Fundamental

Technical

Futures

Central Banks

Forex Brokers

Trading Tools


Crosses


  

Japanese market holiday exaggerate moves. Euro eyes 1.50 level. Markets move on ECB official comments

By:   Easy Forex
  • 11-26-2007
0
votes
 
View Comments (0)
Previous Analysis | Next Analysis
Text Size
Print
Email
Add a Comment

U.S. Dollar Trading (USD) was generally weaker in a shortened session in New York as a Japanese market holiday and thin volumes exacerbated currency moves. The USD was initially at record lows against the Euro and the Swiss Franc before pairing back most of its losses towards the end of day’s trading. In U.S. share markets the NASDAQ was up by 34 points (+1.34%) whilst the Dow Jones also climbed by 181.84 (+1.42%). Crude oil climbed again towards the important USD$100 mark, rising by US$1.01 a barrel to US$98.30.   

The Euro (EUR) again made a record high against the US dollar but was unable to sustain newly reached levels as ECB Governing Council member Ordonez said that he saw a greater-than-expected economic slowdown in the Euro zone and that there was not enough data to dispel uncertainty about the effects of the financial market turmoil. Overall the EURUSD traded with a low of 1.4775 and a high of 1.4930 before closing the day at 1.4830. ECB President Trichet and various ECB officials are scheduled to speak today.

The Japanese Yen (JPY) enjoyed a market holiday on Friday causing thin trading conditions during the Asian session. Overall the USDJPY traded with a low of 107.55 and a high of 108.50 before closing the day at 108.10. 

The Sterling (GBP) tracked the Euro in Friday trade. Overall the GBPUSD traded with a low of 2.0561 and a high of 2.0762 before closing the session at 2.0585. Looking ahead, Nationwide House Prices are due for release today.

The Australian Dollar (AUD) also tracked moves in the EUR coupled with uncertainty over the election result on the weekend. Labor won the election, ending an 11 year reign by the Liberal party. The AUDUSD traded with a low of 0.8687 and a high of 0.8778 before closing the day at 0.8748.

Gold (XAU) moved strongly higher as base and precious metals in general were bought up as a response to a stronger oil price. Gold finished the day up US$26.10 an ounce to US$824.70.
 
TECHNICAL COMMENTARY

CurrencySup 2Sup 1SpotRes 1Res 2
EUR/USD1.46361.47761.48251.49681.5000
USD/JPY107.00107.56108.30109.98110.58
GBP/USD2.04572.05192.06102.07612.0846
AUD/USD0.86060.86540.88150.89970.9073
XAU/USD771.50773.00824.00845.80846.45

Euro – 1.4825
Initial support at 1.4776 (Nov 21 low) followed by 1.4636 (Nov 20 low). Initial resistance is now located at 1.4968 (Nov 23 trend high) followed by 1.5 (Psychological resistance).
 
Yen – 108.30
Initial support is located at 107.56 (Nov 23 trend low) followed by 107.00 (Round number support). Initial resistance is now at 109.98 (Nov 21 high) followed by 110.58 (Nov 20 high)
 
Pound – 2.0610
Initial support at 2.0519 (Nov 23 low) followed by 2.0457 (Nov 20 low). Initial resistance is now at 2.0761 (Nov 23 high) followed by 2.0846 (Nov 14 high)
 
Australian Dollar – 0.8815
Initial support a 0.8654 (Nov 21 low) followed by 0.8606 (Sep 21 low). Initial resistance is now at 0.8997 (Nov 19 high) followed by 0.9073 (Nov 14 high)
 
Gold – 824
Initial support at 773.00 (Nov 20 low) followed by 771.50 (Oct 19 low). Initial resistance is now at 845.8 (Nov 7 trend high) followed by 846.45 (November open + (October range*0.618))


Share:
Digg
Del.icio.us
Add to Mixx! Mixx it!
 Reddit!
 Wikio
Next Analysis: Expecting EUR/USD at 1.50 this week
Content Provided by:
Easy Forex
Easy-Forex™ Trading Platform, founded by a group of bankers, Forex and Internet experts, offers Forex traders direct access to the global currency markets. Easy-Forex™ revolutionary Online FX trading platform is the first online FX trading system allowing clients to deal Forex as a ...

DISCLAIMER:
Easy-Forex makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. Therefore you should consider whether these products are appropriate in view of your objectives, financial situation and needs as well as considering the risks associated in dealing with those products Risk Disclaimer: The risk disclaimer is meant to inform the user of the potential financial risks of engaging in foreign exchange trading. The transaction of such financial instruments known as forex, fx, currency, and dealt on a valued basis known as 'spot' or 'forward' 'Day Trading' and 'option', can contain a substantial degree of risk. Before deciding to undertake such transactions with Advanced currency markets Easy-Forex LTD (herewith expressed as Easy-Forex) and indeed any other firm offering similar services, a user should carefully evaluate whether his/her financial situation is appropriate. Trading foreign exchange may result in substantial loss of funds and/or complete loss of funds and therefore should only be undertaken with risk capital. The definition of risk capital is funds that are not necessary to the survival or well being of the user. Easy-Forex strongly recommends that a user considering trading foreign exchange products read through all the main topics contained in the Easy-Forex website so that he/she may obtain a clear and accurate understanding of the risks inherent to fx trading. Opinions and analysis on potential expected market movements contained within the Easy-Forex website are not to be considered necessarily precise or timely and due to the public nature of the internet, Easy-Forex cannot at any time guarantee the accuracy of such information. Trading on-line, no matter how convenient or efficient it may be, does not necessarily reduce the risks associated with foreign exchange trading, and Easy-Forex does not accept any responsibility towards any customer, member or third party, acting on such information contained on the web site as to the accuracy or delay of information such as quotations, news and charts derived from quotations.


Comments
Add a Comment
Title:
Your Opinion:
Become a member and get 6 free Forex courses by Online Trading Academy!
 

 
  • Chart
 

 
  • Survey

What is your favorite platform?

ICTS
Meta Trader
Ninja Trader
Trade Station
Other

 
ForexPros.com Newsletter
 

 
  • Sponsored Links
 
 

Special Offers: