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Daily Technical Analysis
16.07.2008 23:16
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The GBPUSD was corrected lower yesterday, bottomed at 1.9956 and closed at 1.9981. Further downside movement is likely today. My model is mixed with downside bias. Immediate resistance is seen at 2.0035. Initial support at 1.9950. CCI in overbought area and heading down.
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FX Technical Commentary
16.07.2008 23:16
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Euro 1.5845 Initial support at 1.5765 (July 11 low) followed by 1.5612 (July 7 low). Initial resistance is now located 1.4948 (July 16 high) at followed by 1.6036 (July 15 High).
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Rise In Crude Inventories Drop Oil, Boosts Stock And USD
16.07.2008 23:16
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U.S. Dollar Trading (USD) was able to make solid gains yesterday as US data came out mostly dollar positive. US crude Inventories unexpectedly gained 3.0M Barrels leading to a sharp sell off in the Crude Oil Futures. The drop in oil combined with positive results from Wells Fargo for a...
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The Daily Forecaster: GBPUSD
16.07.2008 23:16
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Price rushed above the 176.4% projection in Wave (iii) at 2.0052 to reach the daily 76.4% retracement at 2.0153. A daily projection in a possible Wave -iii- rests at 2.0245-65 being a 176.4% projection.
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US Dollar: Will US Housing Data Exacerbate Fannie Mae, Freddie Mac Fears?
16.07.2008 22:15
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EUR/USD hit a new record high on Tuesday morning of 1.6038, but has subsequently backed off since then as the US dollar staged a recovery on the back of commentary by Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson, along with significantly stronger-than-expected US CPI figures. Looking ahead...
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Forex Exchange Morning Report
16.07.2008 22:15
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The Australian dollar was also largely driven by USD direction, with a slight underperformance bias due to yesterday's more dovish than expected RBA Governor Stevens speech. The AUD/USD consolidated around 0.9740 late NY, down 40 pips.
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Daily Forex Market Commentary
16.07.2008 22:15
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Bouncing equity markets, a declining oil price (OK, only for two days) and a decent industrial production report helped the dollar recover on Wednesday. The medium-term outlook remains negative, but expect the dollar to attempt another recovery today. Keep an eye on the US housing data (but can't expect a...
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Dollar Higher As Bernanke Said Inflation 'Too High'
16.07.2008 22:15
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The dollar rose against its rivals Wednesday supported by plunging crude oil prices and rising stocks. Federal Reserve Chairman Ben S. Bernanke's comments that dollar intervention, although rare, can be justified when markets become disorderly, also supported the greenback. The GBP/USD fell following weak UK labor market data. The USD/CAD...
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US Dollar Fights its Way Back
16.07.2008 18:12
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After hitting a record low against the Euro on Tuesday, the greenback is fighting its way back. The fundamental factors that are driving the dollar higher today include falling oil prices, a rebounding stock market, intervention risk and hawkish FOMC minutes. Although each of these factors has the power to...
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Strong US Stocks Amid Weakening Oil Prices Help Boost Greeenback
16.07.2008 18:12
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In the US, consumer inflation surged in June. On the month prices rose 1.1%, the highest since 2005, and the 2nd largest increase in 26 years. In annual terms, prices rose 5%. Rising costs of energy amounted to 2/3rds of the change, and are now filtering down into increased costs...
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New York Session Recap
16.07.2008 18:12
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It was quite a session for the buck in NY as a strong rebound in stock markets coupled with plunging oil prices helped rocket the greenback higher. US stocks were bid on better than expected earnings in the financials space. The broad market was up 2.5% on the day while...
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Dollar Rallies amid Further Retreat in Oil
16.07.2008 16:18
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The dollar extended gains today against the euro and sterling, recovering from previous session's losses to rise toward the 1.58-level versus the euro and beneath 2 against the sterling. The greenback benefited from further declines in crude oil, which lost over $4 to $134.58 per barrel amid softening demand and...
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Dollar rebounds on Stronger Financial Earnings
16.07.2008 16:18
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The Usd rose slightly in the European session, based on some positive data out of the financial sector in the US. The EurUsd traded down to the 1.58 level, and the UsdJpy also fell a bit lower trading with a 104 handle. The GbpUsd hovered around the 2.00 price, but...
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Eco Data 7/17/08
16.07.2008 15:14
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include('http://www.actionforex.com/resources/calendar/cal1.php?f=20080717');
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(FED) Summary of Economic Projections
16.07.2008 14:22
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In conjunction with the June 2008 FOMC meeting, the members of the Board of Governors and the presidents of the Federal Reserve Banks, all of whom participate in deliberations of the FOMC, provided projections for economic growth, unemployment, and inflation in 2008, 2009, and 2010. Projections were based on information...
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