Forex Analyses for 10 November 2009

EURJPY Forecast
The EURJPY had a bullish momentum yesterday. With all the noises from ECB and The Fed are now gone, I believe that yesterday’s bullish momentum is the real direction. The bias is bullish in nearest term targeting 135.70/90 area. Immediate support at 134.50 and the trendline support area. Break below that area should lead us into no trading zone as direction would become unclear for me.

GBPJPY Forecast
The GBPJPY had a significant bullish momentum yesterday. On daily chart below we can see that the pair is now convincingly traded above the trendline resistance (red, now support) indicating potential further bullish scenario. The bias is bullish in nearest term targeting 153.22 area. Immediate support at 150.20. Break below that area should lead us into no trading zone but I still prefer a bullish scenario at this phase.

AUDUSD Forecast
As I had expected, the AUDUSD continued it’s bullish momentum yesterday, topped at 0.9307 and closed at 0.9305. The bias remains bullish in nearest term but watch out for a potential double top formation around 0.9327 area. We need a breakout above that area to confirm bullish continuation targeting at least 0.9400 before aim for 0.9500 as usually a bearish correction/reversal scenario failure lead to the other scenario: bullish continuation. Immediate support at 0.9250. Break below that area should lead us into no trading zone but I still prefer a bullish scenario at this phase.

U.K. Manufacturing Unexpectedly Expanded Casting Doubt On BoE’s Direction

Swiss manufacturing activity slowed to 54.0 from 54.3 according to the SVME-PMI reading. Output and backlogged orders slipped leading to the indicator missing economists forecasts for an improvement to 54.8. Regardless, it was the third straight month that the sector expanded adding to signs that the recession is ending. A slight improvement in employment to … Continue reading

31-10-2008 Forex News Forex Commentary October 31

Forex Market Commentary for October 31, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary The dollar paired losses versus the European currencies and managed to close higher versus the lower yielding franc and yen. Trading remains impaired by low liquidity and the end of month on Friday won’t improve conditions.  The contraction for … Continue reading

30-10-2008 Forex News Forex Commentary October 30

Forex Market Commentary for October 30, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary An early rally in the US indices and ongoing profit taking in FX triggered another massive slide on the dollar against the European and the commodity currencies, and a dollar/yen rally.  Once the Fed met the market expectations and … Continue reading

29-10-2008 Forex News Forex Commentary October 29

Forex Market Commentary for October 29, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary A massive rally in the US indices, signs of thawing of the credit markets and expectations for a large rate cut today made for a massive slide on the dollar against the European and the commodity currencies vis-à-vis a … Continue reading

28-10-2008 Forex News Forex Commentary October 28

Forex Market Commentary for October 28, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary Ongoing rumors/fears of a possible default by large institutional investors/hedge funds ensured another rally of the dollar the European currencies and a sharp slide against the yen.  A weak IFO report and a seemingly strong US housing report didn’t … Continue reading

27-10-2008 Forex News Forex Commentary October 27

Forex Market Commentary for October 27, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary Rumors of a possible default by Russia or of collapse of big Japanese, US or European institutional investors triggered an explosive rally if the dollar the European currencies and an aggressive slide against the yen on Friday. The markets … Continue reading

24-10-2008 Forex News Forex Commentary October 24

Forex Market Commentary for October 24, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary Once again, the dollar rallied further on Thursday versus the European currencies and the Canadian dollar while falling sharply against the yen. The moves are even more overdone, but hold on to them until you have proof of a … Continue reading

23-10-2008 Forex News Forex Commentary October 23

Forex Market Commentary for October 23, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary As expected, the dollar rallied further on Wednesday, surging again versus the European currencies and the Canadian dollar and fall against the yen. The moves are overdone, but stay with them until you have proof of a pause. Euro/dollar … Continue reading

22-10-2008 Forex News Forex Commentary October 22

Forex Market Commentary for October 22, 2008 Forex Rates Today Forex Rates Today Daily Market Commentary The dollar more than padded its gains today, as it exploded higher versus the European currencies and the Canadian dollar and fell against the yen. Cable led the European currencies lower following a very weak U.K. manufacturing confidence report. … Continue reading