Technical Summary for Majors
EURUSD Extended upleg from 1.3264, 13 Jun low, to 1.3478 on 26 Jun, ahead of correction. Market dipped to 1.3415 yesterday, leaving a higher low, ahead of fresh push higher attempting at 1.3478 (1.3481 reached so far). Break there opens 1.3500/13 next, possibly 1.3538/54 on a break, while 1.3435, 20 Jun high/trendline off 1.3264, offers immediate support. Res: 1.3481, 1.3500, 1.3513, 1.3538 Sup: 1.3435, 1.3420, 1.3415, 1.3393 GBPUSD Advance from 1.9622 broke above 2.0000 area on
Mid-Day Forex Technical Report - Markets Steady ahead of FOMC
Forex Mid-Day Technical Report Markets Steady ahead of FOMC With little reaction to US data, markets remains steady ahead of FOMC rate decision and statement. Final print of US Q1 GDP saw growth revised higher to 0.7% annualized from 0.6%. Also, there were significant revisions to inflation data with core PCE index revised up to 2.4% annualized from 2.2% previously. The 0.2% point increase fed through to the headline PCE (3.5% from 3.3%), GDP deflator (4.2% from 4.0%) and core GDP deflator
S&P 500 Likely To Move Higher But Watch Out! - Thursday Is Fed Day!
Most Recent Trading Day With Pivot System. S&R Levels and 5, 15, and 30 Minute 20EMAs. Historical Volatility & Narrow Range Days. Expect range expansion when HisVol is low. Pivot System S&R Levels Used to determine relative value. Signficant shifts in market psychology often occur near these levels. DP 1511.17 R1 1527.83S1 1502.33 R2 1536.67S2 1485.67 R3 1545.50S3 1476.83 Pattern Signals A pattern recognition technique which identifies today's most likely scenario based on recent
Energies offered congestion and choppy trade this past week
For the Week Ending June 22nd, 2007 Energies Energies offered congestion and choppy trade this past week, a potential setup to a major trend changing week ahead. If the market fails trend line support and breaks, it could easily see a technical collapse. This is a critical week to see a break through $70 for the bulls, otherwise this market could fall apart rather quickly. Strangles, bear butterfly spreads and straight option buying
Asian stocks recovered led by energy producers and exporters in Japan
• Indian sensitive index rose. ACC Ltd. led the gains in cement makers after Morgan Stanley said prices of the building material could increase. The Sensex climbed 73.51, or (0.5 %), to 14,504.57 while the Nifty Index rose 18.05, or 0.4 % to 4,282. ACC Cement gained 8.3%. • The BSE Bankex rose by 34.2 points to 7786.72 with Canara Bank and Bank of India amongst the top gainers. Canara Bank rose by 2.28% while ICICI Bank rose 0.48% to 942.9. • Asian stocks recovered led by energy producers and
U.S. Treasuries were little changed
• Indian bonds extended gains on speculation of fewer debt sales and a lower inflation number tomorrow. The yield on the 7.49% bond due April 2017 was at 8.19% • India call rate closed at 7.90-8.00%. RBI lent INR 94 bn to the market. • U.S. Treasuries were little changed on speculation that the Fed will leave interest rates unchanged for an eighth month. The yield on the benchmark 10-year note was at 5.10%. Download Full Daily Market Report: Debt
Gold prices rose amid speculation that higher oil prices will increase demand for the metal
• Crude prices were little changed and remained close to a nine month high as US gasoline stockpiles fell. Crude for immediate delivery was at $69.62 per barrel in New York. (18.00 IST) • Gold prices rose amid speculation that higher oil prices will increase demand for the metal. Gold for immediate delivery was at 647.4 USD/oz in London. (18.00 IST) Download Full Daily Market Report: Commodities
Market lacks direction ahead of US data
We do expect some volatility post Finalized US GDP Q2, but it should be capped as FOMC minutes are tonight at 18:15 GMT where Fed will likely comment on inflation still remaining the greatest fear. MAJOR HEADLINES – PREVIOUS SESSION BoE: King says output growth resilient in face of higher interest rates. UK: King says MPC will continue to monitor closely price intentions indicators. BoE: Lomax says wants to see more data before she decides on her next move. BoE: Tucker and Blanchflower did not
The Sterling rode high against the Dollar on the back of strong housing data
• The Rupee appreciated today amidst expectations of inflows and lack of NDF demand. The USD/INR pair ended at 40.83 from 41.00 earlier. • The 6-month and 1-year forward premium was at 2.91% and 2.83% as compared to 3.35% and 3.03% previously. • The Sterling rode high against the Dollar on the back of strong housing data that raised expectations of a BoE rate hike in July. EUR/USD was at 1.3465 from 1. 3435 yesterday and GBP/USD was at 2.0023 from 1.9959 yesterday. JPY/USD was at 122.93 from
The Sterling rode high against the Dollar on the back of strong housing data
• The Rupee appreciated today amidst expectations of inflows and lack of NDF demand. The USD/INR pair ended at 40.83 from 41.00 earlier. • The 6-month and 1-year forward premium was at 2.91% and 2.83% as compared to 3.35% and 3.03% previously. • The Sterling rode high against the Dollar on the back of strong housing data that raised expectations of a BoE rate hike in July. EUR/USD was at 1.3465 from 1. 3435 yesterday and GBP/USD was at 2.0023 from 1.9959 yesterday. JPY/USD was at 122.93 from
Bears down
It was a bad day to be a bear. Bearish oil traders tried to front run the weekly supply report from the Department of Energy but in the end just kind of got run over. The market reaction to the DOE report probably gives us a new definition of Bear Tracks as in the tire tracks embedded in the hide of the bear when the truck ran them over! Oil came roaring back after bearish traders got burned by betting on a wildly bearish DOE report. The bears knew they were in for a rough day
The Japanese yen has weakened anew as risk aversion has come back in vogue
The rise in risk aversion we wrote about yesterday that was due to renewed concerns about the subprime mortgage market seems to have dissipated somewhat, at least for now. Despite weaker-than-expected data on durable goods orders in May, the U.S. stock market posted a decent gain yesterday (the S&P 500 was up 0.9%) and yields on Treasury securities rose. The rally on Wall Street spilled over to Asia last night with most major indices in the region up 1% or so, and European bourses
Daily Scalping Tip
BUY EURUSD @1.3485, SL @1.3470, TP @1.3495 Signal Time: June 28, 2007 12:35 GMT STATUS: -ON -
Daily Scalping Tip
SELL EURUSD @1.3449, SL @1.3464, TP @1.3439 Signal Time: June 27, 2007 11:25 GMT STATUS: -WON -
(PipsandTips.com)
Forex Technical Report USD/CHF
USD/CHF 1.2270 - 28 June 2007 USD/CHF Open 1.2288 High 1.2324 Low 1.2255 Close 1.2291 Trading yesterday was quiet and the US Dollar was in the range 1.2274 - 1.2302 Swiss Francs. This morning the currency pair was exchanging at levels 1.2276 - 1.2296. If today the US Dollar gets through the resistance zone at 1.2304 Swiss Frank, next target will be reaching and testing the 1.2346 level. If successful the upwards movement will continue towards 1.2382. If the currency pair breaks under the
World: Strong growth, less spare capacity
The world economy continued to grow robustly in the first half of 2007. With leading indicators moderating only slightly at a time of diminishing spare capacity, central banks remain in tightening mode. Food price inflation suggests faster appreciation of the undervalued Chinese yuan and Indian rupee. Indicators available at this writing are consistent with an inventory-led rebound of U.S. GDP growth in Q2. Whether the rebound will carry into the second half of the year is uncertain. The
London Gold Market Report
SPOT GOLD PRICES continued to climb during the Asian and early London sessions on Thursday, hitting $647 just ahead of the US open – a gain of 1% from the low hit on Monday. The move was slightly muted for British investors, as the Pound rose back above $2.00 versus the Dollar to a two-month high on the currency markets. That capped the Sterling price of gold at £323.22 per ounce by lunchtime in London. The gold price in Euros also climbed 0.8% higher from Monday's low, spiking above €480 per
Daily Forex Forecast
DAILY FX FORECASTS If you open a real account with our clearing broker FXCM LLC - New York reffered by us you will receive Free Forex Forecasts by FX Dream. For more information, please do not hesitate to contact us at contact@fxdream.com FXDREAM EUR/USD Date: Thu, 28 June 2007 13:10:05 Resistance levels: 1.3475/1.3500/1.3550 Support levels: 1.3420/1.3400/1.3370 EUR/USD has remained ranged in the last trading hours below 1.3470-75 area as it was suggested Today focus will be on US GDP
FX Thoughts for the day - Evening - 28-June-2007....1130 GMT
EURO, JAP YEN and EURO-YEN --------------------------- Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below --------------------- USD-CHF @ 1.2276/81….……Bearishness Maintained ------------------------------------------------------- R: 1.2310-15 / 1.2330-35 S: 1.2260 / 1.2230 / 1.2200 USD-CHF has been
The Fed will keep the rates at 5.25% today
A couple of key news moving the forex market today. The most important news is the expecting Fed interest rates to keep at 5.25% later today. The Fed chairmen Ben Bernanke, close monitor the US growth, very important factor for the interest rates. Today is expecting the gross domestic product for the first quarter to up with 0.2% considering the prior estimate. The analysis and economist are in consensus for the Fed action today to keep the rates unchanged at 5.25% a level for already a year.
WTI rebounds
The inventory data put WTI Crude back in bullish territory. Yesterday's show of strength is expected to continue throughout the rest of the week.
Publisher: info@saxobank.com (Saxo Bank) posted at Thursday, 28 June 2007 18:08:43
Energy markets should be approached from the long in the next two trading session
Energies It is amazing how one reversal can change the picture. Yesterday, we saw that in WTI crude. After having appeared to be set for a further extension lower, WTI staged a major comeback and has moved back into bullish territory. Many traders, including yours truly, were caught on the wrong foot and scrambled to get out, once major resistance was broken. The weekly inventories actuals were as following: Crude 1562k vs 1600k; Gasoline -749k vs 1040k; Distillates -2275k vs
Yesterdays main bullish driver was the durable goods number
Treasuries The subprime CDO market in the US continues to be the main source of concern in debt markets presently. The FOMC decision is the current market concern and any comments about the subprime market will be watched closely. Yesterdays main bullish driver was the durable goods number, however the recovery staged by the stock market brought back major resistance to US treasury prices. The main topic of the FOMC will be core inflation. The recent slowing in core inflation will
US equity market recovery leads to weaker JPY
Key Points • US equity market recovery leads to weaker JPY, but room for further volatility in the short-term before conditions truly stabilise. • MPC members offer few overall clues about outcome of next week’s meeting – market will continue to look for rate hike. • Fed meeting in focus today. Market Outlook A late stabilisation in US equity markets helped to shore up the fragile global sentiment that was developing yesterday. EURJPY in particular has managed to bounce back. However, patching
Daily FX Commentary
Fed To Hold Steady The dollar strengthened to 1.3420 against the Euro in early Europe on Wednesday, but failed to sustain any momentum and weakened back to 1.3445 in US trading as narrow ranges dominated again. The US currency edged weaker in early European trading on Thursday, but found some support weaker than 1.3470. US durable goods orders fell by a larger than expected 2.8% in May and there was a 1.0% underlying
Crude Market Update
- The EIA releases its weekly natural gas inventory data today at 10:30 a.m. According to a widely followed wire survey, natural gas inventories are expected to have risen 82bcf last week. Yesterday the EIA reported that crude oil inventories rose slightly more than expected by 1.56M barrels, gasoline inventories rose less than expected by 1M barrels and distillate inventories fell more than expected by 749K barrels. - Following the withdrawl of ConocoPhillips and Exxon Mobil from Venezuela
Treasury Market Preview
- On the US calendar today are the releases of Final first-quarter GDP annualized, personal consumption, GDP price index, and core PCE, along with initial jobless claims and continuing claims, all of which are due out at 8:30 ET. Also on the calendar is the release of the May help wanted index, as well as the FOMC rate decision. There is no new supply in the US today, and there are on central bank speakers scheduled. - Regarding today’s data, the final first-quarter readings on personal
German Unemployment Rate Drops to Lowest Level Since 1995
- The European indices are trading higher in today’s session after trading lower for six consecutive days. European equities are trading higher on the back of rising commodity prices. - European government bonds opened lower in the session, and continued to decline following somewhat hawkish comments from the ECB’s Liebscher. In new supply overnight the Italian treasury sold €2.0B 3-Yr BTPs with an average yield of 4.47% and a bid-to-cover of 1.73 (previously covered 1.7x), as well as €1.5B in
EUR/NOK
Comment: Picking up the pace a bit after a very slow start earlier this year. The break below the psychological and pivotal level at 8.0000, courtesy of a hawkish Norges Bank, has added considerably to bearish momentum. A monthly close below 8.0000 is needed to confirm such an important break and should see the Euro retreat all the way down to critical support at 7.7500/7.7000 medium term and possibly all the way down to 7.2500 long term. Strategy: Sell at 7.9500; stop above 8.0500. Add to
EUR: The outlook remains bullish above 1.3384 support today
EUR/JPY Daily Technical Forex
Current level at 11:53 CET is 165.74, trading above the daily pivot point at 165.07, having bounced off second support yesterday at 164.25. Resistance levels today are at 166.00 and thereafter at 166.80 ahead of the previous high of 166.96. Hourly momentum readings favour the upside for the moment. The daily Ichimoku cloud top has advanced to 162.54. Support levels today are at 164.28 and thereafter at 163.36.
USD/JPY Daily Technical Forex
Current level at 11:40 CET is 123.12, trading above the daily pivot point level of 122.75, the market having rebounded off the previous ruptured high of 122.19. Resistance today is seen at 123.31 and then at 123.83, ahead of the previous high of 124.15. Hourly momentum readings suggest more upside to come today. Daily Bollinger and standard error bands still point to the upside.
Daily Technical Strategy for Aggressive Profits
Hello Dear Traders : In a few hours we will have news from the Federal Reserve. Stay tuned for live signals!! Cashmonster: SELL AUDUSD At 0.8434 TP1 0.8425 TP2 0.8407 TP3 0.8392 S L 0.8461 Cashmonster: BUY USDJPY At 122.43 TP1 122.52 TP2 122.70 TP3 122.92 S L 122.07 have a great Trade! Results in our website are evaluated by our own members
EUR/USD Daily Technical Forex
Current level at 11:15 is 1.3454, trading above the daily pivot point level of 1.3440 with hourly momentum readings supportive and daily standard error bands still pointing to the upside. This market is still moving inside the daily Ichimoku cloud, which has its base now at 134.32. The relatively low daily ADXR readings stress the lack of direction currently evident in this market.
US Treasuries backtrack in late session as equities rally
Markets: Fixed Income On Wednesday , Bond markets remained in the grip of the overall uncertainty and the associated risk aversion, but eco data, especially the weak US durable orders affected trading too. Late in the US session, investors turned again to equities and other more risky assets and this pushed bonds lower. This came too late to affect EMU bonds, which yields fell by 2.5 to 5.5 basis points flattening the curve. In the US, yields actually backed up 2.7 to 0.2 basis points, also
GDP & US Interest Rates Decision.
Economic News USD Yesterday provided us with a mix day of data which was published in the US and led to the strength of the USD while a reduction was expected. Data such as: Durable Goods Orders, Core Durable Goods Orders and Crude Oil Inventories. The USD has strengthened mainly due to the FOMC meeting and despite the larger than expected drop in durable goods orders in the month of May from 1.1% to -2.8%, but as it seems, the American federal reserve is
Forex Technical Report GBP/USD
GBP/USD 2.0041 - 28 June 2007 GBP/USD Open 1.9985 High 2.0041 Low 1.9931 Close 1.9992 Trading yesterday was quiet and the Pound was in the range 1.9927 - 1.9992 US Dollars. This morning the currency pair was exchanging at levels 1.9991-2.0040. If today the Cable get through the resistance zone at 2.0007 US Dollars, next target will be reaching and testing the 2.0047 level. If successful the upwards movement will continue towards 2.0080. If the Pound breaks under the support zone 1.9976 US
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