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Today's Forex Market Outlook
Fri, Jul 3 2009, 11:22 GMT
by Matt James
Heavy selling through the US session as predicted yesterday with the Dow finishing 214 points down on the day. Oil also down only assisting in the strength of the greenback. The risks retracing overnight during the Asian session for the eurodollar to the 38.2% level for the week (high of 1.42, low of 1.3930) and the cable back to the resistance level of 1.6430/35. European stocks selling off this morning at time of writing along with oil, gold up marginally though.
Cable trading very much in line with yesterdays view of the break below 1.6330 and holding would indicate a move southwards to 1.63 ahead of 1.6280, hovering around the 1.6315/20 level at time of writing. Resistance at 1.6390 ahead of major resistance at 1.6440/50. Euro sterling trading higher this morning at 85.75 at time of writing also assisting the weakening.
For the single currency trading today, up against the pound however, the poor retail figures out today limiting the upside potential. Hitting a high overnight of 1.4030 (38.2% retracement level for the week) now trading at 1.3990 at time of writing having hit a low of 1.3980. Should oil and stocks continue to fall, expect to follow yesterdays predictions of 1.3980, 1.3950 ahead of 1.3920/30. Resistance at 1.4030.
Dollar Yen hitting the predicted level of yesterdays report of 96 and 95.80, now trading at 95.95/00. Resistance at 96.25 which if breaks, expect a move towards 95.50. Support at 95.80 ahead of 95.30.
Published on Fri, Jul 3 2009, 11:23 GMT
Archive
- Market Direction Ahead of BoE Rate Decision
Published On Thu, Sep 10 2009, 10:51 GMT - Stocks Looking to Fall After 5 Day Rally
Published On Wed, Sep 9 2009, 10:14 GMT - Today's Forex Signals
Published On Tue, Sep 8 2009, 11:06 GMT - Today's Forex Signals and Direction
Published On Mon, Sep 7 2009, 11:46 GMT - Today's Forex Market Outlook
Published On Fri, Sep 4 2009, 12:56 GMT
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