Intraday trading signal - page 14
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GBP/USD Daily Outlook by AceTrader
INTRA-DAY GBP/USD: 1.6278
Last Update At 21 Jan 2010 02:05 GMT
Although cable fell nicely after initial brief
recovery to 1.6313, failure to re-test y'day's low
at 1.6244 after release of strg China eco. data sug
gests further 'choppy' trading abv said sup wud con
tinue n another bounce twd 1.6313 may be seen.
Wud be 'prudent' to keep previous profit n stand
aside as below 1.6244 needed to extend twd 1.6211.
Range Forecast
1.6260 / 1.6300
Resistance/Support
R: 1.6313/1.6348/1.6395
S: 1.6244/1.6211/1.6146
AUD/USD Market Outlook by AceTrader
INTRADAY TRADING SIGNAL BY ACETRADER.COM :
AUD/USD: 0.9127
Last Update At 21 Jan 2010 04:28 GMT
As A$ has edged higher after early brief retreat
fm 0.9138 to 0.9101, suggesting as long as 0.9097/
00 holds, recovery fm y'day's 0.9073 low (NY) wud
extend marginal gain, reckon 0.9170/74 (prev. sup)
wud cap upside n yield subsequent decline.
Sell on further rise but below 0.9097 needed to
bring re-test of 0.9073.
Range Forecast
0.9115 / 0.9138
Resistance/Support
R: 0.9138/0.9151/0.9170
S: 0.9097/0.9073/0.9054
Daily Market Outlook by AceTrader
Market Review - 21/01/2010 22:06 All times in GMT
Yen and dollar gain on Obama's bank plan; Greece weighs on euro
The Japanese yen and dollar rose on Thursday as U.S. President Barack Obama proposed trading restrictions on financial institutions, discouraging demand for higher-yielding assets.
U.S. stocks dropped sharply on Obama's proposal to prevent major banks from owning, sponsoring or investing in hedge funds for their own profit. DJI closed the day down 213 points. The news hurt risk appetite and benefited the yen. Despite rising to an intra-day high of 91.88 at NY opening, the greenback tumbled against the yen after Obama began this presentation to the congress and price reached a one-month low of 90.11 in NY afternoon before stabilising.
The euro continued to suffer from worries about Greece's public finances. Greece faces a huge public deficit and its borrowing costs have soared in recent days. Its government said on Thursday it would take all necessary measures to rein in its deficits and put the economy back on track. The single currency hit its intra-day low of 1.4029 in European morning but staged a strong rebound to 1.4144 on Obama's comments in NY afternoon before easing. However, euro still closed the day down over 0.1%.
The pound tumbled on broad-based cross-selling in sterling (eur/gbp rose for the first time in eight days from Wednesday's low of 0.8650 to 0.8718) and price hit intra-day low of 1.6123 in European mid-session before staging a rebound afterward. Anyhow, cable still closed the day down over 0.5%.
In other news, U.S. jobless claims came in at 482,000, much higher than economists' forecast of 440,000 and previous upwardly revised reading of 446,000.
Data to be released on Friday include Australia exports, imports, Japan industrial index, U.K. retail sales, EU industrial orders, Canada retail sales.
EUR/USD Daily Market Outlook by AceTrader
INTRADAY TRADING SIGNAL BY ACETRADER.COM: EUR/USD
EUR/USD: 1.4146
Last Update At 22 Jan 2010 07:51 GMT
Although euro's breach of 1.4144 signals rise
fm y'day's 6-month low of 1.4029 to retrace recent
decline has resumed n gain to 1.4176/81 cannot be
ruled out, reckon 1.4200 wud cap upside n yield
selloff later today.
Sell on further recovery with stop as indicat-
recent fall to 1.4176 b4 down. Stand aside for now.
Range Forecast
1.4130 / 1.4170
Resistance/Support
R: 1.4144/1.4166/1.4220
S: 1.4089/1.4065/1.4029
Daily Market Outlook by AceTrader
Market Review - 25/01/2010 21:58 All times in GMT
Dollar rises as Bernanke edges closer to second term
The greenback, which rose late last week as nervous investors cut holdings of higher-yield, higher-risk currencies and assets, turned lower against most major currencies on Monday as Federal Reserve Chairman Ben Bernanke edged closer to winning support for a second term, which helped ease anxiety among investors.
Although cable has traded sideways in Asia, it began to display strength after Europe has opened. Britain's Prime Minister Gordon Brown said 'we will recoup money' that the banks have been given and even turn a profit on it. Brown also said his call for international financial levy gaining ground and danger of banks seeking to return to 'bad old ways' on bonuses. The news lifted the sterling higher and price rose to 1.6262 in NY afternoon before retreating.
Despite euro's brief dip to 1.4112 in Australia, the single currency rebounded on short-covering. Price reached intra-day high of 1.4195 in European mid-day after German Economy Minister Rainer Bruederle said German government is prepared to act if financing problems grow and news of higher-than-expected orders for Greek bond (orders for Greece's 5-year benchmark have topped 9.0 billion euros) came out. However, the single currency retreated from there and reached as low as 1.4129 after U.S. existing home sales fell by 16.7% to 5.45 million unit annual rate versus economists' forecast of a decrease of 10.0% to 5.90 million. Euro eventually ended the day down less than 0.01%.
Data to be released on Tuesday include Japan BOJ rate decision, Germany Ifo index, EU current account, U.K. GDP, U.S. consumer confidence. Monday is a public holiday in Australia.
Market Outlook by AceTrader
Market Review - 29/01/2010 22:18 All times in GMT
Dollar rallies on stronger-than-expected U.S. data
The dollar rose against major currencies on Friday as U.S. gross domestic product exceeded forecasts, growing at the fastest pace since 2003, reinforced the view that the United States was recovering faster than other developed countries. U.S. GDP data which came in at 5.7% in the 4th quarter of 2009 versus the economists expectation of 4.5%. Chicago PMI was 61.5 compared to the consensus forecast of 57.5 and University of Michigan consumer sentiment was 74.4 in January against the expectation of 73.0 and well above 72.5 in December.
Euro continued Thursday's downward momentum versus the greenback in Australia as investors remained concerned about the fiscal health of some of the smaller eurozone countries like Greece and Portugal. The single currency rebounded briefly to 1.3988 in European morning on short-covering due to renewed risk appetites as Greek/German 10-year government bond yield spread narrowed by 15 basis points to 382 basis points. However, price tumbled from there and fell to a six-month low of 1.3862 in NY afternoon before stabilising.
Versus the swiss franc, the dollar rose to as high as 1.0644 (eur/chf rose from 1.4635 to 1.4770 in an hour) in NY afternoon despite a brief fall to 1.0483 in European mid-day. Traders said the Bank of International Settlements was buying the eur/chf, though the BIS declined to comment. The BIS has acted on behalf of the Swiss National Bank in the past to weaken the franc. The SNB was not immediately available for comment.
Data to be released next week include Australia house price index, Germany retail sales, manufacturing PMI , EU manufacturing PMI, U.K. manufacturing PMI, U.S. PCE core, PCE index, PCE index, personal income, personal income, personal spending, construction spending, ISM manufacturing Swiss PMI on Monday, Australia RBA rate decision, U.K. PMI construction, EU PPI, U.S. pending home sales on Tuesday, Australia trade balance, Germany retail sales, Germany services PMI, U.K. services PMI, EU retail sales, U.S. ADP employment, U.S. ISM non-manufacturing on Wednesday, New Zealand employment change, Australia retail sales, Swiss trade balance, Germany factory orders, Germany factory orders, EU ECB rate decision, U.S. jobless claims, durable goods, factory orders, Canada building permits, Ivey PMI on Thursday, Japan leading indicators, U.K. PPI input on Friday.
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USD/JPY Daily Market Outlook by AceTrader
INTRADAY TRADING SIGNAL BY ACETRADER.COM: USD/JPY
USD/JPY : 90.21
Last Update At 01 Feb 2010 06:31 GMT
Current recovery fm 89.99 suggests choppy side-ways trading abv 89.76 (Aust.) wud continue, how-ever, as long as Asian res at 90.39 holds, another decline is still likely but below said sup needed to extend last Friday's fall fm 90.93 twd 89.57.
Trade fm short side n only abv res at 90.56/67 wud risk stronger gain twd 90.93.
Range Forecast
89.90 / 90.27
Resistance/Support
R: 90.39/90.56/90.93
S: 89.76/89.57/89.14
AceTrader - Best Intra-day Forex Trading Strategies
Daily Market Outlook by AceTrader
Market Review - 01/02/2010 23:03 All times in GMT
Dollar rises versus yen on stronger-than-expected U.S. ISM manufacturing data
Dollar/yen opened lower in NZ/Australia trading n fell briefly to 89.76 on cross-buying yen by st specs in reaction to weekend comments made by U.K.'s FSA chairman Adair Turner who said at the World Economic Forum in Davos the so-called carry trades were 'economically valueless'. However,the greenback rallied in NY morning trade after the release of much better-than-expected U.S. ISM manufacturing PMI which came in at 58.4 in January, compared to economists' forecast of 55.5, price subsequently rose to 90.94 due to rebound in European & U.S. stocks. DJI ended the day up 118 points on improved market's sentiment.
Euro remained under pressure in Asian morning on strong U.S. Q4 GDP last Friday and after-market report by CFTC on Friday which showed futures traders had built up shorts to the highest level in more than a year. As Greek/German 10-year govt. bond yield spread narrowed 20 basis points to 350 basis points together with German and eurozone manufacturing PMI both rose to 53.7 and 52.4 in January from 52.7 as well as 51.6 in December respectively, the single currency rebounded from intra-day 7-month low of 1.3852 (Asia) on short-covering in European morning. The pair picked up more upward momentum and gained to 1.3939 in late NY afternoon.
Although U.K. CIPS manufacturing PMI came out much higher than expected at 56.7 in January compared to economists' anticipation of 54.0 and well above 54.6 in December, the British pound extended recent decline to as low as 1.5850 on active cross selling in sterling versus euro (eur/gbp rallied from 0.8683 to 0.8769). However, intra-day rebound rebound in euro lifted the British pound due to short-covering.
Data to be released on Tuesday include Australia NAB business confidence, RBA rate decision, Germany retail sales, U.K. PMI construction, EU PPI and U.S. pending home sales.
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