Economic Analysis
The USD
A sharp decline of the U.S. dollar
Fluctuated movement of the U.S. dollar against major currencies yesterday after the announcement of the decision that the Fed will keep interest rates at their current low levels in the near future. Investors have interpreted this statement as a signal that the U.S. economic recovery still has a way to walk in it, and have sold the U.S. currency as a result. The EUR / USD highs yesterday at 1.3720 before he suffered a slight downward correction. The pair is trading at the moment around the 1.3700 level. The USD / JPY fell more than 40 points last night and is currently trading at 82.15.
Today, the group may be expected U.S. economic data today as downward pressure on the dollar. At 13:30 GMT, traders will focus on core durable goods orders and weekly rates of U.S. Unemployment Claims, while at 15:00 will be announced sales of homes that have not finished the process built. It is known that all these indicators result in higher rates of price volatility in the market, it is expected that all come low readings.
If today's economic data came low readings as expected, for traders caution that the EUR / USD could test the 1.3785 resistance level. At the same time, it would be difficult to predict what will come by the weekly jobless claims. But if this report reads less than expected at 407 thousand, the U.S. dollar may see short-term gains in the afternoon.
The EUR
Conflicts of trading the euro against major currencies
Although the euro has seen steady gains against the U.S. dollar yesterday, but it has seen a downward trend against the British pound and the Japanese yen. The EUR / GBP by 60 points on S and is currently trading around the 0.8605 level. The euro / yen has dropped by more than 40 points yesterday before witnessing a slight correction. At present, the pair is trading around the 112.50 level.
Analysts have attributed the conflicting movement of the euro to predictions that the euro zone may raise interest rates from their own by the United States of America. At the same time, confirmed to the British monetary policy committee on the positive outlook for the growth rate of the British economy, which has resulted in increases in the pound.
Today, traders will focus on the core data with leaders from America. Following forecasts refer to the decline of many reports of several sectors of the U.S. economy. And if so the euro may get more support against the greenback. Analysts expect at this time to test the EUR / USD 1.3785 resistance level before the end of the day.
Japanese Yen JPY
Japanese Yen recorded strong gains negotiated the dollar and the euro
The Japanese yen saw a positive session against most major currencies. Having recorded the highest level at 82.60 yesterday, saw the dollar / yen downward correction is currently trading around the 82.15 level. Has seen the euro / yen downward movement similar to last night, down by more than 40 points before the movement upward correction is very small. At the moment the pair is located at the 112.55 level.
Expected to increase Yen gains today, on the assumption that U.S. data to be announced today will come as low as is her expectation. Are likely to result in negative data from the U.S. to decline in the attractiveness of the U.S. dollar as a safe haven while potentially high yen.
Today, traders will want to pay attention directed to the minutes of a meeting of the Monetary Policy Committee of the Bank of Japan to be released at 23:50 GMT. If stated in this statement any forecasts a high rate of growth in the Japanese economy may lead to further upward movement n the yen.
Crude Oil Crude Oil
Oil prices remain above $ 87 a barrel
Crude oil received continuous support yesterday, as pay Item investors to rise after the last speech of U.S. President Barack Obama. Oil prices rose from $ 86.18 yesterday until it reached its highest price of $ 87.75 before that there will be slight downward true. At present, crude oil is trading at $ 87.37 a barrel.
Today, traders will want to pay attention directed to the basic economic indicators which will be announced n America. Expected at the moment the U.S. dollar's decline after the announcement of economic data today. It is worth noting that oil prices rise when the dollar is in a downward direction, as investors see this item as an alternative investment to the U.S. currency. If oil gets support today, it is likely to test the resistance level of $ 88.00.
Technical Analysis
EUR / USD EUR / USD
All technical indicators over the long term to the pair floating in the overbought territory, indicating that the occupier that there will be a downward correction today. Formed a bearish cross on the Slow Stochastic on the daily chart, while Williams Range is the daily chart for eight hours at -5. Traders are advised to go short today.
GBP / USD GBP / USD
Shows through most of the technical indicators that the pair floating in neutral territory at the moment, in spite of the presence of signals on the daily chart indicates that the pair approaching overbought territory. But overall traders are advised to wait for the day, where the likely emergence of a clearer sign later in the day.
U.S. dollar / Japanese Yen USD / JPY
Set both the RSI and the Williams daily chart for eight hours in the oversold territory, indicating that an upward correction is possible today. Traders are advised to open long positions before the break-up.
U.S. Dollar / Swiss Franc USD / CHF
A bullish cross on the Slow Stochastic on the chart for eight hours to a possible upward movement. Moreover, the Relative Strength Index on the daily chart is in oversold territory. It may be long with tight stops might be the best strategy today.
Wild Card
Canadian Dollar / Swiss Franc CAD / CHF
Williams Range is daily on the daily chart is oversold and descended to the top, indicating that it is the occupier to be the next move for the pair is bullish. This theory is supported by a bullish cross on the Slow Stochastic on the chart for eight hours. Now may be an excellent time for forex traders to enter into long positions on this pair before the break-up occurs.
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