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EURUSD: Nearer Term Downside Weakness Turns Focus To The Pair’s LT Rising Trendline

July 24th, 2008 by

EURUSD: EUR followed through to the downside on its Tuesday losses breaking below its daily 200 ema to close at 1.5683 on Wednesday.The fact that momentum indicators and price action are pointing lower now suggest a trade towards its LT trendline currently residing at 1.5636 which within the vicinity of its .50 Ret (1.5302- 1.6037 rally) at 1.5647.This zone is envisaged to provide a strong support and turn the pair higher again but if a failure of there occurs lower prices could be seen

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A day is a long time in the FX markets

July 24th, 2008 by

Market overview A day is a long time in the FX markets. Sometimes because nothing is happening and it feels like a week, others because sentiment can turn on a cent. At the start of the week it seemed clear that the dollar was building for another break into lows, but no less than a day later, equities are rallying, gold has dropped (led through platinum) and oil ignored a raft of bullish news to complete an interim top. Soft commodities continue to retrace and all of a sudden the market

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NZD weakens as the RBNZ cut rates

July 24th, 2008 by

Today’s comment Majors & Scandies By the Majors & Scandis Team Overnight the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate by 25 bps to 8.00% after having kept rates unchanged for a year. Market participants had been split on the outcome of the monetary policy meeting as the central bank faces the difficult dilemma of an economy headed towards recession and rapidly rising inflation. However in a statement the central bank said that it expects the downturn in activity to

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NZD crumbles on RBNZ rate cut and dovish guidance

July 24th, 2008 by

Key German data on tap. USD recovery extends a bit - what now? AUDUSD at big support zone now after bout of weakness. MAJOR HEADLINES – PREVIOUS SESSION New Zealand RBNZ cut its Official Cash Rate for the first time in 5 years, by 25 bps, bringing the rate to 8.00% Japan Jun. Adjusted Merchandise Trade Balance out at ¥135.4B vs. ¥342.7B expected THEMES TO WATCH – UPCOMING SESSION Key Risk Events (All times in GMT) Germany Jul. Preliminary PMI Manufacturing and Services (0730) Germany Jul. IFO

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Weekly Forex Focus

July 24th, 2008 by

Please find enclosed today’s WEEKLY FOREX FOCUS EUR/USD - USD/JPY GBP/USD - USD/CHF USD/CAD - AUD/USD EUR/JPY - EUR/CHF EUR/GBP - DOLLAR INDEX

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Index Recommended Levels

July 24th, 2008 by

Dow Jones : Resistance(daily close) : 11 520.30, 11 970.00 , 12 152.82, 12 600.24, 12 982.20, 13 162.50 and 13 320.00. Then 13 567.60, 13 668.74 и 13 792.53. Break of the latter will lead to 13 972.50, 14 045.62, 14 124.38 and 14 225.63 ( published on July 14 , 2008). Support (daily close): 11 036.25 , 10 980.00, 10 930.78, 10 800.00 and 10 718.45. Then 10 535.60, 10 428.80, 10 313.44, 10 125.00 and 10 046.30. Break of the latter will lead to 9990.00, 9911.25, 9722.70, 9360.11,

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Greenback Rises on Rate Hike Hopes

July 23rd, 2008 by

Greenback Rises on Rate Hike Hopes The dollar rallied against its rivals Tuesday after Treasury Secretary Henry Paulson said a strong dollar is “really very important” and Federal Reserve Bank of Philadelphia President Charles Plosser said interest rates should be raised “sooner rather than later.” Greenback was also supported by falling commodity prices and rising US equity prices. Today’s US economic data were bleak as housing prices fell more than forecast and the Richmond Fed manufacturing

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Crumbling Oil Price Renders USD Some Help

July 23rd, 2008 by

Yesterday`s sharp drop in the oil price came as a relief not only to the battered Greenback but helped all financial markets to shake off at least temporarily their main fear of it`s Nr. 1 enemy, inflation. Whether this positive development will be gaining more momentum one cannot say at this stage and time of the year. Lower volume summer markets have their own special behaviour. However, fact has it that the USD remains influenced by oil price and financial markets development, for the good

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EURUSD: EUR Seen Below Rising Channel,May Weaken Further

July 23rd, 2008 by

EURUSD: An unsustained move above its Monday high at 1.5931 saw EUR collapsing and closing below its daily rising channel on Tuesday forming a bullish engulfing candle pattern. This development now leaves the pair targeting lower prices nearer term especially now that its daily studies have turned lower. In such a case, the 1.5714 level, representing its daily 50 ema comes in as the initial downside objective followed by its .50 Ret (1.5302-1.6037 rally)/LT rising trendline at 1.5671/47.This

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USD strengthens on hawkish Fed comments

July 23rd, 2008 by

Today’s comment Majors & Scandies By the Majors & Scandis Team European stock markets got off to a bad start yesterday however sentiment improved somewhat in the course of the day and the cautious optimism rubbed off on the US trading session. Thus the major US stock indices made decent gains supported by a further drop in oil prices among other things. Yesterday FOMC member Charles Plosser said that the Fed should raise rates “sooner rather than later” to dampen inflationary

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EURUSD: Nearer Term Downside Weakness Turns Focus To The Pair’s LT Rising Trendline

A day is a long time in the FX markets

NZD weakens as the RBNZ cut rates

NZD crumbles on RBNZ rate cut and dovish guidance

Weekly Forex Focus

Index Recommended Levels

Greenback Rises on Rate Hike Hopes

Crumbling Oil Price Renders USD Some Help

EURUSD: EUR Seen Below Rising Channel,May Weaken Further

USD strengthens on hawkish Fed comments

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