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GBP/USD Technical Analysis 5 November 2010

noreply@blogger.com (Firon) — Fri, 05 Nov 2010 12:17:00 +0000

GBP/USD Open 1.6269 High 1.6300 Low 1.6088 Close 1.6270
On Thursday Pound/Dollar increased significantly with over 210 pips, in line with the positive Interbank sentiment at nearly +8%. The Cable appreciated from 1.6088 to 1.6300 yesterday, closing the day at 1.6270. Today the British Pound is slightly adjusting. On the 1 hour chart new upward channel is formed, while on the 3 hour chart the upward channel has resumed. First resistance is yesterday's peak at 1.6300. Break above it should extend the bullish movement further towards the psychological 1.6427. The nearest support is yesterday's bottom at 1.6088. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.5960. Today are the UK Halifax house price index and PPI Output, at 8 and 9:30 GMT. Quotes are moving bellow the 20 and just above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term slim bullish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.6300 1.6427 1.6560
Technical support levels: 1.6088 1.5960 1.5837
Trading range: 1.6230 - 1.6155
Trend: Downward
Sell at 1.6217 SL 1.6247 TP 1.6167
Already made +23 pips profit on GBP/USD today from the following sent to clients only signal:
7:25 GMT Sell GBP/USD at 1.6206 SL 1.6232 TP 1.6146, exit sent at 7:56 GMT.
Today so far +117, yesterday +198, as shown in details at our web site.

EUR/USD: technical update

noreply@blogger.com (Firon) — Fri, 05 Nov 2010 12:10:00 +0000

After the explosive rally up to the highs at 1.4282 the exchange rate has pulled back to support just below the S1 monthly pivot at 1.4180. At the moment it is moving sideways in a consolidation pattern which could break either way. A downside breakout would target 1.4090 and an upside breakout which could carry the pair higher, perhaps as far as the breakout target in the region of 1.4450, or even 1.46 where price will meet an important trend-line connecting the ’08 and ’09 highs.

USD/JPY Technical Analysis 5 November 2010

noreply@blogger.com (Firon) — Fri, 05 Nov 2010 12:05:00 +0000

USD/JPY 80.67 - 5 November 2010
USD/JPY Open 80.77 High 81.22 Low 80.56 Close 80.70
On Thursday Dollar/Yen decreased insignificantly with 66 pips, in line with the negative Interbank sentiment at around -49%. The currency couple depreciated from 81.22 to 80.56 yesterday, closing the day at 80.70. This morning the pair is trading quietly and without clear direction for now. On the 1 hour chart the wide small angle downward channel has resumed, while on the 3 hour the downward channel is trying to renew. Break above yesterday's top and nearest resistance 81.22 would embolden further recovery of the Dollar. Immediate support is yesterday's bottom at 80.56, and consistent break bellow it could strengthen the Yen further down towards next target 79.59. There are no major economic events for Japan today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, MACD is neutral and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 81.22 82.00 82.82
Technical support levels: 80.56 79.59 78.70

Technical CHF

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:23:00 +0000

The pre-planned break-out variant for sales has been implemented with attainment of the anticipated targets. OsMA trend indicator, having marked break of key supports by progress of bearish activity, suggests preference of sales in planning trading operations for today. Hence and considering ascending direction of indicator chart, we can assume probability of rate return to close 1,0420/40 resistance levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales, on condition of the formation of topping signals the targets will be 1,0360/80, 1,0300/20 and (or) further break-out variant up to 1,0240/60, 1,0180/1,0200. The alternative for buyers will be above 1,0500 with the targets of 1,0540/60, 1,0600/40.

Technical GBP

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:22:00 +0000

The estimated test of key resistance range levels has been confirmed with conditions for implementation of the pre-planned short positions. OsMA trend indicator, having marked preserved low level of sales activity, adds to risks of some rate rise, however, it does not give grounds for closing out open short positions. Therefore, as for sales, as earlier, the targets remain at 1,5600/20, 1,5540/60 levels, and (or) further break-out variant below 1,5500 with the targets of 1,5440/60, 1,5380/1,5400. The alternative for buyers will be above 1,5800 with the targets of 1,5840/60, 1,5900/20, 1,5980/1,6000.

Technical JPY

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:21:00 +0000

The pre-planned break-out variant for sales has been implemented with attainment of minimal anticipated target. OsMA trend indicator, having marked break of key supports by relative rise of bearish activity, suggests preference of sales in planning trading operations for today. Hence and considering ascending direction of indicator chart, we can assume probability of rate return to Ichimoku cloud border at 85,40/50 levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales, on condition of the formation of topping signals the targets will be 85,00/10, 84,60/75 and (or) further break-out variant up to 84,00/20, 83,40/60. The alternative for buyers will be above 85,80 with the targets of 86,20/40, 86,80/87,00.

Technical EUR

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:14:00 +0000

The pre-planned short positions from key resistance range levels have been implemented, but with loss in attainment of the anticipated targets. OsMA trend indicator, having marked preserved low level of both party activity, as earlier, suggests further rate range movement with no clear signs regarding planning priorities for today. Therefore, at this point, considering ascending direction of indicator chart, we can assume probability of rate return to 1,2880/1,2900 resistance levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales, on condition of the formation of topping signals the targets will be 1,2820/40, 1,2760/80, 1,2700/20 and (or) further break-out variant up to 1,2640/60, 1,2580/1,2600. The alternative for buyers will be above 1,2940 with the targets of 1,2980/1,3000, 1,3040/60, 1,3100/20.

U.S. stocks mixed after U.S. economic data; Dow Jones slips 0.31%

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:14:00 +0000

U.S. stock markets were mixed after the open on Monday, following the release of mixed U.S. economic data and ahead of the release of further U.S. data on home sales.

During early U.S. trade, the Dow Jones Industrial Average fell 0.31%; the S&P 500 index was down 0.32% and the Nasdaq Composite index gained 0.08%.

Earlier in the day, official data showed that the New York State manufacturing index rose less-than-expected in August, rising to 7.1, up from 5.1 in June.

Analysts had expected the index to rise to 8.1 in August.

Meanwhile, in a separate report, the U.S. Department of the Treasury said that net foreign purchases of long-term securities were USD 44.4 billion in June, after falling to a revised USD 35.3 billion in May.

Economists had expected purchases of long-term securities to increase to USD 36.3 billion in June.

Later in the day, the National Association of Home Builders was to release a report on home sales.

In the corporate sector, shares in retailers Lowe's rose 1.79% after the company reported second-quarter earnings rose broadly in line with expectations.

Across the Atlantic, European stock markets were mixed: France’s CAC 40 fell 0.77%; Germany's DAX shed 0.33%; Britain's FTSE 100 was down 0.27%; and the EURO STOXX 50 fell 0.75%.

Earlier in the day, official data showed that consumer price inflation in the euro zone rose in line with expectations in July.

Euro zone records larger-than-expected current account deficit in June

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:13:00 +0000

The euro zone recorded a larger-than-expected current account deficit in June, official data showed on Tuesday.

In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted deficit of EUR 4.6 billion in June, after recording a deficit of EUR 7.4 billion in May, whose figure was revised up from EUR 5.8 billion.

Economists had expected the current account to record a deficit of EUR 3.7 billion in June.

The report said that the 12-month cumulated seasonally adjusted current account recorded a deficit of EUR 45.1 billion in June, approximately 0.5% of euro area gross domestic product.

A year earlier the deficit was EUR 147.9 billion.

Following the release of the data the euro was up against the U.S. dollar, with EUR/USD gaining 0.38% to hit 1.2877.

U.K. consumer price inflation declines in line with expectations

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:12:00 +0000

Forex Pros – Consumer price inflation in the United Kingdom declined in line with expectations in June, official data showed on Tuesday.

In a report, the U.K. Office for National Statistics said that consumer price inflation declined to a seasonally adjusted 3.1% in June, in line with expectations, after rising 3.2% in May.

The report said that core consumer price inflation, which excludes food, energy, alcohol, and tobacco costs fell to a seasonally adjusted 2.6% in June, after rising to 3.1% in May.

Analysts had expected core consumer price inflation to decline to 3.0% in June.

Meanwhile, retail price inflation which includes housing costs, declined to a seasonally adjusted 4.8% in June, after rising to 5.0% in May.

Analysts had expected the rate of retail price inflation to fall to 4.8% in June.

Following the release of the data the pound was down against the U.S. dollar, with GBP/USD shedding 0.03% to hit 1.5658.

Forex - Euro rallies against broadly weaker dollar

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:11:00 +0000

The euro was up against the U.S. dollar on Tuesday, after a flurry of mixed U.S. economic data underlined market concerns that U.S. economic growth is flagging.

EUR/USD hit 1.2865 during late Asian trade, a daily high; the pair subsequently consolidated at 1.2846, gaining 0.15%.

The pair was likely to find support at 1.2733, Monday's low and resistance at 1.3186, the high of August 11.

On Monday, official data showed that the New York State manufacturing index rose less-than-expected in August.

Meanwhile, a separate report said that net foreign purchases of long-term securities rose more than expected in June.

Also Monday, industry data showed that U.S. builder confidence in the market for newly built, single-family homes declined for a second consecutive month in July, falling to its lowest level since April of 2009.

The euro was also up against the pound with EUR/GBP gaining 0.19% to hit 0.8202.

Later in the day, both Germany and the euro zone were to release key data on economic sentiment while the European Central Bank was to publish data on the regions current account.

Forex - GBP/USD tests key resistance at 1.57 ahead of U.K. data

noreply@blogger.com (Firon) — Tue, 17 Aug 2010 09:10:00 +0000

Forex Pros – The pound was up against the U.S. dollar on Tuesday, testing a key resistance at 1.5700, ahead of the release of key U.K. data on inflation.

GBP/USD hit 1.5696 during European morning trade, a daily high; the pair subsequently consolidated at 1.5661, gaining 0.02%.

Cable was likely to find support at 1.5534, Monday's low and resistance at 1.5713, the high of August 12.

Later in the day, Bank of England governor Mervyn King was to publish an open letter to the government if the level of inflation breached the 2.0% target the bank has put in place.

Mr. King has argued that the higher rate of inflation is temporary and will normalize as the U.K. economy recovers fully from the effects of the recent global recession.

Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.34% to hit 0.8214.

Later in the day, the U.S. was to produce data on producer price inflation. The country was also to produce data on building permits and housing starts.

Technical CHF

noreply@blogger.com (Firon) — Wed, 11 Aug 2010 12:57:00 +0000

The pre-planned break-out variant for buyers has been implemented but with loss in attainment of the anticipated target. OsMA trend indicator, having marked this month`s top by formation of bearish reversal signal with further relatively high level of sales activity, suggests preference of bearish direction in planning trading operations for today. Therefore, at this point, considering ascending direction of indicator chart, we can assume probability of rate return to close 1,0520/40 resistance levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales, on condition of the formation of topping signals the targets will be 1,0460/80, 1,0400/20 and (or) further break-out variant up to 1,0340/60, 1,0300/20 and (or) further break-out variant up to 1,0240/60, 1,0180/1,0200. The alternative for buyers will be above 1,0620 with the targets of 1,0660/80, 1,0720/40.

Technical GBP

noreply@blogger.com (Firon) — Wed, 11 Aug 2010 12:56:00 +0000

The pre-planned buying positions from key supports have been implemented with attainment of basic anticipated targets. OsMA trend indicator, having marked progress of bullish activity as a result of the previous trading day, suggests preference of buying positions in planning trading operations for today. Hence and considering descending direction of indicator chart, we can assume probability of rate return to close 1,5780/1,5800 supports, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for buying positions, on condition of the formation of topping signals the targets will be 1,5840/60, 1,5900/20 and (or) further break-out variant up to 1,5960/80, 1,6020/40, 1,6080/1,6100. The alternative for sales will be below 1,5700 with the targets of 1,5640/60, 1,5580/1,5600.

Technical JPY

noreply@blogger.com (Firon) — Wed, 11 Aug 2010 12:55:00 +0000

The pre-planned break-out variant for buyers has been implemented, but with loss in attainment of the anticipated targets. OsMA trend indicator, having marked short-term break of channel line 2 by formation of bearish reversal signal with further restored priority of sales activity, suggests preference of bearish direction in planning trading operations for today. Therefore, at this point, considering ascending direction of indicator chart, we can assume probability of rate return to border of Ichimoku cloud at 85,50/60, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales, on condition of the formation of topping signals the targets will be 85,10/20, 84,70/80 and (or) further break-out variant up to 84,20/30, 83,60/80. The alternative for buyers will be above 86,00 with the targets of 86,40/60, 87,00/20.

Technical EUR

noreply@blogger.com (Firon) — Wed, 11 Aug 2010 12:54:00 +0000

The pre-planned break-out variant for sales has been implemented, but with loss in attainment of the anticipated target. OsMA trend indicator, having marked this week`s low by formation of bullish reversal sign with further relatively high level of bullish activity, suggests preference of buying positions in planning trading operations for today. Therefore, at this point, considering descending direction of indicator chart, we can assume probability of rate return to close 1,3080/1,3100 supports, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term buying positions, on condition of the formation of topping signals the targets will be 1,3140/60, 1,3200/40 and (or) further break-out variant up to 1,3280/1,3300, 1,3340/60. The alternative for sales will be below 1,3000 with the targets of 1,2940/60, 1,2880/1,2900.

GBP/USD Intra-day signal by AceTrader

noreply@blogger.com (Firon) — Wed, 11 Aug 2010 12:52:00 +0000

wud prolong choppy trading n risk 1.5780/90.

INTRA-DAY GBP/USD: 1.5695

Last Update At 11 Aug 2010 09:45 GMT

Cable's selloff after the release of BOE inflat
ion report suggests decline fm 1.5999 has possibly
resumed n below 1.5710 sup wud bring further weak-
ness to 1.5685, however, o/sold condition wud limit
downside to 1.5665 n yield rebound later.

Sell at market with stop as indicated, break
wud prolong choppy trading n risk 1.5780/90.

Range Forecast
1.5685 / 1.5725

Resistance/Support
R: 1.5824/1.5843/1.5890
S: 1.5710/1.5665/1.5627

Forex Signals – EUR/USD Bearish Below 1.3150

noreply@blogger.com (Firon) — Wed, 11 Aug 2010 12:30:00 +0000

Daily Outlook: Short signal today. I’m bearish below 1.3150 and will look for selling opps below that level, buying opps below. Fed rate decision was about as expected. Short-term trend is bearish, medium term trend is bullish and long-term trend is mixed (leaning bearish).

As always watch out for news events on the forex calendar.

Trading Idea: My primary trade will be a short at 1.3150 with candlestick confirmation. Targets at 1.3125, 1.3095, 1.3065 and 1.3035 for 115 pips profit.

For longs I will wait for a close above 1.3175, and will also look in the 1.3015 support zone for longing opps in CandlePro.

CP Users: The daily signal for USD\/CHF is intriguing, but given the low volume from yesterday and the bad risk/reward ratio I am passing on that. Today I’ll just be looking for trades with high risk/reward ratios on pullbacks and throwbacks.

Recap: Glad so many piphutters got good profit off of yesterday’s signal, even though it was a riskier trade and the confirmation was iffy.

Daily Forex Update: EUR/USD

noreply@blogger.com (Firon) — Wed, 11 Aug 2010 12:25:00 +0000

The EUR/USD has continued its intraday ascent as both the daily and the 240-minute charts have trended higher. However, the short-term 15-, 30-, and 60-minute timeframes reflect a near-term correction caused by strength in the U.S. Dollar prior to a dovish Federal Reserve statement.

The early strength in the Dollar sent the EUR/USD lower through support of a Channel Up pattern. This occurred within a distribution market cycle, which led to exhaustion as seen by the fact that prices were not able to follow-through lower in any substantial way. (Distribution is characterized by a wide range and high volatility; the four-bar Autochartist Initial Trend reading confirmed this market cycle.)

The 60-minute Channel Down pattern also occurred within a sideways market-but instead of wide and volatile, the range was more compact as seen by the one-bar Initial Trend reading. This reading confirms that the 60-minute chart was in an accumulation cycle, which set up an Autochartist Initial Movement/Momentum (AIM) entry; this entry triggered when prices rallied through the downtrend line resistance 1.3175 (Y). It's important to note that, due to the accumulation cycle, there was less expectation for follow-through lower through to Channel Down support. This means that, despite the trending pattern alert, an Autochartist Continuation of the Trend (ACT) entry was not a valid set-up when prices pierced the "big figure" level at 1.3100.

8-10 Economic Calendar

noreply@blogger.com (Firon) — Tue, 10 Aug 2010 09:25:00 +0000

EUR/JPY Looking For Support

noreply@blogger.com (Firon) — Tue, 10 Aug 2010 09:23:00 +0000

After trading nearly 100 pips lower so far this session, EUR/JPY is trading in the area of 112.68, where hourly support has been found several times in the past two weeks. If the downward trend continues, and the pair can close below 112.68, the first stop on this downward train is the 50.0% fibo (112.36) level on the move from the low on July 21st to the high on the 28th. A solid move may see the pair trade down to the 111.80 level. It will be interesting to see what happens when Europe opens in a little less than three hours

EUR/USD Finding Support at 1.3133

noreply@blogger.com (Firon) — Tue, 10 Aug 2010 09:19:00 +0000

EUR/USD tested support at 1.3133 and has been grinding higher for the past few hours. The pair is currently trading around the 50.0% fibo line (1.3156) on the move from the low on July 30th to the high on August 7th, with the 200 hour moving average coming in at the same level. If the upward momentum continues, the next topside target is the 38.2% retracement line at 1.3198.

Forex: EUR/USD, trimming losses, approaches 1.3200

noreply@blogger.com (Firon) — Tue, 10 Aug 2010 09:04:00 +0000

FXstreet.com (Barcelona) - The Euro suffered a sharp reversal yesterday as the pair failed ti regain 1.3300 area after having pulled back from 1.3335 high, and the pair dropped about 170 pips ion US and Asian sessions to 1.3135 low, where the Euro found support to pick up to 1.3185 so far.

If he pair extends above 1.3180 (intra-day level), next resistance area might be 1.3215 (Aug 9 low) and 1.3260/70 (intra-day level). On the downside, immediate support lies at 1.3130 (38% Fib retracement of the Dec-Jun decline), and below here, 1.3105 (Jul 29 high) and 1.3050 (Aug 2 low).

The Euro, however, is trading on a negative bias, after breaking below 1.3235, according to Stoyan Mihaylov, technical analyst at, heading towards 1.2980: "Current bias is negative for a break below 1.3118, towards 1.2980, en route to 1.2731. Initial resistance is seen at 1.3211 and we hope that this level will cap the upside and will provoke a reversal for the expected sell-off."

Canadian Dollar Fluctuates Before FOMC Meeting, Rises vs. Euro

noreply@blogger.com (Firon) — Tue, 10 Aug 2010 09:02:00 +0000

The Canadian dollar fluctuated against the greenback before the FOMC meeting and gained versus the euro after the stocks and crude oil rallied, boosting the currencies related to the growth.

The Standard & Poor’s 500 Index rose 0.6 percent today. September delivery for crude oil rose 1 percent to $81.53 a barrel in New York. Crude oil is main export of Canada. The Canadian currency tends to follow moves of stocks and commodities.

The last week’s bad news about the employment in Canada weakened the loonie. Now the markets await the FOMC decision as the quantitative easing may drive the greenback lower versus the Canadian currency.

USD/CAD traded at 1.0273 as of 23:03 GMT after opening at 1.0268 and jumping as high as 1.0299. EUR/CAD dropped to 1.3585 from the opening level of 1.3646.

If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

Bobbys Corner-Open Market-August.4.2010

noreply@blogger.com (Firon) — Wed, 04 Aug 2010 15:27:00 +0000

The JPY rose against all currencies as speculation mounts that the US economy is slowing, and that the Fed will introduce some additional monetary easing policies. Overall the USD fared well, except versus the Yen.
GBP lost some steam as UK services PMI came in short of expectations. The GBP may test the 1.60 level-especially if US data comes out weak.
Overall there was not a lot of excitement in the markets overnight-as August creeps into the FX world.

Asian equity markets were mixed, and European markets are lower. US Futures are also lower this morning.

Oil:$82.34 Gold:$1198.00
TIME FOR EST PRIOR
7:00A.M. MBA MORTGAGE APPLICATIONS 30-Jul -4.40%
7:30A.M. CHALLENGER JOB CUTS YoY JULY -47.10%
8:15A.M. ADP EMPLOYMENT CHANGE JULY 35K 13K
10:00A.M. ISM NON-MANUFACTURING COMPOSITE JULY 53.O 53.8O