Forex: USD/CAD finds support in 1.0520

Fri, Sep 3 2010, 07:05 GMT

The USD/CAD came off daily highs near 1.0550 over the Asian Pacific, dropping around 30 pips where it found firm support at a low of 1.0520. The pair has since been able to recover back to even on the day, where it trades around 1.0540.

The market has been moving in a rather tight range today on low volume, as traders await the monthly US non-farm payrolls report. Still, risk appetite remains slightly elevated on strong fundamentals over the past few days, including manufacturing expansion in the US and China and the dip in US jobless claims seen yesterday.

Looking ahead, Peter Rosenstreich of ACM notes: “with no major surprises expected from the Euro-zone Retail Sales reading, currency markets will remain focused on the jobs number and should remain in a range bound pattern in the build up to this release.”

Forex: GBP/USD, picks up from 1.5350, trading above 1.5400

Fri, Sep 3 2010, 06:48 GMT

Pound's rejection from 1.5490 high on Wednesday, was contained at 1.5350 on Thursday, and the pair picked up on Asian session, trading at levels right above 1.5400 ahead of European opening. O n the overall, the GBP/USD remains trading sideways in a range roughly between 1.5325/50 and 1.5550.

Resistance levels lie at1.5450/60 (Sept 2 high/intra-day level), and above here, 1.5490 (Sept 1 high) and 1.5575 (Aug 30 high). On the downside, support levels lie at 1.5350 (Sept 2 low), and below here, 1.525 (Sept 1 low) and 1.5270 (Daily pivot point S2).

GBP/JPY retreat from 133.65 high on Monday, found support at 2-month low 128.65, and with the upside capped at 130.90, the pair eased, to consolidate between 129.15 to 130.00 area during Friday's Asian session.

Forex: EUR/USD moves marginally in Asia ahead of NFP

Fri, Sep 3 2010, 04:46 GMT

A quiet session in Asia, with most majors moving in horizontal pattern as investors remain cautious squaring/reducing positions ahead of the non-farm payrolls due later today.

EUR/USD is trading in a narrow range of 1.2800-50 since the NY session yesterday; this range has narrowed somehow in Asia and the pair has been moving between the 1.2810 zone and 1.2835 within the last 8 hours. Current price: 1.2820.

The Pound has managed to gain a few pips across the board but all moves have been tiny. GBP/USD reached an intra session high at 1.5425 although it is currently trading at 1.5413, 0.10% above its last close, while EUR/GBP retreated toward the 0.8310 zone where it is 0.17% lower since opening.

Forex: AUD/USD gives up 0.9100 in Asia

Fri, Sep 3 2010, 00:25 GMT

After the Aussie spiked up from 0.8900 to 0.9114 on Wednesday, biggest daily gain for over 2 months, the pair eased down to set Thursday's low at 0.9054, yet a firm push back up sent the price to 0.9120 before NY close, hitting a new 3-week high.

In Asia, the Aussie failed to hold above 0.9100 and edged down to 0.9085, as investor saw an opportunity to correct the predominant short term uptrend as the AiG report, at 47.5 vs 50 exp., suggested “activity in Australia's service sector contracted for a 4th consecutive month in August with employment turning lower even as sales picked up” said Wayne Cole at Reuters.

From a technical perspective, the FXMarketAlerts Team said: “Leveling off at the .9117/22 highs though price action still supportive of more upside scope. Support is at .9075/80 then .9055 and .9032 area. Would take pullback under the latter to turn bias lower. Above the .9117/22 highs see next resistance at .9145/50 and .9165.”.

Forex: GBP/USD: Daily close above 9-day MA would add bullish pressure - Mizuho

Wed, Sep 1 2010, 07:17 GMT

The Pound sold off during the firs two day's of the week to find support at Fibonacci retracement level, according to Nicole Elliot, senior technical analyst at Mizuho Corporate Bank, who observes 9-day Moving Average an important level to confirm recovery.

A daily close above the 9-day MA would add bullish pressure to the pair, according to Elliott: "A daily close above the 9-day average might help bullish momentum higher, a necessary step as futures open interest is at the higher end of the norm of the last five years."

Concerning trading strategy Elliott advices to enter longs at 1.5415 level: "Attempt longs at 1.5415; stop below 1.5300. First target 1.5500, then

Forex: USD/CAD easing towards 1.0610

Wed, Sep 1 2010, 07:08 GMT

The Canadian dollar is steadily strengthening against the greenback Wednesday, as crude futures recover slightly from yesterday’s late-day selloff. With the Asian Pacific session wrapping up, the USD/CAD trades near daily low in 1.0612 where it shows bearish momentum with a daily loss of 0.30% so far.

“The Hourly Oscillators are Turning Bearish and the Price is Above the MA, so the Bulls have to be CAUTIOUS” advises the Rajoo C of PreciseTraders.com. He continues: “The Hourly Trend has been in a Range Trading but the Bulls need to crack 10675 for further gains ,10605-10570 are the Critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the Horizontal Channel and the Patterns are suggesting a Choppy session with a potential to Break Lower.”

Forex: USD/JPY consolidating losses, upside limited below 84.60

Wed, Sep 1 2010, 06:52 GMT

The Dollar is consolidating gains right above 15-year low -83.60-, following an aggressive retreat on Monday from 85.90 low, which found support at 83.80/95 area, to consolidate, during the latest sessions with upside attempts capped below 84.60.

Immediate support lies at 83.80 (Aug 13 low), and below here, 83.60 (Aug 24 low) and 83.35 (Daily Pivot Point S2). On the upside, the pair remains capped below 84.60/65 (session high/Aug 31 high), with next resistance levels, above here, at 84.85 (intra-day level) and 85.90 (Aug 30 low).

EUR/JPY retreat from 109.55 high on Monday was contained at 106.15 low on Tuesday, and the pair has been consolidating during US and Wednesday's Asian session, trading between the mentioned 106.15 and 107.75 on the upside.

Forex: EUR/USD bounces off 1.2660; breaks above 1.2700

Wed, Sep 1 2010, 04:39 GMT

The European common currency is rising in Asia on renewed optimism that followed the Australian economic growth accelerating more than estimated.

After testing the strong support at the 1.2660 zone, EUR/USD bounced on an improved sentiment and has recovered more than 40 pips so far. The pair reached a fresh daily high at 1.2708, and at the moment of writing is quoting at 1.2703, 0.18% above its NY closing price.

Against the Japanese Yen, the Euro rose over 80 pips from its intra session low at 106.55 and went as high as 107.40 during the Asian session. Currently EUR/JPY is trading slightly lower at the 107.10 area where it is 0.25% higher since Wednesday's opening.

Forex: GBP/USD recovery capped below 1.5600 area

Mon, Aug 30 2010, 06:38 GMT

Pound's recovery from 1.5370 low on August 24 was capped last Thursday at 1.5600 resistance level, and after a spiked down on Friday to 1.5440 low, the pair has remained since trading roughly in a range between 1.5500 and 1.5550.

Immediate resistance, at the moment lies at 1.5550/55 (session high), and above here, 1.5600/20 (Aug 26/23 high) and 1.5705/15 (Aug 16/12 highs). On the downside, immediate support lies at 1.5495/00 (intra-day support/session low), and below here, 1.5440 (Aug 27 low) and 1.5370 (Aug 23 low).

GBP/JPY recovery from 128.75 extended slightly higher on early Asian session, and the pair regained all the ground lost on Aug 23 and 24, reaching 133.65 before pulling down to session low right below 132.000 ahead of the Frankfurt opening.

Forex: USD/JPY rejected at 85.90, plunges to 85.00 area

Mon, Aug 30 2010, 06:25 GMT

Dollar recovery from 15-year low at 83.60 on August 24 extended higher on early Asian session, and the pair reached 85.90 high where sellers came in sending the pair about 80 pips lower, to trade at 85.05 area ahead of then European session opening.

On the downside, the pair might find support at 84.80/90 (Intra-day level/Aug 26 high), and below here, 84.70 (Aug 11 low) and 84.55 (intra-day level). On the upside, imme4diate resistance lies at 85.90 (session high) and above here, 86.25/40 (Aug 9/13 highs) and 86.85 (Aug 2 high).

EUR/JPY recovery from Aug 24 low at 105.40 extended higher on Asian opening, and the pair reached 109.55, although the pair reversed sharply, giving away about 75 pips, drooping to 108.25 area.