Easy Forex Daily Forex Report 10-08-2012
August 10, 2012 10:16 amVideo
Latest News
- Analysis of EUR/USD pair on May 31st. EU inflation supports the euro May 31, 2024
- Analysis of GBP/USD pair on May 31st. The PCE index also works against the dollar May 31, 2024
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- EUR/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: trading plan for the US session on May 31st (analysis of morning deals). The pound was bought in the area of 1.2706 May 31, 2024
- EUR/USD: trading plan for the US session on May 31st (analysis of morning deals). The euro continued to grow May 31, 2024
- EUR/USD. May 31st. The economic data stopped the bears again May 31, 2024
- GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro May 31, 2024
- Weekly Forex Outlook: 31/05/2024 – ECB cut might get eclipsed by BoC surprise and NFP May 31, 2024
- Cryptos consolidate as spot Ether ETF excitement fades – Crypto News May 31, 2024
- Technical Analysis – USDJPY may retest 157.70 May 31, 2024
- June forecast: Dollar index poised for growth May 31, 2024
- Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report May 31, 2024
- Forex forecast 05/31/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 31, 2024
- EUR/USD and GBP/USD: Technical analysis on May 31 May 31, 2024
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
EUR/USD Bulls Losing Patience
U.S. Dollar Trading (USD) the USD
enjoyed gains from Euro led selling overnight but we also saw Yields on long
Term US debt start to move higher and this is getting attention as they have
been at historical lows lately and any move higher will greatly affect the
Dollar’s Future. June Trade Balance improved to -42bn vs. -48bn previously.
Weekly Jobless Claims remained steady at 361k vs. 370k forecast. Looking ahead, July
Import Prices forecast at 0.1% vs. -2.7% previously.
The Euro (EUR) the Euro was under
pressure yesterday as the bulls ran out of patience and concerns about the
timing of ECB/ESF bond buying dominated the headlines. EUR/USD found support at
1.2270 and closed at 1.2300 but is looking weak technically after failing at
the 1.2440 level. The outlook is
still subject to headline risk with daily commentary from ECB and EU officials
moving the market. The Sterling (GBP) the GBP/USD muddled
through an uninspiring day of trade falling back from highs in Asia at 1.5680
to support at 1.5610 in the US session. The Major is still bullish technically
with higher lows daily but a failure to break 1.5700 soon will weigh on
sentiment. June UK Trade Balance widened to -10bn vs. -8bn previously. Looking ahead, July
German CPI forecast at 0.4% vs. 0.4% previously m/m.
The Japanese Yen (JPY) the USD/JPY is
staying very close to Y78.50 but this is still stronger than usual with the
case for going long on the USD/JPY assisting US yields. The Outlook is still
very mixed however and US monetary policy as well as EUR/JPY will have a big
impact. The BOJ held at 0.1% and did not offer any new stimulus. Overnight we
did hear a warning from Fitch that Japan may lose its AAA rating if it does not
do more to cut its Debt. Australian Dollar (AUD) the AUD/USD hit day
highs above 1.0610 before reversing lower in the European and US session
tracking the Euro and GBP. The main drag yesterday was the weaker than expected
Chinese industrial output data. July Australian Jobs were strong at 14k vs. 10k
forecast. Looking
ahead, Chinese July Trade Balance forecast at 34bn vs. 31.7bn previously.
Oil & Gold (XAU) Gold is close to the $1618 resistance but has still not broken the
key level in last 3 weeks.
OIL/USD was very quiet in a $93-$94 range.
Pairs to watch
XAU/USD To break $1618 or risk bigger pullback?
EUR/USD Rally over?
TECHNICAL COMMENTARY
Currency
Sup 2
Sup 1
Spot
Res 1
Res 2
EUR/USD
1.2215
1.2250
1.2295
1.2325
1.2380
USD/JPY
77.90
78.30
78.60
78.75
79.05
GBP/USD
1.5520
1.5545
1.5630
1.5680
1.5730
AUD/USD
1.0480
1.0530
1.0565
1.0610
1.0635
XAU/USD
1590.00
1600
1615
1618
1630
OIL/USD
89.45
91.50
93.50
94.60
96.00
By Anthony Darvall (TonyD)
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
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