Subscribe

feed image

Our FX reports

Adam Solomon's insight into business and corporate FX issues.
Your Questions on foreign exchange sent direct to the professionals.
The Economy News brings you the latest foreign exchange rate news.

FX Latest

Check Exchange Rate


Bank rates source: Exchange Rates

INSIGHT

Insurers challenged by increased wild fire risks
With Russian wildfires grabbing the headlines, the Lloyds of London insurance market warns that...Read more...
Swiss bankers dismisses earning season hype
The Economy News presents an excerpt of an article looking into the hype that is the earning season...Read more...
Defending Woodford's Zimbabwean investment
It is lazy journalism to describe the Zimbabwean economy of 2010 as being one that is in scandalous...Read more...
Forex markets await the stress test
Mark Deans at MoneyCorp gives his morning verdict on the forex markets.Read more...
Standard Chartered warn of increased likelihood of double dip recession
Standard Chartered researchers say premature fiscal tightening could cause double dip recession....Read more...
Home Forex Forex Trading Updates and Views Foreign exchange trading: Latest technicals
Foreign exchange trading: Latest technicals PDF Print E-mail
Written by Will Peters   
Wednesday, 16 June 2010 08:35
A brief look at the technical drivers behind the EUR GBP, EUR JPY, EUR USD and the Australian Dollar for those looking to trade foreign exchange.



EUR GBP trading


EUR GBP has hit a MACD & Triple Moving Average Crossover, according to Delta Index this signals a Buy at 8332 with a Stop 8252, Initial target 8489.

Yesterday sterling pushed higher but struggled to match the pace of the Euro as May CPI came in weaker then expected at 3.2% vs. 3.5% forecast.

EUR GBP broke above 0.8300 as the market rebounded after weeks of selling. Overall the GBP/USD traded with a low of 1.4680 and a high of 1.4839 before closing the day at 1.4800 in the New York session. Looking ahead, May Claimant Count is forecast at 20k vs. 27.1k previously.

EUR JPY trading


The EUR JPY has hit a Triple Moving Average Crossover, suggesting a Buy at 11285, a Stop 10939, Initial target 11973 reports Delta Index the spread betting firm.

The USD JPY pivot point is at 91.70 with a preference to enter Long positions at 91.75 says Easy Forex.

Yesterday we saw that the Yen was once again contained versus the USD but lost ground against all the other currencies with risk appetite surging with equities.

The BOJ held at 0.1% and offered a small new lending facility to try and spur further activity in growth industries. Overall the USDJPY traded with a low of 91.06 and a high of 91.72 before closing the day around 91.40 in the New York session.

The EUR USD trading


Easy Forex say that the EUR USD pivot point is at 1.2275 with a preference to enter into Long positions at 1.2285.

Australian Dollar trading


The talk of the morning is the Australian Dollar.

A foreign exchange report from Westpac has said the AUD USD gains aren't sustainable, with the cross likely to push back to the low-to-mid 80s at some stage.

Foreign exchange traders pushed the AUD USD up to a high of 0.8660 recently from around 0.8500 late yesterday on the heels of strong US equities.

However, Westpac said the reports in the US and Germany overnight were both disappointing, adding that gains weren't driven by fundamentals, more likely a bit of short-covering ahead of the Northern Hemisphere summer.

The Reserve Bank of Australia released the minutes of its most recent meeting, and it appears that monetary tightening is on hold.

The speed of the global economic recovery, not to mention China's attempts to rein in its growth, are producing caution in policymakers.

To look out for


UK Unemployment rate for April expected at 8%

EZ Inflation for May expected at 0.1%

US Housing Starts for May expected at 0.65 mio

US Crude Oil Inventories for the week expected at -1.5 mio.

 
Last Updated ( Wednesday, 16 June 2010 08:40 )