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Daily Forex Outlook

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Good Friday slows down volatility. Existing Home Sales kick start the week

Mon, Mar 24 2008, 03:31 GMT
by Easy Forex Team

Easy Forex

Good Friday slows down volatility. Existing Home Sales kick start the week

U.S. Dollar Trading (USD) market closure due to Good Friday holidays ensured thin volumes of trading in light of recent volatility. All financial markets were closed on the 21st of March; ensuring stock remained unchanged from Thursday’s close. Crude oil fell slightly on Friday, in follow through from recent commodity sell offs, falling by US$0.81 a barrel to US$101.03. Trading is scheduled to resume on Monday, with data including Existing Home Sales for the month of February. Economists are forecasted that the figures will decline from 4.89 mln to 4.85 mln.   

The Euro (EURO) was also subject to a quiet day to market holidays, instead finding interest from Asian markets and currencies. Overall the EURUSD traded with a low of 1.5405 and a high of 1.5472 before losing the day at 1.5446.  Markets remain closed on Monday for Easter Monday.

The Japanese Yen (JPY) was the only major market open on Friday as the Japanese Yen traded sideways tracking stock prices. Overall the USDJPY traded with a low of 99.03 and a high of 99.74 before closing the day at 99.33.

The Sterling (GBP) was also subject to thin trading due to market holidays. The Sterling Pound traded within a tight range of 50 points with a low of 1.9819 and a high of 1.9865 before closing the day at 1.9833. Easter Monday: Markets Closed

The Australian Dollar (AUD) also traded in thin volumes on Friday with markets being closed. Overall the AUDUSD traded with a low of 0.8990 and a high of 0.9028 before closing the day at 0.9014. Easter Monday: Markets Closed

Gold (XAU) found support in the early part of the Asian session of trade with bargain hunters taking advantage of it two day tumble. XAU traded with a low of 911.00 and a high of 919.90 before closing the day at 919.10.
 

TECHNICAL COMMENTARY                          

                                         
Euro – 1.5410
Initial support at 1.5613 (Mar 19 low) followed by 1.5523 (Mar 13 low). Initial resistance is now located at 1.5832 (Mar 18 high) followed by 1.5904 (Mar 17 trend high).

Yen – 99.70
Initial support is located at 97.68 (Mar 19 low) followed by 96.86 (Mar 18 low). Initial resistance is now at 100.45 (Mar 19 high) followed by 101.16 (Mar 14 high)

Pound – 1.9790
Initial support at 1.9875 (Former resistance Feb 27) followed by 1.9722 (Mar 5 low). Initial resistance is now at 2.0152 (Mar 19 high) followed by 2.0275 (Mar 18 high)

Australian Dollar – 0.8995
Initial support a 0.9167 (Mar 18 low) followed by 0.9128 (Mar 17 low). Initial resistance is now at 0.9449 (Mar 17 high) followed by 0.9473 (Mar 13 high)

Gold – 916.00
Initial support at 938.55 (Mar 19 low) followed by 900 (Psychological round number). Initial resistance is now at 1012.33 (Mar 18 high) followed by 1032.5 (Mar 17 high)

Published on  Mon, Mar 24 2008, 03:33 GMT