27 Jun
Posted by: Bethany Colton in: Forex News
USD Dollar (USD) – The dollar declined in forex trading against most of the major currencies on speculation that Greece’s lawmakers will approve austerity measures. In addition, consumer spending unexpectedly stagnated in May as employment prospects dimmed and rising inflation caused Americans to cut back. The situation of persistent high unemployment, a weak housing market, high fuel prices and inflation, have all put pressure on consumers. The Stock Markets closed positive, breaking a three-day losing streak, as the Dow Jones rose by 0.91% and the NASDAQ gained 1.33%. Crude oil strengthened by 0.70%, closing at $91.20 a barrel, on news that Greek creditors may be able to reach an agreement that will prevent a default. Gold
Daily Pivots: (S1) 1.0469; (P) 1.0507; (R1) 1.0577; More
AUD/USD’s break of 1.0649 resistance suggests that choppy fall from 1.0744, as well as the whole correction from 1.1011 has completed at 1.0390 already. Intraday bias is flipped back to the upside for 1.0774 resistance first. Break will confirm this case and should target a retest on 1.1011 high next. On the downside, below 1.0550 minor support will turn bias neutral and bring consolidations. But outlook will now be cautiously bullish as long as 1.0390 support holds.
In the bigger picture, rise from 0.8066 is part of the up trend from 2008 low of 0.6008 and is still in healthy status.
EURJPY Forecast The EURJPY had a significant bullish momentum yesterday and now testing 115.80 resistance area. The bias is bullish in nearest term especially if price able to make a clear break above 115.80 – 116.00 targeting 116.70 – 117.00 and the trend line resistance (white). However as long as price stays below the trend line the bearish scenario since the fall from 123.31 should remain intact and I still prefer a bearish scenario at this phase. Immediate support at 115.00. A c
Trading the News: Canada Net Change in Employment
What’s Expected:
Time of release: 06/10/2011 11:00 GMT, 7:00 EST
Primary Pair Impact:USDCAD
Expected: 20.0K
Previous: 58.3K
DailyFX Forecast: -10.0K to 10.0K
Why Is This Event Important:
The Canadian economy is anticipated to add another 20.0K jobs in May following the 58.3K expansion in the previous month, and the ongoing improvement in the labor market is likely to spark a bullish reaction in the local currency as growth prospects improve. A