Forex News Blog
Back to The Headlines
Monday May 15, 2006 - 09:19:42 GMT
Share This Story
ACM - www.ac-markets.com
Massive offers stopped Cable rise ahead of 1.90
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
The Euro was bid up to a new high mid-morning in Europe, reaching 1.2970. Cable traded up to 1.8999, large selling orders prevented the pair from rising further and markets retraced waiting for the US data release. The US March Trade Deficit stood at $62Bln, down from $65.6Bln in February and a lot lower than expected by market watchers. The surprised caused a great deal of intra-day volatility as short-term players quit their long positions, the Euro reversed nearly 100pips from the top to 1.2865, Cable did likewise, pulling back to 1.8885. An hour later, the preliminary May U. Michigan Consumer Sentiment Index stood at a disappointing 79.0, falling more than 8 points, stopping the Dollars correction. The week ended bid for the currencies, EURUSD closed well above of 1.2895, a big medium-term chart level.
The new week started with a new try at the top, EURUSD again traded to 1.2970 and Cable again reached a high just a wink shy of 1.9000. Again the market ran into a wall of sellers and the markets retraced for the European opening.
Todays Key Issues:
US Empire Manufacturing Survey for May is due at 12.30GMT. The Index stood at 15.8 in April and is expected to weaken to 15.0.
US NAHB Housing Market Index at 5pmGMT is expected to remain near 50, unchanged from April.
The Risk Today:
4H EURUSD: After a double-top this morning, the 1.2895 level was breeched and a first sell-off in Europe has brought us back to the 5-week rising support at 1.2825. This is the buying level for the bulls that expect us to break 1.30 without any deeper correction. While bullish trend in place, look to rise back to 1.2895, a renewed daily close above that is very bullish and bypassing 1.30 only a question of another day, target this week is 1.3160. But in the event that the bottom cedes, we can reach as low as 1.2715 today and have potential to dip as low as the 1.2590 key support by the end of the week.
4H USDJPY: 109.35 was tried twice and failed, with this the medium-term 109.20 level remains intact. This morning it has pulled-back to 110.50, it’s the first of two bearish trend-lines that have guided the pair from above 118. While 110.50 holds, look to sell again, for a new try lower, minor support at 110.10 and 109.70 on the way down. A break of 110.50 should lead 100 points higher to 111.55 in the short-term.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2970 S ||1.9000 K ||111.55 K ||1.2260 K |
|1.2895 S ||1.8925 M ||111.00 M ||1.2135 M |
|1.2870 M ||1.8885 S ||110.50 T ||1.2060 S |
|1.2840 ||1.8840 ||110.20 ||1.2060 |
|1.2825 T ||1.8820 S ||109.70 M ||1.2030 M |
|1.2760 M ||1.8775 S ||109.20 K ||1.1965 S |
|1.2715 S ||1.8690 T ||108.50 S ||1.1885 S |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 19 Mar 2018
AA: Major, A: High, B: Medium
Tue 20 Mar 2018
AA 9:30 GB- CPI
A 10:00 DE- ZEW Survey
Wed 21 Mar 2018
AA 03:00 AU- Employment
AA 9:30 GB- Employment
A 12:30 US- Current Account
AA 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
A A 18:00 US- Fed Rate Decision
A 21:00 NZ- RBNZ Rate Decision
Thu 22 Mar 2018
AA All Day flash PMIs
AA 9:30 GB- Retail Sales
AA 12:00 GB- Bank Of England Decision
A 13:30 US- Weekly Jobless
Fri 23 Mar 2018
AA 12:30 CA- CPI/Retail Sales
A 12:30 US- Durable Goods
A 14:00 US- New Homes Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.