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Euro Risk For Short Term Bulls at 1.5611
10.07.2008 10:15
actionforex.com
Risk on EURUSD longs can be moved to 1.5611 (for short term traders) and 1.9648 on GBPUSD. The AUDUSD has rallied as expected and risk there can be moved to .9475 (roughly breakeven). We've altered the count slightly but the implications are the same. We are treating the consolidation from...
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London Session Recap
10.07.2008 08:18
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The US dollar gained some modest ground against the majors in the London session on the back of weak economic data in Europe. In the Eurozone, the highlight was French industrial production for May and it plunged much more than expected at -2.6% for the month after a +1.5% result...
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Daily Technical Strategist
10.07.2008 08:18
actionforex.com
While prices remain consolidative with its daily 50 ema/LT rising trendline presently at 1.5630/1.5547 still holding, EUR looks to head higher aiming at the 1.5817/42 zone, its May 27'08/Jun 09'08 at first and later the 1.5895/1.5912 area, its Mar 31'08/July 03'08/April 10'08 followed by its YTD high at 1.6018.Daily momentum...
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BoE Leaves Benchmark Rate Unchanged, As Housing Market Deteriorates Further
10.07.2008 08:18
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The BoE left their benchmark interest rate unchanged at 5.00% as expected. The housing market continues to deteriorate as HBOS reported prices fell another 2% in June. The housing slump and tight credit markets are dragging the country toward recession, making it prohibitive for the MPC to raise rates to...
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FX Thoughts for the Day
10.07.2008 08:18
actionforex.com
Cable has a sharp dip in the day in anticipation of the BoE release this afternoon. With less than 15mins for the data release, we expect not much stir with the no change in interest rates however, a dovish statement can do considerable harm. The day?s Max Low at 1.9700...
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Tough Bank Of England Call
10.07.2008 07:20
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The UK currency staged a significant recovery against the dollar on Wednesday with support below the 1.97 level and highs near 1.9830 while it also recovered against the Euro with a move to 0.7940 from lows near 0.7975.
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Currency Pair Daily Forecasts
10.07.2008 07:20
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EUR/USD-market strategy can be a buy from the level 1.5681$ To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines in a bullish direction. In order to find the power of the market, we use RSI (Relative Strength Index).With...
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Forex Market Issues and Risks
10.07.2008 06:19
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Dollar fall Wednesdays following a rise in oil prices and continued concerns over the financial health of banks and mortgage lenders. Wall Street fell over 2% as rumours abound that investment banks still have large write-downs to declare. Merrill Lynch fell over 9% after Fitch Ratings indicated that it may...
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European Market Update
10.07.2008 06:18
actionforex.com
In the currencies, the USD continued to consolidate within its post ECB press conference range of 1.5630 to 1.5730 against the Euro, but did manage to briefly probe 1.5760 ahead of the European open as Euro stop loss orders were elected. Dealers continued to cite the potential concerns that linger...
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Pound, Euro Data Miss Again - Surprise From The BoE?
10.07.2008 06:18
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EZ and UK data once again missed expectations continuing the two week pattern of weaker than forecast economic results. In the EZ, French Industrial Production contracted sharply dropping to -2.6% from -0.6% projected as higher exchange rates and higher oil prices decimated demand. The print was the worst reading in...
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UK Interest Rate Announcement Today As Recession Looms
10.07.2008 06:18
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Bank of England Governor Mervyn King will have little choice other than to stand by and watch as the U.K. edges closer to recession. Inflation accelerated to the fastest pace in more than a decade in May, making it harder for King to cut the interest rate and help an...
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Forex Technical Analysis
10.07.2008 05:15
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EUR/USD The currency pair has set a local bottom at 1.5301 completing the slide from 1.5844. Technical indicators are neutral. Trading takes place above 50- day SMA, currently projected at 1.5583.
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Usd Stable
10.07.2008 05:15
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The Usd was stable in Asian session as a lack of real news provided no real impetus for a directional move. EurUsd traded in a 1.5700 - 1.5750 range while UsdJpy slipped from 107.50 to 106.90. Strong Jpy buying spilled over into select carry trades with GbpJpy the hardest hit...
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Daily Forex Analysis
10.07.2008 05:15
actionforex.com
EUR/USD The pair has been going through a choppy sessions with mixed trends for the past 7 days. The Bollinger Bands on the 4 hour chart are tightening, suggesting that a bearish breach is impending. A fresh bearish cross on the Slow Stochastic also supports that notion. Going short with...
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Technical Analysis Daily: GBP/USD
10.07.2008 05:15
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The British Pound is still trading in a range from the beginning of this week against the US Dollar. Yesterday GBP/USD climbed from yesterday's bottom 1.9676 to the top 1.9838, which are the the first support and resistance levels respectively for the currency couple today. Today however the currency couple...
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