Easy Forex Daily Forex Report 01-11-2012
November 1, 2012 11:34 amVideo
Latest News
- EUR/USD. May 10th. Traders continue to torment the dollar May 10, 2024
- GBP/USD. May 10th. The British economy was pleasantly surprised May 10, 2024
- USD/JPY: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- GBP/USD: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- EUR/USD: Simple trading tips for novice traders for May 10th (US session) May 10, 2024
- GBP/USD: trading plan for the US session on May 10th (analysis of morning deals). The pound hit 1.2535 May 10, 2024
- EUR/USD: trading plan for the US session on May 10th (analysis of morning deals). The euro shows no signs of life May 10, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 10-15, 2024: buy above $62,500 (21 SMA – 4/8 Murray) May 10, 2024
- Video market update for May 10, 2024 May 10, 2024
- Technical Analysis – GBPJPY continues to ascend May 10, 2024
- Technical Analysis – EURUSD retests 200-day SMA near downtrend line May 10, 2024
- Bitcoin finds support from a weaker dollar – Crypto News May 10, 2024
- Weekly Forex Outlook: 10/05/2024 – US inflation numbers to shake Fed rate cut bets May 10, 2024
- Forex forecast 05/10/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 10, 2024
- Week Ahead – US inflation numbers to shake Fed rate cut bets May 10, 2024
- GBP/USD: trading tips for beginners for European session on May 10 May 10, 2024
- EUR/USD: trading tips for beginners for European session on May 10 May 10, 2024
- Market Comment – Dollar slides, gold shines after soft US labor market data May 10, 2024
- Technical Analysis – AUDUSD remains undecided near crucial technical region May 10, 2024
- Technical Analysis – USDCAD slips beneath 20-day SMA May 10, 2024
Lackluster
Markets inspire Ranging FX
U.S. Dollar Trading (USD) US
traders returned to the market and although were initially bullish we ended
flat and this has taken the wind out of many pairs attempted rallies. EUR/USD
failed at 1.3000 and was the leader of the majors lower in the US session. Chicago
PMI disappointed remaining in the contractionary at 49.9 vs. 51 forecast. Looking ahead, ADP
Employment report forecast at 135k vs. 162k previously. Also, October
Manufacturing ISM forecast at 51.2 vs. 51.5 previously.
The Euro (EUR) the sharp rally in
Europe lacked the strength to hold onto reported month end USD buying
throughout the US session. The outlook is mixed with the recent range holding
for many weeks and direction fickle. EUR/GBP is being watched closely with many
expecting a rise in the coming session after 0.8000 held many attempts. The Sterling (GBP) held
on to gains better than most currencies with weakness failing to materialize and
bulls remaining in control of the major. News from the Eurozone has been
supportive with less anxiety about Spain evident given the falling bond yields
overnight. Looking ahead, October
PMI Manufacturing forecast at 48 vs. 48.4 previously. Also October Nationwide
House Prices forecast at 0.2% vs. -0.4% previously.
The Japanese Yen (JPY) the USD/JPY
regained the upper hand with USD buying overnight helping the major retest Y80
but reported strong selling at the figure capped the rally. EUR/JPY and GBP/JPY
were especially strong surging in Europe over 100pips attempting to restart the
recent uptrend.
Australian Dollar (AUD) was strong after local
housing data beat expectations before heavy selling at 1.0400 capped the rally and
we have finished back at 1.0370 with a muddy outlook. The Chinese PMI released later
today could help move the markets if the reading is significantly different to
the initial flash PMI earlier in the month. Looking ahead, October
China Manufacturing PMI forecast at 50.3 vs. 49.8 previously.
Oil & Gold (XAU) Gold rallied with
the Euro but was able to hold onto most of the gains closing at $1720. OIL/USD bounced back to $87
before easing with the rest of the markets during in the US session.
Pairs to watch
USD/JPY to retest Y80 as bulls regroup?
EUR/USD failure at 1.300 to tempt sellers again?
TECHNICAL COMMENTARY
Currency
Sup 2
Sup 1
Spot
Res 1
Res 2
EUR/USD
1.2835
1.2884
1.2960
1.3010
1.3070
USD/JPY
78.91
79.22
79.80
80.00
80.38
GBP/USD
1.5951
1.6021
1.6130
1.6144
1.6221
AUD/USD
1.0270
1.0326
1.0370
1.0400
1.0412
XAU/USD
1690.00
1700
1720
1733
1755
OIL/USD
82.50
85.00
86.10
87.00
88.00
By Anthony Darvall (TonyD)
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
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