Market News
16.10.2009 Forex: EUR/USD: Euro retreats to 1.4840 session low
FXstreet.com (Barcelona) - The Euro continues retreating from 1.4965 year to date high, breaking below sesson low at 1.4885 to hit a fresh low ar 1.4845; right bove Oct 14 and 15 low at 1.4835/40 area.
At the moment, the Euro trades at 1.4865,with mentioned 1.4835/45 support at sight (Oct 14/15 low), and below here, 1.4810 and 1.4790/00. On the upside, above 1.4900 the Euro might find resistance at 1.4925/30 and above here, 1.4965 (Oct 15/Intra-day high) and 1.4980 (Aug 13 08 high).
According to the ecPulse.com analysis team, if the Euro holds above 1.4820, the pair could reach levels above 1.51: "Our morning expectations remain as is, where we await the pair to rebound after touching the mentioned support level and target 1.5100. It is important that 1.4820 remains intact to keep the upside trend valid."
16.10.2009 USD/JPY: Dollar testing 91.30 session high
FXstreet.com (Barcelona) - Dollar pullback from 91.30 during Early European session has hold above 90.95 area and the pair has returned BACK to the upside to test 91.30 again.
In case of breaking about here, next resistance levels could come at 91.55/75 and, above here 92.10 and 92.55. On the downside support levels lie at 90.50, and below here, 90.25 and 90.00.
The Dollar maintains its bullish mood and, according to the ecPulse.com analysis team, it could reach levels above 92.00: "We still expect more bullish movement over an intraday basis where its first target is represented by 92.80 – 93.30. It is essential that the four hour close remain above 90.40 to maintain this expected bullish move."
16.10.2009 Forex: USD/CAD jumps to test 1.0400 after the Canadian CPI
FXstreet.com (Barcelona) - The Greenback has jumped against the Canadian dollar in the minutes following the September Consumer Price index in Canada. USD/CAD has risen around 100 pips rom 1.0310 to test 1.0400 level. Currently the pair is trading around 1.0380/90, 0.80% above today0s opening price action.
USD/CAD has been trading in a range between 1.0290 and 1.0350 during today's, Asian and European, session.
Canadian CPI declined 0.9% year on year in September, the fourth consecutive decline, weighed by loewer energy prices, while the Core CPI rose at a 1.5% annual pace. Month on Month, CPI has remained flat, while the core CPI rose 0.3%.
TJ Marta, analyst at The Overnight Express, comments: "Rebounding off low since Jul ’08. USD/CAD (1.0339) is narrowly mixed overnight, consolidating after the sharp rebound yesterday after the cross reached a new low since Jul ’08. Support lies at 1.0207 (Oct 15 low) and then parity. Resistance lies at 1.0592 (Sep low), 1.10 (psychological) and then 1.1125 (Aug high). In terms of other assets correlating with USD/CAD, watch the CRB, crude oil (both negative), USD index (positive) and SPX (negative)."
16.10.2009 Forex: EUR/USD: Euro, testing 1.4885 session low
FXstreet.com (Barcelona) - The Euro is softening somewhat against the Dollar, and retreat from year to date high at 1.4965 has edged down below 1.4885 session low.
Incase of consolidation below 1.4885/90 area, the Euro mightrt find support at 1.4835/45 (Oct 14/15 high) and 1.4810. On the upside, initial resistance remains at 1.4925/30 and above here, 1.4965 (Oct 15/Intra-day high) and 1.4980 (Aug 13 08 high).
The Swiss e Trade Strategy Team points out to the double top at 1.4965: "We see first support at 1.4840 and more substantial support at 1.4650. An important technical factor to note is the double top at 1.4967 seen on the daily charts. If this top holds in today's trading, then we see prices falling to first support at 1.4840 and possibly further."
16.10.2009 Forex: EUR/USD: Euro trapped around 1.4900
FXstreet.com (Barcelona) - Euro - Dollar rally has been capped at 1.4965 fresh 14 month high, which has withstood two attacks in the last two days, and the pair has eased to levels around 1.4900, trapped between 1.4880 and 1.4925/30, where the 20 and 50 hour SMA stand.
Greg Holden, technical analyst at ForexYard warns about a bearish cross on daily charts: "Here is a fresh bearish cross forming on the daily chart's Slow Stochastic indicating a bearish correction might take place in the nearest future. The downward direction on the 4-hour chart's Momentum oscillator also supports this notion."
At the moment, teh Euro trades at 1.4910 with next support levels at 1.4885.90, and below here, nextt support levels are 1.4835/45 (Oct 14/15 high) and 1.4810. On the upside resiistance area lies ar 1.4825/30 and above here, 1.4965 (Oct 15/Intra-day high) and 1.4980 (Aug 13 08 high).
16.10.2009 Forex: AUD/USD: Aussie eases from 0.9270 high to 0.9200
FXstreet.com (Barcelona) - Australian Dollar has continued trading upwards, and from 0.9150 loew on Thursday, the pair has rallied to a fresh 2009 high at 0.9270 before pulling back to levels around 0.9200 at the moment of writing.
According to Rajoo C, technical analyst at Precise Trader, the Aussie is bullish on Daily charts, sidelined on hourly studies: "Hourly Trend is Sideways Up while 9125 holds and Daily Trend is Up while 8960 holds, so expect the price to make Higher Highs but the Upside may be limited."
Concerning hourly studies, Rajoo C, observes the possibility of a reversal on the pair's bias: "The Price on the Hourly is creeping higher expect the price to be choppy with a potential to reverse soon , the price should not trade below 9150-9125 to maintain the bullish outlook."
16.10.2009 Forex: EUR/USD falls to test 1.4900 after testing YTD high 1.4970
FXstreet.com (Barcelona) - Euro has been unable to break 1.4970 resistance today's early Asian session and, after testing yesterday's high at this level, pair has begun to fall during the Asian and early European morning to falls below 1.4900 level. Currently the pair is trading around 1.4885/95, 0.30% below today's opening price action at 1.4937.
Carol Harmer, analyst at Charmer Charts.com, comments: "Eur/Usd has a toping pattern on the hourly charts at 1.4970 and unless the market can climb and hold back above this resistance then you are going to see a day of declines with 1.4845/40 the immediate short term objective."
In the long-term forecast, Rob Booker, founder of TraderRadio.net, expects the EUR/USD falling to 1.3500 level: ""Currently the EUR/USD is trading approximately at 1.4900, my prediction is that Euro will fall to 1.35, maybe 1.40 in the last months of the present year".
16.10.2009 Forex: USD/JPY: Dollar breaks above 91.00
FXstreet.com (Barcelona) - The Dollar has climbed further during the European trading time breaking above 91.00 to extend rally from 88.80 low in October 14 to session low at 91.30 so far.
Current rally is corrective in nature, and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair coud be capped around 91.75: "Undoubtedly a corrective move, but it suggests we will hold above 88.00 for the rest of this month. We still feel we shall form an interim high somewhere below first Fibonacci retracement at 91.75."
Resistance levels, according to Elliott, lie at 91.55/75 and, above here 92.10 and 92.55. On the downside support lecvels lie at 90-50, and below here, 90.25 and 90.00.
