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- Forex Technical Analysis for 08/04—08/08 Week
UR/USD trend: sell.
GBP/USD trend: hold.
USD/JPY trend: hold.
EUR/JPY trend: sell.
Floor Pivot Points Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.5210 1.5363 1.5463 1.5616 1.5716 1.5869 1.5969 GBP/USD 1.9422 1.9575 1.9663 1.9816 1.9904 2.0057 2.0145 USD/JPY 106.09 106.69 107.18 107.78 108.27 108.87 109.36 EUR/JPY 164.05 165.52 166.55 168.02 169.05 170.52 171.55 Woodie’s Pivot Points Pair 2nd Sup 1st Sup Pivot 1st Res 2nd Res EUR/USD 1.5350 1.5438 1.5603 1.5691 1.5856 GBP/USD 1.9575 1.9663 1.9816 1.9904 2.0057 USD/JPY 106.69 107.18 107.78 108.27 108.87 EUR/JPY 165.52 166.55 168.02 169.05 170.52 Camarilla Pivot Points Pair 4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res EUR/USD 1.5425 1.5494 1.5518 1.5541 1.5587 1.5610 1.5634 1.5703 GBP/USD 1.9619 1.9686 1.9708 1.9730 1.9774 1.9796 1.9818 1.9885 USD/JPY 107.08 107.38 107.48 107.58 107.78 107.88 107.98 108.28 EUR/JPY 166.22 166.90 167.13 167.36 167.82 168.05 168.28 168.97
Posted on Forex blog.Fibonacci Retracement Levels Pairs EUR/USD GBP/USD USD/JPY EUR/JPY 100.0% 1.5768 1.9968 108.37 169.48 61.8% 1.5671 1.9876 107.95 168.53 50.0% 1.5642 1.9848 107.83 168.23 38.2% 1.5612 1.9819 107.70 167.94 23.6% 1.5575 1.9784 107.54 167.57 0.0% 1.5515 1.9727 107.28 166.98
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Переслать - Dollar Strengthens Despite Continued Decline in Employment
EUR/USD declined today from 1.5596 to 1.5560. Although the early decline was strong, the U.S. employment report disappointed many traders who bought dollars and it corrected almost a half of its earlier gains. But even after the report dollar is still trading higher against euro than it closed yesterday.
Nonfarm payrolls declined by 51,000 in July — at the same rate as in May (revised up from 62,000 decline). The average forecast was 75,000 decline. Unemployment rate propelled to 5.7% against 5.5% last month and 5.6% forecast for July.
Total public construction spending dropped 0.2% in June compared to May after losing 0.4% in May. The consensus forecast for June was 0.3% decline.
ISM manufacturing index (PMI) went down slightly in July — from 50.2 to 50, but the market analysts expected a much worse decline to 49.2, so the current report can probably be ignored by the Forex participants.
Posted on Forex blog.
Trade with a leading Forex service provider — trade with Ava FX.Переслать - Dollar Slides on Disappointing GDP Data
EUR/USD soared up today immediately after the report on advance GDP figures for the second quarter of 2008 came out in U.S. It disappointed the investors and is currently pressing on the greenback. Employment data also came out much worse than the majority of the traders expected today. EUR/USD is currently trading near 1.5633 level after reaching as high as 1.5700 in early trading after GDP report.
Advance GDP growth in the second quarter of 2008 was reported to be 1.9%. Although it’s better than 1% growth in Q1, it’s much worse than the expected 2.3% growth for the second quarter.
Initial jobless claims were at 448,000 last week — the growth from 404,000 claims a week before. Average forecast for the last week was 395,000.
Chicago PMI rose from 49.6 to 50.8 in July. It was forecast3ed to decline to 49.0 this month. It was the first growth posted by this indicator in last five months.
Posted on Forex blog.
Trade with a leading Forex service provider — trade with Ava FX.Переслать - Dollar Continues to Beat Euro on Forex
EUR/USD continued to fall today after a very sharp decline yesterday. Many traders got surprised by the ADP employment report, which helped to strengthen the dollar, but the greenback gained even before the report release. This is the second day this week when EUR/USD falls. Monday gave some uprise to this currency pair, but it’s nothing compared to the current decline. EUR/USD is currently trading near 1.5542 level.
ADP employment report showed that the nonfarm private employment increased by 9,000 from June to July after having decreased by 79,000 a month ago. The median forecast for the change in June was -60,000 — so, that’s quite a nice surprise for every dollar bull-trader.
Crude oil invetories dropped 0.1 million barrels last week and are in the lower half of the average range for this time of year. Last week they lost almost 1.6 million barrels.
Posted on Forex blog.
Trade with a leading Forex service provider — trade with Ava FX.Переслать
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