World / E-commerce
Australian Dollar Crosses Entering Consolidation Phase
03.07.2008 12:18
actionforex.com
AUDNZD: Longer term, the pair is headed for a test and likely a break of the 2000 high of 1.3506. A consolidation/pullback should get underway soon as a 4th wave. We'll reiterate what we've mentioned in recent weeks though; shorting is dangerous because there is the possibility that the advance...
World
E-commerce
Chart Of The Day: EUR/USD
03.07.2008 12:18
actionforex.com
Price action on the EUR/USD daily chart, as shown, took a major turn down today as a result of the Non-Farm Payrolls report in the morning. This downturn occurs at a significant technical resistance level around 1.5900, which is represented on the chart by the horizontal support/resistance line marked ?A?....
World
E-commerce
Forex Fundamental Outlook
03.07.2008 12:18
actionforex.com
In U.S. news, June non-farm payrolls declined by 62,000 while the unemployment rate was steady at 5.5% and average hourly earnings were up 3.4% y/y The jobs report was weak including a cumulative 52,000 downward revision to April's and May's non-farm payrolls numbers. Notably, June was the first time since...
World
E-commerce
ECB Fires A Shot Across the Bow
03.07.2008 11:16
actionforex.com
After signaling in June the likelihood for higher interest rates, the European Central Bank carried through with their insinuations and raised rates by a quarter point, bringing the Eurozone refi rate to 4.25%. In the June press conference, President Jean-Claude Trichet announced a "state of heightened altertness" which he said...
World
E-commerce
US: Continued Moderate Job Losses
03.07.2008 11:16
actionforex.com
In June the employment report continued to print moderate job losses consistent with a nearly stagnant, but not recessionary, US economy. The economy shed 62,000 jobs (DB -50,000, Consensus - 60,000) in June and on top of this the employment figures for the previous months were revised down by 52,000....
World
E-commerce
Inline Job Loss While Trichet UNBIASED
03.07.2008 11:16
actionforex.com
THE DOLLAR IS ON A STREAK! The job loss came nearly inline with expectations the six straight monthly shed, and the unemployment rate was unrevised at 5.5% yet the trigger was taken for profit taking and the dollar shot back especially as Trichet justified the move and now has taken...
World
E-commerce
EUR/JPY Mid-Day Outlook
03.07.2008 11:16
actionforex.com
EUR/JPY's failure below 169.46 and sharp retreat today argues that consolidation from 169.46 is going to extend further before completion. Intraday outlook is neutral with risk mildly on the downside for another test of 166.08. Nevertheless, downside should be contained by 165.27/31 cluster support (38.2% retracement of 158.60 to 169.46...
World
E-commerce
USD/CAD Mid-Day Outlook
03.07.2008 10:18
actionforex.com
USD/CAD's outlook was turned mixed after retreat fro 1.0238 pushed it through mentioned 1.0141 support. At this point, it's unsure whether correction from 1.0322 has completed at 1.0048 already. On the upside, though, break of 1.0238 will revive the case that rally from 0.9818 is resuming for 1.0322. Break will...
World
E-commerce
U.S.: Non-Farm Payrolls Fall in June, Unemployment Rate Remains at 5.5%
03.07.2008 10:18
actionforex.com
Nonfarm payrolls fell by 62K in June, which was in line with expectations. This is consistent with the size of losses we have seen over the past couple of months. The unemployment rate, however, was telling. It remained at 5.5% in June, following a large jump between April and May....
World
E-commerce
ECB Gives Little Sign Of Next Move Following Today's Hike
03.07.2008 10:18
actionforex.com
Proving their dedication to transparency, the European Central Bank delivered on their amplified concerns surrounding inflation follow the June policy meeting by delivering a 25-basis point hike to the benchmark lending rate today. However, the market was clearly prepared for such an outcome as seen in a lack of reaction...
World
E-commerce
Euro Should Correct To 1.57 Next Week
03.07.2008 10:17
actionforex.com
The EURUSD has completed wave i of larger 3 within the 5 wave bull cycle from 1.5283. Expectations are for wave ii of 3 to bring price back to at least 1.5720 next week. Bulls should use the decline to position for the expected break through 1.6018 (expected to occur...
World
E-commerce
USD/JPY Mid-Day Outlook
03.07.2008 10:17
actionforex.com
USD/JPY's corrective rise fro 104.98 continues today and at this point, further rebound could still be seen. But still, break of 108.59 is needed to turn short term outlook bullish again. Otherwise, risk remains on the downside. Note that prior break of trend line support, followed by breaking of 105.56/58...
World
E-commerce
USD/CHF Mid-Day Outlook
03.07.2008 10:17
actionforex.com
USD/CHF's strong rebound and break of 1.0226 indicates that an intraday low is in place after failing to sustain below 1.0147 minor support Further consolidation should now be seen with risk of rebounding further to 38.2% retracement of 1.0539 to 1.0111 at 1.0274. Though upside should be limited below 61.8%...
World
E-commerce
(ECB) Press Conference Introductory Statement 7 July 2008
03.07.2008 10:17
actionforex.com
On the basis of our regular economic and monetary analyses, we decided at today's meeting to increase the key ECB interest rates by 25 basis points. This decision was taken to prevent broadly based second-round effects and to counteract the increasing upside risks to price stability over the medium term....
World
E-commerce
GBP/USD Mid-Day Outlook
03.07.2008 10:17
actionforex.com
Cable's pull back from 2.0006 extends to as low as 1.9810 today, touching mentioned inner channel support (now at 1.9821). Further consolidation could still be seen with risk mildly on the downside. But still, downside should be contained well above 1.9586 support and bring another rally. Above 2.0006 will indicate...
World
E-commerce
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