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Fundamental Currencies Comments
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Majors started this week with a correctional move
Mon, Nov 2 2009, 06:47 GMT
by ecPulse.com analysis team
The euro and the pound started this week taking a correction move to the upside after a sharp decline on Friday that came after fundamentals showed personal spending in the U.S declined 0.5% from a revised incline by 1.4% that corroded investor's appetite for risk giving the low yielding currencies the chance to gain.
The euro dollar pair rallied in today's Asian session recording a high of 1.4770 and a low of 1.4703, having the union currency trading around 1.4765. The pair gained today following a sharp decline on Friday from the 1.4840 levels to 1.4715 levels on pessimism spread in the market. Today the pair is having a resistance at 1.4800 along with a support at 1.4720. If the pair breached the resistance it will target 1.4860, having in mind that the euro zone's PMI manufacturing will be released today affecting the pair's trades. However, the pair is trading in an oversold area according to the daily momentum indicators.
Regarding the pound dollar pair, it gained as well recording a high of 1.6474 and a low of 1.6405, having the royal pound trading around 1.6465. Last week the pair fell from the 1.6560 levels to the 1.6415 levels and today it is having a resistance at 1.6525 along with a support at 1.6390. The pair may climb further according to the on hour stochastic oscillator so it might breach the resistance and target 1.6590 levels. However, the British PMI manufacturing should be released today that will affect the pair.
Finally, the U.S dollar gained against the Japanese yen recording a high of 90.22 and a low of 89.69. The pair is having a resistance at 90.40 along with support at 89.70. The U.S pending home sales is on queue today and it tends to move the market on release. Yet, the daily stochastic oscillator is supporting the downside.
Published on Mon, Nov 2 2009, 06:49 GMT
Archive
- Majors declined ahead of the U.S GDP
Published On Tue, Nov 24 2009, 07:28 GMT - Stocks, commodities gain; Dollar declines
Published On Mon, Nov 23 2009, 19:02 GMT - Dollar and Yen continue their fall
Published On Mon, Nov 23 2009, 16:32 GMT - Federal currency extends losses
Published On Mon, Nov 23 2009, 11:12 GMT - Majors strengthened against the dollar
Published On Mon, Nov 23 2009, 06:18 GMT
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