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Today's Key Points
02.07.2008 04:23
actionforex.com
Today global markets will have a very thin calendar for its guidance. In Euroland the markets will be awaiting the ECB decision tomorrow. Although Trichet is scheduled for a speech in Paris at 09:15, which bears watching, he is not expected to provide any change of tone this close the...
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Daily Technical Strategist
02.07.2008 04:23
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Although focus on the 1.5842 level, its Jun 09'08 high remains and risks of a likely break higher continues to build, EUR remains vulnerable to the downside on failing to push through the 1.5842 level bringing such failure if seen towards the 1.5650 level, its Jun 20'08 high. A clean...
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Forex Technical Update
02.07.2008 04:23
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Euro surged 103 pips from its intraday low of 1.5723 however, it pared some of its gains to close at 1.5792. The 4-Hourly stochastic is close to the overbought region while the hourly shows a downmove which can lead the pair to 1.5760 levels (21 4-Hourly EMA). Look for opportunities...
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GBP/JPY Daily Outlook
02.07.2008 04:23
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GBP/JPY continues to engage in choppy sideway trading between 209.39 and 212.32 today. At this point, there is no signal on completiong of fall from 213.91 yet. Outlook remains neutral for the moment. On the one hand, failure to sustain above 213.48 key medium term resistance, and bearish divergence conditions...
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GBP/USD Daily Outlook
02.07.2008 04:23
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Cable continues to consolidate below 2.0006 today and with 4 hours MACD staying below signal line, an intraday top should be in place. Further pull back could now be seen to 4 hours 55 EMA (now at 1.9814). Nevertheless, downside should be contained well above 1.9586 support and bring another...
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ADP And Factories
02.07.2008 04:23
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Yesterday, ISM report took the 1st shot, and today, we have another important report that will also lay the ground for tomorrow' jobs data, it will be the last one before the jobs report so it will be significant, beside the fact that it is the closest number to the...
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USD/JPY Daily Outlook
02.07.2008 04:23
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USD/JPY continues to consolidate between 104.98 and 106.47. At this moment, further sideway trading could still be seen. However, consolidation should be relatively brief as long as 106.47 minor resistance holds. As discussed before, prior break of trend line support, followed by breaking of 105.56/58 (50% retracement of 102.58 to...
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USD/CHF Daily Outlook
02.07.2008 04:22
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USD/CHF weakens mildly today but after all it's still bounded in tight range above 1.0129. Further consolidation could still be seen but upside of recovery should be limited by 38.2% retracement of 1.0539 to 1.0129 at 1.0286. As discussed before, break of short term rising trend line support with daily...
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EUR/USD Daily Outlook
02.07.2008 04:22
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EUR/USD's rally from 1.5302 resumes today and is now pressing mentioned 1.5843 resistance. At this point, further rally is still expected as long as 1.5718 minor support holds. As discussed before, decisive break of 1.5843 will add favors to the case that consolidation from 1.6019 has completed with three waves...
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Currency Markets Trade Listless, As Traders Await ECB Meeting And US Payrolls
02.07.2008 04:22
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No major moves yesterday. The euro traded marginally higher versus the dollar, while the yen lost all intra-day gains against the greenback when equities turned around.
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AUD/USD Daily Outlook
02.07.2008 04:22
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AUD/USD's retreat from 0.9667 was contained above 0.9492 support and rebound strongly. Break of 0.9595 minor resistance flipped intraday bias back to the upside for retest of 0.9667 high. As discussed before, sustained trading above 0.9653 key resistance will confirm resumption of medium term up trend, targeting 1.0000 psychological resistance....
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Technical Analysis for Crosses
02.07.2008 03:19
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The Pound rose above the critical level at 211.24 which represents the 38.2% correctional level for the downside wave that started back in 01 November 2007, the pair still hasn't gathered enough momentum to make us believe it would breach the range it has been trading within among the 210-213...
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Daily Report: Aussie and Euro Higher against Dollar and Yen
02.07.2008 03:19
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Aussie stages a strong rebound against dollar and yen today after stronger than expected retail sales report. sales jumped 0.7% mom in May, rebounding from prior -0.2% fall and beat expectation of 0.1%. The strength in consumer spending argues that prior tightening may not be enough to really slow demand...
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Daily Financial Market Outlook
02.07.2008 03:19
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Markets will focus on the US ADP employment report for June, ahead of the official non-farm payrolls figures on Thursday. The ADP has been somewhat stronger than the official numbers lately, registering negative employment growth only in February this year, in contrast to five consecutive monthly declines in the official...
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AUD Back To The Strong Side On Strong Retail Sales Report
02.07.2008 03:19
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The strong Australian Retail Sales data flew in the face of other recent developments in the numbers down under and saw AUD reversing course again to the strong side after a steep sell-off yesterday. Although this sales number was remarkably strong, the writing is on the wall for the Australian...
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