FOREXYARD: Forex News Blog | |
| Posted: 28 Sep 2010 02:30 AM PDT
The EUR/USD is currently testing a technical resistance level that once breached should solidify the rising trend and a retracement of the December to June bearish trend. During the Japanese trading session on Monday the EUR/USD tested and failed to break 1.3510 (R1), the 50% retracement level of the previous bearish trend that spanned from December to June. Following the failed breach the pair has fallen to the price of 1.3400. Should the EUR/USD close above the 50% level, the next technical target would be found at the 61.8% Fibonacci retracement at 1.3890. Support for the EUR/USD comes in at the height of the June to August bullish move at 1.3330 (S1).
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| JPY May Gain from Industry Growth; BOJ May Intervene as a Result Posted: 27 Sep 2010 08:13 PM PDT
The US dollar has been declining steadily against all of its currency rivals since the opening of this week's market. As of early Asian trading this morning, the buck has seen a view positive corrections, but little which would indicate a reversal to yesterday's movements. Today's economic news may add a boost to the greenback if the American consumer confidence figure at 14:00 GMT comes above expectations. Here is a recap of the day's events: 8:30 GMT: GBP – Current Account - This report measures the difference between imported and exported goods, services, income flows, and unilateral transfers during the previous quarter. It has a direct correlation with the demand of the country's currency, the British pound. Current expectations are for a reading of -9.6 billion pounds. If the actual figure is more positive, the pound sterling could see some bullish movement today. 14:00 GMT: USD – CB Consumer Confidence - The Conference Board's (CB) Consumer Confidence indicator is a gauge of economic sentiment among private households in America. It surveys roughly 5,000 households about their confidence regarding the economy and has a positive correlation with consumer spending, and thus demand for the greenback. This report has maintained a reading between 50.0 and 60.0 for the past few months, if today's report falls within this range, as it is expected to do, then the impact on the greenback may be positive, but minimal. 23:50 GMT: JPY – Tankan Manufacturing Index - This report is one of the few pieces of economic data which Japan releases publically. It is a measure of the health of Japan's manufacturing sector. A reading over 0.0 is a sign that manufacturing is healthy and growing; below 0.0 indicates the opposite. Expectations are for an increase from a reading of 1.0 to 7.0 from the previous release, which could lead to further strengthening of the JPY, and therefore has the potential to provoke the Bank of Japan (BOJ) into further monetary intervention. |
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