Forex News Blog
Back to The Headlines
Tuesday December 19, 2006 - 10:06:08 GMT
Share This Story
ACM - www.ac-markets.com
Dollar has been recovering from extremely oversold conditions.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The Dollar slipped against the Euro and was steady against the Yen on Monday, with dealers squaring their books in decreasing volume before the Bank of Japan policy meeting early today. Globally in the latest days, the Dollar was recovering from â€śextremely oversold conditionsâ€ť. In addition, investors are in the process of closing their books on 2006. Unless lower volume coming, today Bank of Japan comments and few US economic data this week would generate some volatility in Forex Market. The BoJ left rates at 0.25% as expected at the end of a policy meeting and market players are already paying attention at BoJ Governor T. Fukui post-meeting comment to see if he will signal that interest rates could rise as soon as next month. Any suggestion from Fukui of a rate rise next month to 0.5% would help start a recovery in the low-yielding Yen. UsdJpy slipped only -0.1% at 118.07 pulling back from one-month high 118.33 posted last Friday. EurJpy was little change yesterday at 154.70 +0.12% staying near high 155.60 made last Thursday. EurUsd was also little changed at 1.3103 +0.17% rebounding from intraday low 1.3053. GbpUsd fell -0.2% to 1.9480 as investors continued to take profit on the Sterling recent appreciation. GbpUsd was 14-year high 1.9810 earlier this month. EurChf hit a fresh 6 1/2 â€“ year high shooting at high 1.6016, a move attributed mostly to technical factors.
Todays Key Issues:
Bank of Japan keeps rates on hold at 0.25%. Are due at 9:00 GMT; Euro December German IFO â€“ Business Climate expected 106.8 unchanged, German IFO â€“ Current Assessment expected 114.10 vs 113.9, German IFO â€“ Expectations expected 100 vs 100.1. Are due at 12:00 GMT; CAD Bank of Canada November CPI Core expected 0.2% vs 0.1% (MoM) and 2.1% vs 2.3% (YoY), CAD November CPI expected 0.3% vs -0.2% (MoM) and 1.5% vs 0.9% (YoY). Are due at 13:30 GMT; US November PPI expected 0.6% vs -1.6% (MoM) and -0.7% vs -1.6% (YoY), US November PPI ex Food & Energy expected 0.2% vs -0.9% (MoM) and 1.1% vs 0.6% (YoY), US November Housing Starts 1525k vs 1486k and US Building Permits 1535k vs 1553k. NZD 3Q Current Account Balance due at 21:45 GMT is expected -5.095B vs -3.084B.
The Risk Today:
EurUsd is still under pressure trading close to the 38.2% retracement at 1.3030. A break of this level would open 1.2980 which marks the former key breakout point and is also seen as key support. On the upside, clearing 1.3130 pivot, the next intraday resistance lies at 1.3190. On a medium-term view, the underlying bull trend remains intact while 1.2980 holds. UsdChf is holding recent gains with focus 1.2326 (50% retracement of 1.2771-1.1879 decline). Medium support is at 1.2118 recent low. GbpUsd is one step from further downside towards next support at 1.9340 (50% retracement of the 1.8835-1.9849 advance). At this point, a break above the Dec 13 high of 1.9730 is needed to mark an end to the recent decline. UsdJpy remains bullish but must now clear the strong resistance at 118.60 (76.4% retracement of the 119.90 to 114.45 decline). A break of this resistance would be seen as an important bullish development. Initial support is holding the door closed at 117.44.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3400 P ||1.9850 P ||119.90 T ||1.2346 K |
|1.3370 S ||1.9730 M ||118.60 S ||1.2326 S |
|1.3130 P ||1.9550 S ||117.90 M ||1.2220 S |
|1.3110 ||1.9512 ||118.15 ||1.2211 |
|1.3085 S ||1.9480 M ||117.44 M ||1.2118 M |
|1.3030 S ||1.9435 M ||116.60 M ||1.1920 P |
|1.2980 K ||1.9340 S ||114.00 S ||1.1880 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."
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.