Free Daily Analysis Video
First on our radar today was the Australian Dollar that managed to tower past previous levels of resistance and is now poised to move higher, unless this breakout lacks momentum and we might see some range trading to follow. With 2 more days to go before NFP, things can change rapidly, so we anticipate more volatility ahead of the weekend. A close above .88 cents is very bullish, the only problem the pair may have is sustainability. Second on the radar is the USD/CAD pair that gave up a lot of ground even after Canadian GDP release was worse than expected, 0% instead of an increase of .4%. We expect a retracement and a continuation favoring the buck. Elsewhere in the news, the US may finally change political direction and hold a rare one-on-one meeting with Iranian diplomats about their nuclear program. As risk aversion remains the main trading theme, breakdown during these talks would result in more funds repatriated back to the US, meaning stronger dollar.
The purpose of this Free Daily Analysis Video is education and not an alert service. During the video our analyst will conduct technical and fundamental analysis and point out levels of support and resistance for the next 12-24 hours that we will be using for the current day. Please keep in mind that trading with leverage is very risky business, so please dont trade any real money until you have established a proven track record of success on a demo account. Trading conditions are always changing so make sure to watch tomorrows video to stay updated.
Duration : 0:9:32
Tags: currency, currency trading, euro, forex, Forex trading, FX, investing, Position, position trade, price of euro, prire, scalping, spot, spot euro, trading
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As we expected, the dollar stayed on track and made further gains, especially after consumer confidence was released worse than expected. The euro found support at 1.4780, the cable managed to gain a bit of ground to close at 1.6370 after bouncing off 1.6244, Yen rallied to fall below 92, and the Suisse continued to test the 1.0225 level, closing just under. We are still bullish on more dollar gains in the very short term, but we expect a bounce and more dollar losses to come. Everything right now depends on risk appetite. If equity markets continue to decline, the dollar will gain ground; if equity markets stay at these levels or go higher, the dollar will continue to lose ground. Even Fed comments about a strong dollar policy arent helping the buck.
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A full day of volatility to summarize the beginning of the week. The DOW Jones was initially lower following the CIT bankruptcy announcement, then managed to rally by 100+ points as the dollar faded, but then as the buck rallied back, the DOW quickly turned negative, before another run higher to finish up the day positive by76 points with the buck mixed, but nearly unchanged. Yesterday was consolidation at best as bears and bulls tested the waters in both directions before giving up ahead of very important economic data. Expect more consolidation but no major breaks until the US Federal Reserve and the Employment figures paint the bigger picture and risk appetite driving the short term trend. We expect the US Federal Reserve on Wednesday and Non-Farm Payrolls on Friday to trigger the next major move. It will most likely be a combination of factors, with the latter confirming or reversing the initial reaction to the Feds policy outlook.
Even with a bit of a retracement on the EUR/USD pair, almost exactly to the 61.8% retracement level from the last move up that started at 1.4830 to the high of 1.4998, the euro has managed to bull its way back above 1.4950 level. Economic reports out of the US were taken with stride and overall, the market seems ready to make another run at the 1.5000 level. As weve been saying the last few weeks, there is plenty of risk in the market for a possible dollar recovery, especially if 1.5050 remains a key resistance area. Given the holiday week in the US, we expect small volume across the board; with that being said, the market could be more volatile than before. Our bias is for further dollar losses; we advise extreme caution.
As we expected, the dollar stayed on track and made further gains, especially after consumer confidence was released worse than expected. The euro found support at 1.4780, the cable managed to gain a bit of ground to close at 1.6370 after bouncing off 1.6244, Yen rallied to fall below 92, and the Suisse continued to test the 1.0225 level, closing just under. We are still bullish on more dollar gains in the very short term, but we expect a bounce and more dollar losses to come. Everything right now depends on risk appetite. If equity markets continue to decline, the dollar will gain ground; if equity markets stay at these levels or go higher, the dollar will continue to lose ground. Even Fed comments about a strong dollar policy arent helping the buck.
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