Outlook in GBP/USD remains unchanged. Even though upside momentum in GBP/USD is diminishing mildly, intraday bias remains on the upside with 1.5547 minor support intact. Current rise from 1.4230 is still expected to towards 61.8% retracement of 1.7043 to 1.4230 at 1.5968 next. On the downside, below 1.5547 minor support
Friday, July 30, 2010
GBP/USD Mid-Day Outlook
Tuesday, July 27, 2010
US Housing Prices Surprise on Upside
The S&P/Case-Shiller house price index showed housing prices climbing in May, but there are concerns that seasonal factors and the residual influence of the government's home buyers tax credit are boosting the numbers prior to a fall off in the second half of the year. Demand for homes has fallen
Afternoon Forex Overview
The euro surrendered an 11-week high against the dollar after better-than-expected U.S. home-prices data helped the greenback recoup some its earlier losses. The S&P/Case-Shiller home price index for 20 major U.S. cities rose 4.6% in May versus year ago, beating analysts' expectations for a 4.1% rise. The data sent the
Monday, July 26, 2010
New York Session Recap
Today's price action was very typical of a Monday during the Mid-Summer; mostly range-bound outside of any major news announcements. Traders took the +23.6% headline U.S. June New Home Sales Number (MoM) and ran. EUR/USD rallied from 1.2940 to test the psychological 1.3000 level, EUR/JPY went from 112.70 to a
EUR/USD Ascends within Uptrend
Price action on EUR/USD (a 4-hour chart of which is shown) as of Monday (7/26/2010) has ascended to reach for key resistance around 1.3026, which represents the top of a shooting star candle that established the 2-month high for the pair just last week. This occurs within the context of
Investors Weigh The Results Of The Stress Tests
After a period of f waiting and speculation, the stress results are out and were generally at the upper end of the projections. The results were the sign the market needed. No one can argue that the results confirmed the resilience of the European banking sector.
The European stress tests carried on banks representing 65% of the total banking sector in Europe showed a strong sector. Only seven banks failed to pass the test. Those banks will need to raise 3.5 billion euros of capital, which is also far less than the average expected by analysts.
FX Thoughts for the Day
Cable is currently trading above the 21 Month MA (1.5480). Please note that 1.5480-560 is a very strong Resistance region for the pair and we see less chances of a break above this region in the coming sessions over tody and tomorrow. While below 1.5560, the pair may come down
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