Daily Forex Analysis
USD
Yesterday the most significant news to come out of the US was the consumer confidence index which rose to 108 this month from a revised 106.3 in April, a five month low. The market was expecting a figure of 104.5 so this unexpected jump signaled that consumers are continuing to spend despite the prevailing record high gasoline prices and the housing market downturn which was expected to leave consumers with an insecure feeling about their finances. However rising stock prices and a resilient labor market is drivin... ( read more )
Archive for May, 2007
May 30, 2007 - Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
After a choppy trading session yesterday where the pair touched 1.3520 and then dropped to 1.3442, it appears to be consolidating. The hourlies are still oversold, and the daily studies give mixed signals with a slight tendency to the bearish side. Local target price might be around 1.3410.
GBP/USD
The pair touched 1.9900 yesterday, and now seems to be heading to the 1.9790 level which is the 50% retracement level of the 1.9680/1.9900 move. The hourlies show that the negative steam is about to ... ( read more )
May 29, 2007 - Daily Forex Analysis
Daily Forex Analysis
USD
The US Market was closed for holidays on Monday and market liquidity was very low. Today , the Conference Board is expected to release the results of its survey about Consumer Confidence. Consumer Confidence has been a major focus for economists these days, as it reflects consumer behavior and the effect it has on inflation and growth. The market expects a slight improvement to 105 in comparison to the previous 104 of last month. A stronger than expected figure will likely strengthen the USD and may take this pai... ( read more )
May 29, 2007 - Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
In the last couple of days, we have witnessed a tight range trading between the 1.3411 support and the 1.3471 resistance.
On the 30 MIN chart a reverse head & shoulders pattern is forming however not yet completed. In the chance that it will be completed we are expecting an upcoming bullish trend which will take this pair to 1.3459 (Fibonacci). Going long if the pair reaches 1.3435 would be the preferable strategy today.
GBP/USD
On the 4 H chart it can be observed that the bulls are on t... ( read more )
May 28, 2007 - Daily Forex Analysis
Daily Forex Analysis
USD
Last week’s main news came from the housing market, which delivered mixed signals as New Home Sales came in much stronger than expected at 981K on Thursday, and Existing Home Sales was released at a much lower figure of 5.99M with expectations for 6.14M. The news caused the greenback to retreat a bit and it weakened against most major currencies, yet in a quiet manner, as the market movements were not radical last week.
Today, US markets will be closed for Memorial Day and no economic news is expected to b... ( read more )