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Forex Daily News | Forex Articles | Forex Information
UFXBank Research Team

UFXBank Research Team

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

 

Read more...
Wednesday, 19 October 2011 10:09

Crude Oil increases by 2.3%, Gold declines by 1.40%

USD Dollar (USD) – In forex trading, the US Dollar weakened against most major currencies after Germany and France said that they would boost the size of the European rescue fund. There was a positive close in the stock markets in the US following better than estimated results from Bank of America Corp, supporting higher yielding assets. Wall Street closed positive as the NASDAQ increased by 1.63% and the Dow Jones by 1.58% respectively. Crude Oil rose by 2.3%, the highest level in 4 weeks, closing at $88.34 a barrel. Gold (XAU) weakened by 1.40%, finishing at $1652.80 an ounce. Today, Building Permits are expected to reach 0.61M vs. 0.63M previously. The CPI is expected to be at 0.3% vs. 0.4% previously and the Core CPI is expected to remain at 0.2%. The Beige Book is expected to be released today.

Euro (EUR) – The Euro fluctuated against the US Dollar after Moody’s Investors Service cut Spain’s government bond ratings, fueling concern about the spread of the region’s debt crisis. The encouraging announcement from Germany and France about increasing the size of the aid package, led the pair to be volatile and bullish. In addition, the German ZEW Economic Sentiment came out worse than expected at -48.3 vs. -44.8 previously. The EUR/USD’s momentum continues to be bearish below the 1.3810 level, the next support level on the one hour chart is located at the 1.3680 level and breaking this level will probably cause the pair to decline toward the 1.3600 level. Overall, the EUR/USD traded with a low of 1.3652 and with a high of 1.3817. Today, the Current Account is expected at -7.3B vs.-12.9B previously.

EUR/USD – Last: 1.3798

Resistance

1.3833

1.3915

Support

1.3725

1.3650

British Pound (GBP) – The British Pound weakened versus the US Dollar, reversing an earlier gain, after inflation accelerated to match a record high in September. The CPI was released at 5.2% vs. 4.5% previously. The GBP\USD’s positive trend has been halted after breaking the1.5800 level and if the pair breaks up at the 1.5800 level, then the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5631 and with a high of 1.5821. Today, the MPC Meeting Minutes are expected to be released.

 

GBP/USD - Last: 1.5737

Resistance

1.5784

1.5820

1.5850

Support

1.5700

1.5630

Japanese Yen (JPY) – The Yen traded with a very narrow range against the US Dollar, remaining within the 76.50 - 77.50 level. As long as the pair remains between these levels the trend remains unclear. Overall, the USD/JPY traded with a low of 76.63 and with a high of 76.91. No economic news is expected to be published

USD/JPY- Last: 76.68

Resistance

76.90

77.20

77.45

Support

76.60

76.40

 

Canadian dollar (CAD)  – The Canadian Dollar rose against the US Dollar as stocks and Crude Oil, (Canada’s largest export), strengthened due to optimism on the market following the declaration by Germany and France.  As long as the pair is trading below the 1.0200 level, the US Dollar’s momentum is on hold. The Moving Average Indicator on the one hour chart supports a negative trend for the US Dollar and the next support level is located at the 1.0050 level. Overall, the USD/CAD traded with a low of 1.0111 and with a high of 1.0263. Today, the Leading Index is expected to rise from 0.0% to 0.2%.

USD/CAD - Last: 1.0118

Resistance

1.0180

1.0270

1.0325

Support

1.0090

1.0040

 

 

Read more...
Wednesday, 19 October 2011 10:09

Crude Oil increases by 2.3%, Gold declines by 1.40%

USD Dollar (USD) – In forex trading, the US Dollar weakened against most major currencies after Germany and France said that they would boost the size of the European rescue fund. There was a positive close in the stock markets in the US following better than estimated results from Bank of America Corp, supporting higher yielding assets. Wall Street closed positive as the NASDAQ increased by 1.63% and the Dow Jones by 1.58% respectively. Crude Oil rose by 2.3%, the highest level in 4 weeks, closing at $88.34 a barrel. Gold (XAU) weakened by 1.40%, finishing at $1652.80 an ounce. Today, Building Permits are expected to reach 0.61M vs. 0.63M previously. The CPI is expected to be at 0.3% vs. 0.4% previously and the Core CPI is expected to remain at 0.2%. The Beige Book is expected to be released today.

Euro (EUR) – The Euro fluctuated against the US Dollar after Moody’s Investors Service cut Spain’s government bond ratings, fueling concern about the spread of the region’s debt crisis. The encouraging announcement from Germany and France about increasing the size of the aid package, led the pair to be volatile and bullish. In addition, the German ZEW Economic Sentiment came out worse than expected at -48.3 vs. -44.8 previously. The EUR/USD’s momentum continues to be bearish below the 1.3810 level, the next support level on the one hour chart is located at the 1.3680 level and breaking this level will probably cause the pair to decline toward the 1.3600 level. Overall, the EUR/USD traded with a low of 1.3652 and with a high of 1.3817. Today, the Current Account is expected at -7.3B vs.-12.9B previously.

EUR/USD – Last: 1.3798

Resistance

1.3833

1.3915

Support

1.3725

1.3650

British Pound (GBP) – The British Pound weakened versus the US Dollar, reversing an earlier gain, after inflation accelerated to match a record high in September. The CPI was released at 5.2% vs. 4.5% previously. The GBP\USD’s positive trend has been halted after breaking the1.5800 level and if the pair breaks up at the 1.5800 level, then the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5631 and with a high of 1.5821. Today, the MPC Meeting Minutes are expected to be released.

 

GBP/USD - Last: 1.5737

Resistance

1.5784

1.5820

1.5850

Support

1.5700

1.5630

Japanese Yen (JPY) – The Yen traded with a very narrow range against the US Dollar, remaining within the 76.50 - 77.50 level. As long as the pair remains between these levels the trend remains unclear. Overall, the USD/JPY traded with a low of 76.63 and with a high of 76.91. No economic news is expected to be published

USD/JPY- Last: 76.68

Resistance

76.90

77.20

77.45

Support

76.60

76.40

 

Canadian dollar (CAD)  – The Canadian Dollar rose against the US Dollar as stocks and Crude Oil, (Canada’s largest export), strengthened due to optimism on the market following the declaration by Germany and France.  As long as the pair is trading below the 1.0200 level, the US Dollar’s momentum is on hold. The Moving Average Indicator on the one hour chart supports a negative trend for the US Dollar and the next support level is located at the 1.0050 level. Overall, the USD/CAD traded with a low of 1.0111 and with a high of 1.0263. Today, the Leading Index is expected to rise from 0.0% to 0.2%.

USD/CAD - Last: 1.0118

Resistance

1.0180

1.0270

1.0325

Support

1.0090

1.0040

 

 

Read more...
Tuesday, 18 October 2011 10:40

The Euro and GBP decline against the USD

USD Dollar (USD) – In forex trading, the US Dollar rose against the major currencies as global stocks and commodities remain lower after Germany’s declaration about Europe’s debt crisis, which stated that there’s no quick fix to the crisis. This led investors to prefer the US Dollar as a safe haven investment. Wall Street closed negative as the NASDAQ decreased by 1.98% and the Dow Jones by 2.13% respectively. Crude oil weakened by 0.5%, closing at $86.38 a barrel. Gold (XAU) declined by 0.52%, finishing at $1671.83 an ounce. Today, the PPI is expected to strengthen from 0.0% to 0.2%. TIC Long Term Purchases are expected to rise from 9.5B to 27.8B and the Federal Chairman Bernanke is expected to speak.

Euro (EUR) – The Euro weakened against the US Dollar as Germany signaled that Europe may take longer to contain its sovereign debt crisis. This put on hold investments into higher yielding assets. The EUR/USD’s momentum became bearish after breaking the 1.3850 level, the next support level on the one hour chart is located at the 1.3700 level. The RSI indicator is trading within the negative range, which supports a downtrend. Overall, the EUR/USD traded with a low of 1.3724 and with a high of 1.3914. Today, the German ZEW Economic Sentiment is expected to be -44.8 vs. -43.3 previously and the ZEW Economic Sentiment is at -45.1 vs.-44.6 previously.

EUR/USD -  Last: 1.3773

Resistance

1.3800

1.3835

1.3900

Support

1.3725

1.3685

1.3590

British Pound (GBP) – The British Pound weakened versus the US Dollar following Germany’s comments about Europe’s sovereign debt crisis. The GBP\USD’s trend has been halted and if the pair breaks up at the1.5800 level, the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5731 and with a high of 1.5847. Today, the CPI is expected to rise from 4.5% to 4.9% and the Core CPI is expected to be at 3.2% vs. 3.1% previously. The BOE Governor King is expected to speak.

GBP/USD - Last: 1.5803

Resistance

1.5820

1.5855

Support

1.5735

1.5665

1.5540

Japanese Yen (JPY) – The Yen rallied against the major currencies as risk appetite remains low, which led investors to stick with the Yen as a refuge currency. The USD/JPY still remains within the 76.50 - 77.50 level and as long as the pair remains between these levels the trend continues to be unclear. Overall, the USD/JPY traded with a low of 76.61 and with a high of 77.45. No economic data is expected today.

USD/JPY-Last: 76.81

Resistance

77.00

77.20

77.40

Support

76.60

76.40

 

Canadian dollar (CAD) – The Canadian Dollar weakened versus the US Dollar on declines in stocks and Crude Oil, which caused the US currency to be more attractive as a refuge currency. As long as the pair is trading above the 1.0200 level the US Dollar continues to be the favorite. The Moving Average Indicator on the one hour chart supports a bullish trend as well. The next resistance level on the one hour chart is located at the 1.0280 level. Overall, the USD/CAD traded with a low of 1.0043 and with a high of 1.0239. No economic data is expected today.

USD/CAD - Last: 1.0216

Resistance

1.0240

1.0275

1.0330

Support

1.0180

1.0130

1.0050

Read more...
Monday, 17 October 2011 10:29

The Euro rallies against the USD and JPY

USD Dollar (USD) – In forex trading, the USD Dollar (USD) weakened versus most majors as investors shifted away from safe haven currencies into higher yielding assets. Stronger than expected Retail Sales (1.1% vs 0.5%) and increased speculation on the resolution of the European debt crisis spurred investors towards riskier assets. Wall Street gained strongly as the NASDAQ rose by 1.82% and the Dow Jones gained by 1.45%, posting the best weekly performance since July 2009. Crude Oil bounced by 3.62% and closed at $87.28 a barrel. Gold (XAU) gained by 0.76%, closing at $1,680.70 an ounce. Today, the Empire State Manufacturing Index is expected at -3.9 versus -8.8 previously and Industrial Production is expected unchanged at 0.2%.

Euro (EUR) – The Euro rallied versus the US Dollar and the Japanese Yen, as expectations regarding the possibility of solving the European debt crisis rose. The G20 meeting over the weekend urged the Eurozone to finalize the aid plan to recapitalize its banks and end the Greek Debt crisis within a week. The EUR/USD rallied for the past 2 weeks but it is facing major resistance levels near 1.40. Overall, the EUR/USD traded with a low of 1.3722 and with a high of 1.3893. No economic data is expected today.

EUR/USD – Last: 1.3840

Resistance

1.3900

1.4000

1.4050

Support

1.3825

1.3750

1.3715

British Pound (GBP) – The British Pound rose versus the US Dollar following optimism regarding the European debt crisis. The trend for the pair will remain bullish if it maintains its support level of 1.57, but if the pair breaks that support it may resume its downtrend. Overall, the GBP/USD traded with a low of 1.5720 and with a high of 1.5851. No economic data is expected today.

GBP/USD - Last: 1.5790

Resistance

1.5850

1.5900

1.5950

Support

1.5770

1.5720

1.5660

Japanese Yen (JPY) – The Yen declined versus the US Dollar and other majors as investors turned towards higher yielding assets over expectations that the European debt crisis is close to a solution. Technically, the USD/JPY is trading within a narrow range between 77.50 and 76 with no clear trend. No economic data is expected today.

USD/JPY - Last: 77.17

Resistance

77.50

77.80

78.00

Support

76.80

76.10


 

Canadian Dollar (CAD) The Canadian Dollar gained versus the US Dollar as commodity-linked currencies rallied after stronger than expected retail sales in the US and more signs of global growth. The USD/CAD is on a strong decline and is near oversold conditions according to the 4 hour RSI. Today, Foreign Securities Purchases is expected at 9.23B versus 11.78B previously. The Bank of Canada will release its quarterly Business Outlook Survey.

USD/CAD - Last: 1.0097

Resistance

1.0125

1.0155

1.0225

Support

1.0080

1.0050

1.0000

Read more...
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

Read more...
Monday, 10 October 2011 17:26

GBP and Euro Rise against the USD

USD Dollar (USD) – In forex trading, the US Dollar fell versus most of the majors after better than expected Payrolls data lowered risk aversion and caused investors to prefer higher yielding assets. Non Farms Payrolls came out with a 103K increase from 57K last month and a 55K forecast. Wall Street couldn’t sustain early gains and finished in the red as the NASDAQ declined by 1.1% and the Dow Jones declined by 0.18%. Crude oil gained by 0.11% and closed at $83.07 a barrel. Gold (XAU) weakened by -0.76%, closing at $1,636.10 an ounce. Today is Columbus Day, a Bank Holiday in the USA and low liquidity and irregular volatility are expected.

Euro (EUR) – The Euro strengthened versus the US Dollar after French and German leaders pledged to deliver a plan in three weeks to recapitalize banks and reiterated their intention to keep Greece within the Euro. This occurred, despite Fitch Ratings cutting Italy’s rating to A+ from AA- and Spain’s rating from AA+ to AA-. Additionally, Portugal is expected to become the next country to be downgraded. Trading below the resistance level of 1.3500 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 1.3360 and with a high of 1.3524. Today, the German Trade Balance is expected at 9.8B versus 10.10B previously and the French and Italian Industrial Production will be released.  

EUR/USD – Last: 1.3460

Resistance

1.3500

1.3525

1.3570

Support

1.3410

1.3350

1.3280

British Pound (GBP) – The British Pound gained versus the US Dollar after better than expected Payrolls data in the U.S spurred demand for higher yielding assets. The Pound retraced most of its gains later during the trading session. MPC Member, Weale, said on Sunday that the Bank of England is likely to increase asset purchases even further than the 275 Billion Pounds, which was announced on Thursday. 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 1.5422 and with a high of 1.5645. No economic data is expected today.

GBP/USD - Last: 1.5610

Resistance

1.5670

1.5730

1.5780

Support

1.5580

1.5550

1.5500

Japanese Yen (JPY) – The Yen finished lower versus the US Dollar and most majors after better than expected Non Farm Payrolls in the US spurred investors toward higher yielding assets. The Bank of Japan made no changes in its monetary policy by leaving rates unchanged, and stated that there is an increasing risk of a global slowdown. 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. Today is a Bank Holiday in Japan which can lead to abnormally low or high volatility. 

USD/JPY - Last: 76.80

Resistance

77.00

77.20

77.80

Support

76.60

76.30

76.00

 

Canadian Dollar (CAD) The Canadian Dollar finished unchanged versus the US Dollar on Friday. The Employment Change was 60.9K better than the expected 15.2K and the Unemployment Rate was also better than expected with 7.1% versus 7.3%. Positive economic data caused the Canadian Dollar to strengthen to a one-week high versus the U.S Dollar, but a 103K in Non Farm Payrolls helped the US Dollar bounce back. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0280. Today is a Bank Holiday in Canada in observance of Thanksgiving Day and the market is expected to be low on liquidity which could lead to abnormal volatility.   

USD/CAD - Last: 1.0340

Resistance

1.0400

1.0450

1.0480

Support

1.0320

1.0280

1.0240

Read more...
Thursday, 06 October 2011 17:16

Crude Oil Rises by 5.3% as Gold increases by 1.6%

USD Dollar (USD) – In forex trading, the US Dollar fell against most major currencies as the appetite for riskier assets increased and investors preferred to purchase higher yielding assets over the Greenback. The ADP Non-Farm Employment Change data came out at 91k better than the expected 76k and triggered the Stock Markets to rally, with the Dow Jones appreciating by 1.21% and the NASDAQ by 2.32%. Crude Oil soared by 5.3% after Stocks showed a drop of -4.7M and Crude Oil closed at $79.60  a barrel. Gold (XAU) also joined the positive trend and increased by 1.6% to close to $1641 an ounce. Today, Unemployment Claims are expected at 411k vs. 391k previously.

Euro (EUR) – The Euro rose against most currencies and was firm against the US Dollar amid optimism about a possible solution to the debt crisis; after Germany said that the bailout fund can be used to recover struggling banks. Retail Sales came out -0.3% worse than the expected -0.2%. 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 1.3260 and with a high of 1.3383. Today, the Interest Rate Decision is expected to remain unchanged at 1.5%. Soon after, the ECB Press Conference is expected, and it might determine further trends for the European Currency.

EUR/USD – Last: 1.3331

Resistance

1.3350

1.3400

1.3460

Support

1.3300

1.3240

1.3150

British Pound (GBP) – The British Pound fell against the US Dollar on speculation that the Bank of England will encourage its program of bond purchases, or Quantitative Easing, at the policy meeting which is expected today. The GBPUSD pair made several attempts to breach the 1.5490 level but failed and remained capped. The Services PMI came out at 52.9, better than the expected 50.6. 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 1.5393 and with a high of 1.5492. Today, the Interest Rate Decision is expected to remain unchanged at 0.5%. Soon after, the MPC Rate Statement is expected, and it might determine further trends for the Cable.

GBP/USD - Last: 1.5425

Resistance

1.5490

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 its 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: 76.73

Resistance

76.80

77.00

77.20

Support

76.55

76.30

76.10


Canadian Dollar (CAD)
– The Canadian Dollar gained for a second day against the Greenback as an improvement in market sentiment weakened the US Dollar across the board and Black Gold prices soared, supporting the Loonie. Holding below the resistance area of 1.0500 keeps the momentum bearish for the pair. Overall, the USD/CAD traded with a low of 1.0394 and with a high of 1.0569. Today, the Building Permits are expected at 0.6% vs. 6.3% previously. The Ivey PMI is expected at 58.2 vs. 57.6 previously. 

USD/CAD - Last: 1.0425

Resistance

1.0480

1.0570

1.0650

Support

1.0370

1.0280

1.0200

 

Read more...
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

Read more...
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

Read more...
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