Forexpros.com Daily Analysis - 21/07/2008 - Rolclub Hyip Forum, Hyip, Hyip Forum, Ddos protection, Hyip Monitor, Hyip Investment, Best Hyip Forum, dinar, dinar forum, iraqi dinar, e-gold, real investment forum, forex, investment programs, ddos hosting

ForexAnalysis · #1 21-07-2008, 09:24 PM

Read the Daily Forex Trading Analysis

Overnight Asia/Europe
• USD mixed
• Quiet Technical trade
• Traders note volumes light with no major news

Today’s Economic Reports
All times EASTERN (-5 GMT)
• 10:00am USD Leading Index m/m
Almost no data anywhere so expect technical trade all day to start the week.

Looking Ahead to Tuesday
All times EASTERN (-5 GMT)
• 8:10am USD Treasury Sec Paulson Speaks
• 8:30am USD FOMC Member Plosser Speaks
• 10:00am USD House Price Index m/m
• 10:00am USD Richmond Manufacturing Index

Summary
The USD is mixed to start New York after a generally quiet overnight start to the week. Holding inside existing ranges on thinner volumes, the Greenback continues to consolidate and test technical S/R as traders look for near-term potential at current levels. Earnings for many US companies will be released this week and some desks report bids/offers are resting for both sides in the event that momentum picks up due to the news due; other major economic reports aren’t due until later in the week and that may be keeping a lid on activity for now. A minor Japanese holiday started overnight and for the day the Asian markets were very slow but the USD started weaker on follow-through from Friday’s close. After a brief run to the low end of the range the USD began to recover and is now higher on the day against GBP, flat against EURO and down slightly against other pairs. Cable had a high print at 1.9989 unable to clear stops said to be in range above e the 2.0000 handle; low prints were 1.9905 unable to clear stops under the 1.9900 handle either. Forex traders say the rate is tracking EURO but not as firm as EURO has been in demand on the crosses putting some pressure on Cable. High prints for EURO at 1.5910 attracted some bids but offers capped from technical traders and the rate is near the overnight lows at 1.5850; actual low prints at 1.5827. Traders note some news suggesting that talks surrounding Iran’s nuclear program have stalled have added some upside to the EURO this morning but no one is expecting an easy road with that debate anyway and that may be supporting EURO as Mid-East accounts look to flight to quality buying in the rate. USD/JPY is higher and above the 200 bar MA this morning for a high print at 107.16 before some light pressure was seen. Traders note that if the rate can manage a close above the 200 bar MA today a strong technical buy signal might be on the table for the technical traders; a rush of bids could start the Asian session overnight if that is the case. In my view, the USD is simply consolidating and a lot more two-way trade can be expected the next 24 hours. There is almost no news at all from everybody this week so short-term traders may have a lot of opportunity as the Greenback is likely to cover a lot of the same ground twice. Look for the Majors to extend their ranges during the day today.

Analysis Provided by: Forexpros.com written by Jason Alan Jankovsky.

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