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Move Between The SupportTitle:
Dukascopy Afternoon Forex Overview : 04/11/2012
Dukascopy Fundamental Analysis
EUR
European stocks declined as company earnings missed estimates, talks on forming a Greek government entered a fifth day and JPMorgan Chase & Co. posted a $2 billion trading loss. Asian shares and U.S. futures fell.
USD
Wholesale prices in the U.S. fell in April for the first time in four months, led by a decline in fuel costs that signals inflation may cool. The producer price index dropped 0.2 percent after no change in March, Labor Department figures showed today in Washington.
GBP
Britons turned gloomier last month as a slump in construction pointed to an even deeper recession and producers ramped up prices, highlighting the long and difficult road back to economic health.
CHF
Swiss stocks fell for the seventh day, heading for the biggest weekly ...
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Ongoing Greek Drama
Forex News and Events:
In light of the current political turmoil in Greece, the EUR has gradually slipped to a three-month low at 1.2905 after a period of trading in a highly volatile range. The move coincides with the election on May 6th of anti-austerity Greek fringe parties, instead of the mainstream PASOK or New Democracy Party who helped secure the bailout package much needed to avoid disorderly default. After multiple attempts at forming a coalition government, the task has been handed to Mr Venizelos who reckoned having a slim chance of succeeding where others have failed. After a meeting with Venizelos yesterday evening, Democratic Left Party’s Kouvelis suggested a “formation of an ecumenical government that will respect the people’s mandate”. These statements coincide with weak ...
Title:
EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
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Technical analysis of the EUR/GBP pair on May 11th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP continues to move on the support at 0.80.
Currently, the pair is moving toward a pullback on 0.8050 as resistance.
All indicators are bearish.
The pair is still moving into a bearish channel (purple lines).
We continue to advise short positions as far as 0.8075 is resistance.
The breakout of 0.80 will give a new sell signal and open the way towards 0.7950.
In case of return above 0.8075, we will be neutral between this level and 0.81.
The breakout of 0.81 will give a buy signal.
See the previous analysis of the EUR/GBP pair of May 10th, 2012
EUR/GBP Analysis
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US Dollar Pulls Back as Risk Appetite Makes an Appearance
After a few days of gloom over Europe, risk appetite is making an appearance in the financial markets. US dollar is pulling back from recent highs against the euro and the pound, and heading lower as Forex traders look for a little extra yield, and as a degree of optimism is seen as moves are made to shore up Spain.
US dollar was headed higher today, moving up as news about Great Britain’s economy disappointed. However, the Bank of England put quantitative easing on hold, and it appears that the body is prepared to maintain that position. So, even with the British economy in recession, the pound is getting a slight boost against the US dollar.
Against the euro, greenback reached a three-month high. Uncertainty about Greece continues, and worries about the relationship between France and ...
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Technical analysis of the NZD/USD pair on May 10th, 2012
Commentary of the NZD/USD pair :
The pair NZD/USD has continued yesterday its bearish movement and 0.7838 acted as support.
Currently, the pair is making a small correction.
All indicators are bearish.
The pair is moving into its former bearish channel (purple lines).
We continue to advise short positions as far as 0.80 is resistance.
The breakout of 0.7838 will give a new sell signal and open the way towards 0.78 and 0.7754.
In case of return above 0.80, we will be neutral between this level and 0.8050.
See the previous analysis of the NZD/USD pair of May 9th, 2012
NZD/USD Analysis
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Technical analysis of the USD/CAD pair on May 10th, 2012
Commentary of the USD/CAD pair :
The pair USD/CAD has continued yesterday its bullish movement and the breakout of 1.0020 gave us a new buy signal.
Then, the next resistance at 1.0050 has been tested the pair is currently making a pullback on 1.0020 as support.
All indicators are bullish.
We continue to advise long positions as far as 0.9950 is support.
A return above 0.9965 will comfort our bullish feeling.
The breakout of 1.0050 will give a new buy signal and will open the way towards 1.01.
In case of return below 0.9950, we will be neutral between this level and 0.9911.
The breakout of 0.9911 will give a sell signal.
See the previous analysis of the USD/CAD pair of May 9th, 2012
USD/CAD Analysis
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Technical analysis of the USD/CHF pair on May 10th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF has continued its bullish movement and the breakout of 0.9258 gave us a new buy signal.
Then, the pair has tested the next resistance at 0.93 and seems now to move towards a pullback on 0.9258 as support.
The opening gap is still not filled in.
All indicators are bullish.
We continue to advise long positons as far as 0.92 is support.
The breakout of 0.93 will give a new buy signal and open the way towards 0.9350.
In case of return below 0.92, we will be neutral between this level and 0.9150.
See the previous analysis of the USD/CHF pair of May 9th, 2012
USD/CHF Analysis
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Global shares pressured by weak China data, Europe jitters
(Reuters) - Asian shares struggled on Thursday, as a weak Chinese trade data stoked fears of a growth slowdown and further undermined risk appetite already reduced by worries about the health of Spanish banks and deepening political chaos in Greece.
European shares will likely open mixed, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open between a 0.3 percent rise and a 0.4 percent fall. U.S. stock futures were up 0.2 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, which has declined for the past five days, last stood nearly flat after bouncing between positive and negative territory. During the session it fell as much as 0.3 percent to its lowest in nearly four months and briefly rose as much as ...
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