Subscribe By RSS
Forex Trading Review For 09/02/2010
By UFXBank on February 9, 2010 | More Posts By UFXBank | Author's Website
USD Dollar (USD)
The Dollar has been trading sideways versus most majors due to lack of major economic data. NASDAQ weakened by -0.7% and Dow Jones closed beneath 10,000 for the first time in 3 months with -1.04%. Crude Oil gained by 0.69% closing at 71.68$ a barrel. Gold (XAU) weakened slightly closing at 1,062.5$ an ounce. Today, Wholesale Inventories are expected with 0.5% versus 1.5% prior.
EURO (EUR)
The Euro remained unchanged versus the Dollar and gained versus the Pound as investor\’s sentiment remained weak and no major economic data was released. Overall, EUR/USD traded with a low of 1.3621 and a high of 1.3714. EUR/USD is oversold according to the RSI indicator, but MACD shows a correction back up in the near term is possible. Today, German Final CPI is expected unchanged with -0.6%.
EUR/USD - Last: 1.3645
|
Resistance |
1.3720 |
1.3770 |
1.3850 |
|
Support |
1.3590 |
1.3530 |
1.3445 |
British Pound (GBP)
The Pound weakened slightly versus the Dollar as stocks continued to decline and no major economic data was released. RICS House Price Balance came out stronger with 32% versus 28% expected. Overall, GBP/USD traded with a low of 1.5534 and a high of 1.5660. GBP/USD is oversold according to the RSI indicator and a correction back up is possible, but the trend is still downwards. Today, Trade Balance is expected with -6.6B versus -6.8B prior.
GBP/USD - Last: 1.5570
|
Resistance |
1.5665 |
1.5700 |
1.5745 |
|
Support |
1.5530 |
1.5480 |
1.5450 |
Japanese Yen (JPY)
The Yen remained almost unchanged versus the Dollar, Euro and the Pound. Overall, USD/JPY traded with a low of 89.15 and a high of 89.56. USD/JPY is trading downwards in a narrow range but still unable to cross below the significant 88.50 support. Core Machinery Orders are expected with 8.1% versus -11.3% prior.
USD/JPY-Last: 89.30
|
Resistance |
89.55 |
89.75 |
90.10 |
|
Support |
89.00 |
88.50 |
87.75 |
Canadian Dollar (CAD)
The Canadian Dollar weakened versus the American Dollar as drops in equity markets lowered demand for higher yielding assets. Housing Starts came out stronger with 186K versus 180K expected. Overall, USD/CAD traded with a low of 1.0657 and a high of 1.0771. USD/CAD has continued higher toward the 200 Daily Moving Average but has major resistance near 1.08. No economic data expected today.
USD/CAD - Last: 1.0760
|
Resistance |
1.0780 |
1.0850 |
1.0872 |
|
Support |
1.0690 |
1.0655 |
1.0605 |
Subscribe by RSS 
Subscribe by Email
Email This Post To A Friend
