Quick Technical Outlook 10/8/2009

The dollar started this week declining against majors, the USDIX dropped today recording a low of 78.77.
The EUR/USD pair inclined reaching a high of 1.4209 and a low of 1.4171, having the union currency trading around 1.4200.
The GBP/USD, it also gained recording a high of 1.6719 and a low of 1.6667, having the pound trading around 1.6715 , and the dollar weakened against the yen and the pair reached a low of 97.07 and a high of 97.77. Cheerful fundamentals were released today from Japan showing a widening trade balance surplus and an improvement in machine orders, which supported the yen to recover some of the losses.

EUR/USD

The EUR/USD can breach the 1.4320 pivot support and target the 61.8% correction as we mentioned earlier at Friday , we expect the pair is to recover some of the losses and incline on an intraday basis targeting 1.4330, as far as 1.4163 remains intact.
GBP/USD
We expected to the GBP/USD to take upside targeting to 1.6906, supported by the stochastic in an oversold area and as far as trading holds above 1.6625. A breach of this level to the downside will take the pair towards 1.6485.

EUR/USD OUTLOOK5/8/2009

The EUR/USD pair recorded a high of 1.4422 and a low of 1.4392 the fundamentals led to a mix of sentiments spread in the currencies market as we saw personal income in the U.S had declined , The euro dollar pair have a resistance at 1.4460 along with a support at 1.4360. the indicators on the daily scale are indicating that the pair is trading in an overbought area.
Support points : 1.4369 - 1.4334 -1.4291.
Resistance points: 1.4424 - 1.4443 - 1.4478.

USD/JPY OUTLOOK5/8/2009

The dollar weakened against the yen today and the pair recorded a low of 94.97 and a high of 95.39. having the dollar trading around 95.00 The pair is having a support at 94.80 along with a resistance at 95.35. It is expected that the pair will breach the support level to reach the next support at 94.40.
Support points : 94.62 - 94.40 - 94.08.
Resistance : 95.51 - 95.81 - 96.32.

EUR/USD Technical Report 4/8/2009

The EUR/USD pair can breaching the key resistance 1.4310 nearing the first target for yesterday at 1.4475, the pair currently is reversing to the downside to create a bearish correction to the 1.4320, the continuing upside movement on an intraday basis that targets 1.4600 levels.

GBP/USD Technical Report

The GBP/USD continued a chain of inclines yesterday, and achieving 1.7000 levels the direction continues towards the upside and the next target is continuing pressure on 1.7000 to achieve an upside intraday trend that supports the upside short term direction, reaching levels 1.7580, but before inclining to achieve the desired targets. It is expected incline will prevail if 1.6835 remains intact.

Market Outlook 4/8/2009

The euro weakened against the dollar, while the pound is still climbing and breaking more resistance levels ,the USDIX inclined today, reaching a high of 77.48. The euro dollar pair declined after recording a high of 1.4429 and a low of 1.4378 , The pair is having a resistance at 1.4470, along with a support at 1.4330. The general trend is to the upside and it is expected that the pair will break the resistance to target 1.4500.
the pound dollar pair, it is still climbing since yesterday, the pair breached resistance levels at 1.6800 and 1.6900 and today, it recorded a high of 1.7001 and a low of 1.6923 , the pound trading around 1.6945. The pair is having resistance at 1.7000 and a support at 1.6835 , according to the stochastic oscillator on the daily charts, the pair is trading in an overbought area.
Finally, the dollar yen pair is consolidating between 95.50 and 95.00, reaching a high of 95.45 and a low of 95.08. The pair is having resistance at 95.75, along with a support at 95.00

In Australia Bank of Australia decided today to keep interest rates at 3.00%, the lowest in 49 years, for the fourth consecutive month Mr. Stevens said in his statement that the world economy started to show clear signs of stability, thanks for the global stimulus plans set by governments around the world that led to an improving outlook for the world economy.