FXstreet.com: Technical. All about technical information regarding market activity and price changes.
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US stocks extend slump, USD extends rally U.S. Dollar Trading (USD) strengthened on the back of rising risk aversion as stocks came under severe selling pressure. New 11 ½ year lows on the S&P were seen as concerns about the looming recession weighed. Weekly Jobless Claims jumped to 542K vs. 505K expected. Also released Philadelphia Fed in November seen at -39.3 vs. -35 expected. Adding to USD strength was the large slump in Oil below the critical $50 a barrel support. In U.S. share
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INTRA-DAY USD/JPY OUTLOOK: 94.14 Updating time : 21 Nov 2008 00:05 GMT Although dlr has recovered after y'day's cross- inspired selloff to 93.55 (o/n NY low) n minor con- solidation is seen in Asia, reckon 94.60/70 wud limit upside n bring another fall but nr term loss of momentum shud keep price abv 93.00 in Asia. Sell on further rise for 93.95 n if dlr drops to 93.30 1st, venture long for rebound to 93.85...
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GBPUSD breaks below 1.4900 key support, suggesting that a short term cycle top has been formed at 1.5249 level on 4-hour chart. Deeper decline is now in favor. The first target would be at 1.4000 zone. Initial resistance is at 1.4900, only rise above this level will signal lengthier consolidation to down trend.
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Market View for November 21, 2008 U.S. Markets continue losses with continued fundamental lack of confidence. Once again, a late day decline was led by financials – Citigroup was down 26%, JP Morgan 18%. The Dow and NASDAQ closed at 5½ year lows, the S&P at 11½ year lows. Oil closed below $50 at 49.62, and energy stocks followed, down 20-25%. The Big 3 auto makers would not have enough votes in the House now to save them, so the Senate will give them a new
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Market Review - 20/11/2008 22:53 GMT Japanese yen rallies as global stock markets tumble The greenback fell sharply against the Japanese yen from 96.25 to 93.55 on renewed risk aversion as U.S. stock markets tumbled in late afternoon session due to as fears of a worldwide downturn that may become much deeper than initially thought. U.S. Treasury Secretary Henry Paulson said Federal authorities have the right tools and have taken the necessary steps to prevent a financial system collapse. He
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Yen Gains as US Stocks Plunge to 11-Year Low The dollar traded mostly higher on Thursday, rising against the European currencies as weak US economic data pushed US stocks lower increasing safe-haven flows. US initial jobless claims approached the highest level since 1982 and the Philadelphia Fed manufacturing index fell to the lowest level since 1990, further indications the US economy is in a deepening recession. US stocks plunged for a second day, sending the S&P 500 index below its
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Dollar and Yen Soars on Liquidation and Repatriation The financial markets have been very schizophrenic today indicating that investors are still nervous. It was another roller coaster session in US equities with the Dow hitting a 5 year low shortly after the market open, recovering all of those losses and tacking on an additional 190 points by lunchtime before giving it all back to end the day down a whopping 444.99 points. The US dollar and Japanese Yen have soared in response to the
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EURO The euro moved higher vis-Ă -vis the U.S. dollar today as the single currency tested offers around the US$ 1.2585 level and was supported around the $1.2470 level. The common currency gained ground on a variety of factors. First, weekly U.S. initial jobless claims surged to their highest level in nearly sixteen years, up 27,000 to 542,000 while continuing jobless claims were at 4.012 million, the highest level since December 1982. These data suggest November non-farm payrolls
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Early this morning the Swiss National Bank cut its key interest rate this morning. The recession in the Euro Zone has weakened the Swiss economy to the point where the policymakers felt it was necessary to lower rates in an effort to stimulate the economy. Expectations are for the Swiss economy to continue to weaken further due to mounting pressure from the Euro Zone and Eastern European emerging markets. Earlier in the week the Swiss National Bank went on record stating that the U.S. Dollar is
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EUR/SEK: Buy on "rumour" sell on fact - On 9 December this year's PPM money will be allocated to the savers' funds in the pension system. Total amount is SEK 27bn, in line with last year. - The PPM payment has been part of the flows that tend to be blamed for the seasonal depreciation of the SEK around year end together with financial institutions' allocations flows and thin liquidity - Part of the sum is placed in domestic assets, part in foreign dittos, partly currency hedged and partly not
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The Rupee pared most of its losses, ending weaker, on heavy intervention by RBI. The USD/INR pair ended at 50.19 from 50.01 yesterday. The 6-month and 1-year forward premium was at 2.45% and 1.74% as compared at 2.48% and 1.80% yesterday. The Swiss franc fell to its lowest levels against the Dollar since August 2007, after a surprise 100 bps rate cut by SNB. EUR/USD was at 1.253 from 1.2633 yesterday and GBP/USD was at 1.4843 from 1.4961 yesterday. USD/JPY was at 95.64 versus 96.74
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HIGHLIGHTS: EURUSD: Price Failure Turns Attention To The 1.2330 Level - EUR traded back into its symmetrical triangle Wednesday to close at 1.2503 after an intra day upmove pushed it to as high as 1.2814... GBPUSD: Print Of Higher Level Rejection Candle Portends A Retest Of The 1.4558 Level - Backing off its Oct 24’08 low at 1.5265 Thursday and declining in early morning trading today now suggest a return back to its YTD low at 1.4558 is now shaping up… Price Failure Turns Attention To
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USD/JPY : what is here to say? In times of turmoil yen loves misery. Translation : it is going to continue growing stronger for as long as equities slide , effected by the global economic slow-down. Technicians will continue shorting with accelerating momentum below 94.50 looking for a 100pips on the downside first, eventually looking to take out recently established lows @ .91, projecting next leg down to .89. To bring the bulls into play, daily close above .95.25 is needed to push momentum
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American Session EUR/USD - Euro Dollar 1,2528. EUR USD broke 1,2590 support. EUR USD is in a consolidation after the last bearish movement. The volatility is low. Bollinger bands are flat. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The price should find a support above 1,2445 (83 pips). The consolidation should continue. If the support is broken then the target will be 1,2000 (528
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1 minute with ForexSurvivor A. (20 November US) Latest Impact: CAD Weakness Presumes Whenever prices are artificially held back it works like a stretched slingshot, eventually when it is released it will explode in an effort to return to the free market price causing major disruptions in the process. USDCAD pulled back yesterday with the intention of breaking up to continue its incomplete previous weekly upward trend. Crude
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Action Insight Mid-Day Report Swiss Franc Sold Off after Surprised SNB 100bps Cut Swiss Franc is sold off sharply across the board after surprised rate cut from Swiss National Bank today. The SNB cut three-month Libor rate by 100bps to 0.5-1.5% in another unscheduled meeting today. The effective mid point is thus lowered to 1.00%. The bank acknowledged that "International economic conditions have worsened appreciably, bringing a higher risk of a marked slowdown in economic activity in
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In an otherwise rather quiet trading session, the SNB surprised markets by cutting rates 100 bps to 1% as London trading was coming to a close. This led to a bit of a pop in the risk trades as more proactive rate cuts continue to instill confidence that ''something'' is being done. European bourses popped about 2% on the surprise cut and pared overnight losses in half. This also led to higher risk trades in FX on the follow. EUR/USD ended up pushing about 40 points higher in
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Comment: The pressure over year-end has not dissipated and the spread of very long-dated Gilts over shorter maturities is close to a record; one can only assume their traditional buyers, pension funds, don’t have the money to do so. The Bank of England’s recent conversion to a Japanese-style zero interest rate policy is welcome, but probably too little too late. Politicians still do not understand why banks aren’t lending money or what deflation means to debt. This March 2009 contract is still
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Euro Still trading in the defined down trend channel that it has been in for more than a month. Tried to break above that falling resistance line yesterday, but failed and closed at the lows for the day, which is a bearish price action. Key overhead resistance is coming in at 1.2734 today, so bearish momentum intact below this level. The support points to watch for today are yesterday’s low of 1.2566 and last week’s low of 1.2379. Also have a rising support from the October low coming in at
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