Forex news, forecasts and analysis reports from ActionForex.com. http://www.actionforex.com Tue, 09 Feb 2010 12:50:48 +0100 FeedCreator 1.7.2 http://www.actionforex.com/images/M_images/aflogo.jpg http://www.actionforex.com Forex news, forecasts and analysis reports from ActionForex.com. http://www.actionforex.com/fundamental-analysis/economic-calendar/-eco-data-2%109%1010-20100208106388/ include('http://www.actionforex.com/resources/calendar/cal1.php?f=20100210'); Tue, 09 Feb 2010 12:42:23 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/greek-news-impacts-wall-street-20100209106387/ The tick-for-pip-for-point moves in the highly correlated global markets have Oil-S/P Futures-Dollar Index locked in a pattern that none can break free from. As risk is bought equities move up and the dollar moves down, and vice versa. This was seen again as news broke the the Greek budget deficit... Tue, 09 Feb 2010 12:36:27 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/usd-lower-on-rumor-of-a-%8020-billion-greek-bailout-plan-20100209106386/ USD traded lower Tuesday pressured by Greek rescue speculation. A report that ECB President Trichet would return one day early from a BIS meeting in Australia to attend an EU Council Meeting fueled speculation that a Greek bailout plan may be soon announced. The EUR traded at an eight-month low... Tue, 09 Feb 2010 11:39:47 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/fitch-sees-risk-of-sovereign-crisis-contagion-%27exaggerated%27-20100209106385/ EURUSD has continued to recover from last week's rout, with the short term uptrend off Friday's 1.3586 lows providing the platform for a test of the 1.3750 pivot level, and an earlier high of 1.3774. The EUR and broader risk sentiment has been buoyed by the news that ECB President... Tue, 09 Feb 2010 10:55:09 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/us-market-update-20100209106384/ Elevated risk appetite kept the greenback soft during the New York morning while the yen was off its worst levels. The EU meeting this week has provided the recent spat of price movements. With plenty of European officials offering words of support for Greece's reform efforts this morning and hopes... Tue, 09 Feb 2010 10:52:15 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/aud%10usd-climbs-with-risk-trade-20100209106383/ Technically speaking, the AUD/USD has multiple downtrend lines serving as technical barriers along with intraday and 2/4 highs. As for the downside, the AUD/USD has multiple uptrend lines serving as technical cushions along with intraday and 2/5 lows. Furthermore, the psychological .85 area could serve as a technical cushion should... Tue, 09 Feb 2010 10:47:49 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/usd%10jpy-floats-below-90-20100209106382/ The USD/JPY is fluctuating below the highly psychological 90 level as FX markets cool down in the wake of last week’s heavy volatility. Although the USD/JPY was holding up relatively well, the currency pair finally gave in to downward forces as investors exited the risk trade in a flurry. Debt... Tue, 09 Feb 2010 10:46:05 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/gbp%10usd-rises-amid-hopes-for-greece-20100209106381/ Speculation is rampant once again, this time in favor of the risk trade as investors wonder whether Trichet’s early exit from a meeting in Australia to return to the EU implies the union has a solution for Greece’s troubling fiscal situation. However, it seems such speculation may be a bit... Tue, 09 Feb 2010 10:43:49 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/eur%10usd-climbs-in-speculation-eu-to-take-action-20100209106380/ The risk trade ran with speculation that the EU plans to take action in regards to Greece’s troublesome fiscal situation. Trichet cut a trip to Australia short to return for an EU meeting this week, igniting speculation that the EU will be proactive in sorting out Greece’s troubles. However, such... Tue, 09 Feb 2010 10:36:18 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/chart-of-the-day%3a-eur%10jpy-20100209106379/ Price action on EUR/JPY, a daily chart of which is shown, has reached down and made a tentative bounce off key support in the general 122.00 price region. This occurs after the currency pair broke a long sideways consolidation by breaking down below another key support level in the 127.00... Tue, 09 Feb 2010 10:11:38 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/gbu%10usd-stalking-retracement?-20100209106376/ The GBP/USD, like the EUR/USD, is showing signs of reversal, though not as aggressive. The Sterling looks weaker based on price action leading into the US session. However, if the market closes above 1.56 today, there might be some further correction rally. Looking at the Daily, the retracement can go... Tue, 09 Feb 2010 09:36:34 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/relief-rally-in-equities-fails-to-budge-bond-yields-20100209106375/ You can almost hear an audible sigh of relief echoing around risk managers' desks and that tone is reflected by a positive market sentiment on hopes for a solution to the fiscal problems facing the government of Greece. Given the far more favorable tone to both equity and commodity prices... Tue, 09 Feb 2010 09:26:37 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/eur%10usd-pause-or-reversal?-20100209106372/ The EUR/USD has reached its swing projection at 1.37, and dipped to 1.36 before pausing. In the daily time-frame, today’s price action is developing into a reversal combination. Then there might be a short-term (relative to daily chart) correction to the 1.40 area (38.2-50% retracement), which is coincident with downsloping... Tue, 09 Feb 2010 09:19:44 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/elliott-wave-charting%3a-gbp%10usd-20100209106371/ An impulsive decline from the 1.6070 resistance area has found support at 1.5530. An upward bounce form that zone is expected to be a correction of a red wave iv), before the market can trade lower again. Once wave iv) is complete and 1.5533 is support taken out, a Short... Tue, 09 Feb 2010 08:46:27 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/currency-currents%3a-their-words,-not-mine-20100209106370/ I'd have to agree about the longer-term growth prospects for emerging markets, especially Asia. But in the shorter-term those prospects can be trumped by growing risk. I know, I know - we continue to harp on risk appetite capital flows. But the fact is: risk appetite still matters. And deleveraging... Tue, 09 Feb 2010 08:42:33 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/elliott-wave-charting%3a-dollar-index-20100209106369/ Overall View: Up-trend in process. 4 Hour Chart Flows: Long Price Points: 78.68, and 79.53 Looking for: Low of a correction. Momentum: The dollar index went into Long mode in early December and has found buying support and momentum, as equity markets sell off. Tue, 09 Feb 2010 08:35:02 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/european-pair-review-20100209106368/ Eur/Usd The four hour trend is short. The oversold reads on the near-term charts favor a long technical bounce. Daily charts have held deep oversold for 5 sessions, as the pair challenges the 38% retracement of the Jul 2008 drop from 1.6000 to 1.2300 in Oct 2008. That is the... Tue, 09 Feb 2010 08:32:17 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/dollar,-equity,-commodity-review-20100209106367/ Euro and aussie have got ahead of themselves, and need to consolidate before the next move higher can be made on each, The trend is still long-Usd, and is now absorbing some equity buying that will test resolve. The major pairs are in 100 pip channels at the moment, with... Tue, 09 Feb 2010 08:30:52 +0100 http://www.actionforex.com/action-insight/eurusd-outlook/eur%10usd-mid%11day-outlook-20100209106366/ EUR/USD recovers further to as high as 1.3770 so far today and further rise could still be seen. Nevertheless, upside is still expected to be limited by 1.3852 support turned resistance and bring fall resumption. Below 1.3641 minor support will flip intraday bias back to the downside. Further break of... Tue, 09 Feb 2010 08:24:35 +0100 http://www.actionforex.com/action-insight/gbpusd-outlook/gbp%10usd-mid%11day-outlook-20100209106365/ Intraday bias in GBP/USD remains neutral as consolidation from 1.5534 continues. Another rise cannot be ruled out but upside should be limited by 1.5849 resistance and bring fall resumption. Below 1.5534 will target 100% projection of 1.6875 to 1.5829 from 1.6456 at 1.5410 next. Tue, 09 Feb 2010 08:20:55 +0100 http://www.actionforex.com/action-insight/usdjpy-outlook/usd%10jpy-mid%11day-outlook-20100209106364/ No change in USD/JPY's outlook as consolidations from 88.57 is still in progress. Another recovery cannot be ruled out but upside is expected to be limited below 91.26 resistance and bring fall resumption. Below 88.57 will target 87.36 support first. Break will confirm that whole rise from 84.10 has completed... Tue, 09 Feb 2010 08:18:38 +0100 http://www.actionforex.com/action-insight/usdchf-outlook/usd%10chf-mid%11day-outlook-20100209106363/ USD/CHF's pull back from 1.0793 is still in progress and drops to as low as 1.0654 so far. Further decline could still be seen to 4 hours 55 EMA (now at 1.0612) but after all, downside is expected to be contained by 1.0497/0640 support zone and bring rally resumption. Above... Tue, 09 Feb 2010 08:06:28 +0100 http://www.actionforex.com/action-insight/market-overview/mid%11day-report%3a-speculation-on-greece-bailout-lifts-euro-20100209106362/ Euro's recovery extends further today as the common currency is lifted by speculation of a bailout package from EU for Greece. The speculation started when ECB President Trichet left Australia earlier than planned to attend a council meeting on Thursday. And it's speculated that a deal for Greece bailout would... Tue, 09 Feb 2010 08:05:18 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/usd-lower-pressured-by-greek-rescue-hopes-20100209106361/ The USD is trading sharply lower with the EUR supported by report that ECB President Trichet was returning home one day early from a BIS meeting, Trichet's early return to attend an EU summit fuels speculation of possible announcement of the plan to rescue Greece and contributes to an uptick... Tue, 09 Feb 2010 07:30:38 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/trichet-departs-sydney-in-a-hurry-20100209106360/ On Tuesday the euro was on the rise after it was revealed that ECB President Trichet was going to leave a central bank meeting in Sydney. His premature departure created a significant amount of speculation that a Thursday EU summit in Brussels had been called to present a bailout for... Tue, 09 Feb 2010 07:18:04 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/usdjpy%3a-sees-upside-strength-20100209106359/ The pair may be strengthening but while the 91.27 level, its Jan 21’10 high at 91.86 and the 92.00 level, its channel top hold as resistance levels, we look for USDJPY to weaken back towards the 88.54 level, its Feb 04’10 low. On a decisive break below that level, the... Tue, 09 Feb 2010 06:54:06 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/fx-thoughts-for-the-day-20100209106358/ The Cable rose towards 1.5646 during the day and has come off since there after the UK Trade Balance numbers were not able to meet street expectations. A further fall may be contained near 1.5550-5500. If it does, there could be chances of some pull back towards 1.5700-30 over the... Tue, 09 Feb 2010 06:29:08 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/london-session-recap-20100209106357/ The news that ECB President Trichet was returning from Australia a day early to attend a scheduled meeting of EU leaders injected hope that a bail-out plan for Greece may become more probable. A bail-out at this point would contradict the rhetoric from ECB officials to date. That said Eurozone... Tue, 09 Feb 2010 05:15:01 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/technical-analysis-daily%3a-usd%10jpy-20100209106356/ Dollar/Yen is moving still within the well formed downward channel on the 1 hour chart. This week, the currency couple is trading hesitantly, testing the upper limit of the bearish channel at around 89.73. Persuasive break above that level may lead to direction change and strengthen the Dollar further towards... Tue, 09 Feb 2010 05:11:07 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/european-market-update-20100209106355/ The USD and JPY currencies were softer in the European session amid speculation that the ECB would hold an emergency meeting to discuss measures to head off contagion in the Greek debt crisis. Speculation mounted after ECB's Trichet left a meeting with the RBA a day early, which helped market... Tue, 09 Feb 2010 04:57:58 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/wait-for-euro-sell-opportuity-20100209106354/ The Euro-zone economy will inevitably remain a key short-term focus, especially with a summit due on Thursday. Confidence will remain very fragile in the short term, but any kind of support package for the weaker economies could trigger near-term Euro relief, especially given the number of short positions in the... Tue, 09 Feb 2010 04:55:10 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/gbpusd-%11-prepares-for-corrective-recovery-20100209106353/ Immediate outlook for GBP has turned consolidative to corrective after selling off from the 1.6456 level on Jan 17'10 to 1.5556 low on Friday. While the pair retains its broader weakness triggered off the 1.7041 level, its Aug'09 high, risk of corrective recovery was seen in early trading today following... Tue, 09 Feb 2010 04:52:04 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/eurgbp-%11-challenges-the-0.8794-level-20100209106352/ As further recovery is now seen following the cross's Friday strength, EURGBP was seen pushing through its minor resistance at the 0.8767 level, its Feb 01'10 high and then challenging its Jan 25'10 at 0.8793 in today's trading session. A decisive clearance of there is required to convince the market... Tue, 09 Feb 2010 04:49:51 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/trichet-off-to-brussels-%26-markets-in-a-%27wait-%26-see%27-pattern-20100209106351/ Markets are still in a hold / consolidation pattern before 1st tier economic data starting Wednesday. However, we are seeing signs of EUR contrarians stepping in and trading on the long side. Markets and media have been lightning fast in jumping on the EU collapse bandwagon and there is speculation... Tue, 09 Feb 2010 04:47:10 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/forex-technical-analysis-20100209106348/ EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169. Tue, 09 Feb 2010 04:10:36 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/trichet-leaves-sydney-early-20100209106345/ FX markets were choppy in the Asian session, with risk appetite see-sawing. The day started with a risk off tone, as Wall Street plunged due to speculation that FOMC Chairman Bernanke could indicate tightening when he testifies in the House on unwinding Fed liquidity programs this week. The USDJPY fell... Tue, 09 Feb 2010 03:27:48 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/daily-fx-report-20100209106344/ Since the last week of January, the EUR has been trading in a sideways trend against the CHF. Recently, the currency pair touched its important Fibonacci Retracement line at 1.4654 (38.2%) and the prices recovered. Also a crossing MA Oscillator through the signal line from below may indicate a continuing... Tue, 09 Feb 2010 03:24:36 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/german-prices-stagnate-in-january-20100209106343/ German prices remained unchanged in January after accelerating in the last quarter of 2009. Inflation shifted from -0.30% in September to 0.00% in October then 0.40% in November reflecting the improvement seen in the economy starting from the second quarter. Tue, 09 Feb 2010 03:16:29 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/currency-pair-daily-forecasts-20100209106342/ EUR/USD-market strategy indicates buying levels from the $1.3721 To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines in a bullish direction and crossing below the zero line. In order to find the power of the market, we use... Tue, 09 Feb 2010 03:15:11 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/technical-analysis-daily%3a-gbp%10usd-20100209106339/ Pound/Dollar is trading hesitantly this week within the 1.5544 - 1.5669, closing yesterday at 1.5581. On the 1 hour chart the downward channel remains intact for now. The Pound, however is expected to render pressure on the Dollar, and any stronger upward corrections should not come unexpected. Break above the... Tue, 09 Feb 2010 03:03:39 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/japanese-yen-in-trouble-as-eur-looking-to-recover-20100209106338/ The yen and dollar fell on speculation European officials meeting this week will agree to assist Greece in tackling its deficit, reducing demand for the two currencies as a refuge. The euro rallied from near a one-year low versus the yen after a European Central Bank spokeswoman said President Jean-... Tue, 09 Feb 2010 02:38:03 +0100 http://www.actionforex.com/action-insight/gbpjpy-outlook/gbp%10jpy-daily-outlook-20100209106337/ With 4 hours MACD crossed above signal line, an intraday low should be in place in GBP/JPY at 138.23. Bias is turned neutral and stronger recovery might be seen. But still, upside is expected to be limited by 143.04 support turned resistance and bring fall resumption. Below 138.23 will target... Tue, 09 Feb 2010 02:36:14 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/ecb-may-delay-its-stimulus-exit-amid-concerns-on-greece%27s-deficit-20100209106336/ The (ECB) European Central Bank may be forced to cancel the withdrawal of emergency lending measures for the time-being because it could inflame financial market concerns about Greece, Spain and Portugal various economist have stated. Investors are dumping Greece, Spanish and Portuguese assets as their governments struggle to rein in... Tue, 09 Feb 2010 02:36:02 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/morning-forex-overview-20100209106335/ The yen fell against high-yielding units in Asia Tuesday as an upturn in Chinese stocks helped reduce risk aversion, prompting investors to buy back riskier currencies such as the euro. Although the European Union is slated to hold a summit on Thursday, traders expect the organization to fail to... Tue, 09 Feb 2010 02:33:33 +0100 http://www.actionforex.com/action-insight/eurjpy-outlook/eur%10jpy-daily-outlook-20100209106334/ With 4 hours MACD crossed above signal line, an intraday low should be in place at 120.69 and some more consolidation should now be seen. Stronger recovery cannot be ruled out but upside should be limited by 124.73 support turned resistance and bring fall resumption. Below 120.69 will target 100%... Tue, 09 Feb 2010 02:32:07 +0100 http://www.actionforex.com/action-insight/eurgbp-outlook/eur%10gbp-daily-outlook-20100209106333/ At this point, intraday bias in EUR/GBP remains neutral. However, note that decisive break of 0.8792 resistance will be the first signal that the cross has already bottomed out at 0.8601 already. In such case, intraday bias will be turned to the upside and stronger rise should be seen towards... Tue, 09 Feb 2010 02:27:22 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/eur%10usd-did-not-set-a-new-reaction-low.-time-for-a-short-squeeze?-20100209106332/ On Monday, currency traders were still focused on the budgetary problems of Greece and other European countries. However, this time the damage for the single currency was limited. In case global market tensions would ease, there might be room for some kind of euro short squeeze. This is the case... Tue, 09 Feb 2010 02:25:54 +0100 http://www.actionforex.com/action-insight/eurchf-outlook/eur%10chf-daily-outlook-20100209106331/ Intraday bias in EUR/CHF remains neutral for the moment and more sideway trading should be seen above 1.4557 in near term. Stronger recovery cannot be ruled out, and EUR/CHF might climb to above 1.4820. But after all, we'd expect strong resistance ahead of 1.5 psychological level to limit any rebound... Tue, 09 Feb 2010 02:23:21 +0100 http://www.actionforex.com/fundamental-analysis/daily-forex-fundamentals/snb-%11-an-information-vacuum-20100209106330/ As of 1 January 2010, Philipp Hildebrand replaced Jean-Pierre Roth as chairman of the governing board at the Swiss National Bank (SNB). Not a major event, given that Hildebrand has expressed no indications to alter how monetary policy is implemented by the SNB. However, there could be a significant change... Tue, 09 Feb 2010 02:17:51 +0100 http://www.actionforex.com/technical-analysis/daily-forex-technicals/forex-technical-analytics-20100209106329/ The estimated test of key supports has been confirmed, however, relative rise of sales activity, marked by OsMA trend indicator, did not favor implementation of the pre-planned buying positions. Therefore, considering the developing technical picture from the position of incompleteness and probable rate range movement, we can assume reaching of... Tue, 09 Feb 2010 02:00:29 +0100