Increased Optimism sets the Tone for Trading
For the year thus far, the S&P 500 index is in positive territory. With this news the price of Crude Oil has also risen to its yearly high. However, the added buoyancy is hurting the Dollar as...
Month: May 2009
The Greenback is Trending Lower on Global Recovery
The U.S. dollar approached a 3 week low against the EUR as better economic data worldwide saw investors grow increasingly confident that the worst in the global economy may be past, boosting risk appetite. The Dollar resent...
USDCAD Analysis – May 2, 2009
USDCAD remains in downtrend from 1.3063. Deeper decline is expected to test 1.1761 previous low support next week. A break below this level will signal further fall to 1.1600 zone. Initial resistance is now at the falling...
USDCHF Analysis – May 2, 2009
USDCHF formed a cycle top at 1.1740 level on daily chart. Deeper decline to test 1.1159 support is possible next week. A break below this level will indicate that the fall from 1.1740 is resumption of the...
USDJPY Analysis – May 2, 2009
USDJPY has formed a cycle bottom at 95.62 level on daily chart and the fall from 101.43 has completed. Further rise is expected to test 101.43 resistance next week, a break above this level will signal further...
AUDUSD Analysis – May 2, 2009
AUDUSD breaks above 0.7322 resistance and the rise from 0.6284 extends to as high as 0.7383 level. Further rally is still possible next week and the next target would be at 0.7500-0.7600 area. Key support is now...
GBPUSD Analysis – May 2, 2009
GBPUSD stays in a trading range between 1.4397 and 1.5066. As long as 1.5066 resistance holds, we’d expect downtrend to resume, and pullback to test 1.4110 support is in favor. However, above 1.5066 will indicate that the...
EURUSD Analysis – May 2, 2009
EURUSD is testing 1.3392 key resistance, a break above this level will indicate that a cycle bottom has been formed at 1.2884 level on daily chart, and then further rally could be seen to 1.3500-1.3600 area. If...
U.S Manufacturing PMI Figure will Determine Today’s Trend
The Dollar is likely to go volatile during and following the ISM Manufacturing PMI release today at 14:00 GMT. Meanwhile, forex traders are advised to take positions on trades, as a string of data releases coming out...