EUR/USD   / EUR/AUD   / AUD/USD   /
USD/JPY   / EUR/JPY   / GBP/JPY   /
GBP/USD   / EUR/GBP   / USD/CAD   /
USD/CHF   / EUR/CHF   / All forex charts and rates
Research  >  Forex - Technical research
Friday,  24 December 2010,  07:19 GMT
Forexyard Daily Forex research
Forexyard Research

Source:  Forex News Center
Crude Futures Soar above $91 a Barrel
Crude futures hit a two-year high Thursday, reaching above $91 a barrel as several economic data releases from the U.S offered a brighter economic outlook for the world's largest oil consumer.

Economic News



USD - Dollar Lower in Light, Volatile Trading

The U.S. dollar fell versus most of its counterparts as data released from the U.S. signaled that the American economic recovery is strengthening, raising demand for higher yielding currencies.

Weekly U.S. jobless claims fell by 3,000 to 420,000 last week, a larger drop than expected. Core Durable Goods Orders rose in December while New Home sales showed some recovery in November, despite coming out lower than expected.

The greenback weakened 1% against the New Zealand dollar to 74.72 U.S. cents from 74.02 cents yesterday. The U.S. currency slid 0.5% versus the Australian dollar to $1.0042 from 99.90 cents. The Canadian dollar moved back towards parity with the USD as crude oil futures soared.

The dollar fell 0.8% to 82.92 yen, the weakest since Dec. 14, from 83.57 yen yesterday. It fell to $1.3130 per euro from $1.3100 euro as well.

Trading flows were light Thursday causing a volatile trading session, this trend is likely to continue today and traders are advised to take advantage of the expected market volatility.

EUR - EUR Lower vs. Major Currency Pairs

The EUR stayed in a tight range versus the U.S. dollar Thursday; the common currency remained down for this week, heading toward an 8.5% decline for the year. In June, it fell under $1.20 for the first time since 2006.The euro fell to a record low versus the Swiss franc, reaching a low of 1.2553; however, it has since rebounded slightly, currently trading at 1.2573.

The U.K. pound strengthened versus the EUR and USD after a Greek newspaper reported officials and bankers have decided on a debt restructuring plan to begin after 2013. The GBP rose to 85.04 pence per euro from 85.14 pence yesterday. The sterling gained to $1.5440, from $1.5386 yesterday, when it reached $1.5356, its weakest level since September.

With market volume and liquidity at a quarter of its normal volume, sharp moves in the currency pair may be expected.

JPY - JPY Lower as Economic Outlook Brightens

The yen fell against all of its major peers as prospects of gradual recoveries in the world's largest economies brighten. The yen fell to 109.02 per euro from 108.74 in New York yesterday. Against the dollar it fell 0.2% to 83.06 yen, paring this week's advance.

With very low liquidity, economic indicators drive the direction for the currencies. The Japanese currency, with its near zero interest rate, loses attraction as global growth prospects intensify and it seems less likely Japan will raise interest rates any time soon.

Crude Oil - Crude Futures Rise above $91 per Barrel

Crude Oil futures hit a two-year high Thursday, reaching above $91 a barrel as several economic data releases from the U.S. offered a brighter economic outlook for the world's largest oil consumer. The data, along with the Energy Department's report Wednesday that oil stockpiles fell for the third consecutive week, pushed oil prices to new highs ahead of the Christmas holiday.

Light, sweet crude for February delivery finished the week at $91.51 a barrel on the New York Mercantile Exchange, up $1.03 on the day. It rose to $91.63 earlier in the session, the highest price since October 2008.

With low liquidity and high volatility in the markets ahead of the New Year the next few trading days will be integral in seeing whether oil can hold above the $90 level.

Technical News



EUR/USD

The pair seems to be in a tight range at the moment, trading between $1.3140 and $1.3080, with most indicators in neutral territory. Waiting on a clearer direction for the pair may be advised.

GBP/USD

The pair may see some mild upward movement as a bullish cross can be seen on the 8-hour MACD with the daily RSI heading into the over-sold territory. Going long may be a good option for today.

USD/JPY

The RSI for the pair is floating in the over-sold territory on the 4- and 8-hour charts with a bullish cross evident on the daily chart's Slow Stochastic. Traders may be advised to go long for the day.

USD/CHF

Some upward correction may be seen for the pair today as the RSI is floating in the over-sold territory on the hourly and 8-hour charts, while a bullish cross is seen on the 4-hour chart's Slow Stochastic as well as the 8-hour MACD. Going long for the day may be advised.

The Wild Card



Crude Oil

Oil reached new highs yesterday, topping $91 a barrel; some correction downward may be in store as the RSI for the commodity is floating in the over-bought territory on the 2-, 4- and 8-hour charts, while a breach of the upper Bollinger Band is evident on the daily and 8-hour charts, indicating an imminent downward move. Forex traders may be advised to go short for today.

GMT:
00:51
London:
00:51
Tokyo:
08:51
Sydney:
09:51
New York:
19:51 







 Recent articles:
in Forexyard Daily Forex research
Monday,  28 February 2011,  11:00 GMT
Research  >  Forex - Technical research
Unrest in Libya Boosts Crude Oil to $99.90; Non-Farm Payrolls Week Begins

Last week's most notable trends were the bullish Japanese yen and crude oil. Both trends took place in response to the rising violence in Libya, which has by now cut two thirds of its oil supply. While the Libyan turmoil is likely to affect this week's session as well, another significant news event will have a large impact on the market; the U.
Thursday,  24 February 2011,  12:40 GMT
Research  >  Forex - Technical research
US Dollar Tumbles as Investors Turn to Riskier Assets

The US dollar slid against the euro following a rally in global equity markets. The rally prompted investors to turn to higher yielding riskier assets and away from the USD. With recent market optimism, traders may continue to see a small downward trend in the dollar as its positions are unwound in exchange for higher yielding assets.
Wednesday,  23 February 2011,  11:22 GMT
Research  >  Forex - Technical research
NZD Sees Slight Correction in Overnight Session

Following yesterday's devastating earthquake in New Zealand, the NZD/USD dropped close to 200 pips, reaching as low as 0.7430 before staging a slight correction in the Asian session. The pair is currently trading just above the 0.
Tuesday,  22 February 2011,  14:15 GMT
Research  >  Forex - Technical research
Crude Oil Soars on Middle East Risk Premium

Spot crude oil prices rose to their highest level of the year following further violence in Libya and Yemen, as well as protests in Iran. As unrest spreads, crude oil and the US dollar look to benefit from further geopolitical risk aversion.
Monday,  21 February 2011,  07:36 GMT
Research  >  Forex - Technical research
Will the Euro's Rally Continue?

Last week, one of the most notable trends in the market was the bullish euro. By Friday, the euro was once again boosted on speculation that the ECB will hike interest rates in February. Today, several economic releases are expected from the euro-zone.

in other categories
Monday,  17 February 2014,  06:42 GMT
Research  >  Forex - Technical research
Daily Forex and Dow Jones recommended levels
Technical Trading

February 17, 201 4 GMT 06:31 EUR/USD Today’s support: - 1.3677 and 1. 3663 (main), where correction is possible. Break would give 1.
Friday,  14 February 2014,  05:18 GMT
Research  >  Forex - Trading signals, forecasts and strategy
Daily Forex and DowJones recommended levels
Technical Trading

February 14, 201 4 GMT 05:10 EUR/USD Today’s support: - 1.3633, 1.3618 and 1. 3590 (main), where correction is possible. Break would give 1.
Thursday,  13 February 2014,  05:37 GMT
Research  >  Forex - Trading signals, forecasts and strategy
Daily Forex and Dow Jones recommended levels
Technical Trading

February 13, 201 4 GMT 05:18 EUR/USD Today’s support: - 1. 3590 (main), where correction is possible. Break would give 1. 3567 , where correction also may be.
Tuesday,  11 February 2014,  06:23 GMT
Research  >  Forex - Trading signals, forecasts and strategy
Daily Forex and Dow Jones recommended levels
Technical Trading

February 11, 201 4 GMT 06:18 EUR/USD Today’s support: -  1. 3622 and 1. 3590 (main), where correction is possible.
Wednesday,  29 January 2014,  06:23 GMT
Research  >  Forex - Technical research
Forex and Dow Jones recommended levels
Technical Trading

January 29 , 201 4 GMT 06:17 EUR/USD Today’s support: - 1.3635 and 1.3614(main), where correction is possible. Break would give 1.

 


About ForexHelp.com Media Kit! Advertise with us! Partnership Contact us
Copyright © 2001-2008 ForexHelp.com. All Rights Reserved.