Action Forex (ALL)

Another Day, Another New Correction Low For EUR/USD

Fri, 25 May 2012 01:57:39 PDT

On Thursday, the decline of EUR/USD was extended. However, given the flood of negative news, the damage could have been worse. EUR/GBP struggles to hold above the 0.8000 barrier. Today, the calendar is thin. However, one can expect investors to stay cautious going into a long weekend. This is no

Trade Idea: EUR/JPY – Sell at 102.10

Fri, 25 May 2012 01:57:15 PDT

As the single currency has rebounded after falling to 99.37 yesterday, suggesting a minor low is possibly formed and consolidation would be seen with mild upside bias for retracement to 100.90-00, however, upside should be limited to 101.50-60 and renewed selling interest should emerge around previous resistance at 102.13 and

Trade Idea: AUD/USD – Sell at 0.9935

Fri, 25 May 2012 01:53:10 PDT

As aussie has recovered after holding above this week’s low of 0.9690, suggesting consolidation would be seen and recovery to 0.9870-80 is likely, however, renewed selling interest should emerge around this week’s high of 0.9935 and bring another decline later. A break of said support would extend further weakness to

Forex Technical Analysis

Fri, 25 May 2012 01:45:01 PDT

The bias continue to be bearish after yesterday's test of 1.2620 resistance and my outlook is negative, for a slide towards 1.2412. Minor intraday support is projected at 1.2513 low.

EUR/JPY Candlesticks and Ichimoku Analysis

Fri, 25 May 2012 01:38:29 PDT

Although the single currency recovered from 100.22 to as high as 102.13, renewed selling interests emerged around the Tenkan-Sen and euro dropped again below psychological support at 100.00 earlier this week, suggesting the decline from 111.43 is still in progress and further weakness to previous support at 99.25 cannot be

Morning Forex Technical

Fri, 25 May 2012 01:35:03 PDT

EUR/USD has stalled near 1.2509 and is currently attempting to recover, as a result we may observe a shallow rally, which should be capped by 1.2640/42. Accordingly, we expect the major bearish trend to persist, being that almost all of the daily indicators imply continuation of a fall. After 1.2509

Market Drivers - Currencies

Fri, 25 May 2012 01:25:58 PDT

As there are no major items on today's agenda, the markedly weaker-than-expected PMI data from Europe and China (as well as lower-than-expected IFO figures from Germany) published yesterday will undoubtedly show repercussions in Friday's market. Ironically, the equity market and commodity market did not show any considerable negative reactions to

Morning Forex Fundamental

Fri, 25 May 2012 01:23:28 PDT

European manufacturing and services industries contracted in May. A composite index based on a survey of purchasing managers in manufacturing and services sectors declined to 45.9 from 46.7 in April, said the Markit Economics on Thursday.

USD/CAD Candlesticks and Ichimoku Analysis

Fri, 25 May 2012 01:21:38 PDT

The greenback only eased to 1.0152 before finding renewed buying interests there and the pair surged again to as high as 1.0296 yesterday, adding credence to our bullishness for the rise from 0.9800 low to extend further gain to 1.0320-30 (previous resistance and 61.8% Fibonacci retracement of 1.0658-0.9800), then 1.0390-00,

GBP/USD Stabilizes Above 1.565

Fri, 25 May 2012 01:02:44 PDT

On Thursday Pound/Dollar traded within 90 pip range. The Cable appreciated from 1.5637 to 1.5727 yesterday, in converse with the negative money flow sentiment at nearly -28%, closing the day at 1.5662. Today the British Pound is trading quietly, with movements within yesterday's range for time being.

European Equities Fluctuate With The Start Of The Session

Fri, 25 May 2012 00:57:29 PDT

European equities are mixed on fear that Greece might be leaving the euro area despite the fact that the decision makers from the euro area confirmed that they will not let Greece leave. Markets will be fluctuating between slight gains and losses ahead of the opening today.

Asia Refocuses On China

Fri, 25 May 2012 00:55:51 PDT

Markets failed to profit from the calm preceding the Greek elections on news that Chinese banks may miss their lending targets for the first time since the quotas were set in 2006.The world's number 2 economy is seen growing at its slowest pace since the start of the financial crisis

Today's Market Outlook

Fri, 25 May 2012 00:52:27 PDT

Negative sentiment continues to pressure the single currency, as yesterday’s recovery attempt was short-lived and unable to regain previous annual low that now acts as initial resistance. Yesterday’s close below 1.2600 handle shows that further weakness is very likely, as the near-term price action moves just ahead of yesterday’s fresh

Technical Analysis for Major Currencies

Fri, 25 May 2012 00:49:08 PDT

After achieving some kind of correction towards 1.2620 zones, the pair has collapsed again re-attacking the pivotal support at 1.2515 as seen on the provided daily graph. Additional negative pressure could be witnessed over intraday basis supported by stability below 1.2625 -previous broken support turned into resistance- and the negativity

Euro Corrects Some Of The Losses As This Week Comes To An End

Fri, 25 May 2012 00:45:26 PDT

Another week has almost ended, while all the focus remains on Greece as markets still attempt to weigh the alternatives for Greece and whether the nation might exit the one-currency bloc or not, where uncertainty dominates investors and markets, the thing the weighed sharply on the common currency, which almost

Technical Analysis for Crosses

Fri, 25 May 2012 00:33:14 PDT

The pair settled within a sideway range around 124.80 since yesterday evening, but still below the level of 125.65. Therefore, we expect an intraday downside movement today , targeting mainly the retest level of 123.30, which requires a daily closing below 125.65.

Trade Idea: USD/CHF – Buy at 0.9465

Fri, 25 May 2012 00:27:26 PDT

Although dollar edged higher above previous resistance at 0.9595, lack of follow through buying and current retreat from 0.9606 (exactly 61.8% projection of 0.9115-0.9500 measuring from 0.9368) suggest a minor top is formed and consolidation with mild downside bias is seen for retracement to 0.9533-35 (yesterday’s low and current level

Trade Idea: GBP/USD – Sell at 1.5850

Fri, 25 May 2012 00:20:43 PDT

Although the British pound has remained under pressure after falling to a 10-week low of 1.5639 and weakness to indicated minor support at 1.5634 would be seen, loss of near term downward momentum should prevent sharp fall below 1.5600 and reckon downside would be limited to 1.5570-80 and risk from

Monti Sees Greece Likely In Euro

Fri, 25 May 2012 00:19:58 PDT

So far optimism aroused regarding Greece overall present economic conjuncture after the Italian Prime Minister Mario Monti said Greece is likely to stay in the euro and a majority of the region’s leader`s support issuing a joint bond. In fact Monti came on the Italian televison station "La7" and proclaimed

Euro Remains Under Pressure

Fri, 25 May 2012 00:16:22 PDT

The euro (EUR) dropped to a two year low falling to 1.2515 from 1.2619 against the US dollar as uncertainty in the market grows. The single currency is under pressure as investors are worried about a problematic banking sector in the eurozone and a messy Greek exit from the euro.