Share Investor's Daily Forex Updates

Daily Forex Commentary: Dec 15 2009

2009-12-15T22:03:00.001+13:00

Dubai Bailout Spurs Risk Appetite.

CURRENCY TRADING SUMMARY – 15th December (00:30GMT)

U.S. Dollar Trading (USD) stocks shot to year highs as the market reacted to Abu Dhabi's $10bn backing of Dubai World. Risky currencies shot higher but the market failed to follow through with the USD remaining well supported as an aftershock to Friday's major gains. DJIA +29 points closing at 10501, S&P +7 points closing at 1114 and NASDAQ +21 points closing at 2212. Looking ahead, December NY FED forecast at 24 vs. 23.5 previously. Also released, November PPI is forecast at 0.8% vs. 0.3% previously.

The Euro (EUR) remained well supported above the 1.4600 level all day but struggled to trade near the 1.4700 level as concerns about Greece, Spain and Ireland contained the rebound for now. EUR/JPY responded to the Dubai news but failed to close above the 130 Yen level whilst EUR/GBP was very volatile as the Pound bounced around. Overall the EUR/USD traded with a low of 1.4607 and a high of 1.4687 before closing at 1.4655. Looking ahead, December ZEW sentiment survey forecast at 50 vs. 51.1 previously.

The Japanese Yen (JPY) was stronger against most currencies although gains were pared back after the Dubai news. USD/JPY was sluggish slipping below 89 to find support in the lower 88 yen region. AUD/JPY was able to finish roughly unchanged as the high yielder benefited the most from the improved risk appetite. Japanese December Big Manufacturing Tankan Index improved to -24 vs. -33 previously. Overall the USDJPY traded with a low of 88.31 and a high of 89.30 before closing the day around 88.60 in the New York session.

The Sterling (GBP) gained initially on the Dubai news with the UK banking sector which is heavily exposed to the region's debt breathing a sigh of relief. Gains were capped however with the market extremely nervous about getting to long into a falling market. November House Prices showed a -2.2% drop with the higher end the most heavily affected. Overall the GBP/USD traded with a low of 1.6188 and a high of 1.6328 before closing the day at 1.6310 in the New York session. Looking ahead, November CPI is forecast at 0.25 vs. 0.25 previously. Also released, November RPI forecast at 0.2% vs. 0.35 previously.

The Australian Dollar (AUD) was under pressure early in the day as AUD/JPY selling mounted before reversing sharply with stocks on the Dubai news. Gold also rallied and this helped underpin the rally in the US session. AUD/NZD is still on the offered side leading the NZD to outpace any gains of the Aussie. Overall the AUD/USD traded with a low of 0.9053 and a high of 0.9177 before closing the US session at 0.9170. Looking Ahead, December RBA minutes released.

Oil & Gold (XAU) managed to rally for most of the day as the market rebounded from heavy selling over the past several sessions. Overall trading with a low of USD$1112 and high of USD$1128 before ending the New York session at USD$1126 an ounce. Continued to trade under the $70 level although further losses were avoided. Crude Oil was down -$0.07 ending the New York session at $69.60.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4481	1.4586	1.4650	1.4782	1.4905
USD/JPY	87.37	88.20	88.60	89.81	90.46
GBP/USD	1.6126	1.6168	1.6310	1.6375	1.6516
AUD/USD	0.8947	0.9016	0.9170	0.9195	0.9323
XAU/USD	1101.00	1109	1125.00	1142.00	1147.00
OIL/USD	68.50	69.00	69.70	70.00	72.50

Euro – 1.4650

Initial support at 1.4586 (Dec 11 low) followed by 1.4481 (Oct 2 low). Initial resistance is now located at 1.4768 (Dec 9 high) followed by 1.4905 (Dec 7 high)

Yen – 88.60

Initial support is located at 88.20 (Dec 11 low) followed by 87.37 (Dec 9 low). Initial resistance is now at 89.81 (Dec 11 high) followed by 90.46 (Dec 7 High).

Pound – 1.6310

Initial support at 1.6168 (Dec 9 low) followed by 1.6126 (Sept 30 low). Initial resistance is now at 1.6375 (Dec 10 high ) followed by 1.6516 (Dec 7 high).

Australian Dollar – 0.9170

Initial support at 0.9016 (Dec 9 low) followed by the 0.8947 (Nov 27 low). Initial resistance is now at 0.9195 (Dec 11 high) followed by 0.9322 (Dec 3 high).

Gold – 1125

Initial support at 1109 (Dec 11 low) followed by 1101 (Nov 13 low). Initial resistance is now at 1142 (Dec 11 high) followed by 1147 (Dec 09 high) .

Oil – 69.70

Initial support at 69.00 (Intraday support) followed by 68.50 (Intraday support). Initial resistance is now at 70.00 (Key Psychological Level) followed by 72.50 (Intraday resistance).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Recommended Amazon Reading

The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader (Wiley Trading) by Abe Cofnas
Buy new: $37.80 / Used from: $31.59
Usually ships in 24 hours

AMAZON - Sony Bravia XBR KDL-46XBR6 46-Inch 1080p 120Hz LCD HDTV

Daily Forex Commentary: Dec 14 2009

2009-12-14T22:13:00.001+13:00

FOREX Daily Outlook by Easy-Forex.com

Dollar Gains on US Economic Recovery Hopes

CURRENCY TRADING SUMMARY – 14th December (00:30GMT)

U.S. Dollar Trading (USD) made gains across the board as US economic data surprised, helping to fuel speculation of early Fed action on US interest rates and a widening gap between the US and Eurozone's recovery speed. November US Retail Sales +1.3% vs. 0.6% forecast. December UoM Consumer Sentiment at 73.4 vs. 69.7. DJIA +65 points closing at 10471, S&P +4 points closing at 1106 and NASDAQ -1 points closing at 2190.

The Euro (EUR) was well supported in the Asian and European session creeping to day highs near 1.4780 before plummeting on the US data to break briefly below 1.4600. EUR/JPY was volatile but closed well supported above 130 Yen. EUR/GBP pivoted the 0.9000 as Euro weakness outpaced the Pound. Overall the EUR/USD traded with a low of 1.4587 and a high of 1.4776 before closing at 1.4620. Looking ahead, Q3 Industrial Production forecast at -0.7% vs. 0.3%.

The Japanese Yen (JPY) was weak from the outset at USD/JPY started to move higher in Asia and USD strength in the US pushed the major close to 90 Yen before profit taking into the weekend. Crosses tracked the Major. Helping lift the Market in Asia was strong Chinese data which induced fresh risk taking in global markets. Overall the USDJPY traded with a low of 88.20 and a high of 89.81 before closing the day around 88.25 in the New York session. UPDATE JAPANESE BIG MANUFACTURING TANKAN INDEX -24 vs. -33 PREVIOUSLY.

The Sterling (GBP) was sold against the USD along with the rest of the market but held up relatively well with risk appetite quite strong and GBP/JPY buying providing support. UK PPI rose 0.2% vs. 0.3% expected in November. Overall the GBP/USD traded with a low of 1.6198 and a high of 1.6338 before closing the day at 1.6230 in the New York session. UPDATE November House Price at 1.7% y/y vs. 1.6% y/y previously.

The Australian Dollar (AUD) struggled to take advantage of the improved risk appetite as the USD was broadly strong and Gold and Oil were weak. AUD/JPY was the preferred option to express risk. Chinese data helped improve the mood but AUD/NZD sales were noticeable during the day. Overall the AUD/USD traded with a low of 0.9092 and a high of 0.9194 before closing the US session at 0.9116.

Oil & Gold (XAU) the market continued to sell rallies with the USD on the front foot falling $30 in the US session. Overall trading with a low of USD$1110 and high of USD$1142 before ending the New York session at USD$1115 an ounce. Oil Fell below the Critical $70 and closed on a weak note. Crude Oil was down -$0.89 ending the New York session at $69.65.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4481	1.4586	1.4635	1.4782	1.4905
USD/JPY	87.37	88.20	88.85	89.81	90.46
GBP/USD	1.6126	1.6168	1.6225	1.6375	1.6516
AUD/USD	0.8947	0.9016	0.9100	0.9322	0.9406
XAU/USD	1101.00	1109	1118.00	1147.00	1169.00
OIL/USD	68.50	69.00	69.40	70.00	72.50

Euro – 1.4635

Initial support at 1.4586 (Dec 11 low) followed by 1.4481 (Oct 2 low). Initial resistance is now located at 1.4768 (Dec 9 high) followed by 1.4905 (Dec 7 high)

Yen – 88.85

Initial support is located at 88.20 (Dec 11 low) followed by 87.37 (Dec 9 low). Initial resistance is now at 89.81 (Dec 11 high) followed by 90.46 (Dec 7 High).

Pound – 1.6225

Initial support at 1.6168 (Dec 9 low) followed by 1.6126 (Sept 30 low). Initial resistance is now at 1.6375 (Dec 10 high ) followed by 1.6516 (Dec 7 high).

Australian Dollar – 0.9100

Initial support at 0.9016 (Dec 9 low) followed by the 0.8947 (Nov 27 low). Initial resistance is now at 0.9322 (Dec 3 high) followed by 0.9406 (Nov 16 high).

Gold – 1118

Initial support at 1109 (Dec 11 low) followed by 1101 (Nov 13 low). Initial resistance is now at 1147 (Dec 9 high) followed by 1169 (Dec 08 high) .

Oil – 69.40

Initial support at 69.00 (Major level) followed by 68.50 (Intraday support). Initial resistance is now at 70.00 (Key Psychological Level) followed by 72.50 (intraday resistance).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Dec 11 2009

2009-12-11T19:50:00.002+13:00

FOREX Daily Outlook by Easy-Forex.com

AUD and NZD lead Recovery

CURRENCY TRADING SUMMARY – 11th December (00:30GMT)

U.S. Dollar Trading (USD) was a relatively quiet trading day with most the majors staying within the range of the previous day tracking movements in stock markets. US equities finished on a positive note as jobs numbers continue to improve. Weekly Jobless Claims forecast at 474k vs. 457k previously were not that impressive but Continuous Claims dropped to 5.15m vs. 5.44m forecast. DJIA +68 points closing at 10405, S&P +6 points closing at 1102 and NASDAQ +7 points closing at 2190. Looking ahead, November Retail Sales forecast at 0.7% vs. 1.4% previously.

The Euro (EUR) stayed within a 80 pip range for the whole day with improving risk being countered by concerns about some EU states and talk that the US economy will outpace the Eurozone during the recovery. Swiss held their rates at 0.25% and EUR/CHF was very quiet around the 1.5100 figure. Overall the EUR/USD traded with a low of 1.4682 and a high of 1.4762 before closing at 1.4730. Looking ahead, ECB President Trichet speaks.

The Japanese Yen (JPY) strong US data sales helped the USD/JPY gain a solid footing above the 88 Yen level in quiet trade. The market is very mixed on the outlook of the Yen although a median forecast of Bloomberg analysts for 2010 was for an average price at 98. Overall the USDJPY traded with a low of 87.72 and a high of 88.48 before closing the day around 88.25 in the New York session. Looking ahead, Chinese Trade Balance forecast at 24Bn in November.

The Sterling (GBP) the BOE proved a non event and the GBP/USD stayed within a contained range. Rates were held at 0.5% and the Asset purchase program was capped at 200bn as forecast. GPD/AUD was a major mover to the downside as the new theme of selective risk helped the higher yielder. Overall the GBP/USD traded with a low of 1.6213 and a high of 1.6350 before closing the day at 1.6270 in the New York session. Looking ahead, November PPI output forecast at 0.3% vs. 0.2% previously.

The Australian Dollar (AUD) was pushed higher after the November Unemployment report stunned the market. November Employment change was +31k vs. +5k forecast and the Unemployment Rate was 5.7% vs. 5.9% forecast. The only pair to outpace the Aussie was its neighbour the NZD which received a boost from a relatively hawkish monetary policy statement after their RBNZ meeting yesterday. Overall the AUD/USD traded with a low of 0.9089 and a high of 0.9193 before closing the US session at 0.9170.

Oil & Gold (XAU) consolidated recent losses in a tight range but finished on a firmer footing. Overall trading with a low of USD$1120 and high of USD$1137 before ending the New York session at USD$1131 an ounce. Crude Oil found Support under $70 a barrel but it still quite sluggish as oversupply fears mount. Crude Oil was down -$0.13 ending the New York session at $70.54.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4626	1.4668	1.4735	1.4768	1.4905
USD/JPY	86.59	87.37	88.30	88.69	89.52
GBP/USD	1.6126	1.6168	1.6280	1.6375	1.6516
AUD/USD	0.8947	0.9016	0.9170	0.9322	0.9406
XAU/USD	1101.00	1116	1130.00	1147.00	1169.00
OIL/USD	69.50	70.00	70.60	72.50	75.00

Euro – 1.4735

Initial support at 1.4668 (Dec 9 low) followed by 1.4626 (Nov 3 low). Initial resistance is now located at 1.4768 (Dec 9 high) followed by 1.4905 (Dec 7 high)

Yen – 88.30

Initial support is located at 87.37 (Dec 9 low) followed by 86.59 (Dec 2 low). Initial resistance is now at 88.69 (Dec 9 high) followed by 89.52 (Dec 8 High).

Pound – 1.6280

Initial support at 1.6168 (Dec 9 low) followed by 1.6126 (Sept 30 low). Initial resistance is now at 1.6375 (Dec 10 high ) followed by 1.6516 (Dec 7 high).

Australian Dollar – 0.9170

Initial support at 0.9016 (Dec 9 low) followed by the 0.8947 (Nov 27 low). Initial resistance is now at 0.9322 (Dec 3 high) followed by 0.9406 (Nov 16 high).

Gold – 1130

Initial support at 1116 (Dec 8 low) followed by 1101 (Nov 13 low). Initial resistance is now at 1147 (Dec 9 high) followed by 1169 (Dec 08 high) .

Oil – 70.60

Initial support at 70.00 (Major level) followed by 69.50 (Intraday support). Initial resistance is now at 72.50 (intraday resistance) followed by 75 (intraday resistance).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Dec 10 2009

2009-12-10T17:51:00.002+13:00

FOREX Daily Outlook by Easy-Forex.com

Oil's Slide Continues

CURRENCY TRADING SUMMARY – 10th December (00:30GMT)

U.S. Dollar Trading (USD) was strong for most of the day as risk aversion remained elevated and markets focused on bad news stories outside of the US. Stocks in the US session finished on a positive note and this led to the USD paring back gains. Helping sentiment was BoA announcement they had repaid $45bn in TARP money. DJIA +51 points closing at 10337, S&P +4 points closing at 1095 and NASDAQ +10 points closing at 2183. Looking ahead, Weekly jobless claims forecast at 460k vs. 457k previously.

The Euro (EUR) new 5 week lows in Asia were seen on stoploss runs before consolidation and a small bounce the rest of the day. Weak Oil and a negative rating watch on Spain are hurting sentiment towards the single currency. Overall the EUR/USD traded with a low of 1.4667 and a high of 1.4784 before closing at 1.4730. Looking ahead, Swiss Rate Decision forecast to remain at 0.25%.

The Japanese Yen (JPY) with risk aversion again prevalent in the Asia and European sessions the downside was tested on most crosses and the USD/JPY. Q3 GDP was revised lower to 0.3% vs. 1.2% previously as Capex was very weak. Overall the USDJPY traded with a low of 87.35 and a high of 88.73 before closing the day around 88.00 in the New York session.

The Sterling (GBP) came under pressure as the UK budget was put under the microscope and UK's Darling slapped a 50% tax on bankers bonuses. October Trade Balance was -7.1bn vs. -6.85bn forecast. The cable struggled to rally off lows with the rest of the majors in New York and was very weak on most crosses. Overall the GBP/USD traded with a low of 1.6165 and a high of 1.6379 before closing the day at 1.6260 in the New York session. Looking ahead, BOE Rate decision forecast to remain at 0.5% and keep QE at 200BN.

The Australian Dollar (AUD) found solid support at 0.9020 on three occasions but rallies were subdued as the market is nervous to buy too aggressively in the current market. October Trade Balance -2379mn vs. -1700mn forecast. Overall the AUD/USD traded with a low of 0.9021 and a high of 0.9116 before closing the US session at 0.9090.Looking ahead, Australian Unemployment Rate forecast at 5.9% vs. 5.8% previously and Employment change is expected at 5k vs. 25k previously.

Oil & Gold (XAU) rallied in Asia but was sold off again with Oil in the US session before finishing broadly where it began. Overall trading with a low of USD$1115 and high of USD$1147 before ending the New York session at USD$1132 an ounce. Strong Crude numbers were ignored as Crude printed fresh multi month lows below $71 a barrel. Crude Oil was down -$1.95 ending the New York session at $70.67.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4611	1.4626	1.4735	1.4905	1.5091
USD/JPY	86.59	87.32	88.05	89.52	90.77
GBP/USD	1.5973	1.6126	1.6270	1.6516	1.6722
AUD/USD	0.8907	0.8947	0.9095	0.9189	0.9322
XAU/USD	1118.00	1124	1132.00	1199.00	1179.00
OIL/USD	69.50	70.00	70.80	72.50	75.00

Euro – 1.4735

Initial support at 1.4626 (November 3 low) followed by 1.4611 (0.382 of 1.3749-1.5144). Initial resistance is now located at 1.4905 (Dec 7 high) followed by 1.5091 (Dec 4 high)

Yen – 88.05

Initial support is located at 87.32 (Dec 4 low) followed by 86.59 (Dec 2 low). Initial resistance is now at 89.52 (Dec 8 high) followed by 90.77 (Dec 4 High).

Pound – 1.6270

Initial support at 1.6126 (Sept 30 low) followed by 1.5973 (Oct 15 low). Initial resistance is now at 1.6516 (Dec 7 high ) followed by 1.6722 (Dec 3 high).

Australian Dollar – 0.9095

Initial support at 0.8947 (Nov 27 low) followed by the 0.8907 (Nov 2 low). Initial resistance is now at 0.9189 (Dec 7 high) followed by 0.9322 (Dec 3 high).

Gold – 1132

Initial support at 1124 (Dec 8 low) followed by 1118 (Nov 16 low). Initial resistance is now at 1169 (Dec 8 high) followed by 1179 (0.236 of 1026.60 - 1226.56) .

Oil – 70.80

Initial support at 70.00 (Major level) followed by 69.50 (Intraday support). Initial resistance is now at 72.50 (intraday resistance) followed by 75 (intraday resistance).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Dec 9 2009

2009-12-09T17:12:00.001+13:00

FOREX Daily Outlook by Easy-Forex.com

Greece Downgrade Rekindles Fear

CURRENCY TRADING SUMMARY – 9th December (00:30GMT)

U.S. Dollar Trading (USD) enjoyed the fruits of bad news with the Greece rating downgrade putting pressure on the Euro and fresh Dubai fears hurting the GBP. US stocks fell along with most global stocks as risk aversion increased. DJIA -104 points closing at 10285, S&P -11 points closing at 1091 and NASDAQ -16 points closing at 2172. Looking ahead, US Crude Oil Inventories forecast at 0.7M vs. 2.1M previously.

The Euro (EUR) the single currency was already under pressure from falls in Asian stocks before the rating downgrade of Greece to BBB+ from AAA- gave the market a reason to test lower. Support was found below 1.4700 but the pair is on a fragile footing with EUR/JPY dipping below the key Y130 level. Overall the EUR/USD traded with a low of 1.4667 and a high of 1.4869 before closing at 1.4715. Looking ahead, German Trade Balance forecast at 10.4b vs. 9.9b previously.

The Japanese Yen (JPY) continued falls in the USD/JPY and risk aversion are helping put pressure on the crosses leading to widespread Yen buying. Markets are slightly cautious about the provoking further government verbal intervention should we approach the Y85 level again. Overall the USDJPY traded with a low of 88.16 and a high of 89.47 before closing the day around 88.40 in the New York session. UPDATE Q3 GDP at 0.3% vs. 0.7% previously.

The Sterling (GBP) was hurt more than the Euro as UK banking stocks slumped on fresh concerns about there exposure to the middle east debt market. Rumors of RBS board resigning and a break below 1.6300 support added to the downside momentum. Overall the GBP/USD traded with a low of 1.6222 and a high of 1.6480 before closing the day at 1.64 in the New York session. Looking ahead, October Trade Balance forecast at -6.85bn vs. -7.19bn previously.

The Australian Dollar (AUD) was under fairly constant pressure with rallies being sold and the market tracking stocks and gold lower. AUD/JPY selling in Asia was aggressive and the pair ended the day below the Key 80 Yen level. Overall the AUD/USD traded with a low of 0.90 and a high of 0.9167 before closing the US session at 0.9040. UPDATE OCTOBER TRADE BALANCE -2379mn vs. -1700mn forecast.

Oil & Gold (XAU) the liquidation of longs continued with the market testing the downside support below $1130. Overall trading with a low of USD$1124 and high of USD$1169 before ending the New York session at USD$1130 an ounce. Continued with the recent downtrend but found solid support at $72.50. Crude Oil was down -$1.30 ending the New York session at $72.70.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4626	1.4681	1.4710	1.4905	1.5091
USD/JPY	87.32	88.00	88.40	90.77	91.32
GBP/USD	1.6241	1.6256	1.6270	1.6516	1.6722
AUD/USD	0.8947	0.9021	0.9040	0.9189	0.9322
XAU/USD	1118.00	1124	1130.00	1179.00	1212.00
OIL/USD	70.00	72.50	73.00	75.00	77.00

Euro – 1.4710

Initial support at 1.4702 (November 4 low) followed by 1.4626 (Nov 3 low). Initial resistance is now located at 1.5091 (Dec 4 high) followed by 1.5144 (Nov 25 high)

Yen – 88.40

Initial support is located at 88.00 (Dec 4 low) followed by 87.32 (Dec 3 low). Initial resistance is now at 90.77 (Dec 4 high) followed by 91.32 (Nov 4 High).

Pound – 1.6270

Initial support at 1.6273 (Nov 27 low) followed by 1.6241 (Oct 19 low). Initial resistance is now at 1.6516 (Dec 7 high ) followed by 1.6722 (Dec 3 high).

Australian Dollar – 0.9040

Initial support at 0.9021 (Dec 8 low) followed by the 0.8947 (Nov 27 low). Initial resistance is now at 0.9189 (Dec 7 high) followed by 0.9322 (Dec 3 high).

Gold – 1130

Initial support at 1124 (Dec 8 low) followed by 1118 (Nov 16 low). Initial resistance is now at 1179 (0.236 of 1026.60 - 1226.56) followed by 1212.5 (Dec 4 high).

Oil – 73.00

Initial support at 72.50 (Dec 7 low) followed by 70.00 (Intraday support). Initial resistance is now at 75 (intraday resistance) followed by 77 (intraday resistance).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Dec 8 2009

2009-12-08T20:32:00.001+13:00

FOREX Daily Outlook by Easy-Forex.com

Bernanke Halts Dollar Rally

CURRENCY TRADING SUMMARY – 8th December (00:30GMT)

U.S. Dollar Trading (USD) continued Friday's rally in Europe with the Euro breaking below 1.4800 for fresh 5 week lows before a speech from Ben Bernanke signaled that the markets speculation about the timing of US interest rate hikes was off. Stocks rebounded and the USD gave up much of its gains. DJIA +2 points closing at 10390, S&P -2 points closing at 1103 and NASDAQ -5 points closing at 2189. Looking ahead, December IBD Economic Optimism previously at 47.9.

The Euro (EUR) stops under 1.4800 carried the pair to 5 week lows at 1.4760 before the USD weakened with US stocks and Bernanke's speech. Weighing on the single currency was profit taking in the EUR/JPY and sluggish Oil and Gold. Trichet's comments that current EU interest rates were appropriate added little to the market. Overall the EUR/USD traded with a low of 1.4756 and a high of 1.4906 before closing at 1.4825. Looking ahead, October German Industrial Output is forecast at 1% vs. 2.7% previously.

The Japanese Yen (JPY) profit taking and Bernanke's speech saw the USD/JPY make a substantial pullback from Friday's high. Crosses were also weaker with the EUR/JPY falling over 1.5 yen and GBP/JPY over 2 yen. The market is focusing on the proposed Japanese stimulus package size and scope due to be released this week. Overall the USDJPY traded with a low of 89.02 and a high of 90.21 before closing the day around 89.45 in the New York session. Looking ahead, October Leading indicators previously at 3.2.

The Sterling (GBP) was sold going into Europe on weekend news reports that UK banks were heavily exposed to Dubai and that other Dubai company's may default on their debt. The market found support near 1.6300 and rebounded on Bernanke's speech. UK's Darling spoke about the the need for patience when withdrawing stimulus. Overall the GBP/USD traded with a low of 1.6312 and a high of 1.6519 before closing the day at 1.6445 in the New York session. Looking ahead, October Industrial Output forecast at -7.7% y/y vs. -10.3% previously. October Manufacturing Production forecast at -7.2% vs. -9.3% previously.

The Australian Dollar (AUD) fell hard at the start of Europe through support at 0.9100 as gold and the Euro fell aggressively. Bernanke's dovish comments helped the market to recover and the pair rallied to 0.9180 resistance before a late sell off in US stocks sent the pair lower once again. Overall the AUD/USD traded with a low of 0.9051 and a high of 0.9191 before closing the US session at 0.9145. Looking ahead, November Business Confidence previously at 16. Also today, RBA Governor Stevens speaks.

Oil & Gold (XAU) Heavy selling in Europe on further long liquidation was reversed the and market ended close to opening levels. Overall trading with a low of USD$1134 and high of USD$1165 before ending the New York session at USD$1158 an ounce. Fell heavily at the end of the US session. Crude Oil was down -$1.80 ending the New York session at $74.00.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4626	1.4702	1.4820	1.5091	1.5144
USD/JPY	87.32	88.00	89.50	90.77	91.32
GBP/USD	1.6241	1.6273	1.6440	1.6722	1.6746
AUD/USD	0.8907	0.8947	0.9120	0.9323	0.9406
XAU/USD	1118.00	1127	1158.00	1162.00	1212.00
OIL/USD	72.50	73.70	74.00	75.00	78.00

Euro – 1.4820

Initial support at 1.4702 (November 4 low) followed by 1.4626 (Nov 3 low). Initial resistance is now located at 1.5091 (Dec 4 high) followed by 1.5144 (Nov 25 high)

Yen – 89.50

Initial support is located at 88.00 (Dec 4 low) followed by 87.32 (Dec 3 low). Initial resistance is now at 90.77 (Dec 4 high) followed by 91.32 (Nov 4 High).

Pound – 1.6440

Initial support at 1.6273 (Nov 27 low) followed by 1.6241 (Oct 19 low). Initial resistance is now at 1.6722 (Dec 3 high ) followed by 1.6746 (Nov 25 high).

Australian Dollar – 0.9120

Initial support at 0.8947 (Nov 27 low) followed by the 0.8907 (Nov 2 low). Initial resistance is now at 0.9323 (Nov 25 high) followed by 0.9406 (Nov 16 high).

Gold – 1158

Initial support at 1127 (Nov 17 former high) followed by 1118 (Nov 16 low). Initial resistance is now at 1162 (Dec 7 high) followed by 1212 (Dec 4 high).

Oil – 74.00

Initial support at 73.70 (Dec 7 low) followed by 72.00 (Intraday support). Initial resistance is now at 75 (intraday resistance) followed by 78 (Year highs).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Dec 4 2009

2009-12-04T19:05:00.000+13:00

FOREX Daily Outlook by Easy-Forex.com

Yen Weakness helping the USD

CURRENCY TRADING SUMMARY – 4th December (00:30GMT)

U.S. Dollar Trading (USD) held steady against most pairs but gained against the Yen as the Japanese government stepped up it rhetoric and the market covers significant short positions on the USD/JPY. US stocks closed on a weak note and this helped the USD step on to the front foot. Weekly Jobless Claims were once again lower at 457k vs. 462 previously. November ISM was surprisingly weak at 48.7 vs. 50.6 previously. DJIA -86 points closing at 10366, S&P -9 points closing at 1099 and NASDAQ -11 points closing at 2173. Looking ahead, November Non Farm Payrolls forecast at -130k vs. -190k previously. November Unemployment Rate forecast unchanged at 10.2%.

The Euro (EUR) was well supported until the late US equity sell off on hawkish comments from ECB President Trichet after the ECB held at 1.0%. Q3 GDP was confirmed at 0.4%. Resistance near 1.5144 proved solid and the focus now turns to the downside supports at 1.4950. EUR/GBP resumed its uptrend and closed above 0.9100. Overall the EUR/USD traded with a low of 1.5037 and a high of 1.5143 before closing at 1.5060.

The Japanese Yen (JPY) continued to weaken as the downside is taken out of focus and the topside stops are hit. USD/JPY closed above 88 Yen and the crosses remain well supported. EUR/JPY and AUD/JPY have both gained over 3 yen in the last few days. Overall the USDJPY traded with a low of 87.57 and a high of 88.50 before closing the day around 88.20 in the New York session.

The Sterling (GBP) rallied in Asia as the Nikkei gained over 3% and the GBP/JPY rallied aggressively. For the rest of the day though, constant selling pressure was seen and Cable finished near 1.6550 support. November PMI Services was weak at 56.6 vs. 57 forecast. Overall the GBP/USD traded with a low of 1.6529 and a high of 1.6725 before closing the day at 1.6540 in the New York session.

The Australian Dollar (AUD) October Retail Sales were +0.3% as expected but the market could not capitalize and break 0.9330 resistance even as gold continued to surge. AUD/JPY briefly traded above 82 Yen and AUD/NZD remained at 1.2800. Overall the AUD/USD traded with a low of 0.9230 and a high of 0.9325 before closing the US session at 0.9245.

Oil & Gold (XAU) broke $1220 to fresh year highs in Asia before some volatile profit taking later in the day. Overall trading with a low of USD$1203 and high of USD$1227 before ending the New York session at USD$1210 an ounce. Fell as US stocks came under pressure. Crude Oil was down -$0.30 ending the New York session at $76.00.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4964	1.5032	1.5070	1.5144	1.5163
USD/JPY	85.87	86.59	88.20	88.63	89.19
GBP/USD	1.6273	1.6381	1.6560	1.6746	1.6878
AUD/USD	0.9097	0.9232	0.9250	0.9323	0.9406
XAU/USD	1175.00	1195	1212.00	1226.00	1250.00
OIL/USD	74.50	75.00	76.00	78.00	80.00

Euro – 1.5070

Initial support at 1.5032 (Dec 2 low) followed by 1.4964 (Nov 30 low). Initial resistance is now located at 1.5144 (Nov 25 high) followed by 1.5163 (0.764 of 1.6038-1.2330)

Yen – 88.20

Initial support is located at 86.59 (Dec 2 low) followed by 85.87 (Nov 30 low). Initial resistance is now at 88.63 (Nov 25 high) followed by 89.19 (Nov 23).

Pound – 1.6560

Initial support at 1.6381 (Nov 30 low) followed by 1.6273 (Nov 27 low). Initial resistance is now at 1.6746 (Nov 25 high ) followed by 1.6878 (Nov 16 high).

Australian Dollar – 0.9250

Initial support at 0.9232 (Dec 2 low) followed by the 0.9097 (Nov 30 low). Initial resistance is now at 0.9323 (Nov 25 high) followed by 0.9406 (Nov 16 high).

Gold – 1212

Initial support at 1195 (Nov 26 former high) followed by 1175 (Dec 1 low). Initial resistance is now at 1226 (Dec 3 high) followed by 1250 (Key level).

Oil – 76.00

Initial support at 75.00 (Intraday support) followed by 74.50 (Intraday support). Initial resistance is now at 78 (intraday resistance) followed by 80 (Year highs).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Dec 3 2009

2009-12-03T23:18:00.002+13:00

FOREX Daily Outlook by Easy-Forex.com

Gold Rally Accelerates, ECB Ahead

CURRENCY TRADING SUMMARY – 3rd December (00:30GMT)

U.S. Dollar Trading (USD) made small gains across nearly the whole board as profit taking hit and stocks fell back slightly. ADP November Employment was at -169k vs. -155k forecast. Crude Oil Inventories were quite weak at 2.1mln build vs. -0.4mln forecast and led to a pull back in Oil. DJIA -18 points closing at 10453, S&P +1 points closing at 1109 and NASDAQ +9 points closing at 2185. Looking ahead, Weekly jobless claims are forecast at 480k vs. 466k previously. ISM Services is forecast at 51.5 vs. 50.6 previously.

The Euro (EUR) struggled to hold the the 1.5100 and eased back to the lower 1.50's. US stocks came under modest profit taking pressure when the FED beige book reiterated the risks to the US economy. EUR/JPY made solid gains on a weak Yen after more Government jawboning overnight. October PPI was +0.2% vs. 0.0% forecast in October. Overall the EUR/USD traded with a low of 1.5031 and a high of 1.5112 before closing at 1.5045. Looking ahead, Q3 GDP is forecast at 0.4% vs. -0.2% previously. ECB Rate announcement forecast to remain at 1% with attention on President Trichet's speech afterward.

The Japanese Yen (JPY) more comments from the Government with PM Hatoyama stating Yen rise against other currencies “cannot be left as is”. USD/JPY reclaimed the 87 Yen level and crosses all edged higher. GBP/JPY was especially buoyant as the GBP rallied. Overall the USDJPY traded with a low of 86.58 and a high of 87.51 before closing the day around 87.40 in the New York session.

The Sterling (GBP) continued to rally off dips and today was no exception as BOE member Dale stated he believed the UK economy had turned and inflation was now a risk going forward. Selling close to 1.6700 capped the rally. EUR/GBP eased towards the key 0.9000 level. Overall the GBP/USD traded with a low of 1.6548 and a high of 1.6698 before closing the day at 1.6640 in the New York session. Looking ahead, November PMI services forecast at 57 vs. 56.9 previously.

The Australian Dollar (AUD) failed to capitalize on golds surge into the $1200's but was well supported on dips as the interest rate differential continues to inspire support. AUD/JPY tested above 81 Yen briefly as the market tries to revive the Yen carry trade. Overall the AUD/USD traded with a low of 0.9230 and a high of 0.9297 before closing the US session at 0.9250. Looking ahead, October Retail Sales are forecast at 0.3% vs. -0.2% previously.

Oil & Gold (XAU) surged in Asia to $1215 as little resistance above the big level of $1200 emboldening the bulls. Overall trading with a low of USD$1196 and high of USD$1217 before ending the New York session at USD$1215 an ounce. Oil was lower on weak US inventories figures. Crude Oil was down -$2.07 ending the New York session at $76.30.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4828	1.4964	1.5045	1.5117	1.5144
USD/JPY	84.83	85.87	87.40	87.53	88.01
GBP/USD	1.6273	1.6381	1.6640	1.6746	1.6878
AUD/USD	0.8947	0.9097	0.9255	0.9323	0.9406
XAU/USD	1175.00	1195	1215.00	1217.00	1250.00
OIL/USD	74.50	75.00	76.70	78.00	80.00

Euro – 1.5045

Initial support at 1.4964 (Nov 30 low) followed by 1.4828 (Nov 27 low). Initial resistance is now located at 1.5117 (Dec 1 high) followed by 1.5144 (Nov 25 high)

Yen – 87.40

Initial support is located at 85.87 (Nov 30 low) followed by 84.83 (Nov 27 low). Initial resistance is now at 87.53 (Dec 1 high) followed by 88.01 (Oct 1 former low).

Pound – 1.6640

Initial support at 1.6381 (Nov 30 low) followed by 1.6273 (Nov 27 low). Initial resistance is now at 1.6746 (Nov 25 high ) followed by 1.6878 (Nov 16 high).

Australian Dollar – 0.9255

Initial support at 0.9097 (Nov 30 low) followed by the 0.8947 (Nov 27 low). Initial resistance is now at 0.9323 (Nov 25 high) followed by 0.9406 (Nov 16 high).

Gold – 1215

Initial support at 1195 (Nov 26 former high) followed by 1175 (Dec 1 low). Initial resistance is now at 1217 (Dec 2 high) followed by 1250 (Key level).

Oil – 76.70

Initial support at 75.00 (Intraday support) followed by 74.50 (Intraday support). Initial resistance is now at 78 (intraday resistance) followed by 80 (Year highs).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Recommended Amazon Reading

7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets by Grace Cheng
Buy new: $23.10 / Used from: $59.98
Usually ships in 1 to 3 weeks

AMAZON - Sony Bravia XBR KDL-46XBR6 46-Inch 1080p 120Hz LCD HDTV

Daily Forex Commentary: Dec 1 2009

2009-12-01T21:00:00.002+13:00

FOREX Daily Outlook by Easy-Forex.com

Market Gyrations Continue

CURRENCY TRADING SUMMARY – 1^st December (00:30GMT)

U.S. Dollar Trading (USD) opened up in Asia on the back foot as risk was put back on with the UAE Central Bank's plan to help and Asian stocks rallying over 2%. Europe was weaker and with US stocks also sluggish little extra direction was given and the Dollar pared losses. November Chicago PMI was at 56.1 vs. 54.2 previously. DJIA +34 points closing at 10344, S&P +4 points closing at 1095 and NASDAQ +6 points closing at 2144. Looking ahead, November ISM manufacturing is forecast at 55 vs. 55.7 previously.

The Euro (EUR) pivoted the 1.5000 level as news and sentiment waxed and waned. EUR/JPY was also quite volatile around the key 130 Yen level. November EU Inflation was at 0.6% vs. 0.4% y/y. Helping underpin the Euro was the rally in Oil on renewed Middle East tensions. Overall the EUR/USD traded with a low of 1.4972 and a high of 1.5085 before closing at 1.5010. Looking ahead, German Retail Sales forecast at 0.5% vs. -0.2% previously.

The Japanese Yen (JPY) found support below 86 Yen in Europe but was also facing stiff resistance at the 87.10 level. Lots of comments are still filtering out of Government offices and this is providing much of the direction. EUR/JPY and AUD/JPY are finding support from increased risk appetite as stocks rebound. October Industrial Output at 0.5% vs. 2.5% forecast. Overall the USDJPY traded with a low of 85.85 and a high of 86.88 before closing the day around 86.30 in the New York session.

The Sterling (GBP) was under pressure in Europe giving up most of the gains from the open in Asia as Data was weak and markets focused on weak UK banks. November Consumer Confidence at -17 vs. -13 previously. Temporary Support was found at 1.6400. Overall the GBP/USD traded with a low of 1.6378 and a high of 1.6596 before closing the day at 1.6430 in the New York session. Looking ahead, November Nationwide House Prices forecast at 0.3% vs. 0.4% previously.

The Australian Dollar (AUD) was well supported opening up 1 cent from Friday's close. Dips were also well supported as the market expects the RBA to raise rates in December. AUD/NZD continued to edge higher with the 1.2800 level tested once again. Overall the AUD/USD traded with a low of 0.9104 and a high of 0.9196 before closing the US session at 0.9150. Looking ahead, RBA is forecast to raise rates by 0.25% to 3.75%.

Oil & Gold (XAU) found support on dips and ended near the key $1180 level. Overall trading with a low of USD$1163 and high of USD$1182 before ending the New York session at USD$1179 an ounce. Oil traded higher as Iran tensions returned. Crude Oil was up $1.20 ending the New York session at $77.10.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4802	1.4828	1.5020	1.5144	1.5163
USD/JPY	84.18	84.83	86.20	87.48	88.01
GBP/USD	1.6241	1.6273	1.6450	1.6743	1.6878
AUD/USD	0.8947	0.9056	0.9170	0.9323	0.9406
XAU/USD	1127.00	1138	1179.00	1195.00	1200.00
OIL/USD	74.50	75.00	77.30	78.00	80.00

Euro – 1.5020

Initial support at 1.4828 (Nov 27 low) followed by 1.4802 (Nov 20 low). Initial resistance is now located at 1.5144 (Nov 25 high) followed by 1.5163 (0.764 of 1.6038-1.2330)

Yen – 86.20

Initial support is located at 85.00 (key level) followed by 84.80 (Nov 27 low). Initial resistance is now at 87.48 (Nov 26 low) followed by 88.01 (Oct 7 former low).

Pound – 1.6450

Initial support at 1.6273 (Nov 27 low) followed by 1.6241 (Oct 19 low). Initial resistance is now at 1.6534 (Nov 27 high) followed by 1.6746 (Nov 25 high).

Australian Dollar – 0.9170

Initial support at 0.9056 (0.236 of 0.9406-0.8947) followed by the 0.8947 (Nov 27). Initial resistance is now at 0.9323 (Nov 25 high) followed by 0.9406 (Nov 16 high).

Gold – 1179

Initial support at 1138 (Nov 27 low) followed by 1127 (Nov 17 high). Initial resistance is now at 1195 (Nov 26) followed by 1200 (Key level).

Oil – 77.20

Initial support at 75.00 (Intraday support) followed by 74.50 (Intraday support). Initial resistance is now at 78 (intraday resistance) followed by 80 (Key level).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Nov 30 2009

2009-11-30T20:03:00.001+13:00

FOREX Daily Outlook by Easy-Forex.com

UAE Central Bank steps in to help Dubai

CURRENCY TRADING SUMMARY – 30th November (00:30GMT)

U.S. Dollar Trading (USD) was extremely volatile as stock markets around the world went on a roller coaster ride with Asia stocks down over 3% and then European and US stock recovering late in the day. Large stops across the board sent EUR, AUD, Gold and Oil plummeting at the European opening but with Analysts calling the Dubai crisis not as bad as some feared and speculation that Abu Dhabi will step in and help its smaller state, the markets mood recovered from fear and panic. DJIA -154 points closing at 10309, S&P -19 points closing at 1091 and NASDAQ -37 points closing at 2138. Looking ahead, November Chicago PMI forecast at 53.7 vs. 54.2 previously.

The Euro (EUR) broke through 1.4900 at the height of the panic and fell quickly to lows of 1.4830 before recovering with Gold and Oil. EUR/JPY was extremely volatile as the pair tracked USD/JPY lower to 127 Yen before recovering to close at 129.50. Overall the EUR/USD traded with a low of 1.4830 and a high of 1.5025 before closing at 1.4990. Looking ahead, November EU Inflation forecast at 0.4% vs. -0.1% previously.

The Japanese Yen (JPY) was very strong with first the 86 Yen level going and then briefly the 85 USD/JPY level was broken. The 85 level has been seen as a line in the sand and prompted a series of Japanese government officials to comment and the price recovered to finish comfortable above the 86 level. GBP/JPY and AUD/JPY tracked the major down and then quickly back up. Overall the USDJPY traded with a low of 84.84 and a high of 87.05 before closing the day around 86.55 in the New York session. Update October Industrial Output at 0.5% vs. 2.5% forecast.

The Sterling (GBP) hit day lows with the Euro to break 1.6400 then 1.6300 before recovering and finishing support above 1.6450. GBP/JPY had another 3+ yen fall but recovered and EUR/GBP found resistance above 0.9100. Overall the GBP/USD traded with a low of 1.6475 and a high of 1.6729 before closing the day at 1.6530 in the New York session. Update November Consumer Confidence at -17 vs. -13 previously.

The Australian Dollar (AUD) was pummeled in Asia and the start of Europe as the risk sensitive currency was sold and stops were hit under the key 0.9000 level. AUD/JPY directed the first sell off and then Gold's crash led to the second sell off in Europe. Overall the AUD/USD traded with a low of 0.8945 and a high of 0.9120 before closing the US session at 0.9070. Update October Private Sector Credit was 0.0% vs. 0.2% forecast

Oil & Gold (XAU) crashed lower on large liquidation of longs and heavy stops being hit at the start of Europe. Overall trading with a low of USD$1137 and high of USD$1191 before ending the New York session at USD$1177 an ounce. Oil traded as low as $72.50 at one stage before recovering in the US session. Crude Oil was down -$0.05 ending the New York session at $75.90.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4702	1.4802	1.5000	1.5020	1.5144
USD/JPY	84.18	84.83	86.60	87.48	88.01
GBP/USD	1.6155	1.6241	1.6495	1.6534	1.6746
AUD/USD	0.8859	0.8907	0.9120	0.9138	0.9323
XAU/USD	1127.00	1138	1173.00	1195.00	1200.00
OIL/USD	74.50	75.00	76.20	78.00	80.00

Euro – 1.5000

Initial support at 1.4802 (Nov 20 low) followed by 1.4702 (Nov 4 low). Initial resistance is now located at 1.5020 (Nov 27 high) followed by 1.5144 (Nov 25 high)

Yen – 86.60

Initial support is located at 85.00 (key level) followed by 84.80 (Nov 27 low). Initial resistance is now at 87.48 (Nov 26 low) followed by 88.01 (Oct 7 former low).

Pound – 1.6495

Initial support at 1.6241 (Oct 19 low) followed by 1.6155 (0.618 of 1.5708-1.6878). Initial resistance is now at 1.6534 (Nov 27 high) followed by 1.6746 (Nov 25 high).

Australian Dollar – 0.9120

Initial support at 0.8907 (Nov 2 low) followed by the 0.8859 (Oct 1). Initial resistance is now at 0.9138 (Nov 27 high) followed by 0.9323 (Nov 25 high).

Gold – 1173

Initial support at 1138 (Nov 27 low) followed by 1127 (Nov 17 high). Initial resistance is now at 1195 (Nov 26) followed by 1200 (Key level).

Oil – 76.20

Initial support at 75.00 (Intraday support) followed by 74.50 (Intraday support). Initial resistance is now at 78 (intraday resistance) followed by 80 (Key level).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Nov 27 2009

2009-11-27T19:03:00.001+13:00

FOREX Daily Outlook by Easy-Forex.com

Dubai Debt Crisis Shakes Markets

CURRENCY TRADING SUMMARY – 27th November (00:30GMT)

U.S. Dollar Trading (USD) with the US away the market was expecting a quiet day but as Nikkei losses extended into the afternoon and the focus switched to a new crisis emerging in the middle east debt market, risk was taken off the table. European Stocks were down over 3%. Looking ahead, Thanks Giving Holidays continue in the US.

The Euro (EUR) gave up most of the gains from the topside breakout the day before as risk aversion went through the roof. The unspecified nature of the current crisis is leading to a lot of volatility with many investors searching for clarification of banks exposure to Dubai Debt. Overall the EUR/USD traded with a low of 1.4935 and a high of 1.5141 before closing at 1.5015. Looking ahead, November Economic Sentiment forecast at 88 vs. 86.2 previously.

The Japanese Yen (JPY) broke below year lows at 87.10 to trade at fresh 14 year lows near 86.30. AUD/JPY broke lower to trade below the key 80.00 level. BOJ Minutes were upbeat but extra help for corporations were left intact for a little bit longer. Overall the USDJPY traded with a low of 86.30 and a high of 87.50 before closing the day around 86.50 in the New York session. UPDATE October Unemployment Rate at 5.1% vs. 5.4% forecast.

The Sterling (GBP) was sold aggressively throughout the day from 1.6700 down to 1.6500 as the UK banks exposure to Dubai debt hurt FSTE stocks down 3.2%. November CBI Distributive trades were at 13 as forecast. GBP/JPY fell over 300 sen. Overall the GBP/USD traded with a low of 1.6475 and a high of 1.6729 before closing the day at 1.6530 in the New York session.

The Australian Dollar (AUD) sentiment reversed completely from the start of Asia as stock losses mounted and Oil and Metals pulled lower throughout Europe. AUD/JPY led the way lower through 80 Yen but AUD/NZD continued to be supported above 1.2700. Q3 Capex at -3.9% vs. +1% forecast. Overall the AUD/USD traded with a low of 0.9090 and a high of 0.9300 before closing the US session at 0.9140.

Oil & Gold (XAU) was mixed but supported on dips as strong USD was bought on dips. Overall trading with a low of USD$1180 and high of USD$1195 before ending the New York session at USD$1192 an ounce. Was sold as sentiment soured dramatically. Crude Oil was down -$2.00 ending the New York session at $75.95.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4833	1.4889	1.4940	1.5144	1.5285
USD/JPY	84.80	85.00	86.00	87.10	88.63
GBP/USD	1.6200	1.6400	1.6405	1.6746	1.6878
AUD/USD	0.9000	0.9026	0.9040	0.9337	0.9406
XAU/USD	1132.00	1153	1188.00	1200.00	1250.00
OIL/USD	74.50	75.00	75.90	78.00	80.00

Euro – 1.4940

Initial support at 1.4889 (Nov 24 low) followed by 1.4833 (Nov 23 low). Initial resistance is now located at 1.5144 (Nov 25 high) followed by 1.5285 (May 08 08 low)

Yen – 86.00

Initial support is located at 85.00 (key level) followed by 84.80 (Nov 27 low). Initial resistance is now at 87.10 (Previous 09 low) followed by 88.63 (Nov 25 high).

Pound – 1.6405

Initial support at 1.6402 (Nov 4 low) followed by 1.6200 (Previous support). Initial resistance is now at 1.6746 (Nov 25 high) followed by 1.6878 (Nov 16 high).

Australian Dollar – 0.9040

Initial support at 0.9026 (Nov 5 low) followed by the 0.9000 (Psychological level). Initial resistance is now at 0.9337 (Nov 18 high) followed by 0.9406 (Nov 16 high).

Gold – 1188

Initial support at 1153 (Nov 23 low) followed by 1132 (Nov 20 high). Initial resistance is now at 1200 (Key level) followed by 1250 (Key level).

Oil – 75.90

Initial support at 75.00 (Intraday support) followed by 74.50 (Intraday support). Initial resistance is now at 78 (intraday resistance) followed by 80 (Key level).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Nov 26 2009

2009-11-26T20:18:00.001+13:00

FOREX Daily Outlook by Easy-Forex.com

Gold Rush Continues

CURRENCY TRADING SUMMARY – 26th November (00:30GMT)

U.S. Dollar Trading (USD) with the FOMC minutes confirming a low rate outlook for some time the market took this as a signal to sell the USD and during the day key levels were broken across the board whilst Gold continued to surge higher. October Durable Goods Orders were -0.6% vs. 2% previously. Also released, Weekly Jobless Claims at 455k vs. 501k previously. In US Stocks, DJIA +30 points closing at 10464, S&P +5 points closing at 1110 and NASDAQ +7 points closing at 2176. Looking ahead, Thanks Giving Holidays.

The Euro (EUR) Broke through the Key 1.5000 in late Asia and then kicked on to break major resistance and year highs at 1.5060 in the US session to finish the day at 1.5140. Broad USD weakness and strength in Gold and Oil helped underpin the move higher which opens up potential further gains. Overall the EUR/USD traded with a low of 1.4960 and a high of 1.5146 before closing at 1.5130. Looking ahead, October Private Loans are forecast at -0.5% vs. -0.3%.

The Japanese Yen (JPY) broke Key resistance at 88 Yen to break lower towards Year lows at 87.10. October Trade Balance was positive at 0.42T Yen vs. 0.06T Yen previously. Crosses were mixed as strength in the majors counted the USD/JPY move lower. Overall the USDJPY traded with a low of 87.19 and a high of 88.66 before closing the day around 87.30 in the New York session. Looking ahead, BOJ Minutes released.

The Sterling (GBP) was very strong against the USD but mixed to weak against the Euro after Q3 GDP came in at expectations of -0.3%. EUR/GBP traded briefly below 0.9000 and GBP/JPY struggled to maintain ground. Overall the GBP/USD traded with a low of 1.6578 and a high of 1.6749 before closing the day at 1.6705 in the New York session. Looking ahead, November CBI distributive trades forecast at 13 vs. 8 previously.

The Australian Dollar (AUD) soared with gold from the start of Asia to end above the 0.9300 level and near year highs of 0.9406. AUD/JPY is the only cross struggling to gain as the Yen found strength and ignored the usual risk correlations. AUD/NZD trade above 1.27 in a continuation of recent strength. Overall the AUD/USD traded with a low of 0.9209 and a high of 0.9325 before closing the US session at 0.9320. Looking ahead, Q3 Capex forecast at 1.0 vs. 3.3% previously.

Oil & Gold (XAU) broke to fresh highs testing $1190 by the end of the US session. Overall trading with a low of USD$1166 and high of USD$1193 before ending the New York session at USD$1190 an ounce. Gained heavily on USD weakness after having under performed recently. Crude Oil was down +$1.94 ending the New York session at $77.96.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4833	1.4889	1.5125	1.5163	1.5285
USD/JPY	87.00	88.13	87.40	88.63	89.19
GBP/USD	1.6461	1.6498	1.6700	1.6750	1.6878
AUD/USD	0.9061	0.9112	0.9285	0.9337	0.9406
XAU/USD	1132.00	1153	1190.00	1200.00	1250.00
OIL/USD	75.00	77.00	77.60	78.00	80.00

Euro – 1.5125

Initial support at 1.4889 (Nov 24 low) followed by 1.4833 (Nov 23 low). Initial resistance is now located at 1.5163 (0.764 of 1.6038-1.2330) followed by 1.5285 (May 08 08 low)

Yen – 87.40

Initial support is located at 88.13 (Jan 21 low) followed by 87.00 (Psychological Level). Initial resistance is now at 88.63 (Nov 25 high) followed by 89.19 (Nov 23 high).

Pound – 1.6700

Initial support at 1.6498 (Nov 24 low) followed by 1.6461 (Nov 4 low). Initial resistance is now at 1.6750 (Nov 19 high) followed by 1.6878 (Nov 16 high).

Australian Dollar – 0.9285

Initial support at 0.9112 (Nov 23 low) followed by the 0.9061 (Nov 20 low). Initial resistance is now at 0.9337 (Nov 18 high) followed by 0.9406 (Nov 16 high).

Gold – 1190

Initial support at 1153 (Nov 23 low) followed by 1132 (Nov 20 high). Initial resistance is now at 1200 (Key level) followed by 1250 (Key level).

Oil – 77.60

Initial support at 77 (Intraday support) followed by 75.00 (Intraday support). Initial resistance is now at 78 (intraday resistance) followed by 80 (Key level).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Nov 25 2009

2009-11-25T22:16:00.002+13:00

FOREX Daily Outlook by Easy-Forex.com

US Federal Reserve in No Rush

CURRENCY TRADING SUMMARY – 25th November (00:30GMT)

U.S. Dollar Trading (USD) had a mixed day with strength in Asia being reversed in the US session with stocks once again bouncing off lows and FOMC minutes showing the FED is in no rush to raise raise while raising GDP predictions for 2009. September Case Shiller HPI was at 0.3% vs. 0.8% forecast. Q3 GDP was revised to 2.8% vs. 3.5% initially. In US Stocks, DJIA -17 points closing at 10433, S&P -1 points closing at 1105 and NASDAQ -7 points closing at 2169. Looking ahead, October Core PCE is forecast at 0.1% and November Michigan Confidence Survey forecast at 67 vs. 70.6 previously. Also released Weekly Oil Inventories forecast at 1.2mln vs. -0.9mln previously.

The Euro (EUR) tested 1.4900 as the start of Europe but with little follow through the pair reversed direction and once gain targeted the key 1.5000 level. EUR/JPY found support at 132 Yen and EUR/GBP pounced on GBP weakness to test 0.9050. Helping the Euro rally was the November German IFO at 93.9 vs. 92.5 previously. Overall the EUR/USD traded with a low of 1.4887 and a high of 1.4990 before closing at 1.4965.

The Japanese Yen (JPY) Fresh month lows were hit on continued USD weakness in a slightly risk adverse climate yesterday. With Crosses also under pressure there is little helping the slow downtrend of most pairs. AUD/JPY found support at 81 Yen again and GBP/JPY in the low 146 region. Overall the USDJPY traded with a low of 88.33 and a high of 88.97 before closing the day around 88.55 in the New York session. Looking ahead, October Exports forecast at -26.5% vs. -30.7% previously y/y.

The Sterling (GBP) tested 1.6500 in Europe but with little new from Governor King's speech the pair rallied off lows with the Euro. The pair struggled near 1.6600 as the sell on rally mentality continues to hurt the GBP. Overall the GBP/USD traded with a low of 1.6495 and a high of 1.6610 before closing the day at 1.6580 in the New York session. Looking ahead, Q3 GDP forecast at -0.3% vs. -0.4% initial reading.

The Australian Dollar (AUD) floundered in risk aversion during the Asian and European session before strength in Gold allowed a modest bounce. Sentiment towards the AUD has changed recently with stale longs using rallies as chances to book profits and weak risk appetite is translating into a sluggish AUD/JPY. Overall the AUD/USD traded with a low of 0.9130 and a high of 0.9235 before closing the US session at 0.9190. Looking ahead, RBA Deputy Governor Battellino Speaks.

Oil & Gold (XAU) once again was supported on dips towards the $1160 level but found resistance near $1170 strong as well. Overall trading with a low of USD$1157 and high of USD$1172 before ending the New York session at USD$1169 an ounce. Was weak on concerns of plentiful supply. Crude Oil was down -$1.11 ending the New York session at $76.45.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4802	1.4833	1.4960	1.4999	1.5048
USD/JPY	88.01	88.36	88.50	89.19	89.75
GBP/USD	1.6402	1.6461	1.6580	1.6676	1.6750
AUD/USD	0.8971	0.9061	0.9195	0.9277	0.9337
XAU/USD	1132.00	1153	1168.00	1174.00	1177.00
OIL/USD	75.00	75.60	75.80	77.60	78.00

Euro – 1.4960

Initial support at 1.4833 (Nov 23 low) followed by 1.4802 (Nov 20 low). Initial resistance is now located at 1.4999 (Nov 23 high) followed by 1.5048 (Nov 11 high)

Yen – 88.50

Initial support is located at 88.36 (Oct 9 low) followed by 88.01 (Oct 7 low). Initial resistance is now at 89.19 (Nov 23 high) followed by 89.75 (Nov 16 high).

Pound – 1.6580

Initial support at 1.6461 (Nov 20 low) followed by 1.6402 (Nov 4 low). Initial resistance is now at 1.6676 (Nov 20 high) followed by 1.6750 (Nov 19 high).

Australian Dollar – 0.9195

Initial support at 0.9061 (Nov 20 low) followed by the 0.8971 (Nov 4 low). Initial resistance is now at 0.9277 (Nov 23 high) followed by 0.9337 (Nov 18 high).

Gold – 1169

Initial support at 1153 (Nov 23 low) followed by 1132 (Nov 20 high). Initial resistance is now at 1174 (Nov 23 high) followed by 1177 (1.764 of 985 - 1070.80 from 1026.60).

Oil – 75.80

Initial support at 75.60 (Intraday support) followed by 75.00 (Intraday support). Initial resistance is now at 77.60 (intraday resistance) followed by 78 (intraday resistance).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal

Daily Forex Commentary: Nov 24 2009

2009-11-24T21:51:00.001+13:00

FOREX Daily Outlook by Easy-Forex.com

Gold Leads Fresh Rally

CURRENCY TRADING SUMMARY – 24th November (00:30GMT)

U.S. Dollar Trading (USD) strong data and a surge in Gold prices helped sellers of the USD push the pair lower against nearly all pairs. US October Existing Home Sales were 6.1Mln vs. 5.7Mln previously. Improved risk sentiment did allow USD/JPY to meek out some small gains. In US Stocks, DJIA +132 points closing at 10450, S&P +14 points closing at 1106 and NASDAQ +29 points closing at 2176. Looking ahead, Q3 GDP is forecast at 2.9% vs. 3.5% previously. Also released, November Consumer Confidence forecast 47.7.

The Euro (EUR) rallied hard from the open as stocks and gold gained in Asia. PMI data in Europe was strong with November Manufacturing at 51 and Services at 53.2. EUR/JPY gained over 1 yen to above 133 as US stocks extended gains to fresh year highs. Overall the EUR/USD traded with a low of 1.4867 and a high of 1.5001 before closing at 1.4965. Looking ahead, November German IFO Business Climate forecast at 92.5 vs. 91.9 previously. Also released, September Industrial Orders forecast at 0.8% vs. 2% previously.

The Japanese Yen (JPY) the Yen was on the back foot as USD/JPY traded above 89 and GBP/JPY led a cross rebound. With Japan away the usual Yen buyers were missing with some looking for Tuesday's Nikkei session as the true test for direction. Medium term direction is unclear as Government comments have been mixed recently. Overall the USDJPY traded with a low of 88.56 and a high of 89.21 before closing the day around 88.95 in the New York session. Looking ahead, BOJ monthly report released.

The Sterling (GBP) rallied hard from below 1.6500 as shorts from last week covered positions and GBP/JPY led a strong rebound. EUR/GBP struggled to fall below 0.9000 however as the Euro was also broadly strong. Overall the GBP/USD traded with a low of 1.6497 and a high of 1.6651 before closing the day at 1.6615 in the New York session. Looking ahead, BoE Inflation Report Hearings.

The Australian Dollar (AUD) recovered well as the commodity currency took gold's lead and continued to rally hard from Fridays lows. AUD/JPY also enjoyed success as did AUD/NZD which held above the 1.26 level comfortably. Overall the AUD/USD traded with a low of 0.9152 and a high of 0.9279 before closing the US session at 0.9245.

Oil & Gold (XAU) was the major mover yesterday up over $20 an ounce in the US session on solid support from sentiment and central banks. Overall trading with a low of USD$1149 and high of USD$1174 before ending the New York session at USD$1163 an ounce. Struggled to hold gains with rallies still being sold. Crude Oil was up $0.09 ending the New York session at $77.56.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4786	1.4802	1.4965	1.5016	1.5048
USD/JPY	88.01	88.36	88.95	89.19	89.75
GBP/USD	1.6402	1.6461	1.6606	1.6676	1.6750
AUD/USD	0.8971	0.9061	0.9240	0.9337	0.9406
XAU/USD	1127.00	1132	1163.00	1173.00	1177.00
OIL/USD	75.00	76.00	77.10	78.00	80.00

Euro – 1.4965

Initial support at 1.4802 (Nov 20 low) followed by 1.4786 (0.618 of 1.4624-1.5049). Initial resistance is now located at 1.5016 (Nov 16 high) followed by 1.5048 (Nov 11 high)

Yen – 88.95

Initial support is located at 88.36 (Oct 9 low) followed by 88.01 (Oct 7 low). Initial resistance is now at 89.19 (Nov 23 high) followed by 89.75 (Nov 16 high).

Pound – 1.6606

Initial support at 1.6461 (Nov 20 low) followed by 1.6402 (Nov 4 low). Initial resistance is now at 1.6676 (Nov 20 high) followed by 1.6750 (Nov 19 high).

Australian Dollar – 0.9240

Initial support at 0.9061 (Nov 20 low) followed by the 0.8971 (Nov 4 low). Initial resistance is now at 0.9337 (Nov 18 high) followed by 0.9406 (Nov 16 high).

Gold – 1163

Initial support at 1132 (Nov 20 low) followed by 1127 (Nov 17 high). Initial resistance is now at 1173 (Nov 23 high) followed by 1177 (1.764 of 985 - 1070.80 from 1026.60).

Oil – 77.10

Initial support at 76.00 (Intraday support) followed by 75.00 (Intraday support). Initial resistance is now at 78 (key level) followed by 80 (October high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

Share Investor Links

Share Investor Blog
Buy forex books and trading software
Share Investor Business News
Discuss the Forex Market @ Share Investor Forum

Affiliated Links

Political Animal