Easy Forex Daily Forex Report 21-08-2012
August 21, 2012 2:09 pmVideo
Latest News
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
Quiet Start, Eurozone Focus
U.S. Dollar Trading (USD) not
much movement on the markets overnight with little economic news out traders were
focusing on the ECB bond buying proposal reported in a German Newspaper over
the weekend. The ECB issued a rare denial Monday on the report stating ‘it is
misleading to report on decisions that have not been made yet’. The German Central
bank (BUPA) is still critical of the whole concept of ECB Bond buying worried it
will create a moral hazard for reforming debt ridden EU countries. Looking ahead, no
economic data today.
The Euro (EUR) the EUR/USD dipped
to 1.2300 in Europe but murmurs of ECB bond buying in some form have helped
lift the pair in the US session back to 1.2350. Strong resistance has been registered
between 1.2380-1.2500 over the past few weeks so concrete ECB news will be
needed to get the single currency moving higher. The Sterling (GBP) was
extremely quiet pivoting the 1.5700 level tracking the ups and downs of the
EUR/USD. Major resistance is just above near 1.5750. Looking ahead, July UK
Public Sector Net Borrowing forecast at -2.7bn vs. 12.1bn previously. August
CBI Orders at -8 vs. -6 previously.
The Japanese Yen (JPY) profit takers
emerged as the USD/JPY rally stalled near Y79.60 and we fell slowly back to Y79.30
during roughly the same time the USD was weakening against the EUR/USD. The Yen
crosses are important especially the EUR/JPY which will help dictate the direction
of the major. EUR/JPY has risen from Y95 to 98 in recent weeks but is stalling
at this level in recent sessions. Australian Dollar (AUD) had a
slightly positive day rising up to 1.0470 before consolidating in quiet trade.
The heavy selling on Friday has spooked the bulls and we could struggle to get
back above 1.0500 in the current environment waiting for fresh direction.
AUD/JPY is stalling at Y83 but is still well supported for now. Looking ahead, RBA
Meeting minutes from the August meeting.
Oil & Gold (XAU) XAU/USD broke
above $1620 but topside was limited above closed just under the figure. OIL/USD consolidated the
recent gains finding support on a dip towards $95 a barrel.
Pairs to watch
EUR/USD to retest 1.2380 on ECB rumors?
EUR/JPY the safer way to buy the Euro?
TECHNICAL COMMENTARY
Currency
Sup 2
Sup 1
Spot
Res 1
Res 2
EUR/USD
1.2288
1.2320
1.2350
1.2369
1.2402
USD/JPY
78.92
79.24
79.40
79.60
79.97
GBP/USD
1.5636
1.5671
1.5710
1.5739
1.5778
AUD/USD
1.0380
1.0410
1.0455
1.0475
1.0541
XAU/USD
1600.00
1611
1620
1625
1633
OIL/USD
94.50
95.00
96.10
98.00
100.00
By Anthony Darvall (TonyD)
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
Click here to visit Easy-Forex.com
Related Posts: