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ExitTitle:
YouTradeFX Daily Market Analysis : 24/06/2011
www.youtradefx.com
NASDAQ :
Yesterday the International Monetary Fund (IMF) and the European Union confirmed the far ranging program for budgetary cuts in Greece for the next five years. As part of the program, Greece has committed to cut 28 billion euro from the government's budget. Following the announcement, the negative trend on Wall Street reversed with the NASDAQ index shooting up by 0.8% finally closing for the day in positive territory.
The short term technical picture (the four hour graph) reveals an interesting opportunity for a buy position against the background of the classic Reversal Pattern Head and Shoulders that, at this very moment, being realized with the NASDAQ index trying to break through the patterns neck line at 2250 dollars. A closure above this level will ...
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Technical analysis of the XAU/USD (Gold) pair on June 24th, 2011
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD started yesterday a strong bearish rallye.
The pair just found support on 1520.
All indicators are now bearish.
We stay neutral on the pair between 1520 and 1530.
We advise to wait an exit of this range to take position:
- Long if 1530 is broken. The breakout of 1540 will give a new buy signal and open the way towards 1550
- Short if 1520 is broken. The breakout of 1510 will give a new sell signal and open the way towards 1500.
See the previous analysis of the XAU/USD pair of June 23th, 2011
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Technical analysis of the USD/CAD pair on June 24th, 2011
Commentary of the USD/CAD pair :
A strong bullish movement occured on the pair USD/CAD which has tested the resistance at 0.9810.
We are neutral on the pair between this level and 0.9780.
We advise to wait an exit of this range to take position:
- Long if 0.9810 is broken. The breakout of 0.9863 will give a new buy signal
- Short if 0.9780 is broken. The breakout of 0.9747 will give a new sell signal.
See the previous analysis of the USD/CAD pair of June 23th, 2011
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Technical analysis of the USD/JPY pair on June 24th, 2011
Commentary of the USD/JPY pair :
A correction occured on the pair USD/JPY which broke the resistance at 80.50 to make a pullback on 80.77.
We are neutral on the pair between 80.40 and 80.77.
We advise to wait an exit of this range to take position:
- Long if 80.77 is broken. The breakout of 80.97 (level 23.60%) will give a new buy signal
- Short if 80.40 is broken. The breakout of 79.80 will give a new sell signal.
See the previous analysis of the USD/JPY pair of June 23th, 2011
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FOMC Leaves Rates Unchanged and Signals Recovery Continues at a Slower Pace Temporarily
The Federal Open Market Committee decided to leave the benchmark interest rate unchanged at a record low between 0.00% and 0.25% after finishing a two-day meeting, while the FOMC also confirmed that it will continue to reinvest maturing mortgage and debt securities, and the Fed confirmed that the $600 billion QE2program will end as planned.
The Fed signaled that the economic recovery is continuing at a modest pace, nonetheless, the Fed confirmed that the recovery was somewhat weaker than they expected, as labor market conditions remained weak, while unemployment remained elevated, and the housing market is still depressed, however, the Fed still expects the recovery to strengthen over the coming quarters, where they believe that the slowing pace of recovery will be only temporary.
The ...
Title:
YouTradeFX Daily Market Analysis : 22/06/2011
www.youtradefx.com
NZD/USD :
Financial markets are beginning to return to rising prices as is the New Zealand dollar United States dollar pair which is moving in positive correlation with the financial markets. One of the factors contributing to the positive mood is the feeling that the Prime Minister of Greece will succeed in surviving the vote of no confidence due to be held in the Greek Parliament today. On a technical level the New Zealand dollar United States dollar pair is signalling a buy position after it was stopped by the important resistance level of 0.8030 and even outdid itself when it closed in the bullish reverse HAMMER pattern that constitutes a sign for a reversal of direction.
In the short term, the pair still has to get out of the shuffling pattern that it entered ...
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Technical analysis of the GBP/USD pair on June 22th, 2011
Commentary of the GBP/USD pair :
A correction occured on the pair GBP/USD which broke the resistance at 1.62.
We are neutral on the pair between this level and 1.6250.
We advise to wait an exit of this range to take position:
- Long if 1.6250 is broken. The breakout of 1.63 will give a new buy signal and open the way towards 1.6350.
- Short if 1.62 is broken. The breakout of 1.61 will give a new sell signal.
See the previous analysis of the GBP/USD pair of June 21th, 2011
Title:
YouTradeFX Daily Market Analysis : 21/06/2011
www.youtradefx.com
Oil (WTI) :
It would appear that positive sentiments are regaining control of the financial markets and painting them green. This is against the background of the relative calm coming from the direction of Greece when, yesterday, a representative from Luxemburg hinted that a solution would soon be found for the country's debt crisis. These events should also support the price of the black gold that dove back down by some 10 dollars only last week and that was, finally, braked by the strong support level of 92.30.
From a technical point of view, yesterday's closure is significant as the closing price created the bullish KEY REVERSAL reverse pattern that hints at a potential trend reversal. If we add to this the flirtation with the 200 day moving average line then we ...
Title:
Euro higher on hopes on Greece, Parliament vote waited
Morning Briefing: Euro higher on hopes on Greece, Parliament vote waited
News:
Forex: Euros rise halted by Fitch, forex traders await Greek parliament
Global Markets: Shares recover, but investors eye FOMC
Euro zone: EFSF Chief says fund to be raised to 780B
Euro zone: Fitch will regard voluntary rollover of Greece debt as default
United States: Fitch threatens to put US sovereign rating on negative watch
Australia: RBA says recent data does not support tightening
Rates in Asia and Indices:
EUR/USD: 1.4384 - 1.4304
USD/CHF: 0.8463 0.8419
GBP/USD: 1.6254 - 1.6198
EUR/JPY: 115.36 114.65
USD/JPY: 80.35 80.09
DowJones: 12'080.38 +0.63%
NASDAQ: 2'629.66 +0.50%
S & P 500: 1'278.36 +0.54%
Nikkei: 9459.66 +1.13%
Shanghai: 2641.97 +0.79%
Gold: $ 1'543.40
Crude Oil: $ 94.03
Comments:
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