Friday, May 14, 2010

Forex day trading EURUSD new lows

[caption id="attachment_864" align="alignleft" width="300" caption="forex day trading eurusd weekly chart"]forex day trading eurusd[/caption] EURUSD hit new lows at 1.2360 confirming last years swing low March 6,2009. Looking for 1.2324 as previous swing low in late October 2008.  If we break through this 1.1860 is next major support and 1.13 area for an equal move down. The EURUSD headed for a fourth weekly decline trading at 1.2545 as the currency rebounded after touching 1.2516, the lowest level since March 5, 2009, breaking through the 14-month low reached last week, on concern European nations' debt-cutting measures will undermine economic growth. The EURJPY was at 116.45 after earlier reaching 115.88, the lowest since May 7 before Greece submits a progress report tomorrow to the EU on the implementation of a deficit-reduction plan. Investors are still concerned widespread fiscal tightening could derail the already weak European economic recovery which could lead the EURUSD to decline to 2008 low of 1.2330. The BOE will raise its target rate next year after previous forecast for increases in Q3 according to market estimates. BOE Governor Mervyn King endorsed yesterday Cameron's plan to reduce spending after Greece's debt crisis threatened to spread. The BOE also said in a report there were "greater downside risks" to its forecast that growth will reach a 3.5% annual pace by 2012 and that inflation will stay below its 2% target while not ruling out any further asset purchases. USDJPY climbed to 92.89 snapping two weeks of declines before US reports that may show retai [...]

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Forex day trading Tokyo close

The euro depreciated versus the U.S. dollar today as the single currency tested bids around the US$ 1.2560 level and was capped around the $1.2685 level.  The common currency is close to testing multi-month lows that could see the pair test March 2009 lows.  Deepening eurozone credit concerns are impacting the common currency negatively, as are output concerns that suggest U.S. economic growth will continue to outpace EMU-16 economic growth.  European Central Bank President Trichet today defended the ECB's decision this week to buy eurozone debt in the secondary market and said the ECB will sterilize its purchases through time deposits.  ECB member Quaden called on banks today to maintain more and stronger capital.  Many traders believe the ECB will keep its main interest rate target unchanged until late next year.  In U.S. news, data released today saw the April import price index climb 0.9% m/m and 11.1% y/y.  Also, weekly initial jobless claims fell to 444,000 from 448,000 and continuing jobless claims rose to 4.627 million.  Fed Vice Chairman Kohn and Minneapolis Fed President Kocherlakota defended the Fed's pledge to keep interest rates low for an "extended period."  Regional Fed Presidents including Dallas's Fisher, St. Louis's Bullard, and Philadelphia's Plosser have recently suggested the pledge may inhibit the Fed's ability to manage medium-term inflation expectations.  Fed Chairman Bernanke said a Senate proposal to divest swaps trading desks from commercial banks would result in less financial stability.  Euro bids are cited around the US$ 1.2585 level. ¥/ CNY The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥92.60 level and was capped around the ¥93.65 level.  Traders jumped back into yen today on renewed sovereign credit concerns.  Many data were released in Japan overnight. First, the March current accou [...]

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