AceTrader - Forex - Real-time FX Forecasts, Commentaries and Trading Signals
 
Member Login
Username:  
Password:
  Subscribe | Forget password


 

Previous day's Market Highs & Lows (09 May 2008)

Currency: USD/JPY EUR/USD USD/CHF GBP/USD
Range: 103.96/102.61 1.5489/1.5393 1.0516/1.0390 1.9570/1.9459
<< To see full content, please try our 1-week Trial offer. >>
 

Market Review on 09 May 2008 23:08 GMT

Japanese yen rallies broadly on renewed credit concern

The Japanese yen rallied broadly against major currencies on renewed concern that credit market losses are spreading, prompting investors to sell higher-yielding assets. American International Group Inc. (AIG) said it needs $12.5 billion to offset subprime writedowns following two consecutive record quarterly losses.  
 
The greenback fell sharply from 103.96 to 102.61 against the Japanese yen and the single currency tumbled versus Japanese unit from 160.05 to 158.60. The single currency rose against the U.S. dollar from 1.5393 to 1.5489 before r...
<< To see full content, please try our 1-week Trial offer. >>
 

Daily Market Outlook

Update Time: 09 May 2008 08:03 GMT

EUR/USD - 1.5464

Euro's rise from yesterday's low at 1.5285 is viewed as a retracement of recent decline and consolidation with upside bias remains for further gain to 1.5480/90 but overbought condition should cap upside below 1.5530 and risk has increased for a retreat later.  
  
On the downside, below 1.5390 would bring pullback to 1.5340/50 but aforesaid support at 1.5285 should remain intact.
<< Please try our 1-week Trial offer. >>
 

DAILY TECHNICAL OUTLOOK ON USD/CHF

All times in GMT    
Last Update At 09/05/2008 00:45 GMT
Trend Daily Chart Daily Indicators 21 HR EMA 55 HR EMA
Sideways Rising 1.0526 1.0534
Trend Hourly Chart Hourly Indicators 13 HR RSI 14 HR DMI
Near term down Falling 38 -ve
Daily Analysis
Consolidation with downside bias
Resistance Support
1.0729 - 01 Feb low
1.0668 - 1.618 ext 0.9870-1.0285 fm 0.9997
1.0625 - 08 May high
1.0482 - 08 May low
1.0428 - 06 May low
1.0385 - 38% r of rise fm 0.9997-1.0625
       USD/CHF - 1.0503 ... Despite initial rise to a marginal high of 1.0625 in 
Asian morning, price came under selling pressure due to intra-day dlr's broad- 
based weakness together with renewed cross-buying of chf, the buck subsequently 
dropped to 1.0482 in NY morning b4 staging a recovery to 1.0528/30.
       Y'day's strg retreat fm 1.0625 suggests recent upmove has possibly formed 
a temporary top there, however, below 1.0450/60 is needed to confirm this view n 
yield a long-overdue correction of the intermediate upmove fm 0.9998 to 1.0385, 
being a min. 38% r of aforesaid rise. On the upside, in the event price manages 
to trade abv said y'day's low n climb back abv 1.0538/41 (previous sup area, now 
res), then risk is seen for stronger gain twd 1.0591/94 but abv there is needed 
to signal recent upmove has once again resumed n bring one more rise, however,
loss of momentum shud cap price at 1.0660/70 n yield correction next week.
       Looking ahead, as long as sup 1.0299 holds, the major correction fm 08' 
low at 0.9577 shud push dlr higher to 1.0714 n possibly later twd 1.1050, being 
38% r & 50% r respectively of the MT intermediate fall fm 1.2469 to 0.9630...
Click on the chart to enlarge image

charts offered by ProRealTime.com
 
<< To see more content, please try our 1-week Trial offer. >>
Special 1-time Trial Offer ($25 USD)
Test drive our service for 1 week with no obligation.
 

Our Recommended Trades

Click for more >>    
Update Time: 09 May 2008 14:11GMT

INTRA-DAY EUR/USD OUTLOOK - 1.5435

Despite intra-day retreat fm 1.5489, this move
is viewed as a minor retrace. of near term upmove
fm 1.5285 n below 1.5415/20 is needed to extend
weakness twds 1.5390.

Wud be prudent to exit short n then stand aside
for now. Abv 1.5465/70 wud bring resumption of
aforesaid rise for re-test of 1.5489 1st...

Rate: 1.5435
Strategy: Exit short
Position: Short at 1.5465
Objective:
Stop-Loss:
Resistance: 1.5489/1.5516/1.5595
Support: 1.5416/1.5390/1.5313
<< Please try our 1-week Trial offer. >>
 

Why AceTrader?

Over 15 years of history in providing forex market analysis and trading recommendations to institutional traders
True 24 hours real-time analysis for up-to-the-minute recommendations and analysis
Analysis methodology used by professionals
Verifiable performance track record in our recommendations
Specially designed packages for forex traders of different styles and requirements
 

Market Moving News

   News items below are time-delayed, to get the latest news, please try our >> Trial Offer <<
All times in GMT    
9 May 2008 12:44 Usd/majors...Dlr has pared some its losses after U.S. trade deficit narrowed to $58.2 billion (median forecast was $61.2 billion) fm a downwardly-revised $61.7 billion in the previous month...
9 May 2008 11:59 Eur/usd - 1.5459...Euro has retreated fm intra-day high at 1.5489 in part due to cross selling vs yen n chf on risk aversion (Dow futures indicate a weaker opening for U.S. stock markets). Offers remain at 1.5490/00 with stops abv there while on the downside, buying interest is lined up at 1.5400/10 n 1.5380...
9 May 2008 11:52 Usd/jpy - 102.80...Dlr has fallen below 103.00 on selling fm U.S. n Eastern European names (who also sold eur/jpy on risk aversion) as oil prices rise abv the $125 per barrel lvl. A mixture of bids n stops is reported at 102.60/70 while on the upside, offers have been lowered to 103.50/60...
9 May 2008 05:56 Gbp/usd - 1.9560...Cable has remained sidelined with the focus being on other majors this morning n as also traders digest y'day's decision by the BOE to leave rates on hold (speculation has increased that the central bank will cut interest rates by 25 b.p. at its next meeting). Option-related bids remain at 1.9500 with sizeable stops seen below there. On the upside, fair-size offers are likely to emerge around 1.9600 with stops placed abv 1.9630...
9 May 2008 05:48 Eur/usd - 1.5435...Euro has moved higher in relatively thin trading (only German wholesale price data is due out of the eurozone) n a batch of offers n stops at 1.5450/55 is in focus. On the downside, bids remain in the region of 1.5360-1.5380 with option-related stops reported below 1.5350. Traders will be on the lookout for more comments fm European officials following y'day's 'hawkish' statements made by ECB President Trichet...
9 May 2008 05:43 Usd/jpy - 103.50...Selling by trust n mega-city banks has pressured dlr with the 291-point decline in the Nikkei-225 also increasing bearish sentiment. Bids at 103.50/60 have been absorbed n stops at 103.30 are in focus. More bids are reported fm 103.20 down to 103.00. On the upside, offers are lined up at 104.00/10 n further out around 104.30...
 

ECONOMIC INDICATORS FOR 12/05/2008

All times in GMT    
Time Country Indicator Actual Forecast Range Previous Revised
0500 Japan Economic watch DI Apr N/A N/A 36.9
0600 Japan Machine tools orders Y/Y Apr N/A N/A 3.3%
Swiss Market Holiday
0830 U.K. Trade balance (gbp) Apr N/A N/A -7.487B
0830 U.K. PPI input M/M Apr 1.4% 0.8/2.0 1.8%
0830 U.K. PPI input Y/Y Apr 21.5 21.3/22.0 20.6
<< To see full content, please try our 1-week Trial offer. >>


  |    Home  |  Contact Us  |  Subscribe  |  Site Map  |  Disclaimer  |  Risk Disclosure  |  Top