Share This Story
Forex Trading StrategieDollar stronger after Fed Chairman Bernake spoke in Asian session
The dollar strength started after the US core PPI coming in better than forecsted at 0.3%, with EURUSD and USDJPY taking out 1.2090 support and 117.00 resistance respectively.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Canadian Retail Sales Jan, 1.4% vs. 1.3% expected
â€˘ Canada's Leading Indicators Feb, 0.2% vs. 0.5%
â€˘ US PPI Feb, out at -.1.4% vs. -0.2% expected, but ex Food and Energy 0.3% bs. 0.1%
â€˘ US APC Consumer Confidence came in line with expectations of -8.
â€˘ Australian DEWR Skilled Vacancies March, 1.2% vs. a prior reading of -0.7%
â€˘ Australian New Motor Vehicle Sales Feb, -2.1% vs. -2.5% expected.
â€˘ Japan's BOJ Gov. Fukui says major central banks need to keep market expectations stable on long-term rates. Also says that there is no plan to reduce outright JGB buying immediately after current account deposits reach normal levels.
THEMES TO WATCH â€“ UPCOMING SESSION
We saw EURUSD coming off yesterday. The market supposedly went lower on the core US CPI Feb, coming in above expectations, but we think itâ€™s a matter of market participantâ€™s not willing to take/add new longs shy of 1..2210 resistance. We still have the building blocks for more upside and we expect the 1.2050-60 area to be a good place to enter new longs for a test of 1.2210 and a break giving scope for 1.2321 further out. A break of the 1.1975-1.2000 support area needs to be taken out to change our present view.
USDJPY found renewed upside and took out 117.00, leaving us directionless for the upcoming session. But we expect renewed selling interest in the 117.40-80 area. A clean break of 119.15 is needed to change the present bearish sentiment.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.
Please read our full Analysis Disclosure & Disclaimer at www.saxobank.com/analysis/disclaimer.
Forex Trading News
Daily Forex Market News
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
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."