Euro vs Dollar – Daily Forex Chart 7th September 2009
Euro vs Dollar - Daily Forex Chart 7th September 2009
The euro vs dollar forex pair, ended last week in much the same way
as they started, perched neatly on all three moving averages, but
showing little sign at present of breaking out above the current
sideways consolidation. The hope on Friday was that the Non Farm
Payroll data might provide some sort of catalyst of fundamental news
to kick start the pair out of their current trading malaise, but this
was not to be, and the forex trading session closed with a doji candle,
once again indicative of a market that is indecisive at present. The
only conclusive analysis one can draw is that the 40 day moving average
once again provided support to the low of the day, suggesting that any
break, when it does occur, will favour the upside rather than the
downside. This view is supported by the fact that as we creep ever
higher, the chart is displaying a series of higher highs, but with the
moving averages now tightly bunching, we need to be patient and wait
for the breakout to occur.
With the US markets closed today for a national holiday
and Labor Day, it seems unlikely that we will see any meaningful moves
in the euro vs dollar today, as the only items of fundamental l news on
the economic calendar
are in Europe, and minor ones at that, so we will have to wait until
Tuesday at the earliest. The two releases due for today are covered in
more detail on the euro to dollar site for you.
Pounds To Dollars – Daily Forex Chart 7th September 2009
Pounds To Dollars - GBP/USD Daily Forex Chart 7th September 2009
An interesting week for the pounds to dollars forex pair, which
ended the week marginally higher following the two bar reversal on
Wednesday, with Friday’s trading session ending rather flat following
the Non Farm Payroll data which failed to excite the markets, who were
no doubt already looking forward to the long weekend in the US for
Labor Day. The candle on the daily chart, ended as a small narrow
spread up bar, breaking marginally above the 14 day moving average, but
with all three moving averages now very closely grouped, these
indicators have little value at present. The key for Cable forex
traders, is whether the pair can break back above the 1.66 price level,
or whether this is now a barrier that will remain unbroken. If so, then
the longer term trend for the pair will be down, but perhaps only as
far as the 1.60 price level, where a line of strong support awaits, and
indeed we may see a period of swing trading opportunities in this price
region over the next few weeks, before a breakout occurs as expected.
With the US markets closed, the only items of fundamental news on the economic calendar
for the pounds to dollars pair is in the UK, in what is otherwise a
very quiet day. The HPI data is the only schedules release, and is
forecast to show that that house prices in the UK rose a modest 1%
slightly less that last time, but since this will be based on August’s
data, hardly a surprise for the forex market.
Yen To Dollar – Daily Forex Analysis 7th September 2009
Yen To Dollar - USD/JPY Daily Forex Chart 7th September 2009
The yen to dollar pair squeezed higher again on
Friday, following Thursday’s bullish engulfing signal, ending the
session with a narrow spread up bar but with deep shadows to both the
top and bottom of the candle. Much of the volatility in the forex
market followed the release of the Non Farm Payroll numbers, which
whilst not surprising the markets, did offer a degree of conflicting
evidence as to where we were in the economic cycle, and as a result the
time that the recovery will take to get into gear once again. Whilst
the actual numbers were marginally better than expected the jobless
percentage continues to grow, suggesting that major companies are
unlikely to rush into full scale recruitment until the corner has been
well and truly turned. As a result the markets oscillated back and
forth on Friday following the news, with the yen and dollar
counterbalancing one another as risk appetite and risk aversion ebbed
and flowed following the news. The only technical point we can draw
from Friday’s price action on the daily forex chart is that the high of
the trading session found some resistance from the 9 day moving
average, suggesting that the rally may only be a short term squeeze
higher, rather than any longer term move upwards.
With no fundamental news on the economic calendar for the US due to a national holiday, and with none scheduled for Japan, today looks like being a quiet day for forex traders on the yen to dollar pair.
USD to CAD – Daily Forex Analysis 7th September 2009
USD to CAD Daily Forex Analysis - 7th September 2009
As we suspected towards the end of last week, the usd to cad forex
pair finally ran out of steam and fell back exhausted at the effort to
move higher, ending the forex trading session and week with a wide
spread down bar which signalled once again that the usd to cad is
heading lower in the medium term. Friday’s price action breached all
three moving averages simultaneously, but as these are now tightly
bunched therefore have less relevance than usual. The key support level
in the short term is now fixed at 1.07 where the recent small rally
found a platform, but should this be broken, then the next price level
is 1.065, and from here it’s a straight drop back to parity! The weekly
chart for the usd to cad looks equally bearish, with the trading week
ending with a shooting star candle signified with a small body and deep
upper wick, and with all three moving averages pointing sharply lower,
a more dramatic fall seems likely in due course. With both the US and
Canadian markets closed today for Labor day celebrations, there are no fundamental news items on the economic calendar for today, so the market may simply oscillate sideways today and wait for a return of full trading volumes tomorrow.
Daily Oil Prices – Daily Oil Chart 7th September 2009
Daily oil prices ended the oil trading
week with a whimper rather than a bang as the monthly Non Farm Payroll
figures failed to provide any major surprises to the oil market on
Friday, with the candle ending as a small doji cross for the third
consecutive day. Whilst the unemployment rate surged higher once again
to 9.7% in August, the Labor Department’s latest employment report,
added weight to a growing belief that — technically — the economy has
already escaped the grip of recession. Though another 216,000 net jobs
vanished in August, the losses continued to moderate from their worst
numbers of the year and were marginally better than expected at
-216,000 against a forecast of -223,000. The report also gave some
weight to the consensus view of the markets and oil analysts that
whilst the economy may technically bottoming out, it will be a long
time before US companies begin hiring aggressively once again.
From a technical perspective, crude oil prices
are now delicately balanced, with the 40 day moving average holding the
key at present, and with the major markets of the US and Canada closed
today for theor Labor Day celebrations, we will have to wait for
Tuesday before seeing any meaningful price action in the oil markets.
With the bear cross now in place with the 9 day having crossed below
the 14 day, and with Friday’s price action closing the oil trading
session marginally below the 40 day moving average, the signals are not
encouraging for oil bulls. However, should the 40 day moving average
provide a degree of support, we may see a move higher early in the
week, and a re-test of the strong resistance level now in place above
between the $69 and $72 per barrel oil price levels, and we will need to see a strong move to breach this level once again, for any sustained move higher in daily oil prices.
Support: 67.45 Resistance: 68.84
Support: 63.26 Resistance: 66.87
Support: 59.27 Resistance: 62.97
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Spot Silver – Daily Silver Chart 7th September 2009
The spot silver market closed last week in bullish mood, having followed the strong move higher in the gold market which
finally broke out of the pennant pattern we have been highlighting for
the last few weeks, and is which is now teasingly poised below the
$1000 per ounce level once again. The break higher in spot silver
prices was equally dramatic, with silver closing the week above the $16
per ounce level, and with Friday’s candle closing the silver trading
session with a deep lower shadow, suggesting that the bullish sentiment
will continue this week. The weekly chart for spot silver is
equally bullish with 9 week now crossing above the 14 week moving
average, with the next key level being the strong resistance now in
place at the $16.55 per ounce level. This is a deep band of congestion
on the silver chart, and will require significant and sustained
momentum if we are to break higher as we look towards an $18.50 price
per ounce and beyond. The momentum may well come from the gold market,
which should see further bullish moves this week once we have broken
above the psychological $1000 per ounce level. If so this may provide
the necessary drive for silver to break into the above resistance and
to make further progress higher during the week. Monday is of course
Labor day for the US and Canadian markets, so trading volumes across
all commodity markets will be lower than usual, and therefore we may
have to wait until Tuesday for more meaningful moves in the silver
markets as silver traders return from the long weekend.
Support: 15.86 Resistance: 16.66
Support: 15.26 Resistance: 15.23
Support: 14.46 Resistance: 14.98
Anna's Websites Below:
http://www.euro-vs-dollar.com
http://www.euro-to-dollar.com
http://www.usd-to-cad.com
http://www.yen-to-dollar.com
http://www.prices-oil.org
http://www.spot-gold-price.org
http://www.pounds-to-dollars.com
http://www.spot-silver.com
http://www.cot-report.com
http://www.currency-trading-forex.com
http://euros-to-pounds.com