Busy US schedule today – Chicago PMI on tap
The Greenback retreated a bit yesterday, after a small strengthening sensation started to appear among traders at the end of last week.
The US calendar is full of interesting and important news releases today, after yesterday’s almost empty calendar which produced no major price movements.
The US Core PCE Price Index is expected to be released today at 0.2%, which is a slight increase from last month’s 0.1%.
Personal spending is also expected to be released today, and past data shows t... ( read more )
Archive for July, 2007
July 31, 2007 - Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
The pair is now forming a downwards channel with strong resistance at the 1.3720 level. The daily chart is bearish, and the hourlies support the notion with a bearish cross above the 80 level on the slow stochastic. It appears that the pair is going to the 1.3600 level.
GBP/JPY
After a short correction, the pair regains the bearish path, and seems to be quite confident to reach the target point of 2.0100. The hourlies are quite bearish, as the dailies produce mixed signals. A preferable strat... ( read more )
July 30, 2007 - The Greenback is strengthening despite crashing US stock...
The Greenback is strengthening despite crashing US stock market.
There have been several important releases last week, especially from the struggling housing sector, that demonstrated once again the housing crisis is nowhere near over. Existing Home Sales came out weak at 5.75M, and New Home Sales disappointed at 834K. To add some fuel to the negative news fire, Core Durable Goods entered a negative territory of -0.5%. The flow of weak news from the US continued on Friday as the GDP Annualized came in at a lower than expected 2.7% and a co... ( read more )
July 30, 2007 - Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
The pair is now floating around 1.3640, as the overall sentiment is quite bearish. The daily chart is showing that there is still more room to run and the hourlies are sending mixed signals. 1.3600 is now a major support that if breached will create a further move down, and confirm 1.3550 as the next target price.
GBP/USD
After a breach through the very important 2.0300 level, the signals are more bearish than ever. There is a delicate bullish cross on the 4 Hour chart that might take the p... ( read more )
July 27, 2007 - The US GDP on Tap – Might Shed Positive Light On the U...
The US GDP on Tap – Might Shed Positive Light On the USD.
After a brief hope that was generated due to a small correction, the Greenback continues the path we are so used to see it in. the last two days were quite negative for the greenback with regards to the US plummeting housing market, and the ongoing Sub-prime rate issue. Existing Home Sales was released lower than expected at 5.75M demonstrating that the crisis has not yet been resolved. To add some steam into the boiling situation, the New Home Sales was also released at a much ... ( read more )