EURUSD, AUDUSD, EURCHF Daily Outlook

EURUSD

Downside is under pressure as the euro collapsed on Friday, as a result of the better than expected NFP data - -345k vs. -521k expected. The 330 points pullback has extended below the 1.4000 mark, bids into the 1.3950/60 region being tested at the time of this writing. Daily sentiment is slightly bearish due to the violent drop but it is too early to look for a trend reversal - the current move being corrective. Trend-line support is being formed around 1.3940 by a rising trend-line started at 1.2965 on April's 28th. Below 1.3940, next downside barriers which may limit an extended decline are emerging at 1.3880 - 50% retracement of the 1.3425-1.4340 and 1.3775 - 61.8% of the mentioned up leg. Intra-day studies are bearish. Current quote is 1.3954 @06:20 GMT

Support levels: 1.3940, 1.3880 and 1.3775
Resistance levels: 1.4000, 1.4050 and 1.4100
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

AUDUSD

Support on the .7900 mark is intact but under pressure as the Aussie dollar trades around .7950 at the time of this writing. A potential breach below .7900 may open .7760 for a later test. Although the short-term momentum is losing strength, the current decline is most likely corrective - sharing the same view with EURUSD. Current quote is .7947 @06:20 GMT

Support levels: .7900, .7855 and .7750/60
Resistance levels: .8000, .8090/00, .8135/50 and .8260
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

EURCHF

The euro failed once again to breach above the 1.5225 resistance on Friday but currently holds steady around 1.5175, probably preparing yet another test on the mentioned upside barrier. A breach above 1.5225/30 is needed to confirm a resume of the uptrend and, hopefully, increase the average daily range which continues to be low - around 70 points / day. Support is seen at 1.5145/50 and 1.5100/10, lower. Current quote is 1.5175 @06:20 GMT

Support levels: 1.5145/50, 1.5100/10, 1.5050 and 1.5000/10
Resistance levels: 1.5225/30, 1.5300 and 1.5350
Market sentiment: long-term : bearish, mid-term : bearish, short-term : neutral

By E-Forex

EURUSD, AUDUSD, EURCHF Daily Outlook

EURUSD

Downside is under pressure as the euro collapsed on Friday, as a result of the better than expected NFP data - -345k vs. -521k expected. The 330 points pullback has extended below the 1.4000 mark, bids into the 1.3950/60 region being tested at the time of this writing. Daily sentiment is slightly bearish due to the violent drop but it is too early to look for a trend reversal - the current move being corrective. Trend-line support is being formed around 1.3940 by a rising trend-line started at 1.2965 on April's 28th. Below 1.3940, next downside barriers which may limit an extended decline are emerging at 1.3880 - 50% retracement of the 1.3425-1.4340 and 1.3775 - 61.8% of the mentioned up leg. Intra-day studies are bearish. Current quote is 1.3954 @06:20 GMT

Support levels: 1.3940, 1.3880 and 1.3775
Resistance levels: 1.4000, 1.4050 and 1.4100
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

AUDUSD

Support on the .7900 mark is intact but under pressure as the Aussie dollar trades around .7950 at the time of this writing. A potential breach below .7900 may open .7760 for a later test. Although the short-term momentum is losing strength, the current decline is most likely corrective - sharing the same view with EURUSD. Current quote is .7947 @06:20 GMT

Support levels: .7900, .7855 and .7750/60
Resistance levels: .8000, .8090/00, .8135/50 and .8260
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish

EURCHF

The euro failed once again to breach above the 1.5225 resistance on Friday but currently holds steady around 1.5175, probably preparing yet another test on the mentioned upside barrier. A breach above 1.5225/30 is needed to confirm a resume of the uptrend and, hopefully, increase the average daily range which continues to be low - around 70 points / day. Support is seen at 1.5145/50 and 1.5100/10, lower. Current quote is 1.5175 @06:20 GMT

Support levels: 1.5145/50, 1.5100/10, 1.5050 and 1.5000/10
Resistance levels: 1.5225/30, 1.5300 and 1.5350
Market sentiment: long-term : bearish, mid-term : bearish, short-term : neutral

By E-Forex

Currency Majors Technical Analysis

European Session

EUR/USD - Euro Dollar

1,3947. EUR USD is in a range between 1,3930 and 1,4150. The price is just above 1,3930 support. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend daily (Mataf Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The price should find a support above 1,3930 (17 pips). If the support breaks then the target will be 1,3790 (157 pips).

Resistances

1,4050 - 1,4150

Supports

1,3930 - 1,3790

GBP/USD - British Pound Dollar

1,6380. GBP USD is in a consolidation after the last bullish movement. The volatility decreases. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 1H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The consolidation should continue. The price should continue to move in 1,6300 / 1,6600 range. If the support breaks then the target will be 1,6150 (230 pips).

Resistances

1,6460 - 1,6625

Supports

1,6350 - 1,6230

USD/CHF - Dollar Swiss Franc

1,0827. USD CHF moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility decreases. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in 1,0650 / 1,0860 range.

Resistances

1,0860 - 1,0955

Supports

1,0745 - 1,0650

USD/CAD - US Dollar Canadian Dollar

1,1233. USD CAD is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. ForexTrend daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD CAD. The price should find a support above 1,1160 (73 pips). The uptrend should continue on 1,1295 resistance (62 pips).

Resistances

1,1250 - 1,1295

Supports

1,1160 - 1,1070

USD/JPY - Dollar Yen

98,38. USD JPY is in a range between 97,10 and 98,50. USD JPY moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. ForexTrend 1H, 4H (Mataf Trend Indicator) is in a bullish configuration. 4H, daily ForexSto (Modified Stochastic) indicate a bullish pressure on USD JPY. The price should find a resistance below 98,50 (12 pips). If the resistance breaks then the target will be 99,00 (62 pips).

Resistances

98,50 - 99,00

Supports

98,05 - 97,50

By Mataf

Currency Majors Technical Analysis

European Session

EUR/USD - Euro Dollar

1,3947. EUR USD is in a range between 1,3930 and 1,4150. The price is just above 1,3930 support. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend daily (Mataf Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The price should find a support above 1,3930 (17 pips). If the support breaks then the target will be 1,3790 (157 pips).

Resistances

1,4050 - 1,4150

Supports

1,3930 - 1,3790

GBP/USD - British Pound Dollar

1,6380. GBP USD is in a consolidation after the last bullish movement. The volatility decreases. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 1H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The consolidation should continue. The price should continue to move in 1,6300 / 1,6600 range. If the support breaks then the target will be 1,6150 (230 pips).

Resistances

1,6460 - 1,6625

Supports

1,6350 - 1,6230

USD/CHF - Dollar Swiss Franc

1,0827. USD CHF moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility decreases. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in 1,0650 / 1,0860 range.

Resistances

1,0860 - 1,0955

Supports

1,0745 - 1,0650

USD/CAD - US Dollar Canadian Dollar

1,1233. USD CAD is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. ForexTrend daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD CAD. The price should find a support above 1,1160 (73 pips). The uptrend should continue on 1,1295 resistance (62 pips).

Resistances

1,1250 - 1,1295

Supports

1,1160 - 1,1070

USD/JPY - Dollar Yen

98,38. USD JPY is in a range between 97,10 and 98,50. USD JPY moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. ForexTrend 1H, 4H (Mataf Trend Indicator) is in a bullish configuration. 4H, daily ForexSto (Modified Stochastic) indicate a bullish pressure on USD JPY. The price should find a resistance below 98,50 (12 pips). If the resistance breaks then the target will be 99,00 (62 pips).

Resistances

98,50 - 99,00

Supports

98,05 - 97,50

By Mataf

Commentary by FX Instructor June 16

EURJPY Daily Forecast

The EURJPY had a significant bearish momentum yesterday. On h4 chart below we can see that the pair has break below important level around 134.80 area. For me this fact is a failure (or at least a pause) of the bullish scenario in medium term. The bias is bearish in nearest term targeting 132.30 area. Immediate resistance at 135.35 area.

EURUSD Daily Forecast
The EURUSD had a significant bearish momentum yesterday. The pair break below key support level 1.3790, bottomed at 1.3755 but closed a little bit higher at 1.3801. On daily chart below we have a head and shoulder formation suggesting a potential bearish reversal scenario with 1.3790 as the neckline. However we need consistent move below 1.3790 area to confirm the bearish scenario targeting 1.3650 in nearest term. CCI just cross the -100 line up on hourly chart so watch out for potential upside pressure testing 1.3850 – 1.3900 resistance area. Break above that area should take us into no trading zone.

GBPUSD Daily Forecast
The GBPUSD continued it’s bearish momentum yesterday. The pair bottomed at 1.6241 and closed at 1.6317. On h4 chart below we can see that the pair is making a new bearish channel. Immediate support is seen at 1.6240. Break below that area should trigger further bearish momentum targeting 1.6100 even testing key support level around 1.5790 in medium term. Initial resistance at 1.6350. Break above that area could lead us into no trading zone.

By FXinstructor

Commentary by FX Instructor June 16

EURJPY Daily Forecast

The EURJPY had a significant bearish momentum yesterday. On h4 chart below we can see that the pair has break below important level around 134.80 area. For me this fact is a failure (or at least a pause) of the bullish scenario in medium term. The bias is bearish in nearest term targeting 132.30 area. Immediate resistance at 135.35 area.

EURUSD Daily Forecast
The EURUSD had a significant bearish momentum yesterday. The pair break below key support level 1.3790, bottomed at 1.3755 but closed a little bit higher at 1.3801. On daily chart below we have a head and shoulder formation suggesting a potential bearish reversal scenario with 1.3790 as the neckline. However we need consistent move below 1.3790 area to confirm the bearish scenario targeting 1.3650 in nearest term. CCI just cross the -100 line up on hourly chart so watch out for potential upside pressure testing 1.3850 – 1.3900 resistance area. Break above that area should take us into no trading zone.

GBPUSD Daily Forecast
The GBPUSD continued it’s bearish momentum yesterday. The pair bottomed at 1.6241 and closed at 1.6317. On h4 chart below we can see that the pair is making a new bearish channel. Immediate support is seen at 1.6240. Break below that area should trigger further bearish momentum targeting 1.6100 even testing key support level around 1.5790 in medium term. Initial resistance at 1.6350. Break above that area could lead us into no trading zone.

By FXinstructor

6 Questions You Should Be Asking About the Financial Crisis(And 6 Must-Read Answers)

March 11, 2009 Elliott Wave International, the world’s largest market forecasting firm, receives thousands of questions every year from web site visitors and subscribers on their free Message Board. Here the company shares 6 of the recent critical questions on the financial crisis and 6 answers provided by their professional analysts. For more free questions and answers or to submit your own question, visit Elliott Wave International’s Message Board. Q: Can increased government spending help stop the crisis?What do you think about the new mortgage bailout plan – or bailouts and proposals for additional government spending in general? The opinions on whether or not this will ultimately work seem so divided... Answer:In Ch. 13 of his Conquer the Crash, “Can the Fed Stop Deflation?”, Bob Prechter writes; quote: "Can the government spend our way out of deflation and depression? Governments sometimes employ aspects of' 'fiscal policy,' i.e., altering spending or taxing policies, to 'pump up' demand for goods and services. Raising taxes for any reason would be harmful. Increasing government spending (with or without raising taxes) simply transfers wealth from savers to spenders, substituting a short-run stimulus for long-run financial deterioration. Japan has used this approach for twelve years, and it hasn’t worked. Slashing taxes absent government spending cuts would be useless because the government would have to borrow the difference. Cutting government spending is a good thing, but politics will prevent its happening prior to a crisis. ... Prior excesses have resulted in a lack of solutions to the deflation problem. Like the discomfort of drug addiction withdrawal, the discomfort of credit addiction withdrawal cannot be avoided. The time to have thought about avoiding a system-wide deflation was years ago. Now it’s too late. It does not matter how it happens; in the right psychological environment, deflation will win, at least initially." Q: In deflation, what's best: to have no debts or preserve capital? During a deflationary period, if you had to choose one or the other – debt reduction or preservation of capital – which one is MOST important? Answer:In Ch. 29 of Conquer the Crash, "Calling in Loans and Paying off Debts," Elliott Wave International’s founder and president Bob Prechter writes; quote: "Being debt-free means that you are freer, period. You don’t have to sweat credit card payments. You don’t have to sweat home or auto repossession or loss of your business. You don’t have to work 6 percent more, or 10 percent more, or 18 percent more just to stay even. ...the best mortgage is none at all. If you own your home outright and lose your job, you will still have a residence." Of course, one could pay off some debts AND keep some capital – it all depends on an individual's risk appetite and tolerance. Q: Which news and events can move the market and which can't? I've noticed that a lot of times, the stock market does the opposite of what the news suggests it should do – or does nothing at all. Can you make a distinction, if there is one, between news that does not move the market and the news that does? I'm talking specifically about the news and anticipation of another bailout plan plus stimulus package that is supposedly rallying U.S. stocks right now. Answer: The subject of the news is almost irrelevant. What IS relevant is the state of investors' collective mood at the time of the news release. If they feel bullish (or bearish), they will interpret just about any news story as bullish (or bearish) too. (Or "dismiss the news," as financial commentators often put it.) If you need a good example, just compare the February 6 horrific U.S. jobs report with that day's rally in the DJIA. Or, contrast the February 10 passage of the "$838 Billion Economic Stimulus Package" with a 300+ drop on the Dow. The important thing to keep in mind is that while the news can cause short-term price spikes, it has no effect on the longer-term trend; only social mood does. Q: If this deflation deepens, will the US dollar crash? Bob Prechter’s Conquer the Crash and your monthly publications like Bob’s Elliott Wave Theorist, you've been saying that in deflation, "cash is king" as the value of the dollar rises. But won't the U.S. government's spending spree cause the dollar to crash instead against the euro and other currencies? Answer:It's very important to make a distinction between the dollar's domestic and international values. In a deflation, the value of any currency – the U.S. dollar, in this case – rises domestically: As asset prices fall, each unit of currency buys more domestically-available goods and services. "Cash is the only asset that assuredly rises in value during deflation." – Bob Prechter, Conquer the Crash, Ch. 18. However, the USD's international value (as represented by the U.S. Dollar Index) in a deflation can rise OR fall relative to other currencies. If, for instance, the euro is deflating faster than the dollar, then the dollar's value relative to the euro will rise, and vice versa. Q: Won't government bailouts turn deflation into inflation? Trillions of dollars in bailouts "injected" into the economy – won't they reverse deflation and turn it into inflation instead? Answer:Here is a quote from Bob Prechter’s October 2008 Elliott Wave Theorist: "Believers in perpetual inflation think that the government can keep assuming others’ bad debts infinitely. But it can’t. The only reason that Congress has gotten away with issuing this latest blizzard of new IOUs is that society is still near the top of a Grand Supercycle, so optimism and confidence still have the upper hand. But as pessimism and skepticism continue to wax and the economy contracts, the bond market will figure out that the Treasury will be unable to fund all these obligations with tax collections. Then Treasury bond prices will begin falling as if they were sub-prime mortgages. A collapsing bond market is deflation; it is a contraction of the outstanding credit supply. Recent bailout schemes will not reverse the deflationary freight train. They will serve only to confuse the marketplace and hinder the efficient retirement of bad debts, thus exacerbating the crisis and aggravating investors’ uncertainties and thereby falling right in line with the declining trend of social mood." Q: When will recession end – and DEPRESSION begin? When do you think the economic DEPRESSION will officially begin? Answer:It took mainstream economists over a year to recognize the "official" start of the recession! Because a depression is a much bigger and rarer event, the delay with its "official" recognition will likely be even greater. Not to mention the fact that, interestingly, there is no "official" definition of a depression; even if there were one, ours here at Elliott Wave International would probably differ. Rest assured, though: We intend to update subscribers on any "progress" in that direction. To read 30+ additional questions and answers on the financial crisis, investing, capital safety and more, visit Elliott Wave International’s free Message Board.

6 Questions You Should Be Asking About the Financial Crisis(And 6 Must-Read Answers)

March 11, 2009 Elliott Wave International, the world’s largest market forecasting firm, receives thousands of questions every year from web site visitors and subscribers on their free Message Board. Here the company shares 6 of the recent critical questions on the financial crisis and 6 answers provided by their professional analysts. For more free questions and answers or to submit your own question, visit Elliott Wave International’s Message Board. Q: Can increased government spending help stop the crisis?What do you think about the new mortgage bailout plan – or bailouts and proposals for additional government spending in general? The opinions on whether or not this will ultimately work seem so divided... Answer:In Ch. 13 of his Conquer the Crash, “Can the Fed Stop Deflation?”, Bob Prechter writes; quote: "Can the government spend our way out of deflation and depression? Governments sometimes employ aspects of' 'fiscal policy,' i.e., altering spending or taxing policies, to 'pump up' demand for goods and services. Raising taxes for any reason would be harmful. Increasing government spending (with or without raising taxes) simply transfers wealth from savers to spenders, substituting a short-run stimulus for long-run financial deterioration. Japan has used this approach for twelve years, and it hasn’t worked. Slashing taxes absent government spending cuts would be useless because the government would have to borrow the difference. Cutting government spending is a good thing, but politics will prevent its happening prior to a crisis. ... Prior excesses have resulted in a lack of solutions to the deflation problem. Like the discomfort of drug addiction withdrawal, the discomfort of credit addiction withdrawal cannot be avoided. The time to have thought about avoiding a system-wide deflation was years ago. Now it’s too late. It does not matter how it happens; in the right psychological environment, deflation will win, at least initially." Q: In deflation, what's best: to have no debts or preserve capital? During a deflationary period, if you had to choose one or the other – debt reduction or preservation of capital – which one is MOST important? Answer:In Ch. 29 of Conquer the Crash, "Calling in Loans and Paying off Debts," Elliott Wave International’s founder and president Bob Prechter writes; quote: "Being debt-free means that you are freer, period. You don’t have to sweat credit card payments. You don’t have to sweat home or auto repossession or loss of your business. You don’t have to work 6 percent more, or 10 percent more, or 18 percent more just to stay even. ...the best mortgage is none at all. If you own your home outright and lose your job, you will still have a residence." Of course, one could pay off some debts AND keep some capital – it all depends on an individual's risk appetite and tolerance. Q: Which news and events can move the market and which can't? I've noticed that a lot of times, the stock market does the opposite of what the news suggests it should do – or does nothing at all. Can you make a distinction, if there is one, between news that does not move the market and the news that does? I'm talking specifically about the news and anticipation of another bailout plan plus stimulus package that is supposedly rallying U.S. stocks right now. Answer: The subject of the news is almost irrelevant. What IS relevant is the state of investors' collective mood at the time of the news release. If they feel bullish (or bearish), they will interpret just about any news story as bullish (or bearish) too. (Or "dismiss the news," as financial commentators often put it.) If you need a good example, just compare the February 6 horrific U.S. jobs report with that day's rally in the DJIA. Or, contrast the February 10 passage of the "$838 Billion Economic Stimulus Package" with a 300+ drop on the Dow. The important thing to keep in mind is that while the news can cause short-term price spikes, it has no effect on the longer-term trend; only social mood does. Q: If this deflation deepens, will the US dollar crash? Bob Prechter’s Conquer the Crash and your monthly publications like Bob’s Elliott Wave Theorist, you've been saying that in deflation, "cash is king" as the value of the dollar rises. But won't the U.S. government's spending spree cause the dollar to crash instead against the euro and other currencies? Answer:It's very important to make a distinction between the dollar's domestic and international values. In a deflation, the value of any currency – the U.S. dollar, in this case – rises domestically: As asset prices fall, each unit of currency buys more domestically-available goods and services. "Cash is the only asset that assuredly rises in value during deflation." – Bob Prechter, Conquer the Crash, Ch. 18. However, the USD's international value (as represented by the U.S. Dollar Index) in a deflation can rise OR fall relative to other currencies. If, for instance, the euro is deflating faster than the dollar, then the dollar's value relative to the euro will rise, and vice versa. Q: Won't government bailouts turn deflation into inflation? Trillions of dollars in bailouts "injected" into the economy – won't they reverse deflation and turn it into inflation instead? Answer:Here is a quote from Bob Prechter’s October 2008 Elliott Wave Theorist: "Believers in perpetual inflation think that the government can keep assuming others’ bad debts infinitely. But it can’t. The only reason that Congress has gotten away with issuing this latest blizzard of new IOUs is that society is still near the top of a Grand Supercycle, so optimism and confidence still have the upper hand. But as pessimism and skepticism continue to wax and the economy contracts, the bond market will figure out that the Treasury will be unable to fund all these obligations with tax collections. Then Treasury bond prices will begin falling as if they were sub-prime mortgages. A collapsing bond market is deflation; it is a contraction of the outstanding credit supply. Recent bailout schemes will not reverse the deflationary freight train. They will serve only to confuse the marketplace and hinder the efficient retirement of bad debts, thus exacerbating the crisis and aggravating investors’ uncertainties and thereby falling right in line with the declining trend of social mood." Q: When will recession end – and DEPRESSION begin? When do you think the economic DEPRESSION will officially begin? Answer:It took mainstream economists over a year to recognize the "official" start of the recession! Because a depression is a much bigger and rarer event, the delay with its "official" recognition will likely be even greater. Not to mention the fact that, interestingly, there is no "official" definition of a depression; even if there were one, ours here at Elliott Wave International would probably differ. Rest assured, though: We intend to update subscribers on any "progress" in that direction. To read 30+ additional questions and answers on the financial crisis, investing, capital safety and more, visit Elliott Wave International’s free Message Board.

FOREX Daily Outlook by Easy-Forex.com Easy-Forex.com - Making Foreign Exchange Easy

USD strengthens into the weekend

CURRENCY TRADING SUMMARY – 15th June (00:30GMT)

U.S. Dollar Trading (USD) the market took the cue of global Finance ministers who talked up the dollar on Friday and prompted profit taking form Oil to Gold. Crude Oil closed down $0.64 to finish the day at $72.04. US Consumer Confidence continues to edge higher up to 69 in June vs. 68.7 previously. In US share markets, the Nasdaq was down 4 points or -0.19% and the Dow Jones was up 28 points or 0.32%. Looking ahead, April Capital Net flows previously at 55.8bn.

The Euro (EUR) was very soft against the USD as the market hammered the Euro on the subject of reserve status. As the second biggest currency any talk of moves away from the Dollar standard will help the single currency advance. Russia and Japan both talked up the USD on Friday. Overall the EUR/USD traded with a low of 1.3936 and a high of 1.4128 before closing at 1.4010. Looking ahead, Q1 Employment change Q/Q previously at -0.3%.

The Japanese Yen (JPY) broke back above 98 Yen going into Europe as the USD began to strengthen for pretty much the whole day. Further gains were limited by sluggish stocks and crosses. Overall the USDJPY traded with a low of 97.50 and a high of 98.42 before closing the day around 98.22 in the New York session. Looking ahead, BOJ minutes released Tuesday.

The Sterling (GBP) weakened from the 1.6500 level as GBP/JPY ran out of steam. The Blackrock $6bn purchase of Barclay’s global investment unit has been supporting the pound in recent trading sessions. EUR/GBP tested 0.8500 but couldn’t press further. Overall the GBP/USD traded with a low of 1.6379 and a high of 1.6598 before closing the day at 1.6452 in the New York session.

The Australian Dollar (AUD) fell back from above 0.8200 for most of the day with rallies finding more profit taking into the weeks end. A pull back in Oil and Gold helped the AUD to ease. AUD/JPY traded above 80 Yen quite comfortably as USD/JPY rallied. Overall the AUD/USD traded with a low of 0.8060 and a high of 0.8209 before closing the US session at 0.8130.

Gold (XAU) looked comfortable within the current range as the market awaits the next catalyst. Overall trading with a low of USD$936 and high of USD$959 before ending the New York session at USD$940 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3728	1.3793	1.3970	1.4178	1.4267
USD/JPY	96.52	97.09	98.15	98.89	99.74
GBP/USD	1.6041	1.6242	1.6380	1.6662	1.6739
AUD/USD	0.7828	0.7968	0.8075	0.8263	0.8378
XAU/USD	925.00	936.00	937.00	965.00	983.00

Euro – 1.3970

Initial support at 1.3793 (May 28 low) followed by 1.3728 (May 21 low). Initial resistance is now located at 1.4178 (Jun 11 high) followed by 1.4267 (Jun 5 high)

Yen – 98.15

Initial support is located at 97.09 (Jun 5 low) followed by 96.52 (Jun 2 low). Initial resistance is now at 98.89 (May 7 high) followed by 99.74 (April 13 high).

Pound – 1.6380

Initial support at 1.6242 (Jun 10 low) followed by 1.6041 (Nov 6 low). Initial resistance is now at 1.6662 (Jun 3 high) followed by 1.6739 (61.8% retrace).

Australian Dollar – 0.8075

Initial support at 0.7968 (Jun 8 low) followed by the 0.7828 (Jun 10 low). Initial resistance is now at 0.8263 (Jun 3 high) followed by 0.8378 (Sept 26 high).

Gold – 937

Initial support at 936 (May 21 low) followed by 925 (May 20 low). Initial resistance is now at 965 (Jun 5 high) followed by 983 (June 3 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

FOREX Daily Outlook by Easy-Forex.com Easy-Forex.com - Making Foreign Exchange Easy

USD strengthens into the weekend

CURRENCY TRADING SUMMARY – 15th June (00:30GMT)

U.S. Dollar Trading (USD) the market took the cue of global Finance ministers who talked up the dollar on Friday and prompted profit taking form Oil to Gold. Crude Oil closed down $0.64 to finish the day at $72.04. US Consumer Confidence continues to edge higher up to 69 in June vs. 68.7 previously. In US share markets, the Nasdaq was down 4 points or -0.19% and the Dow Jones was up 28 points or 0.32%. Looking ahead, April Capital Net flows previously at 55.8bn.

The Euro (EUR) was very soft against the USD as the market hammered the Euro on the subject of reserve status. As the second biggest currency any talk of moves away from the Dollar standard will help the single currency advance. Russia and Japan both talked up the USD on Friday. Overall the EUR/USD traded with a low of 1.3936 and a high of 1.4128 before closing at 1.4010. Looking ahead, Q1 Employment change Q/Q previously at -0.3%.

The Japanese Yen (JPY) broke back above 98 Yen going into Europe as the USD began to strengthen for pretty much the whole day. Further gains were limited by sluggish stocks and crosses. Overall the USDJPY traded with a low of 97.50 and a high of 98.42 before closing the day around 98.22 in the New York session. Looking ahead, BOJ minutes released Tuesday.

The Sterling (GBP) weakened from the 1.6500 level as GBP/JPY ran out of steam. The Blackrock $6bn purchase of Barclay’s global investment unit has been supporting the pound in recent trading sessions. EUR/GBP tested 0.8500 but couldn’t press further. Overall the GBP/USD traded with a low of 1.6379 and a high of 1.6598 before closing the day at 1.6452 in the New York session.

The Australian Dollar (AUD) fell back from above 0.8200 for most of the day with rallies finding more profit taking into the weeks end. A pull back in Oil and Gold helped the AUD to ease. AUD/JPY traded above 80 Yen quite comfortably as USD/JPY rallied. Overall the AUD/USD traded with a low of 0.8060 and a high of 0.8209 before closing the US session at 0.8130.

Gold (XAU) looked comfortable within the current range as the market awaits the next catalyst. Overall trading with a low of USD$936 and high of USD$959 before ending the New York session at USD$940 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3728	1.3793	1.3970	1.4178	1.4267
USD/JPY	96.52	97.09	98.15	98.89	99.74
GBP/USD	1.6041	1.6242	1.6380	1.6662	1.6739
AUD/USD	0.7828	0.7968	0.8075	0.8263	0.8378
XAU/USD	925.00	936.00	937.00	965.00	983.00

Euro – 1.3970

Initial support at 1.3793 (May 28 low) followed by 1.3728 (May 21 low). Initial resistance is now located at 1.4178 (Jun 11 high) followed by 1.4267 (Jun 5 high)

Yen – 98.15

Initial support is located at 97.09 (Jun 5 low) followed by 96.52 (Jun 2 low). Initial resistance is now at 98.89 (May 7 high) followed by 99.74 (April 13 high).

Pound – 1.6380

Initial support at 1.6242 (Jun 10 low) followed by 1.6041 (Nov 6 low). Initial resistance is now at 1.6662 (Jun 3 high) followed by 1.6739 (61.8% retrace).

Australian Dollar – 0.8075

Initial support at 0.7968 (Jun 8 low) followed by the 0.7828 (Jun 10 low). Initial resistance is now at 0.8263 (Jun 3 high) followed by 0.8378 (Sept 26 high).

Gold – 937

Initial support at 936 (May 21 low) followed by 925 (May 20 low). Initial resistance is now at 965 (Jun 5 high) followed by 983 (June 3 high).

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