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Forex Technical Report
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Forex Speculators Betting Big on Bullish Fed Statement
Wed, Nov 4 2009, 18:15 GMT
by James Hyerczyk
The U.S. Dollar is trading sharply lower at the mid-session against most currencies with the exception of the Japanese Yen. Speculators are betting big that the Fed FOMC statement will indicate there still is time to buy higher risk assets before the Fed begins tightening.
The EUR USD is trading higher after breaking out over downtrending resistance at 1.4783 and a 50% price at 1.4776. Both of these prices are now support. The charts indicate 1.4873 to 1.4918 are the next upside targets.
Speculators are bidding up the GBP USD ahead of today’s Fed announcement and tomorrow’s Bank of England meeting. The British Pound is in an uptrend and the trend will be reaffirmed on a trade through 1.6603. The October high at 1.6691 is also an upside target.
Strong demand for higher yielding assets is helping the Dollar today versus the Japanese Yen. The USD JPY broke out to the upside over a downtrending Gann angle at 90.82. In addition, a 50% price at 90.75 was taken out. This helped fuel the rally. Bullish news could extend the rally to 91.12.
Weakness in the USD CHF has put this pair in a position to change the main trend to down on a move through the last swing bottom at 1.0155. A move through this level will also take out a 50% price at 1.1058. Resistance is at 1.0212.
The USD CAD is trading weaker but erasing some of its earlier losses at the mid-session. Downtrending resistance is at 1.0710. The charts indicate that 1.0522 is the next short-term downside target.
The AUD USD tried to break out to the upside but ran into resistance at a 50% price at .9117. A breakout over this level could trigger a further rally to .9167. Gann angle resistance at .9129 could slow down the rally.
The NZD USD is sitting on a downtrending Gann angle at .7235 while traders decide which way to take it. This price could turn into resistance or a break out level. If the market turns bullish then .7358 is a potential upside target.
Published on Wed, Nov 4 2009, 18:15 GMT
Archive
- S&P and NASDAQ Post Weekly Reversal Tops
Published On Sat, Nov 21 2009, 00:02 GMT - Dollar Closes Higher for Week against a Basket of Currencies
Published On Fri, Nov 20 2009, 23:59 GMT - Dollar Rises as Investors Cut Exposure to Higher Yielding Assets
Published On Fri, Nov 20 2009, 19:38 GMT - Stock Indices in Position to Form Weekly Reversal Top
Published On Fri, Nov 20 2009, 19:37 GMT - Dollar Strengthening as Equity and Commodity Markets Weaken
Published On Fri, Nov 20 2009, 14:23 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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