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Its Bearish MovementTitle:
USD Experiences High Volatility, Yen Drops Sharply
At the beginning of the European trading session the dollar was on its back foot, but those losses were reversed following comments by St. Louis Fed President James Bullard. However, by the end of the trading day, the dollar had given back most of its gains for the day. The yen was sold across the board and looks to continue this trend. This afternoon, traders will be eying employment data from the US as the ADP Non-Farm Employment Change is set to be released today at 12:15 GMT.
Economic News
USD - Bullard Opens QE II Debate
To start the day, the dollar was sold broadly against the majors as the greenback was used once again for carry trades. However, the selling of the dollar ended following comments by St. Louis Fed President James Bullard. Bullard, who mentioned the Fed should ...
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Technical analysis of the USD/CAD pair on March 30th, 2011
Commentary of the USD/CAD pair :
The pair USD/CAD broke the support at 0.9750, giving us a new sell signal and continues its bearish movement towards the next support at 0.9712. We maintain to trade only short positions as far as 0.9767 is resistance. The breakout of 0.9712 will give a new sell signal for a pursuit of the movement towards 0.9683.
See the previous analysis of the USD/CAD pair of March 29th, 2011
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Forex - Merkel Takes a Political Hit & EUR Suffers
Forex News and Events:
Risk appetite in FX was muted at the start of this trading week, as renewed worries over Japans Fukushima nuclear plant coupled alongside German Chancellor Merkel's CDU party's disappointing results in Baden-Wurttemburg. USD found support from hawkish comments by Fed members, although the two culprits of Fisher and Plosser are already considered more hawkish members. The overall gist of their comments, were that the Fed members are leaning towards policy normalization rather than further quantitative easing. This will put greater emphasis on the fed speakers Lockhart, Evans (a voting member) and Rosengren's comments today. In addition the fed preferred barometer of inflation core PCE, will help determine if the Feds efforts to avoid deflation has not ...
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Dollar Gaining Ground as Jobs Report Highlights This Week's Trading
The US labor market will be the focus of this week's trading leading up to the non-farm payrolls report on Friday. Prior to the all-important jobs report, US Core Personal Consumption Expenditures (PCE) will be released. The report is a favorite indicator of the Fed to measure inflation. Housing data and the ISM manufacturing survey will also show the depth of the US economic recovery.
Economic News
USD - Fed Comments Support Dollar Bids
Late Friday, St. Louis Federal Reserve Bank President James Bullard said the Fed should review its program of quantitative easing in light of recent positive economic data as the US economy, “Is looking pretty good.” Bullard, who has a vote on the Federal Reserve Open Market Committee said during the upcoming April meeting, the Fed may reexamine its ...
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Forex - Forex Markets Feel Tired
Forex News and Events:
Markets seems to have cut out for the weekend early. German IFO data saw no sustained impact in FX markets despite decent numbers across the board. Traders seem to be struggling (myself included) with overall fatigue from the last three weeks and liquidity looks to be way down given the ease which USDJPY pushed up to 81.38. EUR has held up surprising well considering the recent news from Portugal. To compliment yesterday's rating downgrade by Fitch, S&P followed with a sovereign credit rating cut to BBB from A-. The downgrade followed Portugals government failing to pass an austerity package wednesday. Despite the ratings cut and still fluid political situation in Portugal, risk appetite remained stable. Regional equity markets were higher with the much battered ...
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U.S. Dollar Afloat from Rising Uncertainty
A consensus seems to be forming that risk aversion is returning to the market. Despite the sporadic release of positive data in various parts of the world, the overall trend appears to indicate a slow-down in recovery and growth. This has led to an increase in fears about the potential for a speedy recovery, which in turn has fueled the mass flight away from riskier assets and into the safety of the U.S. dollar and Japanese yen.
Economic News
USD - USD Gaining vs. Currency Rivals; EUR Resilient
The U.S. dollar has been on the upside since yesterday. Against its primary rivals, the greenback has made modest growth. The EUR/USD remains the exception, rising from its recent dip towards 1.4050 to currently trade just over 1.4200. Against the British pound, the dollar has made remarkable ...
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Technical analysis of the USD/CAD pair on March 25th, 2011
Commentary of the USD/CAD pair :
The pullback on 0.9820 (level 50%) has been validated and the pair USD/CAD took up its bearish movement. The pair is currently testing the support at 0.9750. We maintain to trade only short positions as far as 0.98 is resistance. The breakout of 0.9750 will give a new sell signal. The next support is at 0.9711.
See the previous analysis of the USD/CAD pair of March 24th, 2011
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Technical analysis of the EUR/JPY pair on March 24th, 2011
Commentary of the EUR/JPY pair :
The pair EUR/JPY is currently testing a breakout of 114. The price is also going to test the lower band of its bullish movement. All indicators are now globaly bearish. We maintain to trade the pair according to the key level at 114:
- Long positions above 114. The breakout of 115 will give a new buy signal.
- Short positions below 114. The breakout of 113 will give a new sell signal
See the previous analysis of the EUR/JPY pair of March 23th, 2011
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Technical analysis of the EUR/USD pair on March 22th, 2011
Commentary of the EUR/USD pair :
The pair EUR/USD validated yesterday an exit of its bullish channel. The breakout of 1.41 gave us a sell signal. All indicators are now bearish. We maintain to trade only long positions as far as 1.4150 is resistance. The breakout of 1.40 will give a new sell signal for a pursuit of the movement towards 1.39.
See the previous analysis of the EUR/USD pair of March 23th, 2011
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