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Home Forex Forex Trading Updates and Views Forex trading: Morning technical roundup
Forex trading: Morning technical roundup PDF Print E-mail
Written by Will Peters   
Wednesday, 23 June 2010 09:15
Easy Forex, Delta Index and Capital Spreads give their technical insight into the forex trading markets.


Dollar trading


Easy Forex, the online forex trading providers say:

"US Dollar Trading (USD) sentiment turned negative as stocks in the US finished very weak and US existing Home Sales dropped to 5.66mn vs. 6.12mn forecast."

Yen Dollar trading


According to the team at Delta Index, JPY USD has seen a MACD Crossover.
"Signal: Buy @ 11076, Stop 10905, Initial target 11408," say Delta.

"The Japanese Yen (JPY) strengthened across the board with risk aversion pushing the crosses and the major lower," say Easy Forex in their morning foreign exchange trading note.

Yesterday USD JPY found support at Y90.30 but is still eying a test of Y90 say Easy Forex.

Euro Trading


Easy Forex say:

"The Euro (EUR) some solid German IFO numbers were over looked and market traded in a very cautious tone testing support at 1.2250. June German IFO rose to 101.8 vs. 101.5 previously.

"EUR CHF finally found support at 1.3580 but the trend is overwhelmingly negative still.

"EUR USD traded with a low of 1.2251 and a high of 1.2356 before closing at 1.2275.

Simon Denham at forex spread betting providers Capital Spreads says:

"For the Euro the pressure seems to have started to revert back to the downside as rallies are getting harder to maintain.

"This said support is at 1.2250/75 and dealers seem nervous of selling below here. If the flow of news becomes even scarcer through the summer months the natural direction may well become a slight drift higher as Euro shorts slowly exit from positions.

"It seems quite some time now since any new information on the sovereign debt situation became available."

"Looking ahead, June Services PMI forecast at 55.9 vs. 56.2 previously and Manufacturing PMI forecast at 55.3 vs. 55.8 previously.

"EUR JPY fell back below Y111 and is close to the key Y110 level. Overall the USDJPY traded with a low of 90.31 and a high of 91.13 before closing the day around 90.50 in the New York session."

Pound Dollar trading

"EUR GBP fell below 0.8300 after the UK budget inspired fresh Pound Strength.

Currency markets are quite flat in the main except for the Pound, which is continuing to gain strength after the Budget speech.

Simon Denham at Capital Spreads says:

"Bulls will be looking for a close above 1.4840 (it is currently at 1.4850) to possibly confirm the move higher.

"As with much that happens around the Pound though, directional moves can be turned on a sixpence through no very good reason that can be noted.

"Resistance was at 1.4840 as mentioned, above here at 1.4865/80 and then at the long-term downward trend line resistance (where we failed last Friday) at 1.4950."
Last Updated ( Wednesday, 23 June 2010 09:20 )