Euro (EUR) – The Euro closed unchanged versus the Dollar after Fitch downgraded the credit rating of Greece from CCC to CC. The Flash manufacturing PMI came at 49.00 lower than expected and the EUR/USD is currently considered bullish above the 1.32 support level. The pair faces its next resistance level around 1.33 and once this resistance is broken the rate might reach 1.3500.  Today, the German Ifo Business Climate is expected to come out at 108.70.

EUR/USD – Last: 1.3261

British Pound (GBP) – The British Pound declined after the MPC Meeting Minutes, with the interest rate remaining as it is, as the result of the vote was 0-0-9. The GBP/USD continues to be bearish as long as it remains above the 1.5600 support level. The pair is facing its next major support at the 1.5650 level. Today, the BBA Mortgage Approvals are expected to come out at 37.3K vs. 36.20K.

GBP/USD – Last: 1.5673

Japanese Yen (JPY) – The Yen continued declining versus the Dollar, reaching near its lowest level since August the 4^th, as demand for the safety of the Yen continued to wane. Technically, the USD/JPY broke above its strong resistance level at 80.00 and the momentum continues to be bullish. Today, the CSPI Y/Y is expected to come out unchanged at 0.10%.

USD/JPY – Last: 80.08

Canadian Dollar (CAD) - The Canadian Dollar weakened versus the Greenback after the stock market closed negative and especially after the drop in oil prices during the day. The USD/CAD momentum is bullish, facing resistance at 1.0050 and support at 0.99. The indicators are showing a strong bullish momentum. Today, the BOC Review is expected.

USD/CAD – Last: 0.9990

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]]> http://reviewedforextrading.com/2012/02/23/daily-forex-review-230212/feed/ 0 http://reviewedforextrading.com/2012/02/22/daily-forex-review-220212/ http://reviewedforextrading.com/2012/02/22/daily-forex-review-220212/#comments Wed, 22 Feb 2012 13:07:26 +0000 admin http://reviewedforextrading.com/?p=2487 USD Dollar (USD) – The US Dollar gained versus most majors erasing early gains after the Greek aid package approval was digested by investors. Greece’s bailout will prevent it from declaring bankruptcy over the next month or two, but the question regarding the exit of Greece from the Euro remains open. US stock markets finished mixed, the Dow Jones rose by 0.12% and the Nasdaq declined by -0.11%. The Dow Jones briefly topped the 13,000 mark but finished at 12,965.69. Crude Oil continued gaining with a 2.19% rise, closing at $105.87 as investors fear Iran’s reactions regarding its oil exports. Gold (XAU) gained by 2%, closing at $1,759 an ounce. Today, Existing Home Sales are expected with a rise from 4.61M to 4.66M.

Euro (EUR) – The Euro erased early gains versus the Dollar after European Governments decided to aid Greece instead of calling for it to declare bankruptcy next month. Greece’s second bailout was approved, awarding it 130 billion Euros in aid. European Stock exchanges finished lower, the DAX30 declined by -0.58% and the CAC40 by -0.21%. The EUR/USD is currently considered bullish above the 1.31 support level and the pair faces its next resistance level around 1.33.  Today European, French and German Manufacturing and Services PMI will be released. Industrial New Orders are expected with a 0.6% rise versus -1.2% previously.

EUR/USD – Last: 1.3230

British Pound (GBP) – The British Pound declined after the Euro Zone Finance Ministers’ agreement on Greece’s second bailout was digested by investors. The FTSE 100 declined by -0.29% at 5,928.20 and the GBP/USD continues to be bullish as long as it remains above the 1.5750 support level. The pair is facing its next major resistance at the 1.5920 level. Today, MPC Meeting Minutes will be released and are likely to give some indication regarding future asset purchasing plans of the BOE.

GBP/USD – Last: 1.5780 

Japanese Yen (JPY) – The Yen continued declining versus the Dollar reaching near its lowest level since August the 4^th as demand for the safety of the Yen continued to wane. Technically, the USD/JPY broke above its strong resistance level at 79.50 and the momentum continues to be bullish. No major economic data is expected today.

USD/JPY – Last: 79.75

Canadian Dollar (CAD) – The Canadian Dollar weakened versus the Greenback after Core Retail Sales came out with a 0.0% change versus the 0.1% expected, indicating slower economic activity. Investors fear Iran will halt oil exports to more European countries. The USD/CAD is still on a downtrend and a break below the 0.9890 support level could lead to a fall in the pair. No economic data is expected today.

USD/CAD – Last: 0.9970

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]]> http://reviewedforextrading.com/2012/02/22/daily-forex-review-220212/feed/ 0 http://reviewedforextrading.com/2012/02/21/daily-forex-review-210212/ http://reviewedforextrading.com/2012/02/21/daily-forex-review-210212/#comments Tue, 21 Feb 2012 12:42:31 +0000 admin http://reviewedforextrading.com/?p=2484 USD Dollar (USD) – The US Dollar declined versus most majors as optimism regarding the Greek aid package sapped safe haven demand. Several key points of division remain in order to approve Greece’s bailout and prevent it from declaring bankruptcy next month. The US stock markets remained closed due to Presidents’ Day. Crude Oil gained by 1.5% closing at $105.10 and remains bullish above the $100 mark. Gold (XAU) gained by 0.63% closing at $1,732 an ounce. No economic data is expected today.

Euro (EUR) – The Euro continued to gain versus the Dollar as Greece’s second bailout is likely to be approved today. Delays or a dismissal of the bailout could lead to sharp declines in the Euro. Stock exchanges in Europe finished higher, the DAX30 gained by 1.46% and the CAC40 by 0.96%. The EUR/USD is currently considered bullish above the 1.31 support level. The pair faces its next resistance level around 1.33.  Today, the ECOFIN meetings will be held in Brussels.

EUR/USD – Last: 1.3210

British Pound (GBP) – The British Pound gained as optimism rose and Home Prices increased, in more signs that the economy is improving. The FTSE 100 gained by 0.68% at 5,945.25 and the GBP/USD continues to be bullish as long as it remains above the 1.58 support level. The pair is facing its next major resistance at the 1.5920 level. Today, Public Sector Net Borrowing is expected with -8.9B versus 10.8B previously.

GBP/USD – Last: 1.5830 

Japanese Yen (JPY) – The Yen declined versus the Dollar nearly reaching its lowest level since August the 4^th as demand for the safety of the Yen wanes. Technically, the USD/JPY broke above its strong resistance level at 79.50 and the momentum continues to be bullish. No major economic data is expected today.

USD/JPY – Last: 79.60

Canadian Dollar (CAD) – The Canadian Dollar remained strong versus the Greenback after oil prices rose to a 9 month high. Iran said it halted Crude Oil exports to the UK and France as a response to sanctions on Iran’s nuclear program. The high yielding Loonie is set for more gains as economic conditions seem to be improving and investors turn to more risky assets but a change in the current optimism could bring a reversal. The USD/CAD is currently on a downtrend and a break below the 0.9890 support level could lead to a fall in the pair. Today, Core Retail Sales are expected with 0.1% versus 0.3% previously. Retail Sales are expected with -0.2% and Wholesale Sales are expected with 0.6%.

USD/CAD – Last: 0.9950

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]]> http://reviewedforextrading.com/2012/02/21/daily-forex-review-210212/feed/ 0 http://reviewedforextrading.com/2012/02/16/daily-forex-review-160212/ http://reviewedforextrading.com/2012/02/16/daily-forex-review-160212/#comments Thu, 16 Feb 2012 12:57:02 +0000 admin http://reviewedforextrading.com/?p=2482 USD Dollar (USD) The US Dollar strengthened versus most major currencies on a statement from the Fed Chairman, Bernanke, who said earlier at the FOMC that there is no need for a QE3 at the moment. The TIC Long-Term Purchases came out at 17.9B worse than the expected 62.3B and Industrial Production (MoM) came out 0.0% worse than expected at 0.7%. The stock market closed negative as the Dow Jones fell by 0.76% and the NASDAQ fell by 0.55%. Crude oil rose by 1.10% after crude oil inventories came out less than expected on false news about Iran halting the supply of crude oil to six European countries. Later, however, the Iranian government published a notice denying this was true. At the end of the day crude oil closed at $101.80 a barrel. Gold (XAU) rose by 0.4%, or $10.40, after 4 days of decline and closed at $1728.1 an ounce. Today, the Housing Starts are expected to come out at 0.68M vs. 0.66M previously and initial jobless claims are expected to come out at 3550K vs. 3515k previously. The Fed Chairman, Bernanke, will speak.

Euro (EUR) – The Euro fell versus the Greenback as Greek Finance Minister, Evangelos Venizelos, accused certain Euro area nations of wanting Greece to leave the union.  The German Prelim GDP came out at -0.20% better than the expected -0.30%. The EUR/USD’s momentum is negative below the 1.3150 level and as long as the pair is trading below this level, the Euro may continue to weaken. Overall, the EUR/USD traded with a low of 1.3006 and with a high of 1.3190. Today, the ECB monthly report is expected.

EUR/USD – Last: 1.3020

British Pound (GBP) – The Pound closed unchanged versus the US Dollar after the Claimant Count Change came out at 6.9K vs. 3.2K previously and the Unemployment Rate remained unchanged at 8.4%. The GBP\USD’s momentum remains bearish below the 1.5770 level. The next support level on the 4 hour chart is located at 1.5650 and breaking this level will probably cause the Pound to decrease toward the 1.5600 level. Overall, the GBP/USD traded with a low of 1.5662 and with a high of 1.5735. Today no major economic data is expected to be released.

GBP/USD – Last: 1.5672

Japanese Yen (JPY) – The Yen closed unchanged against the Dollar after it fell to a three-month low versus the Dollar after the Central Bank increased its asset-purchase fund to 30 trillion Yen, expanding economic stimulus measures for the first time since October. The USD/JPY’s momentum is bullish as long as the pair is trading above the 77.80 level. Overall, the USD/JPY traded with a low of 77.17 and with a high of 78.65 No economic data is expected to be released today.

USD/JPY-Last: 78.40

Canadian dollar (CAD) – The Canadian dollar slipped from its highest level in almost a week versus its US counterpart on speculation that an aid package for Greece may be delayed until after it holds elections this year, damping appetite for riskier assets. As long as the pair is trading below the 1.0040 level, the US Dollar’s momentum remains negative. Overall, the USD/CAD traded with a low of 0.9937 and with a high of 1.0028. Today, Manufacturing Sales (MoM) are expected to drop from 2% to 0.50%

USD/CAD – Last: 1.0019

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]]> http://reviewedforextrading.com/2012/02/16/daily-forex-review-160212/feed/ 0 http://reviewedforextrading.com/2012/02/16/understanding-and-skill-to-trade-forex/ http://reviewedforextrading.com/2012/02/16/understanding-and-skill-to-trade-forex/#comments Thu, 16 Feb 2012 07:01:59 +0000 admin http://reviewedforextrading.com/?p=2480 Foreign exchange market is a challenging world for the traders of the market. Trading forex currency is not an easy task for the traders. To trade forex successfully, they have to boo very much careful and cautious. They should be alert and careful to analyze the market problems and the fluctuations of the market where as they should be cautious for the forex risks, the scams, the traps and the losses which effects the trading very badly.

It’s a huge financial market where lots of traders trying their luck every time. Some of them are talented and they have good knowledge about forex currency trading but some of them are trading without having strong knowledge of forex and without any planning and strategies.

The first kind of the persons are those who gets success in trading currency because their investment is always according to the demand and the need of the market but the second kind of the persons are those who face the loss because of their inexperienced performance and trading mistakes.

They made mistakes because their knowledge if trading forex is not good. Thus they have to perform well and for this, they have to learn forex trading. Forex learning is very much essential for those who are the starters and who don’t have enough knowledge of trading forex currency. Every one can make money in this market if they have goo knowledge and trading skill, only having knowledge is not enough but they have to trade with good understanding and skill.

Euro (EUR) – The Euro fell versus the Greenback after Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal, sapping demand for riskier assets. In addition the Prime Minister of Luxembourg, Jean- Claude Juncker, said that he hadn’t received the ‘required political assurances’ from Greek leaders that austerity measures will be implemented. It seems that, even if there will be a solution to the Greek debt crisis, the region will have a significant difficulty with the Italian economic situation. The EUR/USD’s momentum is negative below the 1.3250 level and as long as the pair is trading below this level the Euro may continue to weaken. Overall, the EUR/USD traded with a low of 1.3079 and with a high of 1.3215. Today, the German Prelim GDP is expected to decline by -0.3% vs. 0.5% previously and the Flash GDP is expected to fall by -0.3% vs. 0.1% previously.

EUR/USD – Last: 1.3140

British Pound (GBP) – The Pound dropped the most in a month versus the US Dollar as Moody’s Investors Service said that Britain risks losing its top-grade credit rating if the economy deteriorates. The GBP\USD’s momentum remains bearish below the 1.5770 level. The next support level on the 4 hour chart is located at 1.5650 and breaking this level will probably cause the Pound to decrease toward the 1.5600 level. Overall, the GBP/USD traded with a low of 1.5644 and with a high of 1.5789. Today the BOE, Governor King, is expected to speak and the BOE Inflation Report is expected to be released. The Claimant Count Change is expected with 3.2K vs. 1.2K previously and the Unemployment Rate is expected to be at 8.4%, as previously.

GBP/USD – Last: 1.5705

Japanese Yen (JPY) – The Yen fell to a three-month low versus the Dollar after the Central Bank increased its asset-purchase fund to 30 trillion Yen, expanding economic stimulus measures for the first time since October. The BOJ also said it will target 1 percent inflation ‘for the time being’. The USD/JPY’s momentum is bullish as long as the pair is trading above the 77.80 level. Overall, the USD/JPY traded with a low of 77.47 and with a high of 78.53 No economic data is expected to be released today.

USD/JPY-Last: 78.40

Canadian dollar (CAD) – The Canadian Dollar gained versus its US counterpart as the currency of the nation’s biggest trading partner, the US climbed and crude oil, Canada’s biggest export reached a three-week high. As long as the pair is trading below the 1.0040 level, the US Dollar’s momentum remains negative. Overall, the USD/CAD traded with a low of 0.9978 and with a high of 1.0026. No economic data is expected to be released today.

USD/CAD – Last: 0.9960 

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]]> http://reviewedforextrading.com/2012/02/15/daily-forex-review-150212/feed/ 0 http://reviewedforextrading.com/2012/02/14/daily-forex-review-140212/ http://reviewedforextrading.com/2012/02/14/daily-forex-review-140212/#comments Tue, 14 Feb 2012 12:19:05 +0000 admin http://reviewedforextrading.com/?p=2474 USD Dollar (USD) – The US Dollar strengthened versus most major currencies as risk aversion grew following the S&P rating agency downgrading of 15 Spanish based financial institutions and after Moody’s downgrading of Italian, Spanish and Portuguese Ratings. The Greek Parliament passed the package of cuts needed to complete the next step towards securing the second bailout of at least 130 billion Euro and avoid a chaotic default. Wall Street closed positive as Germany and the European Commission welcomed Greek approval of the austerity steps required for a financial lifeline. The Dow rose by 0.57% and the NASDAQ gained by 0.95%. Crude oil rose by 1.90% to a one-month high after the Greek parliament approved an austerity plan, easing Europe’s debt crisis. Sanctions tightened on Iran as Crude Oil closed at $100.80 a barrel. Gold (XAU) fell by 0.10%, to close at $1719.00 an ounce. Today, Core Retail Sales are expected to grow by 0.60% vs. -0.20% previously and Retail Sales are expected to grow by 0.80% vs. 0.10% previously, Treasury Secretary, Geithner, is expected to speak.

Euro (EUR) – The Euro fell versus the Greenback after Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal, sapping demand for riskier assets. Despite the fact that Greek Prime Minister, Lucas Papademos, won approval from parliament for austerity measures to secure a second package of aid from the European Union and International Monetary Fund. At the same time, Standard & Poor’s Ratings Services downgraded 15 Spanish based financial institutions after taking similar action on Italian banks last week. The EUR/USD’s momentum is negative below the 1.3250 level and as long as the pair is trading below this level the Euro may continue to weaken. Overall, the EUR/USD traded with a low of 1.3180 and with a high of 1.3283. Today, the German ZEW Economic Sentiment is expected at-11.8 vs.-21.6 previously and Industrial Production is expected to fall by -1.1% vs. -0.1% previously.

EUR/USD – Last: 1.3150

British Pound (GBP) – The Pound extended its losses versus the US Dollar as Moody’s Investors Service said that Britain risks losing its top-grade credit rating if the economy deteriorates. The GBP\USD’s momentum remains bearish below the 1.5770 level. The next support level on the 4 hour chart is located at 1.5700 and breaking this level will probably cause the Pound to decrease toward the 1.5600 level. Overall, the GBP/USD traded with a low of 1.5709 and with a high of 1.5813. Today, the CPI is expected to grow by 3.6% vs.4.2% previously and the BOE Inflation Letter is expected to be released.

GBP/USD – Last: 1.5710

Japanese Yen (JPY) – The Dollar posted another positive day against the Yen after the BOJ left its overnight call rate at 0.10% as expected. The USD/JPY’s momentum is bullish as long as the pair is trading above the 77.20 level. Overall, the USD/JPY traded with a low of 77.50 and with a high of 77.79. No economic data is expected to be released today.

USD/JPY-Last: 77.90

Canadian dollar (CAD) – The Canadian Dollar fell from a 3 month high versus its US counterpart as risk sentiment deteriorated. The currency, which is linked to Commodities, lost ground despite crude oil gains. As long as the pair is trading below the 1.0040 level, the US Dollar’s momentum is still negative. Overall, the USD/CAD traded with a low of 0.9971 and with a high of 1.0010. No economic data is expected to be released today.

USD/CAD – Last: 1.0015                 

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]]> http://reviewedforextrading.com/2012/02/14/daily-forex-review-140212/feed/ 0 http://reviewedforextrading.com/2012/02/13/daily-forex-review-130212/ http://reviewedforextrading.com/2012/02/13/daily-forex-review-130212/#comments Mon, 13 Feb 2012 12:40:22 +0000 admin http://reviewedforextrading.com/?p=2471 USD Dollar (USD) – The US Dollar strengthened versus most major currencies as risk aversion grew following the S&P rating agency downgrading of 34 of 37 Italian banks. Despite the fact that Greek Parliament passed the package of cuts needed to complete the next step towards securing the second bailout of at least 130 billion Euro and avoid a chaotic default when 14.5 billion worth of Greek bonds mature on March 20th. Wall Street closed negative as the Dow Jones declined by 0.69% and the NASDAQ fell by 0.80%. Crude oil fell by 0.90% from its highest level in three weeks on concern that Europe’s debt crisis will worsen and global commodity demand closed at $99.00 a barrel. Gold (XAU) fell by 0.60%, to close at $1721.00 an ounce. No economic data is expected to be released today.

Euro (EUR) – The Euro fell versus the Greenback amid concern that Europe’s debt crisis will worsen. Despite the fact that Greek Prime Minister, Lucas Papademos, won approval from parliament for austerity measures to secure a second package of aid from the European Union and International Monetary Fund. The EUR/USD’s momentum is positive above the 1.2950 level and as long as the pair is trading above this level the Euro may continue upward. Overall, the EUR/USD traded with a low of 1.3155 and with a high of 1.3283. No economic data is expected to be released today.

EUR/USD – Last: 1.3240

British Pound (GBP) – The Pound extended its losses versus the US Dollar weighed by negative sentiment. Despite this, the PPI Output came out at 0.50% better than expected. The GBP\USD’s momentum remains bullish above the 1.5700 level. The next resistance level on the 4 hour chart is located at 1.5800 and breaking this level will probably cause the Pound to increase toward the 1.5900 level. Overall, the GBP/USD traded with a low of 1.5730 and with a high of 1.5848. No economic data is expected to be released today.

GBP/USD – Last: 1.5780

Japanese Yen (JPY) – The Dollar gained at the end of the trading week against the Yen as the Japanese currency extended its losses across the board, falling to a two week low versus the Greenback after the US auction results, with the USD/JPY breaking above the 77.50 level. The pair has benefited from debates about a possible Japanese current account deficit. The USD/JPY’s momentum is bullish as long as the pair is trading above the 77.20 level and the next resistance level is located at 77.80. Overall, the USD/JPY traded with a low of 77.50 and with a high of 77.79. Tomorrow, the Bank of Japan is expected to announce the Overnight Call Rate unchanged at 0.10% and the Monetary Policy Statement is expected to be released.

USD/JPY-Last: 77.60

Canadian dollar (CAD) – The Canadian Dollar fell from a 3 month high versus its U.S. counterpart after European officials demanded that Greece enact greater austerity measures before winning more funding, damping demand for riskier assets. In addition, the currency, which is linked to Commodities, lost ground on crude oil losses. As long as the pair is trading below the 1.0040 level, the US Dollar’s momentum is still negative. Overall, the USD/CAD traded with a low of 0.9951 and with a high of 1.0028. Today, the Trade Balance is expected at 0.7B vs. 1.1B previously.

USD/CAD – Last: 1.0000                                                 

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]]> http://reviewedforextrading.com/2012/02/13/daily-forex-review-130212/feed/ 0 http://reviewedforextrading.com/2012/02/09/daily-forex-review-090212/ http://reviewedforextrading.com/2012/02/09/daily-forex-review-090212/#comments Thu, 09 Feb 2012 08:54:23 +0000 admin http://reviewedforextrading.com/?p=2468 USD Dollar (USD) – The US Dollar posted minor gains against the major currencies as another day passed without a definitive announcement on the Greek debt. Investors are waiting to hear about a decision on Greek political negotiations over austerity measures to secure a bailout from the Troika (the Monetary Fund, European Union and European Central Bank) and avoid a debt default. Wall Street struggled to close on the positive side as the Dow Jones gained by 0.04% and the NASDAQ appreciated by 0.41%. Crude oil spiked up to the $100 area, but failed to sustain those levels and closed with slight gains of 0.3% at the $99 levels. Gold (XAU) also failed to break above the $1751 zones and decreased by -1% to close at $1731 an ounce. Today, the Unemployment Claims are expected at 380k vs. 367k previously.

Euro (EUR) – The European currency climbed to a 7 week high against the US Dollar although it was fluctuating within a narrow range of 70 pips as worries remain over whether or not Greece will agree to the Troika demands. Greek leaders have agreed on a draft deal on austerity measures demanded by the Troika to secure a €130 billion bailout. The EUR/USD’s momentum is positive above the 1.3200 level and as long as the pair is trading above this level, the Euro may continue to rise. It will probably break up at the next resistance level of 1.3320. The RSI indicator on the daily chart supports the uptrend. Overall, the EUR/USD traded with a low of 1.3214 and with a high of 1.3287. Today, the Interest Rate Decision is expected unchanged at 1.00% and shortly after the ECB Press Conference is expected.

EUR/USD – Last: 1.3256                

British Pound (GBP) – The Pound slumped versus the Greenback during the New York session and dropped more than 130 pips against the Dollar as global investors awaited a decision on whether Greece’s political leaders will agree to conditions required for a second international rescue package. The momentum of theGBP\USD remains bullish above the 1.5730 level. The next resistance level on the daily chart is located at 1.6000 and breaking this level will probably cause the Pound to increase toward the 1.6040 level. Overall, theGBP/USD traded with a low of 1.5794 and with a high of 1.5927. Today, the Manufacturing Production is expected at 0.3% vs. -0.2% previously. The Interest Rate Decision is expected unchanged at 0.50% and shortly after the MPC Rate Statement is expected as well.

GBP/USD – Last: 1.5814

Japanese Yen (JPY) – The Dollar posted another positive day against the Yen and the pair recovered to the 77 levels. The Core Machinery Orders came out at -7.1%, worse than the expected -4.8%. The USD/JPY’s momentum is bullish as long as the pair is trading above the 76.50 level and the next resistance level is located at 77.30. Overall, the USD/JPY traded with a low of 76.69 and with a high of 77.17. No major economic data is expected to be published.

USD/JPY-Last: 77.18

Canadian dollar (CAD) – The Canadian Dollar decreased versus its US counterpart before the Greek leaders’ decision on bailout terms. The Housing Starts came out at 198k better than the expected 193k. As long as the pair is trading below the 1.0000 level, the US Dollar’s momentum is still negative. The next support level on the one hour chart is located at the 0.9920 level and breaking this level will probably cause the pair to decrease towards 0.9870. Overall, the USD/CAD traded with a low of 0.9933 and with a high of 0.9988. Today, the NHPI is expected at 0.2% vs. 0.35 previously.

USD/CAD – Last: 0.9960                                                                 

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]]> http://reviewedforextrading.com/2012/02/09/daily-forex-review-090212/feed/ 0 http://reviewedforextrading.com/2012/02/08/daily-forex-review-080212/ http://reviewedforextrading.com/2012/02/08/daily-forex-review-080212/#comments Wed, 08 Feb 2012 13:07:00 +0000 admin http://reviewedforextrading.com/?p=2464 USD Dollar (USD) – The US Dollar weakened against the major currencies as Federal Reserve Chairman Ben S Bernanke said that the US jobs market is far from healthy. Additionally, the Greek government has made progress on measures to secure international aid, supporting a weaker Dollar. Wall Street closed positive as the S&P increased by 0.20% and the Dow Jones by 0.26% respectively. Crude oil rose by 1.60%, closing at $98.41 a barrel, Gold (XAU) strengthened by 1.40%, finishing at $1748.40 an ounce. No economic data is expected to be published.

Euro (EUR) – The Euro rose to its highest level in eight weeks against the Dollar as Greek officials worked on the final draft for the agreement on the budget for the second aid package. The EUR/USD’s momentum is positive above the 1.3200 level and as long as the pair is trading above this level the Euro may continue to rise and will probably break up at the next resistance level of 1.3320. The RSI indicator on the daily chart supports an uptrend. Overall, the EUR/USD traded with a low of 1.3089 and with a high of 1.3269. No major economic data is expected to be published.

EUR/USD – Last: 1.3243                

British Pound (GBP) – The Pound strengthened versus the Dollar following the news about Greece, boosting higher yielding assets and the GBP\USD’s momentum remains bullish above the 1.5860 level. The next resistance level on the daily chart is located at 1.6000 and breaking this level will probably cause the Pound to increase toward the 1.6040 level. Overall, the GBP/USD traded with a low of 1.5788 and with a high of 1.5904. No economic data is expected to be published.

GBP/USD – Last: 1.5891

Japanese Yen (JPY) – The Yen weakened against the major currencies as higher yielding currencies and Commodities closed higher, following optimistic news about Greece, causing the Yen to be negative. The USD/JPY’s momentum is bullish as long as the pair is trading above the 76.50 level and the next resistance level is located at 77.00. Overall, the USD/JPY traded with a low of 76.52 and with a high of 76.96. No major economic data is expected to be published.

USD/JPY-Last: 77.03

Canadian dollar (CAD) – The Canadian Dollar advanced versus the US Dollar as Commodities closed positive. In addition, the Building Permits came out better than expected at 11.1% vs. the 0.2% forecast, further boosting the currency.  As long as the pair is trading below the 1.0000 level, the US Dollar’s momentum is still negative. The next support level on the one hour chart is located at the 0.9920 level and breaking this level will probably cause the pair to decrease towards 0.9870. Overall, the USD/CAD traded with a low of 0.9940 and with a high of 0.9995. Today, the Housing Starts are expected to be at 193K vs. 200K previously.

USD/CAD – Last: 0.9955                                                                 

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