Thursday, May 6, 2010

Forex day trading euro falling

The NZDUSD gained 1% to 0.7244 after it touched 0.7144, the least since April 28 while NZDJPY traded at 68.01 as RBNZ Governor Alan Bollard said the economy is "less fragile" and the jobless rate dropped to 6% (prev. 7.1%, exp. 7.3%), the most since 1986, signaling interest-rate increases may follow. AUDNZD declined 1% to 1.2502, the lowest since Feb. 3 on prospects Bollard will raise borrowing costs at a faster pace than RBA. RBNZ suggests they are more or less validating market pricing a hike has been fully priced for June and 25bp of hikes at every meeting from then onward. Employment rose 1% (exp. 0.2%) or about 22,000 jobs in Q1 where the increase in employment was unusual given that the end of temporary work during the Christmas and summer holiday period usually sees unemployment increase in Q1. GDP will probably increase 3.2% this year after contracting 1.6% in 2009 according to forecasts. Finance Minister Bill English said the economy has come through the recession in "reasonable shape" and the jobless rate appeared to be approaching a peak while also adding the government will use its May 20 budget to build on the recovery through tax reform and achieving better value for money spent on public services. The AUDUSD fell to 0.9052 after it dropped as low as 0.9021 the least since March 26 and AUDJPY traded at 85.04 after retail sales rose less than estimated by 0.3% in March (exp. 0.7%, prev. -1.2%), a sign the RBA's interest-rate increases are cooling domestic demand. AUDUSD traded near its lowest in almost six weeks after prices of commodities fell a second day yesterday on concern the Greek debt crisis will spread and undermine EU economies. Consumer confidence remains robust boosted by lower unemployment rate as employers have added almost 200,000 jobs since August, the biggest six-month surge in more than three years, cutting the jobless rate to 5.3%. Japanese stocks tumbled the most this year after a three-day holiday during which concern [...]

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S&P500 day trading course

S&P500 day trading course loving the volatility.  S&P500 daily chart following with support lines and targets.  Looking for a retrace also. [caption id="attachment_2221" align="alignleft" width="219" caption="S&P500 day trading course"]S&P500 day trading course[/caption] Looking at support for 1142.25 with a possible retracement to 1155.50 Quite a bit of momentum behind this move with no let up from the Greek debacle. Dollar strength is also contributing to this. This move down is also going to get increased selling to move into treasuries.  Watch out if you are a dip buyer, this looks like it could be the turn. Probably get a retrace when the Eurozone calms a bit.

S&P 500 day trading course

Forex day trading weekly chart support EURUSD

Forex day trading weekly chart support on EURUSD. [caption id="attachment_850" align="alignleft" width="233" caption="Forex day trading weekly eurusd support"]Forex day trading weekly eurusd support[/caption] First level of support on weekly from here is 1.2467 Next level 1.2324 third level 1.1968 Extreme Low for support 1.1649 The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2805 level and was capped around the $1.2995 level.  The common currency reached its lowest level since March 2009 as sovereign credit concerns worsened in the eurozone and the threat of contagion to other major industrialized countries worsened.  Germany and France are offering the most financial assistance to Greece as part of a multilateral bailout plan that includes the eurozone and the International Monetary Fund.  The European Central Bank this week decided to allow Greek debt for repo-eligible collateral despite the fact that it has been downgraded to junk status.  The ECB will announce its interest rate decision and is expected to keep all options open but not reduce its headline main refinancing rate target.  ECB member Weber highlighted the risk of "contagion effects" from the Greek crisis.  The risk of contagion has certainly heightened as Moody's reported it placed Portugal's Aa2 government bond rating on review for a possible downgrade, a move that would likely happen in the next three months.  Data released in the eurozone today saw EMU-16 April PMI services improve to 55.6 fr [...]

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