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Sterling and the Euro gained during the US trading session as the ADP report showed a larger than expected decline in numbers to 298000 in August albeit a lower figure than July. As oil heads north and US equity futures look set to open higher expect the risk aversion trades to continue their gains, the initial jobless claims the next important data for direction. The yen now coming off the highs across most currencies as Chinese stocks rose the most in 6 months during Asian trading. European stocks trading higher across the board at time of writing which look to continue the momentum into the US session.
Cable trading for today higher once again as the PMI for services came out far better than expected for the UK, the highest figure for nearly two years. Should oil and stocks continue the drive northwards, expect further gains towards 1.64 and the high of today of 1.6414. Support now at 1.6350 ahead of 1.6330 and 1.63.
Euro trading for today coming off the highs of 1.4350, now trading at 1.4325 at time of writing. Should stocks continue to gain through the US session, expect a move back to the highs of today, ahead of 1.4377 (high of September 1) before 1.44. Support at 1.4319 ahead of 1.4290 (50% retracement level for the week) and 1.4265 (38.2% ret level for the week).
Yen down across 15 of the currencies traded as Chinese stocks rise overnight. The next resistance level 92.77 (38.2% ret level for the week), however, looking at the charts for the dollar yen, a nice 'head and shoulder' pattern can be seen between 9am and 1pm cet, giving the key to further strength for the yen. Next support level 92.26 ahead of 92.15/18.
Today's Forex Market Outlook
Fri, Sep 4 2009, 12:56 GMT
by Matt James
Advanced Currency FX | View company's profile
Sterling and the Euro gained during the US trading session as the ADP report showed a larger than expected decline in numbers to 298000 in August albeit a lower figure than July. As oil heads north and US equity futures look set to open higher expect the risk aversion trades to continue their gains, the initial jobless claims the next important data for direction. The yen now coming off the highs across most currencies as Chinese stocks rose the most in 6 months during Asian trading. European stocks trading higher across the board at time of writing which look to continue the momentum into the US session.
Cable trading for today higher once again as the PMI for services came out far better than expected for the UK, the highest figure for nearly two years. Should oil and stocks continue the drive northwards, expect further gains towards 1.64 and the high of today of 1.6414. Support now at 1.6350 ahead of 1.6330 and 1.63.
Euro trading for today coming off the highs of 1.4350, now trading at 1.4325 at time of writing. Should stocks continue to gain through the US session, expect a move back to the highs of today, ahead of 1.4377 (high of September 1) before 1.44. Support at 1.4319 ahead of 1.4290 (50% retracement level for the week) and 1.4265 (38.2% ret level for the week).
Yen down across 15 of the currencies traded as Chinese stocks rise overnight. The next resistance level 92.77 (38.2% ret level for the week), however, looking at the charts for the dollar yen, a nice 'head and shoulder' pattern can be seen between 9am and 1pm cet, giving the key to further strength for the yen. Next support level 92.26 ahead of 92.15/18.
Published on Fri, Sep 4 2009, 12:57 GMT
ACFX Capital Management
| Level 32 Canary Wharf London E14 5LQ
http://www.advancedcurrencyfx.com/ | backoffice@advancedcurrencyfx.com
Archive
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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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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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