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USD/JPY Falls to Lowest Level This Year

roger — Sat, 31 Jul 2010 22:54:10 +0000

The dollar was higher against the euro on Friday but lower versus other major currencies. US GDP rose at a 2.4% annualized pace in Q2 2010. While Q1 GDP was revised higher, estimates back to 2007 were revised lower. The S&P 500 increased 0.07 to 1,101.60. The euro fell from
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USD/CAD Potential Triangle Break

roger — Sat, 31 Jul 2010 21:51:05 +0000

Price action on USD/CAD (a daily chart of which is shown) as of Friday (7/30/2010) has once again hit the bottom of a large triangle consolidation pattern after having traded just below key 1.0400 resistance for the entire week. This large triangle occurs within the context of a prolonged sideways
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Forex Profit Secrets

roger — Sat, 31 Jul 2010 21:08:55 +0000

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$/Cad, at Base of 3 Month Pattern

roger — Sat, 31 Jul 2010 20:48:40 +0000

No change in the view in $/cad as the market continues to form a large pennant/ triangle since the April low at .9935. As been discussing for quite some time, these are seen as continuation patterns, suggesting an eventual downside resolution (likely sharp). However, they break down into 5 waves
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GBP/JPY Weekly Outlook

roger — Sat, 31 Jul 2010 19:41:18 +0000

GBP/JPY surged to as high as 137.52 last week before retreating. The break of 136.39 resistance indicates that whole rebound from 126.73 low has resumed. Hence, while some sideway consolidations might been seen initially this week first, downside should be contained well above 130.82 support and bring another rise. Above
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EUR/JPY Weekly Outlook

roger — Sat, 31 Jul 2010 18:49:05 +0000

EUR/JPY rose to as high as 114.72 before retreating. The break of 113.40 resistance indicates that a medium term bottom is formed at 107.30. Hence, while some sideway consolidation might be seen initially this week, we’d expect downside to be contained above 110.00 support and bring another rise. Above 114.72
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EUR/CHF Weekly Outlook

roger — Sat, 31 Jul 2010 17:35:40 +0000

EUR/CHF rose further to as high as 1.3817 last week but faced strong resistance inside 1.3733/4039 zone and reversed. The development suggests that whole recovery from 1.30723 has completed at 1.3817 already. Initial bias remains mildly on the downside for 1.3341 support first. Break will confirm this bearish case and
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Weekly Review and Outlook: USD/JPY Weakened on Dimmer Recovery Outlook and Falling Treasury …

roger — Sat, 31 Jul 2010 16:50:55 +0000

Dollar was broadly lower last week on deteriorating recovery outlook in US as well as falling treasury yield. USD/JPY made new 2010 low below 86 level while EUR/USD also closed above 1.3 psychological level. However, there were a few developments to note. Firstly, EUR/USD lost much momentum after hitting 1.31
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EUR/GBP Weekly Outlook

roger — Sat, 31 Jul 2010 15:36:13 +0000

EUR/GBP’s fall from 0.8530 extended further last week and the break of 0.8316 support suggests that rebound from 0.8067 is finished. Initial bias remains on the downside this week and further fall should be seen to retest 0.8067 low. On the upside, above 0.8394 will turn intraday bias neutral and
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USD/CAD Weekly Outlook

roger — Sat, 31 Jul 2010 14:39:18 +0000

USD/CAD dipped lower last week but after all, it’s still bounded in recent converging range. As noted before, price actions from 1.0734 are viewed as sideway consolidation pattern, in form of triangle. Price actions would remain choppy until such pattern completions. On the downside, in case of another fall, we’d
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