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Existing Home Sales in the US at seven month highs as JP Morgan to upgrade it bid

Tue, Mar 25 2008, 02:51 GMT
by Easy Forex Team

Easy Forex

Existing Home Sales in the US at seven month highs as JP Morgan to upgrade it bid

U.S. Dollar Trading (USD) was mixed versus all other majors in a light start to the week. With a majority of markets remaining closed due to Easter Monday holidays, the US returned from a long weekend in which Existing Home Sales were made public. The figures for the month of February were well above expectations, coming in at 5.03 mln (Forecast: 4.85 mln; Prior: 4.89 mln), the strongest release in seven months. In other news, the much publicized buy out of Bear Stearns gained in momentum yesterday, with reports that JP Morgan were looking to upgrade their bid to $10 a share. In U.S. share markets the NASDAQ was up 142.05 points (+1.63%) whilst the Dow Jones also rallied by 187.32 points (+1.52%). Crude oil fell by US$0.98 a barrel to US$100.86 on extended commodity declines.  

The Euro (EURO) was subject to a quiet session falling on positive housing data out of the U.S. Overall the EURUSD traded with a low of 1.5343 and a high of 1.5456 before closing the day at 1.5418 in the New York session. 

The Japanese Yen (JPY) eased against the dollar to trade above the 100.00 level once again, setting a fresh weekly high. Overall the USDJPY traded with a low of 99.39 and a high of 100.90 before closing the day at 100.80 in the New York session.

The Sterling (GBP) also traded on the back of other markets in thin holiday trading. Overall the GBPUSD traded with a low of 1.9761 and a high of 1.9876 before closing the day at 1.9842 in the New York session.

The Australian Dollar (AUD) rebounded from levels below 90 cents on rebounding U.S. stocks. Overall the AUDUSD traded with a low of 0.8980 and high of 0.9083 before closing the day at 0.9060 in the New York session. 

Gold (XAU) stabilized in the wake of last week's corrective retreat, after downticks stalled ahead of the $900 level. XAU traded with a low of 907.30 and a high of 926.30 in the New York session.
 

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  Tue, Mar 25 2008, 02:54 GMT