Forex News Blog
Back to The Headlines
Thursday May 25, 2006 - 10:33:39 GMT
Share This Story
ACM - www.ac-markets.com
Many European Markets remain closed today
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
European traders again bid up the currencies, EURUSD went for a re-test of the 1.2885 key-level, Cable topped at 1.8850 before US data squeezed out intra-day long positions and the Dollar recovered. US Durable Goods were down by an unexpectedly large 4.8% in April but with analysts pointing to the very volatile nature of this data-series, pressure on the Dollar soon ceased. April New Home Sales saved Dollar bulls, a 5% monthly increase sparked a Dollar rally, the fact that data back to the month of November was revised downwards, did not seem to bother traders. Cable fell very hard, down 2 cents in a rash move, confirming our view that the consolidation phase will continue into the next week, EURSD returned to the mid 1.27’s.
The extremely volatile commodities markets continue to attract speculators. With daily movements of 5% and more, opportunities as well as risks in Gold-trading are enormous. Since its peak at $730 on May 12th, the bullion has lost nearly $100, is time for investors to go long again? A look at the daily chart reveals, that the pair has so far corrected about 50% of its rise since February. The speed of this rise bears all signs of a speculative bubble, overshooting its natural target of $650 by far. We therefore expect to complete the current correction to reach the 62% pull-back level at $611, giving the underlying 6-month trend time to catch up with the market.
FED Governor Kroszner expects the US economic growth to slow to a more sustained pace going forward. He also believes that changes in interest rates affect markets faster and stresses that the FED needs to continue to be very vigilant.
Todays Key Issues:
Markets remain closed in wide parts of continental Europe for ascension-day holiday, expect small ranges during European hours.
UK preliminary GDP data for the 1st Quarter are due at 8.30am, it is forecast to grow at an unchanged pace of 0.6%, its up 2.2% YoY.
US Weekly Jobless Claims at 12.30 are expected to trop by 50k after the ‘Puerto-Rico’ adjustment last week drove the data to 367k last week. The 4-week average should remain high at 333k.
1st Quarter US GDP out at the same time should increase to a strong 5.9%, it stood at 4.8% in Q4 of 2005.
US April Existing Home Sales are due at 2pmGMT, it is believed to drop 2.5% to 6.75m units.
The Risk Today:
EURUSD: After the latest try at 1.2885 top and a renewed pullback to 1.2750 we maintain our view that consolidation is ongoing. Having tried the top noumerous times this week, we have a strong bias to test the downside for a low weekly closing, initial support 1.2750, a break leads to 1.2700 or 1.2660 today, risk is to deepen the correction to as low as 1.25 by Friday.
4-H GBPUSD: We may have seen a decisive bearish move yesterday with a break and daily close underneath of 1.8775 last night. The falling tops over the past few days show the pairs failing strength and we expect the current correction to take the pair down to 1.85 before the week is up. Strong initial support at 1.8665, a break should ignite the next step lower, key resistance on top at 1.8775.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2885 K ||1.8885 S ||113.85 S ||1.2320 S |
|1.2830 S ||1.8775 K ||113.40 K ||1.2240 K |
|1.2790 S ||1.8710 M ||113.00 S ||1.2185 T |
|1.2770 ||1.8690 ||112.00 ||1.2180 |
|1.2750 M ||1.8665 S ||112.35 M ||1.2135 M |
|1.2690 S ||1.8610 M ||111.90 S ||1.2065 S |
|1.2660 S ||1.8510 S ||111.55 K ||1.2000 K |
|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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Register To Test Your Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 20 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.
- POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
TRADER ADVOCACY ARTICLES
Trader's Advocate Articles..