FOREXYARD: Forex News Blog

---

AUD/USD Targets the 0.9400 Level Posted: 13 Sep 2010 12:53 AM PDT The AUD/USD pair continues its bullish trend with full steam. Recently, after peaking at the 0.9200 level, the pair saw a technical correction which took the pair as low as the 0.8775 level. However the pair promptly resumed the bullish trend, and is currently aiming the 0.9400 level. • The chart below is the AUD/USD daily chart by ForexYard. • The chart shows that the pair has gained about 1,300 pips in the last 4 months and approximately 600 pips during the past 3 weeks. • Both the Slow Stochastic and the MACD have completed a bullish cross lately, suggesting that the bullish move has more room to go. • The pair is currently testing the 0.9325 resistance level. If the pair will manage to breach this level, it has potential to reach the 0.9400 level. • The next target after reaching the 0.9400 level might be the 0.9520 level. • The next support levels are the 0.9265 and the 0.9200 levels.

EUR Higher on Optimistic Chinese Growth Forecast Posted: 12 Sep 2010 11:16 PM PDT After closing last week on a high note, riskier currencies like the euro and Canadian dollar continued to make gains in overnight trading. Analysts attribute this to recent Chinese economic expansion which has renewed some confidence in the global economic recovery. Today, traders will want to pay attention to several key pieces of news which are likely to dictate market direction. Here is a roundup of today’s main news events: Tentative: EUR – ECB President Trichet Speaks While an exact time for the ECB president’s speech has not yet been released, traders will want to watch out for market fluctuations when it occurs. Before its most recent gains, the euro slid against most of its main currency rivals early last week. Whether or not the euro continues to move up in the market place will likely depend on the tone of Trichet’s speech today. A positive outlook on the pace of the European economic recovery will likely cause the euro to maintain its bullish trend, while a more tempered forecast may lead to a drop in value for the currency. 22:45 GMT: NZD – Retail Sales This Retail Sales figure is the primary gauge of consumer spending in New Zealand, and is considered one of the key indicators of overall economic health. Traders will want to pay close attention to the final figure, as it continuously leads to volatility for kiwi pairs. Following the most recent return to risk taking, the New Zealand dollar has made some fairly substantial gains against both the USD and yen. This may change in evening trading, as analysts are forecasting a significant decrease in the Retail Sales figure from last month. Should the figure come in at its predicted figure of 0.0%, the NZD will likely drop.

You are subscribed to email updates from Forex Trading Education : Forex Trading Blog by FOREXYARD To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610