Easy Forex Daily Forex Report 20-08-2012
August 20, 2012 12:59 pmVideo
Latest News
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Stocks Strong, USD Stronger
U.S. Dollar Trading (USD) the
safe have Dollar continued to receive support even as global stocks rallied for
another day. USD/JPY in particular is on the march higher and the EUR/USD is
also heavy while the ECB bailout details are sorted out. The more traditional
risk currency in the Australian Dollar was hammered with AUD/USD falling to
month lows in surprising trade. Looking ahead, July National
Activity Index previously at -0.15.
The Euro (EUR) the EUR/USD fell
below 1.2300 bouncing into the close for only small losses on the day. The
market is concerned that the bulls are running out of steam as each attempt
higher has failed. The headlines out of Europe continued to be mixed with more
talk than action. The next such event is Germany’s Merkal and France’s Hollande
meeting on Tuesday. The Sterling (GBP) the GBP/USD eased
on Friday unable to kick higher after the strong moves on Thursday and falling
back to the comfortable 1.5700 level in quiet trade. GBP/AUD buying supported
along with GBP/JPY moves but the major will require fresh UK news to kick it
higher. Looking ahead, No
economic data Monday.
The Japanese Yen (JPY) the new trend in
the market seems to be gaining new followers each day as the buyers carve out daily
gains. Multi-week highs were seen on Friday and this has continued on Monday in
Asia with a break above the key Y79.50 level with relative ease. Yen crosses
are enjoying but most majors are under pressure so gains are limited. Australian Dollar (AUD) the
AUD/USD finally broke to the downside in a rare move on a strong stock market
day. The main story is that the crosses are under pressure with EUR/AUD and
GBP/AUD surging higher after months of downtrend. Some suggest that the China
bear story is gaining traction and that this could take the wind out of the
Aussie going forward. Looking ahead, no economic data.
Oil & Gold (XAU) XAU/USD was
strong in quiet trade above $1615oz but unable to break $1620. OIL/USD continued to surge with
some analyst’s pointing to the increasing Iran/Israel tensions being the main
catalyst. Resistance is next seen at $98 and then $100 a barrel going forward.
Pairs to watch
USD/JPY to test Y80 in coming sessions?
AUD/USD fresh downtrend or just sustained profit talking?
TECHNICAL COMMENTARY
Currency
Sup 2
Sup 1
Spot
Res 1
Res 2
EUR/USD
1.2242
1.2256
1.2330
1.2388
1.2402
USD/JPY
78.92
79.24
79.45
79.60
79.97
GBP/USD
1.5636
1.5671
1.5700
1.5750
1.5778
AUD/USD
1.0380
1.0410
1.0450
1.0475
1.0541
XAU/USD
1600.00
1611
1618
1625
1633
OIL/USD
94.50
95.00
96.50
98.00
100.00
By Anthony Darvall (TonyD)
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
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