Friday July 9 , 2010

Previous session overview

The euro against the dollar traded during the Asian session between the highest level of 1.27223 and the lowest level of 1.26742. Now the pair is currently trading around the level of 1.27152, we are expecting economic news releases from Euro Zone today.

The pound against the dollar traded during the Asian session between the highest level at 1.52010 and the lowest level of 1.51319. Now the pair is currently trading around the 1.51946 level. The four hours momentum indicators show the pair is within an oversold area while the daily indicators show that the pair is within an overbought region, which may result in some volatility in the pair’s movement during today session.

The dollar against the yen traded during the Asian session between the highest level at 88.702 and the lowest at 88.293. Now the pair is trading around the 88.528.

Market Expectations

EUR/USD : etermined indicators for the pair Euro against the U.S. dollar shows a negative sign which we can see it through four hours candlestick, which may lead the pair to decline to the level of 1.25750 to get rid of the negative signs then go back to uptrend to the target of 1.27800, stability of the level 1.25750 is necessary to achieve these expectations.



GBP/USD : The pair Sterling against the U.S. dollar traded in a narrow range since yesterday , stability of trading above the moving average 50 (MA 50 ) at the price 1.51100 may lead us to save our expectations that the pair will raise to target the resistance level 1.52400 and if it can penetrate it the pair will achieve the target 1.53030.



USD/JPY : Stability of the trading for the pair U.S. dollar against the Japanese Yen above the moving average 50 (MA 50) makes us expect an uptrend for today to the target of 89.100. Determined indicators shows negative signs for the pair that may lead the pair to retest the level of 88.050 before achieving the target upwards.



Senior Analyst / Ali Hasan /FXCBS

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