U.S. Dollar Trading (USD) Public Holiday, big moves on Oil as Hurricane Gustav fails to make impact helped the dollar to make gains. Looking Ahead, Aug ISM expected to fall slightly to 49.7 vs. 50.0 previously. UPDATE OIL breaks below $110 a barrel
The Euro (EUR) tracked Oil movements closely, weakening as Oil softened. German July retail Sales were confirmed as a weak -1.5% m/m. Eurozone PMI was confirmed at Overall the EUR/USD traded with a low of 1.4583 and a high of 1.4717 before closing the day at 1.4605 in the New York session. Looking ahead, July Eurozone PPI is expected to gain 1.3% in July.
The Japanese Yen (JPY) continued to make gains against most currencies as the USD/JPY broke the key level of 108. Weak Japanese stocks weighed. Overall the USDJPY traded with a low of 107.63 and a high of 108.67 before closing the day around 108.20 in the New York session.
The Sterling (GBP) broke through 180 as downside momentum accelerated. Overall the GDP/USD traded with a low of 1.7985 and a high of 1.8128 before closing the day at 1.8020 in the New York session. Looking ahead, Government Stimulus package is expected to be released.
The Australian Dollar (AUD) weighed down by commodity sales and lack of support from the AUD/JPY. Overall the AUD/USD traded with a low of 0.8485 and a high of 0.8580 before closing the US session at 0.8485. UPDATE RBA cuts rates by .25%
Gold (XAU) fell heavily as Oil continued to slide. Overall trading with a low of USD$817.20 and high of USD$835.30 before ending the New York session at USD$818 an ounce.
TECHNICAL COMMENTARY
| Currency | Sup 2 | Sup 1 | Spot | Res 1 | Res 2 |
| EUR/USD | 1.4366 | 1.4440 | 1.4575 | 1.4728 | 1.4811 |
| USD/JPY | 107.29 | 107.63 | 108.10 | 108.80 | 110.29 |
| GBP/USD | 1.7754 | 1.7821 | 1.7915 | 1.8211 | 1.8344 |
| AUD/USD | 0.8173 | 0.8276 | 0.8495 | 0.8586 | 0.8694 |
| XAU/USD | 801.00 | 807.40 | 815.00 | 935.50 | 844.00 |
Euro – 1.4575
Initial support at 1.4440 (Feb 7 low) followed by 1.4366 (Jan 22 low). Initial resistance is now located at 1.4728 (Sept 1 high) at followed by 1.4811 (Aug 26 high).
Yen – 108.10
Initial support is located at 107.63 (Aug 29 low) followed by 107.29 (Aug 1 low). Initial resistance is now at 108.8 (Sep 1 high) followed by 110.29 (Aug 25 high).
Pound – 1.7915
Initial support at 1.7821 (Apr 27 2006 low) followed by 1.7754 (Apr 21 2006). Initial resistance is now at 1.8211 (Sep 1 high) followed by 1.8344 (Aug 29 high).
Australian Dollar – 0.8495
Initial support at 0.8276 (Sept 18 2007 low) followed by 0.8173 (Sep 10 2007 low). Initial resistance is now at 0.8586 (Sep 1 High) followed by 0.8694 (Aug 28 high).
Gold – 815
Initial support at 807.40 (Aug 22 low) followed by 801 (Aug 20 low). Initial resistance is now at 835.5 (Sep 1 high) followed by 844 (Aug 28 high).
| ||
 | Easy Forex Easy-Forex™ Trading Platform, founded by a group of bankers, Forex and Internet experts, offers Forex traders direct access to the global currency markets. Easy-Forex™ revolutionary Online FX trading platform is the first online FX trading system allowing clients to deal Forex as a consumer prod... | |
Easy-Forex makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. Therefore you should consider whether these products are appropriate in view of your objectives, financial situation and needs as well as considering the risks associated in dealing with those products Risk Disclaimer: The risk disclaimer is meant to inform the user of the potential financial risks of engaging in foreign exchange trading. The transaction of such financial instruments known as forex, fx, currency, and dealt on a valued basis known as 'spot' or 'forward' 'Day Trading' and 'option', can contain a substantial degree of risk. Before deciding to undertake such transactions with Advanced currency markets Easy-Forex LTD (herewith expressed as Easy-Forex) and indeed any other firm offering similar services, a user should carefully evaluate whether his/her financial situation is appropriate. Trading foreign exchange may result in substantial loss of funds and/or complete loss of funds and therefore should only be undertaken with risk capital. The definition of risk capital is funds that are not necessary to the survival or well being of the user. Easy-Forex strongly recommends that a user considering trading foreign exchange products read through all the main topics contained in the Easy-Forex website so that he/she may obtain a clear and accurate understanding of the risks inherent to fx trading. Opinions and analysis on potential expected market movements contained within the Easy-Forex website are not to be considered necessarily precise or timely and due to the public nature of the internet, Easy-Forex cannot at any time guarantee the accuracy of such information. Trading on-line, no matter how convenient or efficient it may be, does not necessarily reduce the risks associated with foreign exchange trading, and Easy-Forex does not accept any responsibility towards any customer, member or third party, acting on such information contained on the web site as to the accuracy or delay of information such as quotations, news and charts derived from quotations.
No comments:
Post a Comment