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Thursday October 29, 2009 - 13:33:40 GMT
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EURUSD, GBPUSD, USDJPY Intra-day update 10-29-09

EURUSD

Stronger than expected U.S. GDP lifts the euro to session highs against the dollar. The euro is currently pushing on the interim resistance around 1.4800 and hourly studies are positive, favoring further upside action towards the 1.4850 resistance and above. In case it gets “that far”, resistance is expected to counter the uptrend into the 1.4850-1.4900 region. Above the said resistance region, short-term’s resumption of uptrend will occur, re-focusing into the top side at 1.5000/50. On the lower side, minor support has been formed around 1.4740/50, backed by the more notable bottom at 1.4700 which is also the 61.8% of the last up leg from 1.448- to 1.5060. Current quote is 1.4785 @13:17 GMT

Support: 1.4740/50, 1.4700 and 1.4650
Resistance: 1.4800, 1.4830/50 and 1.4900

EURUSD 4hrs chart

GBPUSD

Cable is recovering too, currently testing interim resistance into the middle of last decline from 1.6695 to 1.6250. Both short-term and intra-day charts are bullish and last three days’ price action suggests a re-test of 1.6700 within the coming days. We’ll see if it manages to clear the 1.6500 barrier for now, as such breakout would be an important bullish confirmation. Current exchange rate is 1.6460 @13:17 GMT

Support: 1.6400, 1.6300 and 1.6200
Resistance: 1.6500, 1.6550 and 1.6600

USDJPY

The dollar bounced on the 90.20 support region and currently regains some of recent lost ground against the Japanese yen, trading near 91.50. In case of extended gains above 91.50, a re-test of 92.00/30 resistance region will probably provide yet another selling point. Both short-term and intra-day studies are positive. Current exchange rate is 91.38 @13:17 GMT

Support: 91.00, 90.50 and 90.00/20
Resistance: 91.50, 92.00/23 and 92.90/00

USDJPY daily chart

 

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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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12:30 US- Housing Starts & Permits
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01:30 AU- Employment
08:30 GB- Retail Sales
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Fri 20 Oct
12:30 CA- Retail Sales & CPI
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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

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