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Price Is Testing The ResistanceTitle:
Dollar continues decline after weak data
The greenback resumed its downfall against majors after initial jobless claims rose to 462 thousands last week from the revised 449 thousands and trade deficit widened to $46.3 billion in August from the revised $42.6 billion, adding to speculations the Fed will embark on methods of quantitative easing again next month.
Both weak outlook for the US economy and possible monetary intervention by the Fed are putting downside pressure on the green currency.
Dollar's losses widened after Singapore said it will allow appreciation in its currency to control price rises.
The US dollar is currently trading near the lowest level in eight month versus the euro and 15-year low against the yen.
The dollar index, which tracks the dollar movements versus a basket of major currencies, slipped to a low ...
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Technical analysis of the EUR/USD parity on October 12th, 2010
Commentary of the EUR/USD parity :
The parity didn't succeed to break the resistance at 1.40. The price just broke its bullish slant and is currently testing the support at 1.38. Most if indicators are getting bearish. We stay neutral on the parity between 1.38 and 1.39. We will wait an exit of this range to take position:
- Long if 1.39 is broken. The breakout of 1.40 will give a new buy signal
- Short if 1.38 is broken. The breakout of 1.37 will give a new sell signal.
See the previous analysis of the EUR/USD parity of October 11th, 2010
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Technical analysis of the USD/CAD parity on October 12th, 2010
Commentary of the USD/CAD parity :
The support at 1.01 again allow the parity to rebound. Currently, the price is testing a pullback on 1.0150. We maintain to trade only short positions as far as this level is resistance. The breakout of 1.01 will give a new sell signal. However, if 1.0150 is broken, we could trade long positions.
See the previous analysis of the USD/CAD parity of October 11th, 2010
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Technical analysis of the AUD/USD parity on October 11th, 2010
Commentary of the AUD/USD parity:
The parity fake a breakout of 0.98 and is currently testing the resistance at 0.99. The price is currently testing its bullish slant as resistance. Indicators stay globaly bullish. We maintain to trade only long positions as far as 0.98 is support. The breakout of 0.99 will give a new buy signal. The next major resistance is at 1.0. However, if 0.98 is broken, we will stay neutral. The correction could then pursuit towards 0.9750.
See the previous analysis of the AUD/USD parity of October 8th, 2010
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Technical analysis of the EUR/GBP parity on October 6th, 2010
Commentary of the EUR/GBP parity:
The parity continues its bullish movement into its bullish channel and is still testing the resistance at 0.87. Indicators are globaly bullish. We maintain to trade only long positions as far as the price is above 0.8650. The breakout of 0.87 will give a new buy signal. The next major resistance is at 0.88.
See the previous analysis of the EUR/GBP parity of October 5th, 2010
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ADP Non-Farm Employment Change on Tap
Today's non-farm data from Automatic Data Processing Inc. (ADP) should give traders a glance into a sizeable portion of Friday's Non-Farm Payrolls release, since it will be measuring the private sector of the US economy. Expectations are for a rise in employment of approximately 23,000 jobs. If the actual results are in line with forecasts, the USD could pare some of its recent losses. If not, expect the greenback to continue dropping against its rivals.
Economic News
USD - USD Could Receive Respite from ADP Data Today
After a minor uptick against a few of its rivals, the US dollar appears to have continued its strong downturn against every major currency counterpart. For instance, the EUR/USD, after descending to as low as 1.3624 in early trading yesterday, currently trades just under ...
Title:
Technical analysis of the USD/JPY parity on October 5th, 2010
Commentary of the USD/JPY parity :
The parity is currently making a correction and is testing a breakout of the resistance at 83.60. If validated, we will stay neutral between 83.60 and 83.98. We will then wait an exit of this range to take position:
- Long if 83.98 is broken
- Short if the price gets back below 83.60
See the previous analysis of the USD/JPY parity of October 4th, 2010
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Technical analysis of the EUR/USD parity on October 4th, 2010
Commentary of the EUR/USD parity :
The parity validated the breakout of 1.37, offering a new buy signal. The price is currently testing the resistance at 1.38. The price continues to move above its bullish slant. All indicators are bullish. We maintain to trade only long posiitons as far as 1.3650 is support or above its slant. The breakout of 1.38 will give a new buy signal.
See the previous analysis of the EUR/USD parity of October 1st, 2010
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Technical analysis of the GBP/JPY parity on October 4th, 2010
Commentary of the GBP/JPY parity :
The parity is currently testing a pullback on the resistance at 132.03 and is still moving into its bearish channel. We maintain to trade only short positions as far as this level is resistance. The breakout of 130.86 will give a new sell signal. However, if the price gets back above 132.03, we will stay neutral.
See the previous analysis of the GBP/JPY parity of October 1st, 2010
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