Daily Forex Analysis
USD
It has been a very important trading day for the Greenback yesterday as the US GDP has been published. Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. GDP is the broadest measure of activity and the primary gauge of the economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. More importantly, the central bank is more likely to raise interest rates in the fa... ( read more )
Archive for March, 2007
March 30, 2007 - Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
The pair has been floating around 1.3350 and shows a steady rate for the up trend. The daily charts are slightly bullish as the hourly studies are floating in neutral territory. The movement appears to be up, yet it would probably be wiser to range trade today.
GBP/USD
The pair has been moving on a wide range for quite a while now, and it peaked on 1.9655 overnight. The daily charts are slightly bearish, and the hourlies are entering overbought levels. It looks as if the pair is floating at the... ( read more )
March 29, 2007 - Daily Forex Analysis
Daily Forex Analysis
USD
The greenback remains marred by a combination of uncertainties stemming from tension with Iran and growing skepticism toward the soft landing scenario for the US economy. The dollar continues to trade near its lows against most of the majors, hovering around 116.90 versus the yen and steady around 1.3310 against the euro. Yesterday's Congressional testimony by Fed Chairman Bernanke highlighted the FOMC's inflation bias, emphasizing the need for close monitoring of lingering risks to inflation .The Fed is in a ver... ( read more )
March 29, 2007 - Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
Strong resistance has been noticed at 1.3360 and further up at 1.3400, however indicators are rather neutral with a tendency to be on the bearish side. RSI is at 60 facing downwards, momentum is at 100.30, and slow stochastic is at 50. A range trading between 1.3250 and 1.3360 is more likely.
GBP/USD
This pair is targeting a new high soon the support at 1.9750 is pretty attainable at the monument where RSI is at 80 and Momentum readings are at 101.5 with a slight curve upwards, although dai... ( read more )
March 28, 2007 - Daily Forex Analysis
Daily Forex Analysis
USD
The US Consumer Confidence came in at 107.2, falling short of consensus expectations of 109. February's Consumer Confidence was also downwardly revised to 11.3 from an initially reported 112.5 reading. As expected, consumers' concerns regarding the weakness in the housing sector were among the major reasons for this report's decline. March's report continues showing a strong divergence between the present situation component and the expectations component, and while the present situation component peaked to an al... ( read more )