Daily Forex Outlook
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U.S. Dollar Trading was slightly stronger against the majors
Mon, Oct 16 2006, 01:26 GMT
by Easy Forex Team
The Greenback rallies against the majors. Forex traders eye key technical levels in Euro and Yen. Oil trades up.
CURRENCY TRADING SUMMARY
- U.S. Dollar Trading (USD) was slightly stronger against the majors in the Friday night foreign exchange trading session as retail sales came in less than expected but the Michigan preliminary surprised on the upside. US retail sales fell 0.5% in September, however, taking out gasoline and autos, retails sales actually rose by 0.8%. The University of Michigan Sentiment rose to 92.3 beating expectations of 86.5. In other markets, the Dow Jones index rose by 13 points and the NASDAQ increased by 11pts. Crude oil rose by US74c to US$58.60 a barrel as OPEC announced it will cut production by 1 million barrels per day. Looking ahead, the New York Fed survey is due out tonight.
- The Euro (EUR) traded within a low of 1.2484 and a high of 1.2574, before closing at 1.2514 in the New York session. On the data front, the Euro dipped below 1.25 for the first time in 3 months.
- The Japanese Yen (JPY) traded within a low of 119.08 and a high of 119.88 versus the dollar, before closing at 119.60 in the New York session. On the data front, the Bank of Japan kept interest rates steady at 0.25%.
- The Sterling (GBP) traded within a low of 1.8533 and a high of 1.8645, before closing at 1.8568 in the New York session.
- The Australian Dollar (AUD) traded within a low of 0.7489 and a high of 0.7531, before closing at 0.7511 in the New York session.
- Gold (XAU) rose by US$12.40 to US$592.70 an ounce in the face of higher oil prices.
TECHNICAL COMMENTARY
- Euro 1.2500
Initial support at 1.2483 (Oct 13 low) followed by 1.2456 (Jul 19 reaction low and key support). Initial resistance is now located at 1.2615 (Oct 9 high) followed by 1.271 (Oct 6 high).
- Yen 119.70
Initial support is located at 118.82 (Oct 9 low) followed by 117.32 (Sep 2 low). Initial resistance is now at 119.9 (Oct 13 high) followed by 120.0 (Psychological round number resistance).
- Pound 1.8540
Initial support at 1.8493 (61.8% retracement of the 1.8090 to 1.9146 advance) followed by 1.8385 (Jul 25 low). Initial resistance is now at 1.8664 (38.2% retracement of the 1.8904 to 1.8516 decline) followed by 1.8715 (Oct 10 high).
- Australian Dollar 0.7505
Initial support at 0.7414 (Oct 4 low) followed by 0.7405 (Jul 17 low). Initial resistance is now at 0.7532 (38.2% retracement of the 0.7722 to 0.7414 decline) followed by 0.7557 (Sep 26 high).
- Gold 591
Initial support at 577.4 (Oct 13 low) followed by 569.35 (Oct 10 low). Initial resistance is now at 598.25 (Oct 3 high) followed by 607.01 (Sep 28 high).
Published on Sun, Oct 15 2006, 00:00 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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