All Blog Entries

[B]U.S. crude oil inventories, Canada’s retail sales data, Bank of England MPC Meeting Minutes and New Zealand GDP are the main market mover events on our menu today. Here is an outlook on all the coming events.[/B]

In the US, Crude Oil Inventories released weekly decreased by 2.5M last week an increase is expected after a pipeline which had been closed for repairs all week is re-opened in the US Midwest.

Later in the US, House Price Index a leading indicator of the housing industry’s health released monthly is expected a smaller drop of 0.1% compared to 0.3% in the previous month.
In Canada, Core Retail Sales a major gauge of spending trends released monthly predicted to recover following three ...

EURUSD Forecast
The EURUSD had a significant bullish momentum yesterday after market react positively on FMOC statement. Although most part of the statement didn’t show significant change from the previous releases, the Fed willingness to “provide additional accommodation if needed to support the economic recovery” triggered risk appetite and push Euro higher. This positive reaction on global recovery could remain stay in the market at least in nearest future and give further support to the Euro. On daily chart below we can see price made a strong breakout above the trend line resistance indicating potential bullish continuation testing 1.3500 region especially if price able to make another break above 1.3333 (August 06 high). Immediate ...

[B]Bias:[/B] With hourly momentum bearish we should see slippage to 1.0176 at least - and there observe

Breach of the 1.0261 low did indeed provoke a retest of the 1.0215 low but has not yet broken. It should only be a matter of time given the bearish hourly momentum. This should provoke the test of the 1.0176 target which ideally should hold. However, given the bearish momentum I am a little concerned... Thus make sure there is a solid bullish trade set up. If this support holds then look for a reversal back to the 1.0280 corrective high initially - breach should then reach the 1.0330-49 highs...

If 1.0170 breaks on bearish momentum it may imply that the correction to 1.0349 was sufficient to satisfy the final ...

Being supported by the lower border of the price channel on 4-hour chart, GBPUSD rebounded from 1.5503, suggesting that a cycle bottom is being formed. Now the rise from 1.5503 could possibly be resumption of uptrend from 1.5296, further rally is in favor and next target would be at 1.5800-1.5850 area. Support is at 1.5503, only break below this level could indicate that the rise from 1.5296 has completed at 1.5728 already, then the following downward move could bring price back to re-test 1.5296 previous low support.



Daily Forex Forecast