Last: 1.5455

Resistance 1.5490 1.5635 1.5755
Support 1.5385 1.5325  

 

Japanese Yen (JPY) – The Yen fluctuated against the major pairs on Friday during a positive day for the stock market and for the US Dollar, which caused inconsistency in the Yen. The USD/JPY is struggling at the 76.50 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 the 76.00 level. Overall, the USD/JPY traded with a low of 76.15 and with a high of 76.88. No major news needs to be published.

USD/JPY-Last: 76.40

Resistance 77.00 77.72
Support 76.10

 

Canadian dollar (CAD) – The Canadian Dollar weakened versus the US Dollar during a positive range for the US Dollar worldwide. This is tied to the weak closing of oil on Friday, which affected the Canadian Dollar. As long as the pair is trading above the 1.0100 level, the trend of the US Dollar is strongly positive. The Moving Average Indicator on the daily chart supports a bullish trend and the next resistance on the daily chart is located at the 1.0355 level. Overall, the USD/CAD traded with a low of 1.0224 and with a high of 1.0348. No economic data needs to be published.

USD/CAD - Last: 1.0328

Resistance 1.0360
Support 1.0225 1.0110 0.9950
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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