Forex News Blog
Back to The Headlines
Monday October 16, 2006 - 10:04:31 GMT
Share This Story
ACM - www.ac-markets.com
Dollar rallied helped by strong sentiment survey.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The Dollar hit a six-month high against the CHF and near tree-month peak versus the Euro on Friday after a series of US data. The Dollar initially fell after US retail sales fell - 0.4% in September against expected and previous 0.2%. But, the currency quickly reversed losses as traders highlighted the fact that the main reason for the weak overall figure was a drop in gasoline prices. That left the US currency firmer against other major currencies for the second straight week as market sentiment shifted in favor of Dollar and US economy. Later in the day, the Euro dropped below psychological 1.25 level for the first time since mid-July after the University of Michiganâ€™s consumer sentiment index posted a surprising 92.3 against previous month 85.4 and 86.5 market expectation. This two numbers, consumer sentiment and retail sales, combined with the revisions to non-farm payrolls from last week are fully supportive. UsdJpy made new high at 119.89 near the 120 Key technical level. Usdchf was also up at 1.2771, six-month peak. Eurusd felt to 1.2484, breaking 1.2500 Key psychological level, its lowest in nearly three months. UsdMxn lost momentum around high 11.1220 dropping from that point to 11.8770 slicing through supports and trendline without hesitation. Former supports were 11.9600 and 11.8920. It will be likely a test of the next strong support from 10.8275 to 10.8250 level.
Todays Key Issues:
ECBâ€™s President Trichet speaks on Europeâ€™s Economic growth potential and FEDâ€™s Chairman Bernanke speaks to Bankersâ€™ annual convention in Phoenix. Are due at 14:30 GMT; US Oct NY Fed Manufacturing expected 11.5 vs 13.84 and CAD Aug manufacturing shipments expected 0.2% vs 0.8%.
The Risk Today:
EURUSD is approaching on 1.2450 (Jul low) and trendline support; but only a recovery over 1.2570 and ideally above the formerly supportive 1.2630 level would erase the immediate bear tendency. On the contrary; a break of 1.2450 would expose to 1.2400 and 1.2266, the 50% and 61.8% retracements of the 1.1825 to 1.2980 advance respectively. USDCHF is consolidating above the formerly resistant 1.2640 level and remains focus on 1.2930 high target (76.4% retracement of the 1.3241 to 1.1919 decline). GBPUSD is likely to maintain a bearish tone beneath last Monday's 1.8715 high, targeting 1.8490 (61.8% retracement of the 1.8090 to 1.9146) and 1.8340 (76.4% retracement). USDJPY is likely to maintain pressure on the psychological 120.00 level, keeping target for 121.41 (Dec. 2005 peak) thereafter. Intra-day support cuts in at 118.83, last week's low, but a bullish tone remains above 117.40.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2880 K ||1.8901 S ||121.40 T ||1.2930 S |
|1.2630 P ||1.8715 M ||120.74 M ||1.2800 P |
|1.2570 S ||1.8601 P ||120.00 P ||1.2736 S |
|1.2492 ||1.8558 ||119.45 ||1.2745 |
|1.2450 T ||1.8490 S ||118.83 M ||1.2640 M |
|1.2400 S ||1.8400 T ||118.50 P ||1.2400 K |
|1.2325 S ||1.8090 K ||116.06 T ||1.2287 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 23 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.
- POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.
- POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.
- POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI 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..