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FoundTitle:
YouTradeFX Daily Market Analysis : 20/06/2011
www.youtradefx.com
NASDAQ :
Last week, fears that Greece could become bankrupt grew, which, in its turn, created pressure in the financial markets and led to a drop in exchange rates. The NASDAQ also continued to move down and is, at the moment, at its lowest ever point at around 2180 dollars. These low price levels seem to be very attractive for a buy position, especially against the background of the harmonic reverse pattern – BEARISH BUTTERFLY – and the small positive deviation in the MACD indicator.
Finding a solution for an aid package for Greece will, in all probability, lead to a sharp rise in prices in all the markets. Because of this, we can wait for the solution that should be decided upon this coming week. On the other hand, we could already enter a buy position when the price ...
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A mixed week for the superpower
This week unlike the prior one was mixed rather than gloomy as we could say that sentiments of optimism and pessimism were spread as fears and worries were boosted on a global scale and mainly in the EU as it was strongly speculated that Greece aid will be delayed while that prices pressures remain around the same level on the U.S soil with lower retail sales, a truly gloomy manufacturing index and surprisingly cheerful labor data.
If truth be told, prices pressures or inflation remain around the same high levels with May's PPI for instance coming in higher than a projected rate of 0.1% at 0.2% from 0.8% and inclined above market forecasts and a prior reading of 6.8% to 7.3% for the year ending May while that the Core PPI came in as already expected by the market at 0.2% and remain ...
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EUR Hangs On as Traders Await News of Greece Bailout
The EUR was able to hold its recent price against the US dollar as regional investors battled over the direction of the 17-nation common currency. The push and pull between bears and bulls was mostly even this morning as the rumor mill chewed on the speculative reports that Greece had already secured a new financial aid package. With today's ECOFIN meetings getting started, news surrounding Greece's bailout should surface in the near future leading to major swings in currency values this week.
Economic News
USD - US Dollar Opens Week Bearish vs. Euro
The US dollar opened this week moderately weaker versus the euro as traders appear to have continued nursing wounds from last week's dizzying sessions. The result has been for the EUR/USD to come within reach of 1.4300 as of this morning. ...
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Technical analysis of the EUR/GBP pair on June 20th, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP just found resistance on 0.8850 and is currently moving towards 0.88 as support.
All indicators are bullish following the last rebound.
We maintain to trade only short positions as far as 0.8850 is resistance.
The breakout of 0.8750 will give a new sell signal and open the way towards 0.87.
In case of return above 0.8850, we will then advise to trade only long positions.
See the previous analysis of the EUR/GBP pair of June 17th, 2011
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Technical analysis of the EUR/USD pair on June 20th, 2011
Commentary of the EUR/USD pair :
The pair EUR/USD just found resistance on 1.43 and is currently moving towards 1.42.
The pair is moving below its short term bearish slant (not drawn on the chart).
Indicators are mitigated.
We stay neutral on the pair between 1.42 and 1.43.
We advise to wait an exit of this range to take position:
- Long if 1.43 is broken. The breakout of 1.44 will give a new buy signal
- Short if 1.42 is broken. The breakout of 1.41 will give a new sell signal.
See the previous analysis of the EUR/USD pair of June 17th, 2011
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Weekly Economic and Financial Commentary : 17/06/2011
Weekly Economic and Financial Commentary
U.S. Review
Soft Patch Is Here
The U.S. economy got off to a rough start in the second quarter, but just how rough is only now emerging from the economic data. Not only were May employment gains disappointing, but retail sales actually contracted in May for the first time since last summer.
At the same time, the manufacturing slowdown that began to emerge in the May data appears to have intensified in June as the Empire State and Philly Fed surveys indicate contracting manufacturing activity in their regions for the first time since last fall.
How Strong Is the Bounce Back?
The string of disappointing economic data continued this week, but there were a few signs of resilience, which suggest growth could rebound a bit over the next few ...
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FX Briefing: κρίσις
FX Briefing
Highlights
Greek prime minister combines austerity measures with vote of confidence
Rescue package for Greece likely to be delayed until July
Swiss National Bank warns of growth risks from strong franc
Swedish krona weakening despite Riksbank's tightening cycle
FOMC meeting unlikely to provide any strong impetus
κρίσις
Rather aptly, the word “crisis” comes from Greek. The Greek noun “krísis” (κρίσις) derives from the verb “krinein” (meaning to decide) and signifies a crucial point or turning point in a situation which may lead to a totally undesired result. Greece appears to have reached this point.
In Greece, there is growing resistance to the government's new austerity programme, which is a ...
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Analysis: High-frequency trade sparks flash fires in commodities
(Reuters) - When natural gas prices dropped by 8 percent in a matter of seconds in the early hours of Asian trade last week, one New York-based hedge fund manager said he didn't have to think twice.
"The moment I heard, I ran, literally ran, to my computer and started buying," he said. "It was clear it was an HFT algo gone bad and I could profit on the rebound off the lows."
He wouldn't have been the only one.
Since the infamous "flash crash" in equity markets in May 2010, that was exacerbated by high-frequency trading (HFT), seasoned traders say that violent, often inexplicable price moves are becoming more common, and allow those who are fast enough to book a quick profit as prices bounce straight back up.
In commodity markets, which have been hit by a series of mini flash crashes ...
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Consumer sentiment worsens on economic jitters
(Reuters) - U.S. consumer sentiment worsened more than expected in June on renewed concerns about the outlook for the economy, while worries about inflation eased modestly, a survey released on Friday showed.
Consumers remained pessimistic about stagnant incomes and job prospects, and their view of their own finances was largely unchanged at negative levels, the Thomson Reuters/University of Michigan survey showed.
The preliminary reading on the overall index on consumer sentiment was 71.8, down from 74.3 the month before. It was below the median forecast of 74.0 among economists polled by Reuters.
Even so, the data gave little evidence a new downturn is underway, with most consumers believing the last recession had not yet ended, the survey found.
"The majority of consumers are as ...
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