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U.S. Dollar Trading continued to trade down against the major currencies
By: Easy Forex - 01-12-2006
0votesCURRENCY TRADING SUMMARY
U.S. Dollar Trading (USD) continued to trade down against the major currencies. The US core PCE deflator came in at 0.2%, slightly higher than 0.1% forecasts. Dollar failed to rally on this data release and when the Chicago PMI printed down 8pts to 49.9 the US dollar selling extended. Looking ahead, the market will focus on US ISM manufacturing.The Euro (EUR) traded in a range of 1.3165 to 1.3276, before closing at 1.3245 in the New York session. Comments by France’s Breton which indicates a softening in his stance to Euro’s appreciation helped the currency rally.
The Japanese Yen (JPY) traded in a range of 115.51 to 116.29, before closing at 115.85 in the New York session. Japanese CPI came out today and was slightly softer than expect but had no impact on the Yen.
The Sterling (GBP) traded in a range of 1.9482 to 1.9700, before closing at 1.9660 in the New York session.
The Australian Dollar (AUD) traded in a range of 0.7847 to 0.7904, before closing at 0.7890 in the New York session.
Gold (XAU) traded up by $11 to 647.00 on the back of the weaker dollar and a higher oil price.
Euro 1.3260
Initial support at 1.3132 (Nov 29 reaction low) followed by 1.3086 (Nov 27 reaction low). Initial resistance is now located at 1.3304 followed by 1.344 (Mar 16, 2005 high).Yen 115.60
Initial support is located at 115.38 (Nov 27 low) followed by 115.18 (Aug 17 low). Initial resistance is now at 116.83 (Nov 23 low & neckline of head & shoulders pattern) followed by 117.12 (Nov 13 high).Pound 1.9680
Initial support at 1.9434 (Nov 29 reaction low) followed by 1.9306 (Nov 27 reaction low). Initial resistance is now at 1.9700 (Nov 30 high) followed by 1.9912.Australian Dollar 0.7900
Initial support at 0.7731 (Nov 23 low) followed by 0.7705 (Nov 22 low). Initial resistance is now at 0.7855 (Nov 29 trend high) followed by 0.7925 (11/2-month potential channel resistance).Gold 648.00
Initial support at 635.45 (Trend line support) followed by 633.00 (Nov 17 low). Initial resistance is now at 649.05 (Nov 30 high) followed by 656.20 (Aug 2 high).
Next Analysis: The US dollar was bearish during the previous sessionContent 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 consu
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