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Apr
26
Forex Newsletter - 26 / 04 /2011
Announcements, Forex Trading, Liberty Reserve, Forex
Coming Up Today (all times GMT)
Overnight, the Chinese authorities announced a new increase in capital reserve required at the country’s five biggest banks. This new decision is aimed at limiting the expansion of credit in order to fight the acceleration of inflation pressures. In reaction, Asian equities declined and investors flock to the yen which strengthened up to ¥81.60 per one dollar. Technical wise, the USDJPY pair is capped by a negative trend line, with ¥82.00 seen as a major resistance level.
USDJPY Support/Resistance: 81.50 / 82.00
EURJPY Support/Resistance: 118.40 / 119.40
EURUSD
Demand for the euro remained weak yesterday, as all European markets stayed closed for Good Monday. All market participants are waiting for tomorrow’s FOMC statement to update their interest rate expectations for the rest of the year. Their main focus will be to know how the Federal Reserve will conduct the transition period between the end of QE2 (expected in June) and the start of its tightening cycle (scheduled later this year). The longer the transition period will be, the less attractive the US dollar will become.
EURUSD Support/Resistance: 1.4480/1.4590
GBPUSD
The market is waiting to see tomorrow encouraging GDP numbers, after the contraction in activity reported the last quarter. In the meantime, the GBPUSD pair is supported by the $1.6430 support, which represents the 38.2% retracement level of the move from $1.6160 to $1.6600.
GBPUSD Support/Resistance: 1.6430 / 1.6550
EURGBP Support/Resistance: 0.8800 / 0.8860
- USD - Conference Board Consumer Confidence (14:00)
- AUD - March CPI (01:30)
Overnight, the Chinese authorities announced a new increase in capital reserve required at the country’s five biggest banks. This new decision is aimed at limiting the expansion of credit in order to fight the acceleration of inflation pressures. In reaction, Asian equities declined and investors flock to the yen which strengthened up to ¥81.60 per one dollar. Technical wise, the USDJPY pair is capped by a negative trend line, with ¥82.00 seen as a major resistance level.
USDJPY Support/Resistance: 81.50 / 82.00
EURJPY Support/Resistance: 118.40 / 119.40
EURUSD
Demand for the euro remained weak yesterday, as all European markets stayed closed for Good Monday. All market participants are waiting for tomorrow’s FOMC statement to update their interest rate expectations for the rest of the year. Their main focus will be to know how the Federal Reserve will conduct the transition period between the end of QE2 (expected in June) and the start of its tightening cycle (scheduled later this year). The longer the transition period will be, the less attractive the US dollar will become.
EURUSD Support/Resistance: 1.4480/1.4590
GBPUSD
The market is waiting to see tomorrow encouraging GDP numbers, after the contraction in activity reported the last quarter. In the meantime, the GBPUSD pair is supported by the $1.6430 support, which represents the 38.2% retracement level of the move from $1.6160 to $1.6600.
GBPUSD Support/Resistance: 1.6430 / 1.6550
EURGBP Support/Resistance: 0.8800 / 0.8860
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