Serving Traders Since 2005
Forex-Metal Daily Analysis - 08/09/10
Tuesday showed the EUR/USD drop for almost 200 pips.
Asian and European trading sessions
Euro: A new wave of concerns over the former European bank stress test results pressured the euro on Tuesday. The Association of German banks stated that 10 leading banks might need additional capital in order to comply with new norms and regulations. As a result, the euro dropped against major currencies. Morning trading showed EUR/USD minimums at the level of $1,2760.
The German factory orders for July decreased for 2.2%, when experts predicted increase for 0.5%. This factor reflected in an additional decrease of the EUR/USD pair to the $1.2734 range.
The potential for European defaults alarmed the market participants again.
British Pound: The GBP/USD pair traded in the range of $1,5350-$1,5420. Minimums were set at the $1.5314 mark.
Japanese Yen: According to the expectations, the Bank of Japan left the principal rate unchanged at the level of 0.1%. Following the decision statement read, that the Japanese economy showed signs of moderate rehabilitation, and the monetary policy would continue to be soft. The yen showed stabilization against its major competitors.
The USD/JPY pair showed minimums at Y83.70.
Australian Dollar: According to the forecasts, the Reserve bank of Australia left the principal rate unchanged at the level of 4.50% for the fourth consecutive meeting. The following statement read, that the global economy forecast stayed uncertain. Therefore, the Australian dollar dropped against competitors.
Oil: Speculations over the European stress-test results and the tropical storm development pressured the oil rate, which decreased to $72.80 mark per barrel.
American trading session:
US Dollar: Greenback strengthened as the euro was under strong pressure.
Gold: Against the background of the US dollar stabilization, the gold rate dropped to the range of $1248.60 per ounce.
Technical analysis for 8/09
The pair has dropped to support 1.27009. If the pair stays below this level, the pair will drop to 1.25690. If the pair stays above 1.27009 the pair will rise up to 1.28630.
Resistance: 1.27009, 1.28630, 1.30277
Support: 1.25690, 1.23907, 1.21813
The pair found support at Moving Average (100) at 1.5388.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.52523, 1.50581, 1.48532
The pair has declined to 1.01498. If the pair stays below this level the pair will drop to 0.99821. This level should give support to the pair.
Resistance: 1.01498, 1.02747, 1.03987
Support: 0.00209, 0.99066, 0.98148
The pair has declined to support 83.330.
Resistance: 84.260, 85.161, 86.246
Support: 82.219, 81.004, 79.957
The pair couldn’t reach 0.92170 and trades near that level. Support at 0.90284.
Resistance: 0.92170, 0.93788, 0.94898
Support: 0.90284, 0.89029, 0.87243
The Forex trading industry
With a daily turnover of over $3.2 trillion, as estimated by The Bank of International Settlement, the Forex market has quickly become the world`s biggest and most liquid financial market. Nevertheless, it is a market that has up until now allowed very narrow access to private traders, since it customarily uses terminology and procedures that can take years to grasp.
|Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)|
|Thread||Thread Starter||Forum||Replies||Last Post|
|Forex-Metal Daily Analysis - 27/08/10||Forex-Metal||Advertisements||0||27th August 2010 21:44|
|Forex-Metal Daily Analysis - 26/08/10||Forex-Metal||Advertisements||0||26th August 2010 13:54|
|Forex-Metal Daily Analysis - 12/08/10||Forex-Metal||Advertisements||0||12th August 2010 09:45|
|Forex-Metal Daily Analysis - 06/08/10||Forex-Metal||Advertisements||0||6th August 2010 08:44|
|Forex-Metal Daily Analysis - 04/08/10||Forex-Metal||Advertisements||0||4th August 2010 09:25|