| Chart Of The Day: USD/CAD October 9, 2009 at 5:36 am |
| Price action on USD/CAD, a daily chart of which is shown, has broken down decisively below its previous consolidation, continuing the downtrend in the pair that has been in place since the long-term high was reached in early March. This occurs in an environment where the U.S. dollar has been... |
| EUR/USD Settles above Thursday Lows Following French IP October 9, 2009 at 4:55 am |
| The EUR/USD is settling above Thursday lows and our 3rd tier uptrend line after pulling back from Thursday highs. Much better than expected French Industrial Production data is helping buoy the Euro after investors decided to lock in profits earlier. The outperformance of French versus German econ data stems from... |
| GBP/USD Heads Below 1.60 After Failing to Cross 9/30 Highs October 9, 2009 at 4:54 am |
| The Cable is moving lower today at a brisk pace after failing to eclipse 9/30 highs and our 4th tier downtrend line. The Cable has proceeded to pullback towards 10/7 lows as the FX markets experience a broad-based appreciation of the Dollar. The GBP/USD's inability to climb past the aforementioned... |
| USD/JPY Pops Amid Broad-Based Dollar Strength October 9, 2009 at 4:51 am |
| The USD/JPY is popping nicely above October lows after Core Machinery Orders data came in lighter than analyst expectations. Broad-based Dollar strength is only helping the USD/JPY head higher as we recognize pullbacks in both the GBP/USD and EUR/USD. Hence, investors are still a bit cautious despite the optimism resulting... |
| $ Waves Goodbye To Support October 9, 2009 at 3:32 am |
| The U.S. dollar was higher against the majors during the Asia session, when the China advanced for almost 5%, Nikkei for less than 2% while HSI finished the session around the zero. The main reason for China gains was in the U.S. stock market rally that has started already on... |
| FX Thoughts for the Day October 9, 2009 at 2:21 am |
| Cable has fallen sharply during the day. It has immediate Support at 1.5916-10 and Resistance in the region 1.6000-30. If this Resistance is honoured, expect a fall towards 1.5850-30 during the US session. The Projected Max High and Low for the day is at 1.6088 and 1.5916 respectively. In the... |
| GBPUSD: Price Stall To Target The 1.5768 Level October 9, 2009 at 1:58 am |
| The pair's recovery higher has stalled at the 1.6118 level and it is now turning back lower in early trading today. With its Thursday gains now being wiped out, GBP is presently facing downside pressure towards the 1.5768 level with a loss of there turning focus lower to the 1.5500... |
| EURUSD: Backs Off The 1.4816 Level October 9, 2009 at 1:57 am |
| Weakness in early trading today has seen the pair taking back part of recent recovery after trading higher to close at 1.4772 level on Thursday. That leaves immediate risk to the downside with its Oct 07'09 low at 1.4649 level being the next support. A violation of that level will... |
| Technical Analysis Daily: USD/JPY October 9, 2009 at 12:21 am |
| Dollar/Yen traded hesitantly on Thursday. After reaching the 88.16 bottom, the currency couple started rising up to the 88.65 top, closing the day at 88.38. This morning climbing continued towards the upper limit of the downward channel at 89.35, which for now does a good job holding bullish movements. If... |
| Daily FX Report October 8, 2009 at 11:30 pm |
| The weak USD has also lost against the JPY. It already tried since the end of September to break the lower line of the Fibonacci fan. After it touched the 88.25 support level twice, it pulled back and reached repeatedly the lower line of the fan. According to the MACD... |
| Currency Technical Report October 8, 2009 at 11:25 pm |
| Euro moved towards our first targets at 1,4800-20, confirming our basic scenario, and then formed a correction, testing 1.4700 area as support. A sideways formation between 1,4600-50 and 1,4800-50 area, would be a possible scenario. We should also mention that gold, crude oil and stock indices have also reached important... |
| Foreign Exchange Market Commentary October 8, 2009 at 10:58 pm |
| EUR/USD closed higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, September's high crossing is... |
| USD Looking Dominant Against Ineffective Yen October 8, 2009 at 10:49 pm |
| The dollar rose the most in two months against the yen as Federal Reserve Chairman Ben S. Bernanke said the bank is ready to tighten monetary policy once the economy improves, increasing the appeal of U.S. assets. The yen dropped against 15 of its 16 most-traded counterparts after Japan's machinery... |
| Technical Analysis Daily: GBP/USD October 8, 2009 at 10:05 pm |
| Pound/Dollar attempt to decrease yesterday, reaching a bottom at 1.5950, from which point the Cable rose sharply to the 1.6111 peak, closing the day at 1.6068. Last week's volatile but indecisive market indicates consolidation, reflected in the formed triangle on the 3 hour chart. Our preferably scenario for now is... |
| Forex Technical Analysis October 8, 2009 at 9:54 pm |
| EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523. |
| Forex Technical Analytics October 8, 2009 at 9:06 pm |
| Short positions opened and saved before had positive result of overlap of minimal estimated target. OsMA trend indicator, having marked relative activity rise of both parties does not clarify the choice of planning priorities for today. Therefore, keeping to the suppositions of rate range movement and considering bullish development incompleteness... |
| Forex Technical Update October 8, 2009 at 8:58 pm |
| EURO had a moderate bullish momentum yesterday . The pair is now trading above the trendline resistance indicating bullish pressure still able to maintain it's momentum. Technically in nearest term the bias is bullish testing 1.4720 – 1.4850 area. However please note that in longer term perspective, the rejection to... |
| FX Technical Analysis October 8, 2009 at 8:33 pm |
| EURUSD Comment: Stalling just ahead of this year's high at 1.4845 and a potential small 'double top'. This suggests another week or two of consolidation which would allow the Ichimoku 'cloud' and trendline support to move closer to the Euro. Until the Euro manages a daily (and preferably weekly) close... |
| Daily Technical Outlook October 8, 2009 at 8:12 pm |
| Cable managed to recover some of its recent gains but the 1.6100-1.6130 resistance region has limited yesterday's gains. Current pullback into the 1.6000 zone could be corrective only, therefore uptrend may resume. A break above 1.6100/30 would confirm the short-term uptrend's resumption so keep an eye on that region. Current... |
| Technical Analysis for Crosses October 8, 2009 at 8:07 pm |
| The pair inclined aggressively, approaching the detected technical target of yesterday's analysis-check it here-. Thus; the previous discussed upside corrective rally towards the broken neckline of our captured daily double top around 147.00 zones has been activated. The daily candlestick formation in addition to the positive sign appearing on RSI... |
| Technical Analysis for Major Currencies October 8, 2009 at 7:57 pm |
| The Euro versus the Dollar neared our initial suggested target at 1.4845, before reversing back to the downside towards the key support for the minor channel at 1.4725. The stochastic indicator is still providing bearish signs, which may result in declines yet we believe the pair is to incline on... |
| Technical Analysis Daily: EUR/USD October 8, 2009 at 7:18 pm |
| On Thursday Euro/Dollar continued the ascending movement, reaching a peak at 1.4816, and closing the day at 1.4793. On the 3 hour chart 1.4815 is a key strong resistance at this stage. Short term signals are neutral for now, and some insignificant downward correction should not come unexpected today, with... |
| The Daily Forecaster: AUDUSD October 8, 2009 at 7:16 pm |
| The underlying MT direction is bullish while the daily bias is neutral. This may indicate price consolidation or an unclear wave structure that needs confirmation. Note key MT support & resistance levels that may break the MT trend or would suggest a resumption of the move higher. It is very... |
| Market Morning Briefing October 8, 2009 at 5:29 pm |
| A bit of profit-taking hits non-Dollar currencies. The Euro (1.4705) has dipped a bit from yesterday's high near 1.4818. The Aussie (0.9028) remains overall strong, although a little lower than yesterday's high of 0.9095. Dollar-Yen (89.15) has seen a decent bounce today, up from a low of 88.00 seen on... |
| Daily Technical Analysis October 8, 2009 at 4:41 pm |
| The GBPUSD had a bullish momentum yesterday. On h4 chart below we can see that the triangle has been violated to the upside indicating potential bullish view. Price now traded lower after topped at 1.6120, around 1.6057 at the time I wrote this comment. As long as the pair able... |
| FX Technical Commentary October 8, 2009 at 3:47 pm |
| Euro 1.4772 Initial support at 1.4581 (Oct 5 low) followed by 1.4467 (Oct 2low). Initial resistance is now located at 1.4844 (Sept 23 high) followed by 1.4908 (August 22 '08 high) | |
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| (ECB) Press Conference Introductory Statement 8 October 2009 October 8, 2009 at 3:34 am |
| On the basis of its regular economic and monetary analyses, the Governing Council decided to leave the key ECB interest rates unchanged. The current rates remain appropriate. The incoming information and analyses since our last meeting in early September have confirmed our previous assessment. While annual HICP inflation was still... | | | |
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| Aussie Highs Impact by Positive Data and Gold October 8, 2009 at 7:59 am |
| The U.S. dollar is lower across the board driven by a higher stock market. In Asia the Nikkei closed higher by 0.34%, while the HIS (Hong Kong) rose more than 1%, influenced by previous positive Wall Street trade. The similar picture was shown in the European session, where the German... |
| Cable, Potential for Week or 2 of Sharp Gains... October 8, 2009 at 4:45 am |
| Nearer term, the market is consolidating from the late Sept low (and test of the neckline of the large head and shoulders near 1.5800), and as mentioned, there is scope for a few weeks of gains (potentially sharp) with the multi-month topping pattern. Note too that this fits the broader... |
| AUDUSD: Clears The 0.8950/0.9000 Levels October 8, 2009 at 4:43 am |
| Building on its Wednesday momentum, AUDUSD broke higher today through its key resistance levels at the 0.8950 and 0.9000 levels. Maintaining and closing above these levels will keep its medium term upside offensive intact and open the door for additional incursions towards the its Aug 03'08 high at 0.9344 level... |
| USD/JPY Consolidates Above Tuesday Lows October 8, 2009 at 4:06 am |
| The USD/JPY is retrenching above 10/27 and 9/28 lows as gold and the AUD/USD begin to top out. However, the GBP/USD and EUR/USD are strengthening today, normally a negative catalyst for the USD/JPY. The USD/JPY appears to be on a path of its own for right now since investors are... |
| GBP/USD Bounces Past 1.60 on Broad-Based Dollar Weakness October 8, 2009 at 4:05 am |
| The Cable finally decided to participate with the gold rush and broad-based weakness of the Dollar. The GBP/USD popped above the psychological 1.60 level and 10/6 highs. However, the Cable is buckling under the pressure of our 3rd tier downtrend line and 9/30 highs. The GBP/USD finally shook free of... |
| EUR/USD Trades Higher Ahead of ECB Statement October 8, 2009 at 4:04 am |
| The EUR/USD has taken another small leg up as traders await the ECB's monetary policy decision. Though most analysts are expecting the ECB to keep its policy unchanged, investors have been riding the EUR/USD higher in anticipation of future rate hikes. The RBA's ¼ point raise has negatively impacted the... |
| FX Thoughts for the Day October 8, 2009 at 2:22 am |
| Cable rose towards 1.6092 ahead of the interest rate announcement by the BoE. The Resistance at 1.6100 is an important Resistance going forward. This is the 100-MA Resistance on the 4H and also the Projected Max High for the day. The range mentioned in the morning has been broken given... |
| EURUSD: Eyes A Revisit Of The 1.4844 Level October 8, 2009 at 2:10 am |
| With EUR seen this morning reversing its Wednesday strength and trading above its Tuesday high (1.4761), its psycho level at 1.4800 remains the immediate target. A clean invalidation of there will set the stage for a return to its YTD high at 1.4844 level with a violation of that level... |
| GBPUSD: Recovery Target Seen Towards The 1.6124 Level October 8, 2009 at 2:08 am |
| Reversal of intra day gains on Wednesday and a follow through higher has seen the pair holding above its 200 ema currently at 1.6055 and increased the risk of a retarget of the 1.6124 level. Invalidating the latter will put the pair in position to head further higher towards the... |
| Forex Technical Analysis October 8, 2009 at 12:40 am |
| EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523. |
| Currency Technical Report October 8, 2009 at 12:17 am |
| Yesterday's retracement reached 1,4650-70 area, where our targets and possible support levels, were set, and formed an upward reaction according to our scenario. Our first target remains at 1,4820, followed by 1,4840-50. |
| Technical Analysis Daily: USD/JPY October 8, 2009 at 12:11 am |
| Dollar/Yen failed to continue the upward correctional movement on Wednesday, after reaching a top at 89.36, went down to the 88.00 bottom, closing the day at 88.58. On the 3 hour chart the upward pressure couldn't hold prices over the 89.35 resistance before dropping. This fact confirms that the downward... |
| Daily FX Report October 7, 2009 at 11:41 pm |
| The CAD/CHF has been moving along a downward Fibonacci fan. As you can see the market entered the upper part of the fan and is trading on its highest level since the beginning of October. If the market doesn't cross the red resistance line and the upper line of the... |
| U.S. Dollar Could Continue To Drop As Euro Finds Strength October 7, 2009 at 10:55 pm |
| Jean-Claude Trichet needs governments to walk through the emergency exit first if he's going to be able to keep nurturing Europe's recovery with record low interest rates and cash injections. As an economic rebound allows policy makers to mull how they will withdraw stimulus measures, the European Central Bank President... |
| Technical Analysis Daily: GBP/USD October 7, 2009 at 10:06 pm |
| On Wednesday Pound/Dollar traded hesitantly, but with high volatility. On the 3 hour chart quotes climbed over 1.6000, reaching a peak at 1.5972, closing the day at 1.5921. Today the Cable continued climbing, as expected. Signals are bullish, but we need a coherent movement above 1.6070 to confirm extension of... |
| Forex Technical Analytics October 7, 2009 at 8:53 pm |
| The pre-planned short positions from key resistance range levels were implemented and the achievement of pre-planned targets is supported by current bearish activity cycle with the tendency for its strengthening. Therefore, considering the risk of another rate return to 1,0300/20 resistance levels the targets for opened short positions will be... |
| FX Technical Analysis October 7, 2009 at 8:50 pm |
| EURUSD Comment: Limping along behind the leaders as the US dollar weakens against a raft of major currencies. Momentum is zero and the Euro is certainly not overbought. Allow for hesitation at the 1.4750 area this morning, and mainly all day. Until the Euro manages a daily (and preferably weekly)... |
| Forex Technical Update October 7, 2009 at 8:41 pm |
| EURO had a moderate bullish momentum yesterday . The pair is now trading above the trendline resistance indicating bullish pressure still able to maintain it's momentum. Technically in nearest term the bias is bullish testing 1.4720 – 1.4850 area. However please note that in longer term perspective, the rejection to... |
| Daily Technical Outlook October 7, 2009 at 8:06 pm |
| Upside is on focus as the euro recovered on yesterday after it found support at 1.4650. Intra-day uptrend is under development and price may stabilize above 1.4700 which is an important level formed by the weekly open of the last two weeks. Intra-day support is now seen at 1.4700 backed... |
| Technical Analysis for Crosses October 7, 2009 at 7:47 pm |
| Yesterday's positive closing that succeeded to form a bullish candlestick formation-secondary image- helps us to keep our intraday outlook to the upside on the intraday basis, , which is targeting the broken neckline of our captured daily double top around 147.00 zones. RSI 14- currently valued at 22.00- is preparing... |
| Technical Analysis for Major Currencies October 7, 2009 at 7:39 pm |
| The Euro versus Dollar pair declined yesterday to pass the suggested support level before rebounding back to the upside within an ascending channel as seen in the above image. We believe the pair is to gather the bullish momentum needed to extend gains which makes us believe the pair is... |
| Technical Analysis Daily: EUR/USD October 7, 2009 at 7:27 pm |
| Euro/Dollar made a moderate increasing movement on Wednesday, reaching a peak at 1.4736, than dropping down to the 1.4655 bottom, closing the day at 1.4688. On the 3 hour chart after hesitant movements around the resistance level, the currency pair got over the trend line, indicating that the accumulated bullish... |
| The Daily Forecaster: USDJPY October 7, 2009 at 6:31 pm |
| The underlying MT direction is bearish while the daily bias is bearish. Therefore the main risk is lower. Ensure that key resistances levels hold. Note key support levels that would suggest continuation of the bearish move. Consider confirming this with a bearish set up pattern in price or an indicator.... |
| Forex and Dow Jones Recommended Levels October 7, 2009 at 6:01 pm |
| EUR/USD Today's support: - 1.4670 and 1.4626(main), where correction is possible. Break would give 1.4602, where correction also may be. Then follows 1.4569. Break of the latter would result in 1.4532. If a strong impulse, we would see 1.4490. Continuation will give 1.4476. |
| Market Morning Briefing October 7, 2009 at 5:43 pm |
| The Euro (1.4760) and Aussie (0.9021) continues trade strong on the upside. Aussie might see 0.9150 over the next few days and Euro might see 1.4850 on the upside. Dollar-Yen continues to trade lower and might target the previous low of 87.12 (Dec-08). |
| Daily Technical Analysis October 7, 2009 at 4:29 pm |
| The EURUSD was corrected lower yesterday but I am not surprise. In fact, I think we need this correction in order to continue the bullish scenario re-testing 1.4850 area. On my h1 chart below we can see that the price bounced from my 1.4695 - 1.4650 support area and now... |
| Foreign Exchange Market Commentary October 7, 2009 at 4:22 pm |
| EUR/USD closed lower on Wednesday and tested the 87% retracement level of the 2008-2009-rally crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible near-term. If it extends the decline... | |
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