Forex News Blog
Back to The Headlines
Monday June 5, 2006 - 08:42:11 GMT
Share This Story
ACM - www.ac-markets.com
Dollar risks a slump
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
Friday saw the dollar come under pressure, EURUSD had a sharp spike up as US Non-farm payrolls increased by just 75k, the lowest increase of the year, the April data was revised down to 126k. EURUSD closed the week above 1.29, Cable managed to trade up to 1.8865, reversing all of the previous week’s losses to end the week at its high.
This morning the Dollar trades at key support levels, 1.2965 is key against the Euro, 111.55 against the Japanese YEN and bypassing 1.8885 against the British Pound will set-up a bearish Dollar week. It is widely expected that the ECB will hike their interest rate this Thursday and unless the FED follows suit at the end of the month, the possibility of a narrowing interest-rate gap may lead to additional Euro buying.
Todays Key Issues:
Large parts of Europe will remain closed for Pentecost holiday. Expect trading to be thin before NY joins the markets
UK May Services PMI is due at 8.30GMT, expect it to remain stable around 59 after 59.7 in April
US May Non-Manufacturing PMI at 2pmGMT is expected to fall to 60 after 63 in April.
FED Bernanke, ECB Trichet and BOJ Muto are meeting for a central-bankers conference, expect to see them speak from 5.15GMT onwards.
The Risk Today:
Daily EURUSD: We are trading at 1.2765, this is the key resistance. Should the Dollar survive and the day close underneath of this level, we look forward to further consolidation, a dip back to 1.2700 is easily possible, as the medium-term chart shows, there is lots of room to expand the correction down towards 1.25. However, in case that a high daily close can be achieved, we must try the 1.30 level first, upside potential is for 1.3150 this week.
30-min USDCHF: It is the most bearish of all the Dollars. Crossing 1.2140 on Friday, it has breeched the slow-rising corrective support with a low weekly close. Key support area at 1.2000/1.2040 must hold, while it does we can rally back to 1.2140. A break at the bottom is bearish, expectations would be for an immediate retry of the 1.1950 May-low and high risk of falling to as low as 1.1770 this week.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.30500 S ||1.8965 K ||113.40 K ||1.2260 K |
|1.2995 M ||1.8885 S ||112.70 S ||1.2165 S |
|1.2960 K ||1.8860 M ||112.00 M ||1.2100 M |
|1.2940 ||1.8820 ||111.65 ||1.2070 |
|1.2915 M ||1.8815 M ||111.55 K ||1.2040 K |
|1.2885 S ||1.8775 S ||111.15 M ||1.2000 S |
|1.2740 K ||1.8590 S ||110.50 S ||1.1935 M |
|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
Tue 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.