Easy Forex Daily Forex Report 30-10-2012
October 30, 2012 5:34 pmVideo
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- Outlook for GBP/USD on April 12. The pound once again failed to leave the same range April 12, 2024
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Hurricane ‘Sandy’ keeps US markets shut Monday
U.S. Dollar Trading (USD) Fresh
European bickering and concerns that Hurricane Sandy will devastate the east
coast of the US kept risk off most of Monday. Demand for the Safe Haven Dollar
was strong and gained across the board in light trading volume. Looking ahead, August
Case Shiller forecast at 0.5% vs. 0.4% previously. October Consumer Confidence
forecast at 72.5 vs. 70.3 previously.
The Euro (EUR) support was found
under 1.2900 and we closed at the figure with risk off trade encouraging the bears
to test downside. Spanish PM Rajoy stated he was personally against the idea of
a budget commissioner and would call for rescue package if it is in the best
interest of Spaniards. The Sterling (GBP) the GBP/USD fell
back to the lower 1.60’s with little news and activity given the US Traders
away. Some attention was paid to BOE Dale comments that Q4 GDP will likely be a
lot lower than the positive Q3 print. Looking ahead, October CBI
Realized Sales forecast at 7 vs. 6 previously. Also ECB President Draghi
speaks.
The Japanese Yen (JPY) the USD/JPY found
support at the 200DMA and we bounced to Y79.80 into the close ahead of the BOJ
today. Expectations are high that the BOJ will further expand its easing
policies and help stimulate the economy through the weakening of the Yen.
EUR/JPY has been idle near the Y103 but is closely watched. Australian Dollar (AUD) the
sour mood flowed into the Aussie with selling steady throughout the day.
Support was found in the lower 1.0300 region and range trading is forecast
while we the RBA meeting next Tuesday approaches. Looking ahead, BOJ Meeting
forecast to hold at 0.1%.
Oil & Gold (XAU) Gold retested $1714-18
resistance which held once again and we have fallen back to the familiar $1710
level. OIL/USD remained
pressured on rallies and remained on the $85 big figure.
Pairs to watch
USD/JPY BOJ to allow Y80 test?
OIL/USD Support at $85 to hold?
TECHNICAL COMMENTARY
Currency
Sup 2
Sup 1
Spot
Res 1
Res 2
EUR/USD
1.2835
1.2884
1.2900
1.2973
1.3012
USD/JPY
78.91
79.22
79.80
80.00
80.38
GBP/USD
1.5951
1.6013
1.6035
1.6144
1.6221
AUD/USD
1.0270
1.0306
1.0335
1.0385
1.0412
XAU/USD
1690.00
1700
1708
1718
1733
OIL/USD
82.50
85.00
85.55
86.00
88.00
By Anthony Darvall (TonyD)
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
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