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- New York 02:45
- London 07:45
- Barcelona 08:45
- Tokyo 16:45
- Sydney 18:45
This report has been deactivated
Stocks once again ending higher during the US session on Friday seeing a correlation sell off from the risk aversion trades and dollar strength. With Labour Day in the US steadying trading for this afternoon, the data out on Friday particularly the non farm payrolls will continue to give direction for today. The statements made at the G20 meeting over the weekend that 'financial markets are stabilising and the global economy is improving' along with no early exiting plans from QE, gave the risks their move northwards during this mornings trading in Europe following a boost across the board for the European stocks. Kraft foods having offered $16.7 billion for Cadbury added to the speculation that mergers and therefore economies are gaining momentum for the turnaround. Whilst the above seems very bullish for markets and economic growth, the G20 also stated that they 'remained cautious reference the outlook for jobs and growth'. Oil heading north once again in early trading, now at $68.63 per barrel along with gold at just under $1000 per ounce (highest since February 2009) as money moves from the dollar into the 'safe haven'.
Cable currently trading back at the highs of today at 1.6445/50 from 1.6365/70 during the Asian session. With stocks, oil and gold continuing to gain momentum during the European trading session, and economic data thin, steady trading likely. Having now seen a double top at the aforre mentioned level, and with the BoE rate decision out on Thursday along with the comments reference QE, expect a heavy sell off from sterling over the coming sessions. Major support now at the one week 38.2% fib ret level of 1.6320 as long as the 2 year 38.2 ret level of 1.6460 isn't broken convincingly. Resistance at the highs again of 1.6445/50 ahead of 1.6490 and 1.65. 1.6525 the next key level (seen as the head and shoulders of the Aug 21 trade.
Eurodollar trading near the weeks highs of 1.4376 at 1.4350 at time of writing. With a symmetrical triangular pattern forming, the stocks and oil direction likely to be the convincing factors in this afternoons direction as the US market is closed. a clear break above 1.4360 onto the weeks highs will result in a further move northward to 1.44. A clear break below 1.4330/40 expect further downside pressure towards 1.43 ahead of 1.4280 (50% ret level for the week). Favouring a sell off, not before a move towards the highs of the week.
Yen selling off since Thursday of last week albeit coming off the highs for today of 93.30 to 92.95 at time of writing. The third day of stock gains the main reason for the sell off from the 'safe haven' of the yen. Gaining ground over the last few hours of the European session as US closed for trading, the yen still the safe haven trade. Support at 92.70 ahead of 92.55 (38.2% ret level for the weeks trading). Resistance now at the double top high for the day of 93.28/30. The next major resistance at 93.45.
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Today's Forex Signals and Direction
Mon, Sep 7 2009, 11:46 GMT
by Matt James
Stocks once again ending higher during the US session on Friday seeing a correlation sell off from the risk aversion trades and dollar strength. With Labour Day in the US steadying trading for this afternoon, the data out on Friday particularly the non farm payrolls will continue to give direction for today. The statements made at the G20 meeting over the weekend that 'financial markets are stabilising and the global economy is improving' along with no early exiting plans from QE, gave the risks their move northwards during this mornings trading in Europe following a boost across the board for the European stocks. Kraft foods having offered $16.7 billion for Cadbury added to the speculation that mergers and therefore economies are gaining momentum for the turnaround. Whilst the above seems very bullish for markets and economic growth, the G20 also stated that they 'remained cautious reference the outlook for jobs and growth'. Oil heading north once again in early trading, now at $68.63 per barrel along with gold at just under $1000 per ounce (highest since February 2009) as money moves from the dollar into the 'safe haven'.
Cable currently trading back at the highs of today at 1.6445/50 from 1.6365/70 during the Asian session. With stocks, oil and gold continuing to gain momentum during the European trading session, and economic data thin, steady trading likely. Having now seen a double top at the aforre mentioned level, and with the BoE rate decision out on Thursday along with the comments reference QE, expect a heavy sell off from sterling over the coming sessions. Major support now at the one week 38.2% fib ret level of 1.6320 as long as the 2 year 38.2 ret level of 1.6460 isn't broken convincingly. Resistance at the highs again of 1.6445/50 ahead of 1.6490 and 1.65. 1.6525 the next key level (seen as the head and shoulders of the Aug 21 trade.
Eurodollar trading near the weeks highs of 1.4376 at 1.4350 at time of writing. With a symmetrical triangular pattern forming, the stocks and oil direction likely to be the convincing factors in this afternoons direction as the US market is closed. a clear break above 1.4360 onto the weeks highs will result in a further move northward to 1.44. A clear break below 1.4330/40 expect further downside pressure towards 1.43 ahead of 1.4280 (50% ret level for the week). Favouring a sell off, not before a move towards the highs of the week.
Yen selling off since Thursday of last week albeit coming off the highs for today of 93.30 to 92.95 at time of writing. The third day of stock gains the main reason for the sell off from the 'safe haven' of the yen. Gaining ground over the last few hours of the European session as US closed for trading, the yen still the safe haven trade. Support at 92.70 ahead of 92.55 (38.2% ret level for the weeks trading). Resistance now at the double top high for the day of 93.28/30. The next major resistance at 93.45.
Published on Mon, Sep 7 2009, 11:47 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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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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.