Daily Forex News

The greenback traded in relatively narrow range last week as most traders and investors awaited the release of key U.S. GDP data on Friday, however, dollar kept a firm undertone and support in EUR/USD and resistance in USD/CHF were broken. The greenback then extended gain as the economic data finally…

Despite rebounding to 126.78 last Friday, the stronger-than-expected retreat and the breach of previous support at 124.81 suggest recent decline is still in progress and one more fall to 123.99 (61.8% projection of 133.65 to 126.55 measuring from 128.38) but reckon 123.40/50 would hold, bring another rebound later. However, only…

Although aussie has remained under pressure and the decline from 0.9331 may extend weakness towards 0.8950, oversold condition should limit downside to recent low at 0.8735 and bring another rebound later. Above 0.8960/65 is needed to signal low has possibly been formed and risk stronger rebound towards resistance at 0.9049,…

The single currency fell again last week partly due to the release of better-than-expected U.S. GDP data and price dropped to as low as 1.3851 this morning, adding credence to our bearish count that wave v, wave (c) as well as wave C has ended at 1.5145 and our indicated…

As indicated in our previous update, early break of 91.25 signals the first leg of upmove from 84.82 (tentatively a leg of wave (2)) has ended at 93.78 and b leg of this wave (2) is unfolding and reached our indicated downside target at 89.30 (50% Fibonacci retracement of the…

The single currency continued to head south after early breach of support at 1.4218 and last week’s release of better-than-expected U.S. GDP data put extra pressure on euro and price just fell below the Ichimoku cloud top, adding credence to our bearish view (indicated downside target at 1.4015 has been…

Although the greenback recovered after anticipated fall to 89.14 (our indicated downside target was 89.29) last week, reckon upside should be limited to the Kijun-Sen (now at 91.30) and bring a stronger retracement of the rise from 84.82 (2009 low) for weakness towards 88.24/32 (61.8% Fibonacci retracement of 84.82 to…

We expect the RBA to increase its policy rate by 25 bps to 4% on February 2, the central bank’s first meeting in 2010. This will be the 4th rate hike by the RBA after it had taken the cash rate to 3% in April 2009. Rise in domestic price…

The greenback finally broke above resistance at 1.0592 (previous support turned resistance) , confirming recent rise from 2009 low of 0.9910 remains in progress and further gain to 1.0650/60 is under way, however, near term overbought condition should prevent sharp move beyond 1.0690/00 (38.2% Fibonacci retracement of 1.1967-0.9910) and risk…

Cable’s selloff after breaking indicated support at 1.6077 and the release of stronger-than-expected U.S. GDP data kept sterling under pressure and decline from 1.6459 is likely to extend weakness to 1.5895/96 (100% projection of 1.6459 to 1.6077 measuring from 1.6277 and previous support level), however, break there is needed to…