Wednesday May 3, 2006 - 07:33:36 GMT
Share This Story
ACM - www.ac-markets.com
Euro rally still going strong
EURUSD: As expected, the bullish trend was strong enough to stop first corrective attempts, this morning we trade at the 1.2665 level, key resistance to move on towards 1.2900. The medium-term trend-line lies at 1.2595 today, minor support at 1.2635, breaking the trend-line risks a return to 1.2500 immediately. But for now we remain bullish, expect to breech the resistance and stretch the 1.2690 top into the 1.27â€™ handle, minor resistance 1.2715 and space to explore up to 1.2770 today.
GBPUSD: The dip underneath of 1.8230 was very short-lived and the pound was quick to rally up and through 1.8330 to reach a new high of 1.8475 this morning. This is just a shade away of the 1.8500 target, so upside from here is probably limited, a daily close above that indicates a follow-on move to 1.8720, strong resistance at 1.8590 on the way higher. Strong initial support 1.8410, short-term trend-line at 1.8360 is key, exit longs upon a breech as a correction to underneath 1.82 may follow.
USDJPY: A range-bound day underneath of 114.00, a 1-week bearish resistance at 113.50 is the key this morning, a rise through that is good for 114.00 and even 114.50 by tomorrow. But while underneath of 113.50, outlook is bearish with space to re-try the 112.35 low or even extend lower, next strong support only at 111.55.
USDCHF: Yesterdays Dollar retracement was cut short and the pair has again traded underneath of 1.2300, 1.2270 remains key support, a break here today is bearish for 1.2050 by Friday. Initial bearish resistance at 1.2345, stronger at 1.2385, a daily close above that favors further side-ways movement, there is lots of space on top with the medium-term bearish trend-line above 1.26.
@09.00GMT EU Unemployment March, PPI March
@14.00GMT US Factory Orders March, Non Manufacturing ISM
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."