06.08.2009 German Factory orders beat forecasts in June; Euro drops to day-low
FXstreet.com (Barcelona) - German factory orders have increased well above expectations in June; 4.5% up from may, instead of the 0.5% expected by market analysts, although they still remain 25.3% below the level posted in June last year.
EUR/USD has dropped from levels right above 1.4400 to test intra-day low and the floor of the flat range at 1.4385. At the moment, Euro trades at 1.4390.
Initial support lies at 1.437', and below here 1.4350 and 1.4310/30, On the upside, recovery above 1.4400 could find resistance at 1.4433 intra-day high, and above there, 1.4445/50 (Ago 3, 5 high), and then 1.4470.
06.08.2009 Germany Factory Orders s.a. increase to 4.5% in Jun; drop 25.3 on year
FXstreet.com (Barcelona)
06.08.2009 Forex: GBP/JPY: Pound reaches 1.6200 approaching 9-mth high at 1.6260
FXstreet.com (Barcelona) - The Pound has bounced at 1.6105 during Asian session time and climbed through European session , reaching an intra-day high at 162.20, approaching 1.6260, 9 month high reached on June 12.
At the moment, initial resistance lies at 162.45 (Aug 5 high) and above here, 162.60 (Jun 12 high), then 163.35 (Nov 3 high). Support levels lie at 161.05 intra-day low, and below here, 1.6040 (Aug 5 low) and 160.00 (Aug 4 low).
According to Jamie Saettele, technical analyst at Daily FX, the Pound will eventually break above 1.62.60 high: "The underside of a former support line is now serving as resistance as the GBPJPY approaches the June high of 162.64. A break above the line is expected eventually since the decline from that level is in just 3 waves. Initial support is 159.00 (38.2% of rally from 153.84)."
06.08.2009 Forex: USD/JPY: Dollar reaches 95.40/45 resistance
FXstreet.com (Barcelona) - The Dollar has risen from 94.60 low yesterday, and during early European session, the USD has continued appreciating to reach resistance area at 95.40/45, which is being tested at the moment.
In case of breaking above 95.45, next resistance level lies at 95.90 (Jul 30 high) and 96.25 (Jul 6 high). On the downside, support levels lie at 94.60 (Aug 5 low), and below there, 94.35 (Aug 4 low) and 94.00 (Jul 29 low).
According to Jamie Saettele, technical analyst at DailyFX the pair remains bearish while below 97.00: "The drop below 93.50 eliminates the bullish triangle count and leaves us with the bearish count in which the decline from 101.50 is a series of 1st and 2nd waves. The USDJPY has traded through the day SMA (95.22 today), and focus is now on channel resistance, which is at 96.45 today and decreases about 5 pips per day. Bears remain favored against 97.00."
06.08.2009 European markets advance ahead of interest rate decisions; Euro and Pound, flat
FXstreet.com (Barcelona) - European markets are going through gains on Thursday, ahead of monetary policy decisions by the BoE and the ECB, supported by a string of strong quarterly earnings reports. Euro and Pound continue consolidating at year highs.
Eurostoxx 50 Index advances 1.05%, while German DAX Index adds 0.83%, and the French CAC Index gains 0.98%. In the UK, the FTSE Index trades 1.13% up, in the first hours of trading.
The Bank of England will announce its monetary policy decision at 11:00 GMT, and , most likely will keep its benchmark rate at all time low 0.5% on hold. The ECB will also keep rates at the current 1.0% in order to entice credit flow while economy starts showing signs of slight recovery which could lead to growth in the second half of the year.
Euro an Pound in range at year highs
EUR/USD remains trading in a range around 1.4400 after Monday's rally from 1.4205. Today, the Euro has been floating from 1.4385 to 1.4430.
GBP/USD has eased to a flat channel from 1.6960 to 1.7030 after having hit a fresh 9-month high at 1.7045 yesterday.
USD/JPY bounce at 94.60 low yesterday has extended above 95.00 ahead of the European session opening, and the pair has reached 94.40/45 resistance area, which is being tested at the time of writing.
06.08.2009 Forex: AUD/USD: Aussie, consolidating around 0.8435
FXstreet.com (Barcelona) - Australian Dollar rally from Jul 13 low at 0.7700 has found resistance at 0.8470, 10 months high, and the pair has remained consolidating in a range around 0.8435 during the last two days.
According to the E-Forex Team, the Aussie is trading above key support levels at 0.8385 and 0.8330: "The Aussie dollar trades comfortably around .8435, near recent top at .8470. Two important support levels are seen at .8385 then a bit lower, at .8330. Intra-day studies are slightly bullish and the short-term bullish structure is strong."
On the upside, the E-Forex Team points out to 0.8690/00 as next target: "0.8690/00 is the next objective - formed by a rising trend line on the monthly charts, started on 2001. Above that line, the long term trend will be re-established."
06.08.2009 Forex: EUR/USD: Break above 1.4365 has introduced scope to 1.4620 then 1.4720 - Commerzbank
FXstreet.com (Barcelona) - The Euro has remained, during the last three days, consolidating at year high levels within a tight range around 1.4400, after having broken previous year high at 1.4345/65, which, according to Karen Jones, technical analyst at Commerzbank, allows for some further consolidation.
Jones affirms that the Euro will remain bid while above 1.4250/00: It will remain bid intraday while above 1.4250/00, key support is 1.4071/00 (55 day ma). The break above 1.4365 has introduced scope to 1.4620 then 1.4720, the December 2008 high)."
Initial resistance lies at 1.4433 intra-day high, and above there, 1.4445/50 (Ago 3, 5 high), and then 1.4470. On the downside, initial support lies at 1.4370, and below there, 1.4350 and 1.4310/30.
06.08.2009 Forex: GBP/USD: Pound targets remain at 1.71 and 1.75 but bullish momentum weaker - Mizuho
FXstreet.com (Barcelona) - The Pound remains trading sideways right below 2009 high at 1.7045, and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair remains pointing to levels above 1.7100 although bullish momentum is not as strong as it seems.
Elliot points out to 1.7100 and 1.7500 as next targets: " Our measured targets remain at 1.7100 then 1.7500. Careful though as it is almost overbought and bullish momentum is not nearly as strong as many would hope."
Nevertheless, Elliott warns against dips to 1.6800: "Attempt longs at 1.6995 but only if prepared to add to 1.6800; stop well below 1.6700. First target 1.7044 again, then 1.710/1.71250 and after that 1.7500."
06.08.2009 Forex: USD/JPY: Dollar returns above 95.00 after bouncing at 94.80
FXstreet.com (Barcelona) - The Dollar bounced at 94.75 on early Asian session and has been appreciating to reach levels above 95.00, trading at 95.15 ahead of the European session opening.
On a longer point of view, the Dollar remains trading inside a range from 94.50 to 95.40 after declining from 95.85 high on July 30. Resistance levels lie at 95.40/45, and above there, 95.90 (Jul 30 high) and 96.25 (Jul 6 high). On the downside, support levels lie at 94.60 (Aug 5 low), and below there, 94.35 (Aug 4 low) and 94.00 (Jul 29 low).
EUR/JPY dropped from 137.60 high on yesterday's European session to drop afterwards to 136.20, to enter in a range from 136.60 to 137.35, during Thursday's Asian session. Resistance levels lie at 137.20/30 and 137.70. Support levels are 136.20 and 135.95.
06.08.2009 Forex: GBP/USD: Pound, moving around 1.7000
FXstreet.com (Barcelona) - The Pound rose on Wednesday to a fresh 2009 high at 1.7045, and the pair eased afterwards to 1.6930 low to consolidate in a range from 1.6960 to 1.7030.
Resistance levels lie at 1.7030, and above here, 1.7045 (Aug 5 high) and 1.7205 (Oct 21 high). Support levels lie at 1.6960, and below here, 1.6930 (Aug 5 low) and 1.6890/00 (Aug 4 low).
GBP/JPY peaked yesterday at 162.45,right below year high at 162.60, and the pair reversed to 160.60 to trade, during Asian session in a range from 161.00 to 162.10. Support levels are 160.40 and 160.00. Resistance levels lie at 161.75 and 162.45.
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