US and Canadian Markets are closed Today.
Sentiments on the US economy were hardly brightened through the past week following mixed data releases. Stocks declined in the beginning of the week after reports showing consumer confidence decreased the most since 2005 and Housing Price Index had the deepest drop in five years. Last week's Core PCE Price Index was also released below expectations at 0.1%. On the positive side, Personal Spending was released inline with expectations and US Factory Orders came in just above expectations at 3.7%. How... ( read more )
Archive for September, 2007
September 3, 2007 - Daily Forex Technical Analysis
EUR/USD
The pair is traded between the 50% and the 61.8 Fibonacci level of the 1.3850/1.3359 move. Both levels are now key support and resistance, and every breach through one of them will validate the move. The slow stochastic indicates that the momentum is slightly bullish, and the first break might be through the upper level of 1.3662.
GBP/USD
The cable is in the middle of an uptrend that was initiated in 1.9650 and is now on local consolidation at 2.0166. The slow stochastic and RSI indicate that there is still more room to run, a... ( read more )