Forex News Blog
Back to The Headlines
Tuesday June 27, 2006 - 06:16:59 GMT
Share This Story
ACM - www.ac-markets.com
Dollar correction started
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
The Dollar slowly traded lower in a controlled move against the major currencies on Monday. Strong US New Homes Sales of 1.23m units in May did nothing to stop the mood of the day, the Euro continued climbed to reach a high of 1.2620 in Asia, Cable topped 1.8265 and it looks like both pairs have more room to correct today. The Japanese YEN again lagged the rest, so far only a low of 115.85 was briefly reached in Tokyo, EURJPY was the beneficiary as it continues to make new 8-year highs. BOJ Fukui and his personal investments are still in the crossfire of the media and are obscuring the issue of rate hikes for the moment. Small matter, as we seem to have to wait at least another month for the first move. The FED in an annual report said it expects the US economy to perform well in 2006 and 2007, despite inflation pressure in the near-term due to rising energy prices. This wonâ€™t change the expectations for a 25bp rate hike on Thursday. Trichet was quoted that â€˜the ECB wonâ€™t tie its hands in advance over timing of rate hikesâ€™ ruling out a FED-like approach of a string of rate hikes in succession. He added that he was permanently alert for any change in inflation risks.
Todays Key Issues:
German June IFO Business Climate Index is due at 8amGMT. It is forecast to shed 0.3 points to 105.3, but the World Cup hype may see business conditions improve temporarily and we are ready for a positive surprise to help lift the Euro. US May Existing Home Sales are due at 2pmGMT, at 6.76m units in April, they ought to shed about 2% to 6.6m units. US Conference Board Confidence for June is also due at 2pm, it is expected to soften to 103 from 103.2 in May.
The Risk Today:
EURUSD: Strong initial support 1.2590, while above, look to continue rising towards 1.2670 strong resistance, key 1.2700, a daily close above that is bullish in the medium-term. A fall through 1.2590 should encounter buying interests at 1.2570, 1.2550, 1.2520, key support 1.2500 must hold.
Daily GBPUSD: The bearish extension to 1.8140 on Friday saw us trade at the 50% retracement level of the strong April-May surge. In the short-term a correction to 1.8350 is expected, but it could continue to as high as 1.86. Risk to the downside is a breech at 1.8140 to continue to the 62% retracement level at 1.7930.
Daily USDJPY: With a high of 116.65 on Friday, the 2-month old gap from April has now been closed. There is also a strong long-term resistance above 117 to keep the market from rising. We continue to look for the Dollar to correct from the current high levels above 116, minimum retracement to 115.50 should be seen, a fall to medium-term bullish trend at 114.65 can be expected.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2740 S ||1.8415 M ||117.40 K ||1.2530 S |
|1.2700 K ||1.8350 K ||117.10 M ||1.2500 K |
|1.2670 M ||1.8285 M ||116.65 S ||1.2470 S |
|1.2600 ||1.8250 ||116.20 ||1.2425 |
|1.2590 M ||1.8225 M ||115.85 M ||1.2365 M |
|1.2550 S ||1.8170 S ||115.50 T ||1.2310 S |
|1.2500 K ||1.8135 K ||114.65 K ||1.2260 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 16 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 16 Oct /ul>
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
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..