Tuesday August 10, 2004 - 17:45:40 GMT
Share This Story
Forex.com - www.forex.com
ALL EYES ON FOMC
The dollar sank to its lowest levels this month against the Euro ahead of today’s Fed meeting. There is a great deal of apprehension regarding the post announcement commentary in which the Fed may suggest a more tepid pace of future hikes. The dollar is currently viewed with its back to the ropes, and this may provide the KO punch. The Euro screamed higher during the morning NY session, posting a high of 1.2320 before retreating and meandering around 1.23 the figure. USD/JPY still remained bid on the back of oil prices, with front month crude trading over $45 a barrel. Yen weakness was also evident in EUR/JPY. It made an attempt to take out the 136.40 resistance area, which it did briefly; however, it could not find support and has come off some. Both AUD/USD and CHF/USD are virtually unchanged on the day. We have seen some cable weakness as it has tested the 1.8350 area numerous times and has managed to hold.
TECHNICALLY SPEAKING Dollar/Jpy has maintained a bid tone in the near term. There is trend line support at 110.50/60 and also 110.20/30. There is resistance at 111.10/20 in the near term on this 60 minute chart. The Relative Strength Index is appositive 57.55.
GAIN AN EDGE We look to buy Dollar/Jpy on a dip to 110.35 with a stop below 109.90 and a take profit of 111.10
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."