Forex News Blog
Back to The Headlines
Monday August 21, 2006 - 09:17:50 GMT
Share This Story
ACM - www.ac-markets.com
Risks to see Dollar lower this week
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
The Currencies markets traded in fairly narrow ranges on Friday. The Dollar was able to hang on to its gains in the early stages, pushing for a Euro low of 1.2810 and 1.8790 against the British Pound. Then a disappointing U. Michigan Consumer Survey, the index dropped to 78.7 in August from 84.7 in July, tuned the intra-day mood and Dollar short-term Dollar longs were closed ahead of the weekend.
Currencies opened very bid on Monday in Asia, by the time Europe entered the market, EURUSD had traded at 1.2885 and Cable reached 1.8885. This could be the reaction to a still very shaky peace-plan in Lebanon which have also driven Oil prices higher this morning. Regardless of the reasons, European Currencies continued to trade higher, Cable now stands at 1.8940, EURUSD is currently triple-topping 1.2905 in August and even USDCHF is threatening to finally break its 1.2260 key level.
USDJPY was sold, with a low of 115.35 so far, it is lagging its European counterparts. This is a critical level, closing the day beyond medium-term support of 115.50 should trigger a sell-off in the days to come.
Todays Key Issues:
Euroloand June Trade Balance at 9am GMT is the only data today. Expectations are for a slight increase of the deficit to â‚¬3.Bln from â‚¬0.9Bln in May.
The Risk Today:
EURUSD: It has traded at 1.2905, this is the third time this August that the pair has reached such high level. There is no such thing as a triple-top in charting, the pair must therefore stretch this high slightly further, next resistance 1.2930, stronger at 1.2960, a close above will see us cross the 1.30 handle next.
4-H GBPUSD: Strong rise in Cable this morning is nearing strong resistance level 1.8960/1.9000. This is key resistance early this week, bypassing this with a high daily close should see us advance towards 1.93 next. For now these strong resistance levels are still in place and short-term traders may be better of reducing long-positions, re-entering in case of a pullback to 1.8885 strong initial support.
Daily USDCHF: The 1.2260 key support is under threat. A daily close underneath should trigger a sell-off down to 1.1965. But if the Dollar can be kept sufficiently high, risk is to return to 1.2370.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3000 M ||1.9030 S ||116.60 K ||1.2360 T |
|1.2965 K ||1.9000 M ||116.00 T ||1.2310 S |
|1.2910 S ||1.8960 K ||115.55 S ||1.2260 K |
|1.2900 ||1.8940 ||115.40 ||1.2225 |
|1.2885 M ||1.8890 S ||115.15 M ||1.2210 S |
|1.2860 S ||1.8825 M ||114.65 K ||1.2170 S |
|1.2810 T ||1.8760 K ||113.85 S ||1.2060 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."
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 18 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
- POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
- POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
- POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
- POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude
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..