Alan’s Forex Blog

Forex Mid-Day Technical Report Dollar Hit Lows against EUR, CAD and AUD Dollar extends weakness again today on the back of expectation for further rate cut from Fed next week. Surging commodity prices also add further pressure on the greenback. EUR/USD continues to make new record high and is now heading to 1.44 level. AUD/USD is boosted by rising gold price and expectation of rate hike from RBA in Nov and make new 23 year high above 0.91 level. Canadian, also ride on strength in oil price

Forex Daily Technical Report Euro Pressing Record High, Aussie Surges The Aussie steals the show today, rising to new 23 year high of 0.9117 against dollar on expectation of another rate hike from RBA on Nov 6-7. Aussie is additionally supported by strength in gold price that surged to new 28 years high of $772.90 an ounce. On the other hand, even though crude oil rose to record above $91 a barrel, Canadian dollar is still limited by yesterday’s 33 year high of 0.9612 against dollar on deeply

Forex Mid-Day Technical Report Dollar Weakens again after Disappointing Data Dollar extends weakness in early US session after another round of disappointing data. Durable goods orders fell for a second month by -1.7% in Sep, much worse than expectation of 1.5% rise. Prior month’s contraction was also revised from -4.9% to -5.3%. Jobless claims dipped mildly but came in much worse than expected at 331k. New home sales recovered to 0.77M in Sep but that was still below expectation of 0.78m and

Forex Daily Technical Report Focus Turning to German Ifo, US Durables and New Home Sales Markets continue to consolidate in familiar range, lacking a clear direction in short term. After all, with key near term levels remain intact, overall outlook is the same. The rebound in Euro against the greenback are still treated as part of a correction pattern and further downside should still be seen. Similarly, the current choppy trading in yen crosses is viewed and consolidation to recent fall and

Forex Mid-Day Technical Report Markets Still in Range after Steep Decline in Existing Home Sales Markets remain in tight range after housing data from US, waiting for catalyst for break out. Existing home sales continues to show steeper than expected pace of housing down turn. Sales dropped -8.0% in Sep to 5.04m annualized rate, much weaker than consensus of 5.28m, and is the largest decline since 1999. The months of homes available for sale rose to 10.5, the highest since 1999. Median house

Forex Daily Technical Report Markets Hesitate ahead of US Existing Home Sales Despite recovering much of the earlier’s loses against the greenback, Euro and Sterling hesitates ahead of near term high against the greenback. Markets focus are turning back to US economic data which has a late start this week. Existing home sales is expected to continue to the slump and drop another -4.0% to 5.28M annualized rate, a new low in nearly six years. Further disappointment from today’s housing data and

Forex Mid-Day Technical Report Dollar Back in Pressure, CAD at New High Dollar gives back most of yesterday’s gain today and weakens sharply against Euro and Sterling on speculation that Fed will cut rates again next week. Canadian dollar also edges to new 33 year high of 0.9625 against the greenback and remains firm after stronger than expected retail sales, rising 0.7% mom comparing to consensus of 0.5%. Sterling is also supported by a speech from BoE Barker which suggests she will vote to

Forex Daily Technical Report Markets Stabilized on Stocks Recovery, Canadian Retail Sales Eyed The markets stabilized after US stock markets recovered and followed by recovery in global stock markets too. Yen retreats from yesterday’s climax high while dollar, which was benefited from carry trade unwinding in yen, also retreats. Nevertheless, the outlook remains unchanged. Last weeks’ single week reversal in yen crosses should have marked the completion of the the rebound of yen crosses that