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Stocks on the rise once again for a fourth day assisted by commodity producers gains on metal price rises and the speculation that, as in yesterday's report, will are at the start of a seeing more mergers on the cards thus showing signs not just of an economic recovery but of stability. Oil and gold heading north, another indicator for the global economy turnaround. Having had the Non Labour Day in the US yesterday, equity futures looking bullish for this afternoons session at time of writing. Subsequently, the greenback is being pounded, giving the risk aversion trades the momentum to continue their drive northwards.
Cable trading for today off their lows of 1.6320 during the Asian trade last night reaching a high of 1.6569 during the European. With stocks, oil and gold all heading north, we could see the pound revisiting the highs of August 19 at 1.66. In addition, the economic data out of the UK today for industrial and manufacturing production higher than expected adding weight to the lift. The BoE rate decision on Thursday will be the only influencing factor for a retracement. Resistance then at 1.66 figure ahead of 1.6630 and 1.6660. Support down at 1.65 ahead of 1.6465. Should the selling of cable ahead of the rate decision start later today, expect it to reach the 3 month 38.2 fibonacci retracement level of 1.63 20 (as yesterday's report predicted).
Euro trading strong during this mornings open reaching a high of 1.4494 from lows of 1.4327 during a flat Asian trading session. Same story as for cable, stocks rallying along with an oil and gold surge hitting the dollar hard. Having now hit a 3 month high against the dollar, expect an element of slow down ahead of the UK rate decision on Thursday. Whilst the retracement will not be as severe as cable, expect a move back towards 1.44. Resistance at 1.45 ahead of the next major level of 1.4640. Expect a sell off towards the end of the day into tomorrow.
Yen strengthening against the dollar as the greenback weakens across the board. Having reached a high low against the dollar of 93.10, now trading at 92.25 (low of 92.05). Next support at 91.95 ahead of the 3 month lows of 91.71. Resistance at 92.30 ahead of 92.50 (38.2% for the weeks trading) and 92.70.
Today's Forex Signals
Tue, Sep 8 2009, 11:06 GMT
by Matt James
Advanced Currency FX | View company's profile
Stocks on the rise once again for a fourth day assisted by commodity producers gains on metal price rises and the speculation that, as in yesterday's report, will are at the start of a seeing more mergers on the cards thus showing signs not just of an economic recovery but of stability. Oil and gold heading north, another indicator for the global economy turnaround. Having had the Non Labour Day in the US yesterday, equity futures looking bullish for this afternoons session at time of writing. Subsequently, the greenback is being pounded, giving the risk aversion trades the momentum to continue their drive northwards.
Cable trading for today off their lows of 1.6320 during the Asian trade last night reaching a high of 1.6569 during the European. With stocks, oil and gold all heading north, we could see the pound revisiting the highs of August 19 at 1.66. In addition, the economic data out of the UK today for industrial and manufacturing production higher than expected adding weight to the lift. The BoE rate decision on Thursday will be the only influencing factor for a retracement. Resistance then at 1.66 figure ahead of 1.6630 and 1.6660. Support down at 1.65 ahead of 1.6465. Should the selling of cable ahead of the rate decision start later today, expect it to reach the 3 month 38.2 fibonacci retracement level of 1.63 20 (as yesterday's report predicted).
Euro trading strong during this mornings open reaching a high of 1.4494 from lows of 1.4327 during a flat Asian trading session. Same story as for cable, stocks rallying along with an oil and gold surge hitting the dollar hard. Having now hit a 3 month high against the dollar, expect an element of slow down ahead of the UK rate decision on Thursday. Whilst the retracement will not be as severe as cable, expect a move back towards 1.44. Resistance at 1.45 ahead of the next major level of 1.4640. Expect a sell off towards the end of the day into tomorrow.
Yen strengthening against the dollar as the greenback weakens across the board. Having reached a high low against the dollar of 93.10, now trading at 92.25 (low of 92.05). Next support at 91.95 ahead of the 3 month lows of 91.71. Resistance at 92.30 ahead of 92.50 (38.2% for the weeks trading) and 92.70.
Published on Tue, Sep 8 2009, 11:06 GMT
ACFX Capital Management
| Level 32 Canary Wharf London E14 5LQ
http://www.advancedcurrencyfx.com/ | backoffice@advancedcurrencyfx.com
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.
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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.
©2010 "FXstreet.com. The Forex Market" All Rights Reserved.