USD Dollar (USD) – The dollar advanced the most since November against the currencies of major trading partners on increased demand for a refuge as Europe’s debt crisis outweighed Standard & Poor’s negative U.S. credit-rating outlook. The stock market closed negative when the NASDAQ dropped by 1.06% and Dow Jones fell by 1.14%. Crude oil fell for the second day by 1.41$ after Saudi Arabia, the world’s biggest exporter of the fuel, said the global market has more than ample supplies of crude and closed at 107.98$ a barrel, Gold (XAU) rose by 8.87$ and reached a new high ever closing at 1496.15$ an ounce. Today, Housing starts is expected at 0.54M vs. 0.52M previously.
Euro (EUR) –The Euro fell against the dollar after a concern Europe’s debt crisis is worsening when Moodys decline the credit-rating for the Irish Banks. The pair broke down the support level at 1.4370 and reached almost 1.4150 falling more than 200 pips, the pair is located now at 1.4230 and have a support there it the rate goes below 1.4200 it will continue towards 1.4000 until the end of the week. Overall, EUR/USD traded with a low of 1.4156 and with a high of 1.4419. Today, the German Manufacturing PMI is expected at 60.10 vs. 60.90 last time.
Euro (EUR) –The Euro fell against the dollar after a concern Europe’s debt crisis is worsening when Moodys decline the credit-rating for the Irish Banks. The pair broke down the support level at 1.4370 and reached almost 1.4150 falling more than 200 pips, the pair is located now at 1.4230 and have a support there it the rate goes below 1.4200 it will continue towards 1.4000 until the end of the week. Overall, EUR/USD traded with a low of 1.4156 and with a high of 1.4419. Today, the German Manufacturing PMI is expected at 60.10 vs. 60.90 last time.
EUR/USD – Last: 1.4224
| Resistance | 1.4325 | 1.4385 | 1.4440 |
| Support | 1.4200 | 1.4150 | 1.4100 |
British Pound (GBP) – The Pound fell against the dollar reaching almost the support level at 1.6150 but closed at 1.6260. The trend is bearish making the way down towards 1.6200 again. 1.6260 is a very strong support level and the pair captured again at this rate. The next resistance level of the GBP/USD on the daily chart is located at 1.6320. Overall, GBP/USD traded with a low of 1.6165 and with a high of 1.6328. No economic data expected today.
GBP/USD – Last: 1.6247
| Resistance | 1.6286 | 1.6326 | 1.6371 |
| Support | 1.6231 | 1.6170 | 1.6150 |
Japanese Yen (JPY) –The dollar and the euro fell against the yen on concerns about sovereign debt burdens in the U.S. and Europe. The USD/JPY’s momentum is still bearish, next support level on the four hours chart is 81.71 after the pair success to breakdown the support level at 83.00 as expected. If the pair breakdown this level probably it will decline towards 81.00 level. Overall, USD/JPY traded with a low of 82.17 and with a high of 83.25. No economic data expected today.
USD/JPY-Last: 82.38
| Resistance | 82.63 | 83.23 | 83.79 |
| Support | 82.18 | 82.00 | 81.50 |
Canadian dollar (CAD) – The Canadian fell against the dollar as the oil, it biggest expert fell for the second day against the greenback in addition the falling of wall street and strengthens the American dollar after the investors proffered to buy it as a safe currency in bad days for the markets. The trend is bearish for the pair but a bullish momentum is expected for today if the rate remains above 0.9630, the next support line on the four hours chart is located at 0.9520 .Overall, USD/CAD traded with a low of 0.9583 and with a high of 0.9720. Today, the Core CPI is expected at 0.30% vs. 0.20% previously.
USD/CAD – Last: 0.9654
| Resistance | 0.9680 | 0.9711 | 0.9800 |
| Support | 0.9646 | 0.9611 | 0.9582 |
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