Thursday August 19, 2004 - 18:20:17 GMT
Share This Story
Forex.com - www.forex.com
The dollar slipped today as more choppy range trading occurred in the G-7 currency pairs. EUR/USD popped from 1.2335 to 1.2380 while USD/CAD plowed through key 1.3010 support en route to a 1.2962 low. Also, USD/JPY dripped from 109.60 to 109.05 and GBP/USD raced higher up almost 200 points from its overnight low (1.8195 to 1.8340). Surely, the vicious move higher in GBP/USD had traders puzzled most especially considering that UK Retail Sales checked in at a worse than expected -0.4 month on month. But give the fact that thin, inexplicable price action has dominated the trading scene now for almost the entire summer, it should come as no surprise to see this latest dollar sell-off lose its luster rather quickly. We look for 1.2390 and 1.8390 to serve as good levels to initiate long USD positions.
We see good resistance in the 1.8385-95 range in GBP/USD. In addition, the 1.8455 marks the high from last week. There is support at 1.8290 and 1.8250. The 60 minute Stochastic is not yet overbought (60.9%).
GAIN AN EDGE
We will sell GBP/USD at 1.8390 with a 1.8415 stop and 1.8310 limit.
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."