Forex News Blog
Back to The Headlines
Thursday November 23, 2006 - 11:02:25 GMT
Share This Story
ACM - www.ac-markets.com
Dollar sell-off ahead of Thanksgiving holyday in Japan and USA.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The dollar fell to a 5 Â˝-month low against the Euro and a two-month low against the Yen on Wednesday in thin trading and light Forex news impact. Investors sold Dollars overnight to reduce risks ahead of today holidays in USA and Japan. The University of Michigan Confidence came out softer than expected at 92.1 vs 93.1 and previous 93.6, which added more weakness to the Dollar. Investors trading on Carry trades, borrow low-yielding to buy higher-yielding currencies, have been not much impact by the market pull-back. We could see that currencies which have the lowest yield as Yen CHF and SEK rose the most against the Dollar on Wednesday. EurUsd jumped to its highest since June at 1.2957 almost 0.9% up. Many Dealers are looking at EurUsd 1.3000, a key level not seen since April 2005. The recent sell-of is mostly due by short-term investors but a break of this 1.3000 level may push long-term investors as Institutional to enter the market with larger volumes. UsdJpy went down 1.3% at lowest 116.37 near the 2-month low 116.07. UsdChf dropped nearly 1.25% to 1.2256 yesterday lowest. It is a 2 Â˝-month low. This week, as the Federal Reserve is â€śseatingâ€ť on interest rates, could be a four-day weekend for many market players.
Todays Key Issues:
Thanksgiving holidays in Japan and USA today.Are due at 9:00 GMT November German IFO; Business Climate expected 105.2 vs 105.3, Current Assessment expected 112 vs 111.80, Expectations forecasted 98.8 vs 99.2, Euro-Zone September ECB Current account previously -6.9B. NZD October Trade Balance due at 21:45 GMT is expected -650M vs -587M.
The Risk Today:
EurUsd has rebound from 1.2760 on Nov 17 low and broke up 1.2901 former resistance and former 1.4941 trend resistance. A break of next 1.2981 is expected to give further upside and test the psychological 1.3000 level. USDCHF remains heavy below 1.2583 and 1.2346. It had further weakness and dropped under 1.2291, which could give a way to extended slippage 1.2185 trend support. GbpUsd defined support at 1.8840 last Friday and did extend the past week's rally towards 1.9050 (61.8% retracement) and 1.9144 key resistance. It is ultimately targeting 1.9182. After consolidation, UsdJpy broke down 116.60. This new directional move is likely to test 116.06 range.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3131 S ||1.9550 T ||119.90 T ||1.2707 S |
|1.3000 P ||1.9320 M ||118.60 S ||1.2583 S |
|1.2981 S ||1.9219 S ||116.60 S ||1.2346 K |
|1.2970 ||1.9161 ||116.37 ||1.2233 |
|1.2941 M ||1.9144 K ||116.06 T ||1.2185 S |
|1.2750 M ||1.9050 S ||115.61 S ||1.2014 S |
|1.2450 T ||1.8840 K ||113.45 T ||1.1948 T |
|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..