Technical Analysis

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.********************************************************** Market Review - 23/07/2008 21:09 GMT The greenback rises on decline in oil pricesl The greenback rallied for another day and rose to a one-month high against the Japanese yen and two-week high versus the euro on Wednesday, supported by a further drop in oil prices and improved confidence in the U.S. financial sector as a U.S. government rescue of Fannie Mae and Freddie Mac moved closer to congressional passage.      [visit website]

********************************************************** Market Review - 22/07/2008 21:43 GMT The greenback gains broadly on comments by Plosser and Paulson The greenback rallied on Tuesday, boosted by a steep drop in oil prices and comments from Philadelphia Federal Reserve President Charles Plosser who suggested that U.S. interest rates may have to rise even before financial markets recover to fight rising inflation. In addition, remarks by U.S. Treasury Secretary Henry Paulson reiterated [visit website]

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.Dollar Bulls run on Hawkish FED comments U.S. Dollar Trading (USD) came under selling pressure early in the European session as stocks turned negative and Wachovia Bank reported a record loss. The rebound and subsequent rally in the USD was spurred buy a combination of Treasury’s Paulson strong Dollar comments and FED’s Plosser stating that ‘interest rate policy reversal should happen sooner rather than later’ and ‘there is no need to wait for a recovery in labor or financial markets’. Also [visit website]

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.Quote: ‘I do not object to people looking at their watches when I am speaking. But I strongly object when they start shaking them to make certain they are still going.’ William Norman Birkett (1883-1962) The News: Australian Q2 Core Inflation 1.1% Q/Q, 4.4% Y/Y (highest since 1991), vs 1.2% and 4.2% Q1. The Numbers: British Summer Time, with expectations and previous figures in brackets. 09:30 GB Bank of England’s Minutes of July 9/10th MPC meeting. 09:30 GB June ... [visit website]

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5905 level and was supported around the .5825 level.  Technically, today’s intraday low was right around the 50% retracement of the move from .5610 to .6040.  Data released in the U.S. today saw the June leading index fall 0.1%, its second consecutive monthly decline.  The dollar’s decline was limited by better-than-expected Bank of America Q2 earnings but the [visit website]

US stocks and the oil market set the tone for the buck for the better part of the NY session, with higher oil and lower equities nudging the greenback lower in what was a pretty range bound environment initially.  The last hour of NY trading was quite eventful, however, as a plethora of weak earnings reports hit the tapes and led to some quick selling of the US dollar. The earnings highlights were a major credit card company that missed earnings by more than -30% and a huge tech company [visit website]

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********************************************************** Market Review - 21/07/2008 20:43 GMT Dollar falls as worries increase over the U.S. financial sector The greenback gained initially versus the yen on Monday as Bank of America posted better-than-expected second-quarter earnings (net income fell to .41 billion, or 72 cents a share versus the forecast of 54 cents), however, the dollar dropped afterwards in U.S. session as fears over the U.S. financial sector persisted and investors [visit website]

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.Oil advances on Hurricane watch, Dollar down U.S. Dollar Trading (USD) experienced a slow start to the week with Japan away for Ocean day and little economic data out. The Greenback lost some ground as Oil advanced on news of hurricane Dolly in the Gulf. Bank of America results offered the Dollar and Stocks some support but enthusiasm waned and both lost ground into the US session close. After market earning reports from American Express has put extra pressure on the USD and ... [visit website]

Past Week's Data and Events The US currency finished the week on a decent note, after being able to either fully reverse or at least reduce earlier losses. A pullback in the oil price and the stock indices provided an island of peace. Washington worked hard to put on a façade of normalcy on the financial disaster that has been eating away wealth and threatened a worldwide depression. It worked last week. The dollar remains weak in the medium term, but if the oil drops below 5/gallon, [visit website]

Overview Stock indices suffered sharp falls early on but recovered after Wednesday lunchtime on a combination of short-covering and marginally better news from banks, to end roughly unchanged on the week. We would describe this as a ‘relief rally’ but note that we have formed ‘hammer’ candles on many charts suggesting a few weeks of consolidation above these lows. The same effect in Treasury yields which rallied from new recent lows to end unchanged on the week. Credit spreads widened [visit website]

Asian trade was relatively light today as Japan was out on holiday.  We did see the release of 2Q Australian PPI.  Producer prices rose by 1.0% qoq which was less than the expected reading of 1.5%.   This below consensus data is causing some to speculate that CPI on Wednesday may also come in below forecasts.   AUDUSD traded firm despite dovish figures as it broke through trendline resistance, and looks poised for a test of the recent highs.   The other [visit website]

Forex News and Events: The Dollar rose on Friday, heading for its largest weekly gain versus the Euro in a month, after a smaller-than-expected quarterly loss from Citigroup eased worries about the US financial sector. Citi's results added to positive earnings news this week from Wells Fargo and JPMorgan Chase. That allowed the Dollar to regain some strength after slumping to a record low against the Euro on Tuesday. EurUsd rose only 0.18% to 1.5853, well off its record high of 1.6039 set on [visit website]

The dollar headed for a weekly advance against the euro, rebounding from a record low on signs U.S. investment banks will withstand credit-market losses stemming from the collapse of the subprime-mortgage market. The dollar rose versus a basket of six major currencies on Friday, boosted after Citigroup reported a smaller-than-expected second quarter loss, calming some jitters on U.S. financial sector health. Citi, the biggest U.S. bank, reported a second-quarter loss per share of {BODY}.49, [visit website]

The buck lost ground in a very quiet London session.  Lacking any news or economic data releases to bite on, the sideways trading was symptomatic of a market awaiting the open of the US stock market in the NY morning. EUR/USD opened near the 1.5870 mark and closed just a touch higher near 1.5885.  USD/JPY was also little changed, with the pair opening near 106.80 and closing around the 106.70 level.  GBP/USD witnessed similar results, rising to a close near 1.9975 after opening [visit website]

• The Rupee ended stronger against the Dollar due to the continuing recovery of the Indian stock market. However, its appreciation was limited as the lower oil prices led to import demand. USD/INR pair ended at 42.76 from 42.82 yesterday. • The 6- month and 1-year forward premium was at a 5.09 % and 4.29% as compared to 4.78% and 4.14% yesterday. • The Dollar pared its losses against most major currencies following the better than expected quarterly results posted by Citi Group. EUR/USD was at [visit website]

There was no key important data to move the currency market. The market is stagnant waiting for a major change to move. We have this week the flash release of this month EU PMI of the services and manufacturing sectors and also the release of the germane IFO. From US, we have the release of US building permits of June which was 1.091m in May and by the end of the week we have US new home sales which were 512k units in May and are expected to be 510k units in June. We have also US Michigan [visit website]

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5905 level and was supported around the .5825 level.  Technically, today’s intraday low was right around the 50% retracement of the move from .5610 to .6040.  Data released in the U.S. today saw the June leading index fall 0.1%, its second consecutive monthly decline.  The dollar’s decline was limited by better-than-expected Bank of America Q2 earnings but the [visit website]

US stocks and the oil market set the tone for the buck for the better part of the NY session, with higher oil and lower equities nudging the greenback lower in what was a pretty range bound environment initially.  The last hour of NY trading was quite eventful, however, as a plethora of weak earnings reports hit the tapes and led to some quick selling of the US dollar. The earnings highlights were a major credit card company that missed earnings by more than -30% and a huge tech company [visit website]

[visit website]

********************************************************** Market Review - 21/07/2008 20:43 GMT Dollar falls as worries increase over the U.S. financial sector The greenback gained initially versus the yen on Monday as Bank of America posted better-than-expected second-quarter earnings (net income fell to .41 billion, or 72 cents a share versus the forecast of 54 cents), however, the dollar dropped afterwards in U.S. session as fears over the U.S. financial sector persisted and investors [visit website]

Oil advances on Hurricane watch, Dollar down U.S. Dollar Trading (USD) experienced a slow start to the week with Japan away for Ocean day and little economic data out. The Greenback lost some ground as Oil advanced on news of hurricane Dolly in the Gulf. Bank of America results offered the Dollar and Stocks some support but enthusiasm waned and both lost ground into the US session close. After market earning reports from American Express has put extra pressure on the USD and stock futures for [visit website]

The USD closed the NY session on a notably weak note especially after weaker earnings reports from several firms and an especially weak report suggesting that consumers continue to be affected by the credit crunch.  S&P 500 futures were down about 12 points in electronic trading. Interestingly, JPY and CHF crosses have not sold off with the increase in risk aversion.  EUR/JPY is just under 170 after an unsuccessful test in London/NY.  The narrow pull back suggests another [visit website]

In a bull market environment, the picture of the S&P 500 & its SPY ETF, as viewed by the e-Mini S&P 500 chart, would be very different. Let's notice that today's new recovery high at 1269 looks like it could have been an upside breakout from a base-like pattern that resembles an "inverted head-and-shoulders," doesn't it? The e-SPU failed to hurdle the neckline at 1260.50, and instead has pivoted to the downside for what points to a revisit of the "Right Shoulder" (RS) support at [visit website]

The indices ended to the downside after a promising start. Before the opening the futures were higher and the market opened strong, rallied to new snapback highs, but couldn't follow through and sold off rather sharply in the morning. They bounced early afternoon, and then retested mid-afternoon before bouncing back into the close. Net on the day the indices still lost ground, with the Dow down 29.23, the S&P 500 off just 0.68, and the Nasdaq 100 down 3.47. The Philadelphia Semiconductor [visit website]

Crude oil futures are trying to bottom after the /bbl plunge since the July 11th high at 7.27, currently chopping from key support at 7.50/128.50 (Friday’s low, bullish trendline since Feb, and a 38% retracement from the March low at .65, see daily chart below). With the market near term oversold after the recent sharp declines, this area should hold at least temporarily and if more aggressive, would buy here (currently at 0.35). Note however, that the confidence level that a [visit website]

Quote: ‘To see the world in a grain of sand And a heaven in a wild flower, Hold infinity in the palm of your hand And eternity in an hour.’ William Blake (1757-1827) The News: Bosnia’s ex-president Karadzic arrested in Belgrade for war crimes after 11 years on the run. The Numbers: British Summer Time, with expectations and previous figures in brackets. 00:50 JP May All Industry Activity Index 0.4% M/M versus 0.8% April 06:00 JP June Supermarket Sales –0.9% Y/Y versus –1.1% May. 08:00 JP [visit website]

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.USD -- The greenback opened last week lower across-the-board against its major trading counterparts on speculation Federal Reserve Chairman Bernanke and US Treasury Secretary Paulson would report to Congress that credit market losses will weigh on US economic growth. This proved to be accurate when both men testified before the Senate Finance committee last week. The currency declined to a 25-year low versus the Australian dollar on concerns the debt of Fannie Mae and Freddie Mac will [visit website]

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.********************************************************** Market Review - 18/07/2008 21:49 GMT The greenback heads for weekly gain versus euro as banks weather credit turmoil The greenback rose for another day on Friday, heading for its largest weekly gain versus the euro in a month as strength in stock markets gave support to the dollar. The DJI ended in positive territory after a smaller-than-expected quarterly loss from Citigroup Inc eased worries about the U.S. financial sector, with the [visit website]

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.Quote: ‘When you see the abyss, and we have looked into it, then what? There isn’t much room at the edge – one person, then another, not many. If you are there, others cannot be there. If you are there, you become a protective wall. What happens? You become part of the abyss.’ Elie Wiesel (1928-) The News: Ernst & Young ITEM Club says UK growth to slow to 1.00% in 2009; house prices tumbling and consumer spending slowing. The Numbers: British Summer ... [visit website]

FXstreet.com: Market View. Have access to the latest market reports that will help you in your trading decisions.The greenback could have support from the Oil prices easing lower than 140$ per barrel since last Wednesday which could continue to be traded lower than 130$ a barrel right now supporting the equity market and putting pressure on the Japanese yen across the broad reaching 107 versus the greenback on a risk apatite getting back wave could be underpinned by the market believe in the US joint plan of the US treasury and the Fed for bailing out Freddie Mac and Fannie ... [visit website]

The USD was broadly unchanged against the majors in the London session as the lack of any noteworthy economic events likely has the market squarely focused on US earnings and housing data out in the NY morning.  Bank earnings out today will be critical for confidence as the market continues to grapple with the potential for worsening credit market turmoil. EUR/USD opened London trading near 1.5855 and closed just a touch lower near the 1.5850 area.  Housing starts and jobless claims [visit website]