Forex News Blog
Back to The Headlines
Friday May 4, 2007 - 12:37:48 GMT
Share This Story
ACM - www.ac-markets.com
USD holding steady ahead of payrolls data
By James Brandt - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
After better than expected ISM non-manufacturing figures yesterday, the dollar gain some ground against the Euro and the Pound. In early trading today, the euro and cable hit 1.3535 and 1.9844 respectively. Labor market figures today are the key to the greenback's survival. Furthermore, traders expect the ECB to hike rates in June and possibly once more by the fourth quarter. Should data from the US be surprisingly strong, look for the Euro to correct to deep levels such as 1.3300, keeping in mind though that the trend is still up, and 1.3800 is not far from sight given the interest rate outlook.
The Australian dollar did not find big buyers at the 0.8280 level and instead broke down through the April 9 low of 0.8233 on the recent US dollar strength and neutral reports by the RBA which included indications that rates should remain unchanged for the remainder of the year. Should the carry trade still be intact, then the recent dip in the currency is a buy set-up.
Today's most interesting chart is GBPJPY. The pair has been in an uptrend since the start of 2006 and has not looked back. The recent correction in the beginning of 2007 seems to start a head and shoulders formation. In this is true, look for new highs in the pair, followed by a bigger sell-off later in the year. For now, it's a strong buy to our target of 241.54, which would be a full 100% retracement of the correction.
Today's Key Issues (time in GMT):
09.00 EUR Euro-Zone Retail Sales (MoM) (MAR) 0.5% vs 0.3%
09.00 EUR Euro-Zone Retail Sales (YoY) (MAR) 2.3% vs 1.2%
09.00 USD Change in Nonfarm Payrolls (APR) 100k vs 180k
12.30 USD Unemployment Rate (APR) 4.5% vs 4.4%
12.30 USD Change in Manufacturing Payrolls (APR) -12K vs -16K
12.30 USD Average Hourly Earnings MoM (APR) 0.3% vs 0.3%
12.30 USD Average Hourly Earnings YoY (APR)
12.30 USD Average Weekly Hours (APR) 33.9 vs 33.9
13.10 CAD BoC's Dodge Speaks on Floating Exchange Rates in Montreal
13.45 USD Fed's Geithner Speaks on Global Economy in Montreal
14.00 CAD Ivey Purchasing Managers Index (APR) 57.3 vs 67.3
15.20 USD Fed's Hoenig Speaks at Conference in Santa Fe, New Mexico
16.00 AUD RBA Assistant Governor Philip Lowe Speaks
The Risk Today:
EurUsd: Testing the 1.3540 support in early trading, the pair has slipped for three days straight from recent highs. 38.2% retracement levels are found at 1.3490, and key support of the pair. Resistance holds at 1.3623.
GbpUsd: On the downside, the pair must break 1.9823 for a clearer indication that 1.9591 is the next level down. For now, the pair is still a buy at 1.9950 for a move up to 2.0076, Tuesday's high.
UsdJpy: the pair met strong resistance at 119.50 rumored to be an options barrier whilst the Japanese are still on vacation. Support is found at 119.90 and clear resistance at 120.54. A daily close above this level is a strong buy that is good to go to 121.65.
UsdChf We find a lot of resistance at the upper trend-line. We would like to see a break and close above 1.2190 to be bullish. For now, the pair is a sell at 1.2120 for a move to the lower trend-line at 1.1995.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3681 K ||2.0143 K ||122.20 K ||1.2356 S |
|1.3622 S ||2.0075 S ||121.80 S ||1.2288 S |
|1.3578 M ||1.9972 M ||120.50 M ||1.2190 T |
|1.3559 ||1.9864 ||120.31 ||1.2154 |
|1.3535 S ||1.9825 M ||120.00 S ||1.2095 M |
|1.3458 K ||1.9730 S ||118.90 S ||1.2065 S |
|1.3410 S ||1.9507 T ||118.12 K ||1.1992 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..