Daily Forex Update: Sept 30 2008

FOREX Daily Outlook by Easy-Forex.com

BAILOUT REJECTED! MARKET CRASHES

CURRENCY TRADING SUMMARY – 30thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) in a massive shock to the markets the US Congress rejected the Bailout plan. Stocks crash around the world with Dow Jones dropping a record 700 points. The Fed responded by increasing swap lines to $620 Billion with other central banks. The dollar was immediately sold off but regained as markets freezed up and USD demand surged on safe haven flows. Core PCE Price Index up 0.2% at expectations. In the U.S. share markets, the NASDAQ was down 199 points (-9.14%) and the Dow Jones was down 777 points (-6.98%). Crude Oil closed down $10.52 ending the New York session at $96.37 per barrel. Looking ahead, Chicago PMI is seen down at 53.5 from 57.9 and CB consumer confidence is seen lower at 54.6 from 56.9.

· The Euro (EUR) traded significantly lower as a large European bank was bailed out. The Euro did receive a short term bounce as the US bailout was rejected. Huge USD repatriation flows were seen. Overall the EUR/USD traded with a low of 1.4303 and a high of 1.4635 before closing the day at 1.4400 in the New York session. Looking ahead, Eurozone Inflation is seen lower at 3.6% in September vs. 3.8% in August.

· The Japanese Yen (JPY) surged higher as markets crashed around the world. Reports of over 1 trillion was lost in worlds markets and JPY repatriation outpaced even the USD. Japanese August Retail sales were +0.7%. Overall the USDJPY traded with a low of 105.03 and a high of 106.57 before closing the day around 106.05 in the New York session. Update Japanese Unemployment rate for August seen at 4.1%.

· The Sterling (GBP) broke to the downside in early European trading as Bradford and Bingley was seized and sold by the regulators. After the Bailout was rejected heavy GBY/JPY selling dragged the Pound towards 1.80. Overall the GDP/USD traded with a low of 1.7960 and a high of 1.8340 before closing the day at 1.8080 in the New York session. Looking ahead, Q2 GDP is seen flat at 0.0%.

· The Australian Dollar (AUD) was sold aggressively as stock losses mounted and the Bailout plan was rejected. Waves of AUD/JPY forced the AUD for a test of 0.8000 early in Asian trading. Overall the AUD/USD traded with a low of 0.8002 and a high of 0.8349 before closing the US session at 0.8030. August Retail Sales seen at 0.2% down from 1.4% in July.

· Gold (XAU) surged higher as safe haven flows. Broke above $900 an ounce and closed above this key level. Overall trading with a low of USD$868.20 and high of USD$917 before ending the New York session at USD$906 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4258	1.4302	1.4375	1.4636	1.4679
USD/JPY	103.54	104.02	104.35	107.02	107.47
GBP/USD	1.7787	1.7917	1.8035	1.8468	1.8669
AUD/USD	0.7676	0.7802	0.7995	0.8380	0.8469
XAU/USD	825.12	865.40	906.00	924.75	935.33

· Euro – 1.4375

Initial support at 1.4302 (Sept 29 low) followed by 1.4258 (61.8% retrace 1.3882 to 1.4867). Initial resistance is now located at 1.4636 (Sept 29 high) at followed by 1.4679 (Sept 26 high).

· Yen – 104.35

Initial support is located at 104.02 (Sept 2 low) followed by 103.54 (Sept 16 low). Initial resistance is now at 107.02 (Sep 25 high) followed by 107.47 (Sept 22 high).

· Pound – 1.8035

Initial support at 1.7917 (Sept 19 low) followed by 1.7787 (Sep 17 low). Initial resistance is now at 1.8468 (Sep 26 high) followed by 1.8669 (Sep 25 High).

· Australian Dollar – 0.7995

Initial support at 0.7802 (Sept 17 low) followed by the 0.7676 (Aug 17 2007 low). Initial resistance is now at 0.8380 (Sept 26 high) followed by 0.8469 (Sept 23 high).

· Gold – 906

Initial support at 865.4 (Sept 25 low) followed by 825.12 (Sept 19 low). Initial resistance is now at 924.75 (Sep 29 high) followed by 935 (July 25 high).

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Daily Forex Update: Sept 30 2008

Daily Forex Update: Sept 29 2008

FOREX Daily Outlook by Easy-Forex.com

Market Still confident of Bailout going into the Weekend

CURRENCY TRADING SUMMARY – 29thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) another volatile day, weakness in Stocks and USD was reversed during the US session as Republicans came back to the table on the US bailout plan. Weak GDP was somewhat overlooked with the final Q2 figure downgraded to 2.8% from 3.3%. University of Michigan Consumer Sentiment hit forecasts of 70.3. In the U.S. share markets, the NASDAQ was down 3 points (-0.15%) and the Dow Jones was up 121 points (1.10%). Crude Oil closed down $1.13 ending the New York session at $106.89 per barrel. Looking ahead, August PCE Index M/M forecast at 0.2% vs. 0.3%. August Personal Spending is expected at 0.2% unchanged from July.

· The Euro (EUR) waxed and waned with USD strength. German Import Prices fell -0.8% slightly less than -1.0%. Traded in a volatile fashion although in a tight range. Overall the EUR/USD traded with a low of 1.4555 and a high of 1.4678 before closing the day at 1.4610 in the New York session. Looking ahead, September Consumer Sentiment is seen unchanged at -19.

· The Japanese Yen (JPY) gained impressively for the first part of the day as news about stalling in the US bailout plan lead Stocks markets down and risk aversion up. The Yen reversed gains in the US session on a turnaround in equities. Japan August Core CPI was unchanged at 2.4%. Overall the USDJPY traded with a low of 105.03 and a high of 106.57 before closing the day around 106.05 in the New York session. UPDATE AUGUST JAPAN RETAIL SALES +0.7%.

· The Sterling (GBP) tracked the Euro, gaining on weak US GDP before reversing as US Bailout sentiment improved. Strong Gains in the GBP/JPY into the weekend underpinned the Cable. Overall the GDP/USD traded with a low of 1.8335 and a high of 1.8469 before closing the day at 1.8445 in the New York session. Looking ahead, September GFK Consumer Confidence is expected at -39 from -36 previously. Also released the August Mortgage Lending data expected at 2.8 Billion vs. 3.23 Billion previously.

· The Australian Dollar (AUD) dropped as risk aversion spiked and heavy AUD/JPY selling emerged during the Asian and European sessions. Was able to recover into the US close as stocks reversed direction and commodities remained buoyant. Overall the AUD/USD traded with a low of 0.8240 and a high of 0.8380 before closing the US session at 0.8320.

· Gold (XAU) spiked higher as stocks weakened and risk aversion peaked. Above $900 was once again hard to maintain and gold eased back to more stable levels into the US close. Overall trading with a low of USD$868.20 and high of USD$911.15 before ending the New York session at USD$878 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4437	1.4555	1.4520	1.4679	1.4768
USD/JPY	103.54	105.03	106.40	107.02	107.47
GBP/USD	1.8202	1.8265	1.8320	1.8468	1.8669
AUD/USD	0.8011	0.8240	0.8310	0.8380	0.8469
XAU/USD	825.12	865.40	872.00	912.50	919.00

· Euro – 1.4520

Initial support at 1.4555 (Sept 26 low) followed by 1.4437 (Sept 22 low). Initial resistance is now located at 1.4679 (Sept 26 high) at followed by 1.4768 (Sept 22 high).

· Yen – 106.40

Initial support is located at 105.03 (Sept 26 low) followed by 103.54 (Sept 16 low). Initial resistance is now at 107.02 (Sep 25 high) followed by 107.47 (Sept 22 high).

· Pound – 1.8320

Initial support at 1.8265 (Sept 26 low) followed by 1.8202 (38.2% retrace 1.7447 to 1.8668). Initial resistance is now at 1.8468 (Sep 26 high) followed by 1.8669 (Sep 25 High).

· Australian Dollar – 0.8310

Initial support at 0.8240 (Sept 26 low) followed by the 0.8011 (Sep 19 low). Initial resistance is now at 0.8380 (Sept 26 high) followed by 0.8469 (Sept 23 high).

· Gold – 872

Initial support at 865.4 (Sept 25 low) followed by 825.12 (Sept 19 low). Initial resistance is now at 912.5 (Sep 26 high) followed by 919 (Sept 18 high).

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Daily Forex Update: Sept 26 2008

FOREX Daily Outlook by Easy-Forex.com

Progress on US Bailout spurs market optimism and Dollar gains.

CURRENCY TRADING SUMMARY – 26thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) buoyant stocks and confidence in the progression of the Bailout lead to a USD rally. Dollar Strength was in spite of rallying Oil and very weak US data. Durable Good Orders fell -4.5% in August vs. a much milder -1.1% forecast. Also released, August New Homes at 460K vs. 510K expected. Weekly Jobs data also jumped to 493K vs. 450K forecast. In the U.S. share markets, the NASDAQ was up 30 points (1.43%) and the Dow Jones was up 196.89 points (1.82%). Crude Oil closed gained $108.02 ending the New York session at $105.65 per barrel. Looking ahead, Final Q2 GDP expected at 3.3% and the Michigan Consumer Sentiment is expected at 71 in September.

· The Euro (EUR) although initially bid into the US open on weak US data the Euro fell heavily for the remaining part of the day on speculation that the Bailout plan was close to implementation. Bounced off lows as oil popped higher into the US close. German GFK consumer climate was slightly better at 1.8 vs. 1.3 expected in October. Overall the EUR/USD traded with a low of 1.4561 and a high of 1.4769 before closing the day at 1.4620 in the New York session. Looking ahead, German Import prices seen -1% in August.

· The Japanese Yen (JPY) sold as Stocks rallied but USD/JPY was unable to hold the inflated levels as equities came off their highs and no more news was released about the Bailout. The crosses were well bid as well. Overall the USDJPY traded with a low of 105.47 and a high of 107.03 before closing the day around 106.40 in the New York session. UPDATE Japan Core CPI unchanged at 2.4% in August.

· The Sterling (GBP) fell heavily as it broke the downside support at 1.8500 on USD strength. Cable was the heaviest against the USD yesterday as UK fundamentals still point to a weak economic picture. Overall the GDP/USD traded with a low of 1.8305 and a high of 1.8672 before closing the day at 1.8400 in the New York session.

· The Australian Dollar (AUD) stayed inside the recent range initially being able to trade above 0.8400 on increasing risk appetite and AUD/JPY support. Closed lower due to an increase in USD demand but was well supported on the crosses. Overall the AUD/USD traded with a low of 0.8316 and a high of 0.8428 before closing the US session at 0.8360.

· Gold (XAU) dropped as stocks gained and the USD strengthened. Rebounded off lows as Oil shot higher into the US close. Overall trading with a low of USD$864.80 and high of USD$896.60 before ending the New York session at USD$878 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4437	1.4562	1.4640	1.4768	1.4908
USD/JPY	103.54	105.15	106.35	107.02	107.47
GBP/USD	1.8202	1.8265	1.8405	1.8664	1.8795
AUD/USD	0.8011	0.8279	0.8365	0.8469	0.8519
XAU/USD	825.12	862.80	878.00	909.80	919.00

· Euro – 1.4640

Initial support at 1.4562 (Sept 25 low) followed by 1.4437 (Sept 22 low). Initial resistance is now located at 1.4768 (Sept 25 high) at followed by 1.4908 (Aug 22 high).

· Yen – 106.35

Initial support is located at 105.15 (Sept 22 low) followed by 103.54 (Sept 16 low). Initial resistance is now at 107.02 (Sep 25 high) followed by 107.47 (Sept 22 high).

· Pound – 1.8405

Initial support at 1.8265 (Sept 22 low) followed by 1.8202 (38.2% retrace 1.7447 to 1.8668). Initial resistance is now at 1.8664 (Sep 25 high) followed by 1.8795 (Aug 21 High).

· Australian Dollar – 0.8365

Initial support at 0.8279 (Sept 23 low) followed by the 0.8011 (Sep 19 low). Initial resistance is now at 0.8469 (Sept 23 high) followed by 0.8519 (Sept 22 high).

· Gold – 878

Initial support at 862.8 (Sept 22 low) followed by 825.12 (Sept 19 low). Initial resistance is now at 909.8 (Sep 23 high) followed by 919 (Sept 18 high).

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Daily Forex Update: Sept 25 2008

FOREX Daily Outlook by Easy-Forex.com

More stalling on the US Bailout making markets nervous

CURRENCY TRADING SUMMARY – 25thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) another day, another grilling for Paulson and Bernanke as Senators turned aggressive on the proposed Bailout plan and party lines split on demands and assurances. Markets were frozen as participants waited for news with most currencies sticking to a tight range. Stocks were sluggish and commodities slightly lower. US data was slightly weaker than expected with August Home Sales at 4.91 vs. 4.94 Million Expected. In the U.S. share markets, the NASDAQ was up 2 points (0.11%) and the Dow Jones was down 29 points (-0.27%). Crude Oil closed down $0.88 ending the New York session at $105.73 per barrel. Looking ahead, August Durable Goods are seen down -1.1% from a previous jump of 2.9% in July. Weekly Jobless claims are seen slightly lower at 448K from 455K. August New Homes seen at 0.51 Millions from 0.515 Million in July. Bernanke and Paulson are schedule to continue speaking to congress.

· The Euro (EUR) relatively contained, rallying on rumors that the bailout plan didn’t have enough votes before settling back to roughly where it began. Poor German IFO numbers suggest that the Eurozone could be heading for a recession. September IFO 92.9 vs. 94.2 expceted. Falling Oil weighed into the US close. Overall the EUR/USD traded with a low of 1.4610 and a high of 1.4748 before closing the day at 1.4630 in the New York session. Looking ahead, October GFK German Confidence is expected at 1.3 from 1.5 September.

· The Japanese Yen (JPY) sluggish stocks kept the USD/JPY gains to a minimum, initially rallying on reports that buffet will be investing in Goldman Sachs. Also helping to weaken the JPY is the continuing political fallout from PM resignation. Overall the USDJPY traded with a low of 105.36 and a high of 106.35 before closing the day around 106.10 in the New York session. UPDATE AUGUST Trade Balance -324 Bln vs. -400 Bln expected.

· The Sterling (GBP) tracked the Euro maintaining recent range while awaiting further developments from the US. September CBI was better than expected jumping to -27 from -46 previously. Overall the GDP/USD traded with a low of 1.8463 and a high of 1.8608 before closing the day at 1.8470 in the New York session.

· The Australian Dollar (AUD) traded briefly above .8400 but was unable to hold the gains as US stocks came off and Commodities fell in late trading. Buffets Goldman Sachs news lifted the AUD off lows during the Asian session. Overall the AUD/USD traded with a low of 0.8309 and a high of 0.8429 before closing the US session at 0.8340.

· Gold (XAU) gained on Bailout stagnation rumors but was unable to hold above $900 an ounce falling back to session lows. Overall trading with a low of USD$879.00 and high of USD$901.20 before ending the New York session at USD$883 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4437	1.4623	1.4645	1.4867	1.4908
USD/JPY	103.54	105.15	106.05	106.35	107.47
GBP/USD	1.8265	1.8472	1.8510	1.8642	1.8795
AUD/USD	0.8011	0.8279	0.8345	0.8519	0.8534
XAU/USD	825.12	862.80	884.00	909.80	919.00

· Euro – 1.4645

Initial support at 1.4623 (Sept 23 low) followed by 1.4437 (Sept 22 low). Initial resistance is now located at 1.4867 (Sept 23 high) at followed by 1.4908 (Aug 22 high).

· Yen – 106.05

Initial support is located at 105.15 (Sept 22 low) followed by 103.54 (Sept 16 low). Initial resistance is now at 106.35 (Sep 24 high) followed by 107.47 (Sept 22 high).

· Pound – 1.8510

Initial support at 1.8472 (Sept 23 low) followed by 1.8265 (Sept 22 low). Initial resistance is now at 1.8642 (Sep 22 high) followed by 1.8795 (Aug 21 High).

· Australian Dollar – 0.8345

Initial support at 0.8279 (Sept 23 low) followed by the 0.8011 (Sep 19 low). Initial resistance is now at 0.8519 (Sept 22 high) followed by 0.8534 (Sept 2 high).

· Gold – 884

Initial support at 862.8 (Sept 22 low) followed by 825.12 (Sept 19 low). Initial resistance is now at 909.8 (Sep 23 high) followed by 919 (Sept 18 high).

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Daily Forex Update: Sept 24 2008

FOREX Daily Outlook by Easy-Forex.com

Bailout Plan hitting roadblocks, Markets cautious

CURRENCY TRADING SUMMARY – 24thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was able to pare back some of the losses incurred since the start of the week but ongoing sentiment is mixed as the US bailout plan was experiencing some stalling as it progressed to the congress. US data was slightly weaker than expected with the Richmond Fed at -18 vs. -12 previously. US stocks were weak again with the biggest 2 day decline in 6 years. In the U.S. share markets, the NASDAQ was down 25 points (-1.18%) and the Dow Jones was down 161 points (-1.47%). Crude Oil closed down $2.76 ending the New York session at $106.61 per barrel. Looking ahead, August Home Sales expected at 4.93 vs. 5 Million in July. Bernanke Testifies again tonight at the Joint Economic Committee.

· The Euro (EUR) gave up some of the gains as traders took profit before Bernanke and Paulson testified before congress. The details of the assurances are still to be worked out but the US legislators agree something needs to be done. Weak stocks dragged the EUR/JPY down and this weighed on the EUR/USD which has made substantial gains some Monday. Overall the EUR/USD traded with a low of 1.4623 and a high of 1.4826 before closing the day at 1.4650 in the New York session. Looking ahead, September German IFO expected at 94.1 down from 94.8 in August. Also released the July Eurozone Current account previously at -8.2 Billion, forecast at -6.2 Billion.

· The Japanese Yen (JPY) took its cue from the equities, trading in a relatively stable range. Crosses were a little more volatile as the Majors exacerbated moves. Overall the USDJPY traded with a low of 105.17 and a high of 106.08 before closing the day around 105.50 in the New York session.

· The Sterling (GBP) tracked lower on USD strength but was relatively well supported as the market awaits details from the US bailout plan. The 1.8500 is forming as a key pivot level and price action been revolving around it. Overall the GDP/USD traded with a low of 1.8472 and a high of 1.8638 before closing the day at 1.8540 in the New York session. Looking Ahead, September CBI sales seen at -40 vs. -46 in July.

· The Australian Dollar (AUD) retreated after making substantial gains on Monday as foot dragging from some in the US congress hurt risk sentiment. Also weighing was the pull back in commodities from highs. Overall the AUD/USD traded with a low of 0.8280 and a high of 0.8470 before closing the US session at 0.8330.

· Gold (XAU) retreated from the $900 an ounce level as USD strengthened across the board and traders took profit ahead of the Bernanke/Paulson Testimonies. Overall trading with a low of USD$882.15 and high of USD$908.80 before ending the New York session at USD$892 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4437	1.4623	1.4665	1.4867	1.4908
USD/JPY	103.54	105.15	105.75	107.47	108.03
GBP/USD	1.8265	1.8472	1.8525	1.8642	1.8795
AUD/USD	0.8011	0.8279	0.8345	0.8519	0.8534
XAU/USD	863.00	882.05	886.00	909.80	919.00

· Euro – 1.4665

Initial support at 1.4623 (Sept 23 low) followed by 1.4437 (Sept 22 low). Initial resistance is now located at 1.4867 (Sept 23 high) at followed by 1.4908 (Aug 22 high).

· Yen – 105.75

Initial support is located at 105.15 (Sept 22 low) followed by 103.54 (Sept 16 low). Initial resistance is now at 107.47 (Sep 22 high) followed by 108.03 (Sept 19 high).

· Pound – 1.8525

Initial support at 1.8472 (Sept 23 low) followed by 1.8265 (Sept 22 low). Initial resistance is now at 1.8642 (Sep 22 high) followed by 1.8795 (Aug 21 High).

· Australian Dollar – 0.8345

Initial support at 0.8279 (Sept 23 low) followed by the 0.8011 (Sep 19 low). Initial resistance is now at 0.8519 (Sept 22 high) followed by 0.8534 (Sept 2 high).

· Gold – 886

Initial support at 882.05 (Sept 23 low) followed by 863 (Sept 22 low). Initial resistance is now at 909.8 (Sep 23 high) followed by 919 (Sept 18 high).

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Daily Forex Update: Sept 23 2008

FOREX Daily Outlook by Easy-Forex.com

Stocks and Greenback down on Rescue Plans skepticism

CURRENCY TRADING SUMMARY – 23rdSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) fell across the board as concerns emerged about the US government’s ability to finance the $700 billion bailout. Also dragging on the Dollar a record rally in the Oct Oil Contract sent the Euro skyrocketing to its largest daily gain this year. US stocks fell sharply on the increase in Oil and ongoing weak fundamentals. The US national activity index fell to -1.59 in August, levels not seen since the last US recession. In the U.S. share markets, the NASDAQ was down 94 points (-4.17%) and the Dow Jones was down 372 points (-3.27%). Crude Oil closed up $16.37 ending the New York session at $120.00 per barrel. Looking ahead, September Richmond Fed Index. Also beginning today, testimonies from Paulson and Bernanke in front of Congress on the ongoing financial crisis.

· The Euro (EUR) surged to its largest one day gain this year on broad USD weakness and the single currency’s status as the world’s second reserve currency. Reports of central bank diversification out of US dollars and a record rally in Oil combined to support the Euro. Overall the EUR/USD traded with a low of 1.4438 and a high of 1.4867 before closing the day at 1.4800 in the New York session. Looking ahead, July Industrial Orders M/M seen down -0.7% from -0.3% in June.

· The Japanese Yen (JPY) gained on triple digit losses in the Dow but was able to remain relatively buoyant on the crosses as massive gains on their respective majors overtook USD/JPY weakness. Overall the USDJPY traded with a low of 105.15 and a high of 107.25 before closing the day around 105.50 in the New York session.

· The Sterling (GBP) gained in sympathy with the Euro although at a slower pace given some continued weak data. UK Rightmove Index fell -1.0% in September. Cable surged through 1.8500 with stoploss propelling it quickly to 1.8600 before settling back into the US close. Overall the GDP/USD traded with a low of 1.8263 and a high of 1.8630 before closing the day at 1.8580 in the New York session.

· The Australian Dollar (AUD) rallied on the back of huge gains in Commodities. AUD/JPY remained buoyant even as equities slumped in testimony to AUD strength. With the AUD falling more than most currencies in the recent USD rally, the potential upside is greater than most given the grossly bearish USD outlook. Overall the AUD/USD traded with a low of 0.8283 and a high of 0.8520 before closing the US session at 0.8450.

· Gold (XAU) reclaimed the $900 an ounce level as weak stocks, weak USD and surging Oil combined for a near perfect Gold storm. Overall trading with a low of USD$863.60 and high of USD$908 before ending the New York session at USD$898 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4253	1.4437	1.4795	1.4811	1.4908
USD/JPY	103.54	105.15	105.60	107.47	108.03
GBP/USD	1.7916	1.8265	1.8560	1.8642	1.8795
AUD/USD	0.8011	0.8284	0.8445	0.8519	0.8534
XAU/USD	774.40	825.00	905.00	910.30	925.70

· Euro – 1.4795

Initial support at 1.4437 (Sept 22 low) followed by 1.4153 (Sept 19 low). Initial resistance is now located at 1.4811 (Sept 22 high) at followed by 1.4908 (Aug 22 high).

· Yen – 105.60

Initial support is located at 105.15 (Sept 22 low) followed by 103.54 (Sept 16 low). Initial resistance is now at 107.47 (Sep 22 high) followed by 108.03 (Sept 19 high).

· Pound – 1.8560

Initial support at 1.8265 (Sept 22 low) followed by 1.7916 (Sept 17 low). Initial resistance is now at 1.8642 (Sep 22 high) followed by 1.8795 (Aug 21 High).

· Australian Dollar – 0.8445

Initial support at 0.8284 (Sept 22 low) followed by the 0.8011 (Sep 19 low). Initial resistance is now at 0.8519 (Sept 22 high) followed by 0.8534 (Sept 2 high).

· Gold – 905

Initial support at 825 (Sept 19 low) followed by 774.4 (Sept 17 low). Initial resistance is now at 910.30 (Sep 18 high) followed by 925.70 (July 31 high).

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Daily Forex Update: Sept 22 2008

FOREX Daily Outlook by Easy-Forex.com

Stocks extend gains on historic US intervention

CURRENCY TRADING SUMMARY – 22nd September 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was able to make gains only against the JPY as US stocks surged but Dollar sentiment was hurt by the bigger picture. Reports that the US government market will buy up to $700 billion in bad mortgages sent waves of relief throughout the financial markets that were in danger of freezing up. Concerns about the impact of such a plan on US government debt lead to broad based USD selling. In the U.S. share markets, the NASDAQ was up 74 points (3.40%) and the Dow Jones was up 368 points (3.35%). Crude Oil closed up $6.67 ending the New York session at $104.55 per barrel. Looking ahead, August National Activity Index.

· The Euro (EUR) gained again today after falling back on Thursday, surging towards the 1.4500 level into the weekend. Large gains in Oil and USD weakness the driving factors. German PPI in August fell -0.6% as cheaper oil filtered through the economy. Overall the EUR/USD traded with a low of 1.4152 and a high of 1.4460 before closing the day at 1.4450 in the New York session.

· The Japanese Yen (JPY) was the biggest loser yesterday as risk aversion subsided and carry trades surged back into life. AUD/JPY and GBP/JPY both gain over 300 pips as they had been under the most pressure earlier in the week. Overall the USDJPY traded with a low of 105.40 and a high of 108.06 before closing the day around 107.40 in the New York session.

· The Sterling (GBP) continued its recovery from multi year lows as GBP/JPY surged higher and the USD weakened. The brake and close above the 1.80 levels suggest that freefall that the pound has experienced may be bottoming in the short term. Overall the GDP/USD traded with a low of 1.7915 and a high of 1.8376 before closing the day at 1.8325 in the New York session. Looking ahead, September Nationwide House Price expected to fall -1.6% M/M

· The Australian Dollar (AUD) was possibly the biggest gainer from the US government bailout plan as waves of AUD/JPY selling subsided and stocks look recovered from the crash earlier in the week. Broad based gain in Commodities also supported. Overall the AUD/USD traded with a low of 0.8020 and a high of 0.8365 before closing the US session at 0.8040.

· Gold (XAU) large gains in Oil and USD weakness along with underlying market risk all contributed to buoyant gold market during Friday. Trading was quite volatile though and the downside was tested during the European session. Overall trading with a low of USD$825 and high of USD$877 before ending the New York session at USD$873 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3973	1.4073	1.4495	1.4544	1.4617
USD/JPY	103.54	105.39	106.60	108.03	109.08
GBP/USD	1.7787	1.7916	1.8325	1.8401	1.8482
AUD/USD	0.7803	0.8011	0.8305	0.8353	0.8403
XAU/USD	774.40	825.00	875.00	910.30	915.55

· Euro – 1.4495

Initial support at 1.4074 (Sept 16 low) followed by 1.3973 (Sept 12 low). Initial resistance is now located at 1.4544 (Sept 4 high) at followed by 1.4617 (Sept 2 high).

· Yen – 106.60

Initial support is located at 105.39 (Sept 19 low) followed by 103.54 (Sept 19 low). Initial resistance is now at 108.03 (Sep 19 high) followed by 109.08 (Sept 8 high).

· Pound – 1.8325

Initial support at 1.7916 (Sept 19 low) followed by 1.7787 (Sept 17 low). Initial resistance is now at 1.8401 (Aug 28 high) followed by 1.8482 (38.2% retrace of 2.0157-1.7447 decline).

· Australian Dollar – 0.8305

Initial support at 0.8011 (Sept 19 low) followed by the 0.7803 (Sep 17 low). Initial resistance is now at 0.8353 (Sept 8 high) followed by 0.8403 (Sept 3 high).

· Gold – 875

Initial support at 825 (Sept 19 low) followed by 774.4 (Sept 17 low). Initial resistance is now at 910.30 (Sep 18 high) followed by 915.55 (Aug 4 high).

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Daily Forex Update: Sept 19 2008

FOREX Daily Outlook by Easy-Forex.com

Stocks rebound on Government Investment Plan

CURRENCY TRADING SUMMARY – 19thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) in one of the most volatile trading days in history the market ended on an extremely positive tone. Reports filtered through that the US FED, Treasury and Congress will be seeking a comprehensive solution to the financial crisis. News also that the SEC has banned naked short selling of stocks sent the Dow Jones on a 600 point reversal and allowed the USD to pare loses against all majors. On the Data front, Weekly Jobless Claims were slightly more negative than expected at 455K. In the U.S. share markets, the NASDAQ was up 100 points (4.78%) and the Dow Jones was up 410 points (3.86%). Crude Oil closed up $0.72 ending the New York session at $97.88 per barrel.

· The Euro (EUR) Initially gaining sharply as the US market continued to look extremely fragile trading up to the 1.4500 level before consolidating. News of comprehensive action sent the Euro down against the dollar but was able to gain against the JPY as risk appetite picked up. Overall the EUR/USD traded with a low of 1.4278 and a high of 1.4509 before closing the day at 1.4350 in the New York session. Looking ahead, August German PPI expected at -0.4% down form 2.0% m/m in July

· The Japanese Yen (JPY) tracked equities so had an extremely volatile day in what has been a signature of the Yen during the week. US intervention news sent the USD/JPY soaring higher into the US close. Overall the USDJPY traded with a low of 103.97 and a high of 105.80 before closing the day around 105.50 in the New York session.

· The Sterling (GBP) received a boost from very strong retail sales in August released at 1.2% M/M vs. expectations of -0.5%. Traded in a relatively tight range before coming under pressure from USD strength into the US session close. Overall the GDP/USD traded with a low of 1.8090 and a high of 1.8275 before closing the day at 1.8180 in the New York session.

· The Australian Dollar (AUD) tossed and turned with the market sentiment, initially under severe pressure from heavy AUD/JPY selling and mounting stocks losses before reversing sharply into the US close. Gains were broad based and were helped along from buoyant commodities and Gold’s recent gains. Overall the AUD/USD traded with a low of 0.7868 and a high of 0.8098 before closing the US session at 0.8020.

· Gold (XAU impressive gains reached as risk aversion maxed out. US government intervention in the financial markets reversed market direction and gold fell over $80 an ounce. Overall trading with a low of USD$833 and high of USD$920 before ending the New York session at USD$852 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3973	1.4073	1.4295	1.4544	1.4617
USD/JPY	102.74	103.54	105.90	106.91	107.99
GBP/USD	1.7736	1.7787	1.8120	1.8277	1.8509
AUD/USD	0.7675	0.7803	0.8045	0.8097	0.8277
XAU/USD	774.40	838.80	856.00	910.30	915.55

· Euro – 1.4295

Initial support at 1.4074 (Sept 16 low) followed by 1.3973 (Sept 12 low). Initial resistance is now located at 1.4544 (Sept 4 high) at followed by 1.4617 (Sept 2 high).

· Yen – 105.90

Initial support is located at 103.54 (Sept 16 low) followed by 102.74 (May 22 low). Initial resistance is now at 106.91 (Sep 15 high) followed by 107.99 (Sept 12 high).

· Pound – 1.8120

Initial support at 1.7787 (Sept 17 low) followed by 1.7736 (Sept 16 low). Initial resistance is now at 1.8277 (Sept 17 high) followed by 1.8509 (Aug 15 high).

· Australian Dollar – 0.8045

Initial support at 0.7803 (Sept 17 low) followed by the 0.7675 (Aug 17, 2007 low). Initial resistance is now at 0.8097 (Sept 18 high) followed by 0.8277 (Sept 12 high).

· Gold – 856

Initial support at 838.8 (Sept 18 low) followed by 774.40 (Sept 17 low). Initial resistance is now at 910.3 (Sep 18 high) followed by 915.55 (Aug 4 high).

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Daily Forex Update: Sept 18 2008

FOREX Daily Outlook by Easy-Forex.com

Stocks Tumble, Gold Shines, USD hurting.

CURRENCY TRADING SUMMARY – 18thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) came under severe pressure as US equities fell and US data was weak. The bailout of AIG did offer a brief stabilization to the markets but equities turned negative as interbank lending and liquidity dried up. Housing starts for August were weak at -6.2% m/m at the figure of 895K. Also weak, Oil inventories showed a -6.3M drop and initiated a significant oil rally. By far the biggest gainer last night was Gold, which surges over $80 a ounce as investors poured into the safe haven metal. In the U.S. share markets, the NASDAQ was down 109 points (-4.94%) and the Dow Jones was down 449 points (4.06%). Crude Oil closed up $6.01 ending the New York session at $97.16 per barrel. Looking Ahead, Weekly Jobless Claims are seen slightly better at 440K. Also released, Philly Fed seen down -10 in September.

· The Euro (EUR) surged higher as oil rallied after the drop in Oil inventories. The Euro was also able to benefit from the continued to fallout in the US banking sector. Liquidity is thin and is exaggerating the moves. Overall the EUR/USD traded with a low of 1.4075 and a high of 1.4384 before closing the day at 1.4350 in the New York session.

· The Japanese Yen (JPY) benefited from heightened risk aversion and USD weakness trading near lows for the week but finding support around the 104 level. Was volatile receiving a major boost from AIG news but coming off highs as stocks plummeted. The Bank of Japan held rates at 0.5%. Overall the USDJPY traded with a low of 104.38 and a high of 106.72 before closing the day around 104.60 in the New York session. Looking ahead, July Tertiary seen up 0.4%.

· The Sterling (GBP) bounced higher with the euro on the back of USD weakness. UK data was weak with the Claimant Count Change at 32.5K vs. expectations 22.2K. The MPC minutes showed a change to 0-1-8 from 1-1-7 as the member calling for a hike relented. Overall the GDP/USD traded with a low of 1.7786 and a high of 1.8240 before closing the day at 1.8210 in the New York session. Looking ahead, August Retail Sales seen -0.5% vs. -0.8% drop in July.

· The Australian Dollar (AUD) came under pressure as risk aversion spiked higher, dragged down by AUD/JPY sales. Staged a rally as gold and oil surged higher but was unable to maintain gains as stocks weakened again into the US close. Overall the AUD/USD traded with a low of 0.7800 and a high of 0.8075 before closing the US session at 0.7900.

· Gold (XAU staged its biggest one day rally in 9 years as investors bought the precious metal as safe haven against inflation and deteriorating asset values. Overall trading with a low of USD$776 and high of USD$768 before ending the New York session at USD$864 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3973	1.4073	1.4350	1.4481	1.4544
USD/JPY	102.74	103.54	104.35	106.91	107.99
GBP/USD	1.7533	1.7733	1.8180	1.8244	1.8509
AUD/USD	0.7675	0.7803	0.7920	0.8076	0.8243
XAU/USD	746.39	750.00	855.00	867.00	892.00

· Euro – 1.4350

Initial support at 1.4074 (Sept 16 low) followed by 1.3973 (Sept 12 low). Initial resistance is now located at 1.4481 (Sept 15 high) at followed by 1.4544 (Sept 4 high).

· Yen – 104.35

Initial support is located at 103.54 (Sept 16 low) followed by 102.74 (May 22 low). Initial resistance is now at 106.91 (Sep 15 high) followed by 107.99 (Sept 12 high).

· Pound – 1.8180

Initial support at 1.7733 (Sept 16 low) followed by 1.7533 (Sept 12 low). Initial resistance is now at 1.8244 (Sept 17 high) followed by 1.8509 (Aug 15 high).

· Australian Dollar – 0.7920

Initial support at 0.7803 (Sept 17 low) followed by the 0.7675 (Aug 17, 2007 low). Initial resistance is now at 0.8076 (Sept 16 high) followed by 0.8243 (Sept 12 high).

· Gold – 855

Initial support at 850 (Key level) followed by 830 (Key level). Initial resistance is now at 867

(Sep 17 high) trend line resistance followed by 892 (0.618 of 877.02-736.70).

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Daily Forex Update: Sept 17 2008

FOREX Daily Outlook by Easy-Forex.com

US FED HOLDS RATES, AIG IN SPOTLIGHT

CURRENCY TRADING SUMMARY – 17thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) extremely volatile day of trading as the market recovered from the stock crash on Monday. Very skittish markets, news that American Insurance Group (AIG) was close to the brink sent stocks plummeting again before rumors swirled that the FED may intervene and provide loans to the financial giant. US August CPI was as expectation -0.1% M/M. The FOMC held rates at 2.00% citing concerns about downside risks to growth and Inflation. In the U.S. share markets, the NASDAQ was up 27.99 points (1.28%) and the Dow Jones was down 141 points (1.3%). Crude Oil closed down -$4.56 ending the New York session at $91.15 per barrel. Looking Ahead, August Building starts seen at .95M vs. .965M in July.

· The Euro (EUR) traded in a fairly tight range until the US session where Oil losses and USD buying forced the pair lower. As US held rates at 2.0% the EUR was sold heavily. EUR/JPY was volatile tracking the rollercoaster ride in equities. Stronger Euro-zone Zew Economic sentiment at 40.9 vs. 55 expected. Overall the EUR/USD traded with a low of 1.4073 and a high of 1.4323 before closing the day at 1.4140 in the New York session.

· The Japanese Yen (JPY) extended gains as risk aversion spiked on suggestions the AIG might go bankrupt, support at 104 gave way. When equities rebounded off lows and AIG loan rumors emerged, the USD/JPY traced higher. Overall the USDJPY traded with a low of 103.54 and a high of 106.69 before closing the day around 106.10 in the New York session. Looking ahead, BOJ rate decision today widely expected to remain at 0.50%.

· The Sterling (GBP) tracked the Euro closely losing heavily against the JPY as risk aversion spiked, before staging a recovery on AIG news. UK data confirmed high inflation with a Y/Y figure at 4.7% in August. Overall the GDP/USD traded with a low of 1.7733 and a high of 1.8011 before closing the day at 1.7870 in the New York session. Looking ahead, Claimant Count expected at 22.3K in August. Also released the ILO Unemployment expected at 5.4% in July.

· The Australian Dollar (AUD) fell below 0.8000 early in Asia as risk aversion soared and AUD/JPY plumbed new lows. Oil fell heavily and this left the commodity currency with a slightly offered tone. The rebound in US stocks saw a strong recovery into the days close. Overall the AUD/USD traded with a low of 0.7852 and a high of 0.8045 before closing the US session at 0.8000.

· Gold (XAU fell in line with Oil and investors demand for cash and margin to cover losses in other markets. Overall trading with a low of USD$789 and high of USD$772 before ending the New York session at USD$780 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3973	1.4074	1.4190	1.4481	1.4544
USD/JPY	102.74	103.54	106.40	106.91	107.99
GBP/USD	1.7542	1.7707	1.7870	1.8012	1.8128
AUD/USD	0.7616	0.7675	0.8035	0.8164	0.8263
XAU/USD	746.39	764.69	780.00	805.15	819.30

· Euro – 1.4190

Initial support at 1.4074 (Sept 16 low) followed by 1.3973 (Sept 12 low). Initial resistance is now located at 1.4481 (Sept 15 high) at followed by 1.4544 (Sept 4 high).

· Yen – 106.40

Initial support is located at 103.54 (Sept 16 low) followed by 102.74 (May 22 low). Initial resistance is now at 106.91 (Sep 15 high) followed by 107.99 (Sept 12 high).

· Pound – 1.7870

Initial support at 1.7707 (38.2 of 1.7446-1.8129) followed by 1.7542 (Sept 12 low). Initial resistance is now at 1.8012 (Sept 16 high) followed by 1.8128 (Sep 15 high).

· Australian Dollar – 0.8035

Initial support at 0.7675 (Aug 20, 2007 low) followed by the 0.7616 ( Nov 13, 2006 low). Initial resistance is now at 0.8164 (76.4% of 0.7850-0.8263) followed by 0.8263 (Sept 15 high).

· Gold – 780

Initial support at 764.69 (Sept 15 low) followed by 746.39 (Sept 12 low). Initial resistance is now at 805.15 (Sep 9 high) trendline resistance followed by 819.3 (Sep 5 high).

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Daily Forex Update: Sept 16 2008

OREX Daily Outlook by Easy-Forex.com

Lehman Brothers Bankrupt, Stocks crash

CURRENCY TRADING SUMMARY – 16thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was sold very heavily in the Asian session as news of Lehman Brothers bankruptcy sent shockwaves through the markets. Europe bought the dollar back while heavy losses on the stock market kept liquidity low and risk aversion extremely high. US data was weak but overlooked as bigger events took precedence, US New York Fed Index fell -7 vs. +3 previously. The US fed announced extraordinary measures to sure up the Financial markets including more liquidity and expanded the scope of collateral accepted. In the U.S. share markets, the NASDAQ was down 81.36 points (-4.42%) and the Dow Jones was down 504 points (-3.6%). Crude Oil closed down $5.47 ending the New York session at $95.71 per barrel. Looking Ahead, FOMC Interest Rate Announcement with markets expecting a possible cut in rates to 1.75% form 2.00% after stock crash last night. US CPI for August expected at -0.1%.

· The Euro (EUR) traded in an extremely volatile fashion, gaining to highs in the Asian session before been sold off quite heavily in illiquid conditions falling over 400 pips. Q2 Labor Costs fell to 2.7% from 3.3%. Overall the EUR/USD traded with a low of 1.4085 and a high of 1.4482 before closing the day at 1.4260 in the New York session. Looking ahead, Eurozone August CPI is expected down -0.2%. Also released September ZEW Economic Sentiment expected at -53 from -55.5.

· The Japanese Yen (JPY) was the main gainer yesterday as the market dealt with the financial storm. Gapping lower at the start of the day over 200 pips on the USD/JPY, the Yen maintained strength throughout the day making year lows on the AUD/JPY. Tracked equities gaining the most as Wall St Losses accelerated to the downside. Overall the USDJPY traded with a low of 104.66 and a high of 107.55 before closing the day around 105.50 in the New York session.

· The Sterling (GBP) also traded in an extremely volatile fashion breaking above 1.80 early Asia before falling heavily on GBY/JPY sales. GBY/JPY fell over 600 pips from Friday nights close. Overall the GDP/USD traded with a low of 1.7766 and a high of 1.8130 before closing the day at 1.8000 in the New York session. August CPI is expected to rise 0.5%. August Retail Price Index expected to gain 0.4%.

· The Australian Dollar (AUD) gained against the USD initially but came under extreme selling pressure from the AUD/JPY. As US stocks continued to plunge support for the AUD finally gave way and late US trading saw the Aussie plunge. Overall the AUD/USD traded with a low of 0.8012 and a high of 0.8254 before closing the US session at 0.8050. Looking Ahead, September RBA minutes.

· Gold (XAU) made solid gains as safe haven flows flooded into he precious metal. Gains were less than expected given the market turmoil as Oil fell over $5 per barrel. Overall trading with a low of USD$765 and high of USD$784 before ending the New York session at USD$783 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3973	1.4085	1.4220	1.4481	1.4544
USD/JPY	103.77	104.54	104.30	106.91	107.99
GBP/USD	1.7542	1.7767	1.7920	1.8124	1.8206
AUD/USD	0.7675	0.7900	0.7980	0.8263	0.8300
XAU/USD	746.39	764.69	779.00	790.60	805.15

· Euro – 1.4420

Initial support at 1.4085 (Sept 15 low) followed by 1.3973 (Sept 12 low). Initial resistance is now located at 1.4481 (Sept 15 high) at followed by 1.4544 (Sept 4 high).

· Yen – 104.30

Initial support is located at 104.54 (Sept 15 low) followed by 103.77 (Jul 16 low). Initial resistance is now at 106.91 (Sep 15 high) followed by 107.99 (Sept 12 high).

· Pound – 1.7920

Initial support at 1.7767 (Sept 15 low) followed by 1.7542 (Sept 12 low). Initial resistance is now at 1.8124 (Sept 15 high) followed by 1.8206 (Sep 1 high).

· Australian Dollar – 0.7980

Initial support at 0.7900 (Sept 11 low) followed by 0.7675 (Aug 20, 2007 low). Initial resistance is now at 0.8263 (Sept 15 High) followed by 0.8300 (Big Figure).

· Gold – 779

Initial support at 764.69 (Sept 15 low) followed by 746.39 (Sept 12 low). Initial resistance is now at 790.6 trendline resistance followed by 805.15 (Sep 9 high).

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Daily Forex Update: Sept 15 2008

FOREX Daily Outlook by Easy-Forex.com

Lehman takeover talks help stocks to recover.

CURRENCY TRADING SUMMARY – 15thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) weak US data sent the USD lower even as equities recovered from lows and risk appetite cautiously reentered the market. US Retail Sales were very weak though at -0.3% vs. 0.2% expected and the PPI fell by -0.9% as cheaper Oil filtered through the economy. Both data sets suggest that the US FED’s ability to increase rates will be severely hampered in the short term. In the U.S. share markets, the NASDAQ was up 3 points (0.14%) and the Dow Jones was down 11 points (-0.10%). Crude Oil closed up $0.31 ending the New York session at $101.18 per barrel. Looking Ahead, August Industrial Output is seen -0.3% vs. +0.2% previously. UPDATE Lehman Brothers takeover looks Doubtful, Bank of America and Merrill Lynch in Merger talks and Oil drops Below $100 a barrel.

· The Euro (EUR) Jumped higher as the USD came under broad pressure into the weekend. News that China may diversify its FX reserves also helped to buoy the Euro. July Industrial Production was confirmed weak at -0.3% from -0.2% expected. Overall the EUR/USD traded with a low of 1.3973 and a high of 1.4233 before closing the day at 1.3990 in the New York session. Looking ahead, Q2 Labor Costs released. UPDATE EUR/USD surges higher on Asian open

· The Japanese Yen (JPY) was sold as risk appetite returned and the markets continued to recover from Thursdays lows. The crosses were especially bid as EUR/JPY and AUD/JPY made significant gains. Overall the USDJPY traded with a low of 106.72 and a high of 107.99 before closing the day around 107.90 in the New York session. UPDATE USD/JPY breaks below 106 of Lehman News.

· The Sterling (GBP) rebounded inline with the Euro as the USD was weakened. GBP/JPY gains supported. Overall the GDP/USD traded with a low of 1.7542 and a high of 1.7960 before closing the day at 1.7950 in the New York session. UPDATE GBP/USD Breaks Above 1.80 Early Asia

· The Australian Dollar (AUD) AUD reclaimed the .8100 level and continued to climb into the US session as risk appetite returned and gold made good gains. AUD/JPY surged higher. Overall the AUD/USD traded with a low of 0.8007 and a high of 0.8234 before closing the US session at 0.8230.

· Gold (XAU) made good gains as the USD was sold and investors took advantage of the recent plunge in commodities. Oil continued to be offered though and weighed on gains. Overall trading with a low of USD$747 and high of USD$767 before ending the New York session at USD$765 an ounce. UPDATE XAU/USD gains 2% in Asian trade on safe haven flows.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.3973	1.4194	1.4420	1.4481	1.4544
USD/JPY	104.76	105.27	105.55	107.99	108.22
GBP/USD	1.7447	1.7550	1.8040	1.8124	1.8206
AUD/USD	0.7983	0.7901	0.8215	0.8254	0.8300
XAU/USD	727.11	736.70	783.00	790.60	805.15

· Euro – 1.4420

Initial support at 1.4194 (Sept 15 low) followed by 1.3973 (Sept 12 low). Initial resistance is now located at 1.4481 (Sept 15 high) at followed by 1.4544 (Sept 4 high).

· Yen – 105.55

Initial support is located at 105.27 (Sept 15 low) followed by 104.76 (Jul 17 low). Initial resistance is now at 107.99 (Sep 12 high) followed by 108.22 (Sept 9 high).

· Pound – 1.8040

Initial support at 1.7550 (Sept 12 low) followed by 1.7447 (Sept 11 low). Initial resistance is now at 1.8124 (Sept 15 high) followed by 1.8206 (Sep 1 high).

· Australian Dollar – 0.8215

Initial support at 0.7901 (Sept 11 low) followed by 0.7893 (Aug 20, 2007 low). Initial resistance is now at 0.8254 (Sept 15 High) followed by 0.8300 (Big Figure).

· Gold – 783

Initial support at 736.7 (Sept 11 low) followed by 727.11 (Oct 9, 2007 low). Initial resistance is now at 790.6 trendline resistance followed by 805.15 (Sep 9 high).

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Daily Forex Update: Sept 10 2008

FOREX Daily Outlook by Easy-Forex.com

Lehman Brothers lead US stocks down, Dollar Mixed

CURRENCY TRADING SUMMARY – 10thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) had a very volatile day as weak US data was countered by a continued slide in commodity prices. US July Pending Home Sales came in weaker than expected at -3.2% vs. forecasts of -1%. Oil fell over $4 a barrel as OPEC signaled it wouldn’t cut production and Hurricane Ike looked likely to miss the Gulf. Equities were under severe pressure as Lehman Brothers fell by 30% on suggestions that South Korean regulators would scuttle its investment in the Banking firm. In the U.S. share markets, the NASDAQ was down 59 points (-2.64%) and the Dow Jones was down 280 points (-2.43%). Crude Oil closed down $0.11 ending the New York session at $106.34 per barrel. Looking Ahead, Crude Oil Inventories are expected at -4.6 Million.

· The Euro (EUR) tested lows during the Asian session weak, US data and Stocks allowed the single currency to rally above 1.4200 before large losses in Oil pulled the pair lower. Heavy selling in the EUR/JPY also helped to cap gains. Overall the EUR/USD traded with a low of 1.4046 and a high of 1.4227 before closing the day at 1.4130 in the New York session.

· The Japanese Yen (JPY) traded inline with equity movements as a recovery in Europe allowed a bounce off lows. Rumors swirled around Lehman Brothers in the US session causing heaving selling again as risk aversion spiked. AUD/JPY was hit especially hard heading towards the key 85 level. Overall the USDJPY traded with a low of 106.84 and a high of 108.45 before closing the day around 107 in the New York session. Looking ahead, August Leading Indicators and Current Account released today.

· The Sterling (GBP) was able to recover from heavy selling on Monday, tracking the Euro higher and shrugging off poor data. July Manufacturing Production fell -0.2% vs. -0.1% expected and July Industrial Production fell -0.4% vs. -0.1% forecast. Overall the GDP/USD traded with a low of 1.7505 and a high of 1.7708 before closing the day at 1.7615 in the New York session. Looking ahead, July Trade Balance is expected at -7.5 Billion.

· The Australian Dollar (AUD) initially bounced with the Euro but took the brunt of the Commodity sell off heading back towards the key .8000 level. July Retail Sales were mixed as a change in reporting made the number harder to digest and more volatile. The seasonally adjusted figure showed a jump of 1.4% much more than the 0.5% expected but was largely ignored. Overall the AUD/USD traded with a low of 0.8005 and a high of 0.8178 before closing the US session at 0.8010. Update AUD/USD breaks below .8000

· Gold (XAU) was unable to gain on safe haven flows and USD weakness as Oil fell heavily dragging the precious metal to year lows early Wednesday. Overall trading with a low of USD$777.10 and high of USD$804 before ending the New York session at USD$778 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4015	1.4047	1.4110	1.4201	1.4429
USD/JPY	105.53	106.68	107.15	108.43	109.08
GBP/USD	1.7371	1.7472	1.7590	1.7669	1.7976
AUD/USD	0.7893	0.7993	0.8030	0.8178	0.8353
XAU/USD	745.83	768.60	770.00	804.98	819.00

· Euro – 1.4110

Initial support at 1.4047 (Sept 9 low) followed by 1.4015 (Oct 10 2007 low). Initial resistance is now located at 1.4201 (Sept 9 high) at followed by 1.4429 (Sept 8 high).

· Yen – 107.15

Initial support is located at 106.68 (Sep 9 low) followed by 105.53 (Sep 5 low). Initial resistance is now at 108.43 (Sep 9 high) followed by 109.08 (Sept 8 high).

· Pound – 1.7590

Initial support at 1.7472 (Sept 8 low) followed by 1.7371 (Apr 5, 2006 low). Initial resistance is now at 1.7669 (Sep 9 high) followed by 1.7976 (Sep 8 high).

· Australian Dollar – 0.8030

Initial support at 0.7993 (Sept 10 low) followed by 0.7893 (Aug 20, 2007 low). Initial resistance is now at 0.8178 (Sept 9 High) followed by 0.8353 (Sept 8 high).

· Gold – 770

Initial support at 768.60 (Oct 26, 2007 low) followed by 745.83 (Oct 22, 2007 low). Initial resistance is now at 804.98 (Sep 9 high) followed by 819 (Sep 5 high).

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Daily Forex Update: Sept 9 2008

FOREX Daily Outlook by Easy-Forex.com

USD REVERSES EARLY DIRECTION TO GAIN ON BAILOUT NEWS

CURRENCY TRADING SUMMARY – 9thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) after being sold off initially in the Asian session the USD reversed direction in the European and US sessions as the Government Bailout of Fannie Mae and Freddie Mac was digested. Year highs on the Dollar Index were hit as Oil slumped from highs on speculation OPEC will not cut production. In the U.S. share markets, the NASDAQ was up 13 points (0.62%) and the Dow Jones was up 289 points (2.58%). Crude Oil closed up $0.11 ending the New York session at $106.34 per barrel. Looking Ahead, August Pending Home Sales are seen -1% down from the surprising +5.3% in July.

· The Euro (EUR) Initial Asian gains were reversed brutally in Europe and continued into the US session. Year lows on the Euro were hit below 1.4100 as Oil slumped to $104.70 and EUR/JPY came under heavy selling pressure. Overall the EUR/USD traded with a low of 1.4055 and a high of 1.44429 before closing the day at 1.4130 in the New York session. Looking Ahead, August Trade Balance is forecast at 17.5 Billion slightly weaker than 18.1 Billion.

· The Japanese Yen (JPY) was initially the major loser from the GSE bailout plan but going into the European session heavy cross selling started to pare the YEN losses with most trading back at opening levels and the JPY regaining the initiative. Trading was extremely volatile with the EUR/JPY trading in a 400 pip range. Overall the USDJPY traded with a low of 107.77 and a high of 109.07 before closing the day around 108.30 in the New York session.

· The Sterling (GBP) the reversal in cable was pronounced losing over 400 pips from the day highs as UK data came in weak. August PPI fell more than expected at -2.0% vs. forecasts of -1.2% and showed inflation is moderating opening up the possibility of early rate cuts to prop up the stalling economy. Overall the GDP/USD traded with a low of 1.7473 and a high of 1.7975 before closing the day at 1.7547 in the New York session. Looking ahead, July Industrial Orders are expected to fall -0.1% and the August Manufacturing production is expected to fall -1.1% vs. -1.3% in July.

· The Australian Dollar (AUD) surged on AUD/JPY buying early in Asia but reversed direction as Oil and the Euro fell heavily during the rest of the day and JPY support was removed. RBA Governor Stevens spoke earlier in the day and commentated that the falling AUD will not hamper its efforts to combat inflation. Overall the AUD/USD traded with a low of 0.8077 and a high of 0.8353 before closing the US session at 0.8127. Looking ahead, Australia July Retail Sales are expected to rebound to +0.5% from the -1.0% in June. Also released the July NAB Business Confidence Index.

· Gold (XAU) tracked Oil gaining early before slumping to the $800 support in Late US trade. Overall trading with a low of USD$797.50 and high of USD$818 before ending the New York session at USD$803 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4015	1.4054	1.4120	1.4429	1.4545
USD/JPY	105.53	107.72	108.15	109.48	109.57
GBP/USD	1.7371	1.7472	1.7570	1.7976	1.8003
AUD/USD	0.8031	0.8076	0.8150	0.8353	0.8394
XAU/USD	783.35	789.74	802.00	819.65	836.50

· Euro – 1.4120

Initial support at 1.4054 (Sep 8 low) followed by 1.4015 (Oct 10 2007 low). Initial resistance is now located at 1.4429 (Sept 8 high) at followed by 1.4545 (Sept 4 high).

· Yen – 108.15

Initial support is located at 107.72 (Sep 8 low) followed by 105.53 (Sep 5 low). Initial resistance is now at 109.48 (Sep 2 high) followed by 109.57 (Aug 29 high).

· Pound – 1.7570

Initial support at 1.7472 (Sept 8 low) followed by 1.7371 (Apr 5, 2006 low). Initial resistance is now at 1.7976 (Sep 8 high) followed by 1.8003 (Sep 2 high).

· Australian Dollar – 0.8150

Initial support at 0.8076 (Sept 8 low) followed by 0.8030 (Sep 5 low). Initial resistance is now at 0.8353 (Sept 8 High) followed by 0.8394 (Sept 4 high).

· Gold – 802

Initial support at 789.74 (Sept 3 low) followed by 783.35 (Aug 15 low). Initial resistance is now at 819.65 (Sep 5 high) followed by 836.5 (Sep 1 high).

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Daily Forex Update: Sept 8 2008

FOREX Daily Outlook by Easy-Forex.com

US GOVERNMENT BAILS OUT FREDDIE AND FANNIE

CURRENCY TRADING SUMMARY – 8thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) August Non-farm Payrolls came in worse than expected at -84K vs. -75K forecast. The Market reacted to the actual August Unemployment rate though which gapped to 6.1% vs. 5.7% previous. Trading was already volatile given heavy carry unwinding in the Asian session and these figures added fuel to the fire. Dollar was sold off across the board but manages to pare some losses against the YEN as equities shrugged off the employment data. News surfaced late in the US Session that the Government was stepping in to take over Fannie Mae and Freddie Mac. Details announced over the weekend from the US Treasury was that as much as $200 Billion in new capital plus credit lines would be made available and that the two companies would be put under management of the Federal Housing Finance Agency. In an extremely positive step for the banking and housing sector, early Asian trading on Monday saw a surge in risk appetite. In the U.S. share markets, the NASDAQ was down -3 points (-0.14%) and the Dow Jones was up 32 points (0.29%). Crude Oil closed down $1.66 ending the New York session at $106.23 per barrel.

· The Euro (EUR) traded lower as EUR/JPY was sold hard in the Asian session then continued to track lower before US data allowed a recovery. German Industrial Production was considerable weaker than expected at -1.8% vs. forecasts of -0.5%. Overall the EUR/USD traded with a low of 1.4197 and a high of 1.4347 before closing the day at 1.4241 in the New York session.

· The Japanese Yen (JPY) traded in huge ranges on Friday as Heavy carry unwinds in the Asian session were reversed as the GSE bailout plan from the US government was processed. In Q1 Business Capex fell -6.5% vs. 2.5% forecast and -4.9% previously. Overall the USDJPY traded with a low of 105.54 and a high of 107.35 before closing the day around 107.14 in the New York session.

· The Sterling (GBP) pretty much tracked the Euro losing heavily via the GBY/JPY in Asian and rebounding as US Unemployment jumped to 6.1%. Sterling was also able to gain against the Euro as the rebound became a broad based Pound rally. Overall the GDP/USD traded with a low of 1.7627 and a high of 1.7834 before closing the day at 1.7630 in the New York session. Looking ahead, August PPI is released expected lower at -1.2% as cheaper Oil filters through the economy.

· The Australian Dollar (AUD) was extremely volatile bearing the brunt of the carry trade unwind with a 500 pip trading range on the AUD/JPY setting the stage. Stable stocks and an AUD/USD rebound into the US session close helped reverse sentiment. Overall the AUD/USD traded with a low of 0.8030 and a high of 0.8222 before closing the US session at 0.8120.

· Gold (XAU) surged on the US Unemployment rate jump, breaking above $800 trading quickly to $820 before retracing all the way to $794. Overall trading with a low of USD$790 and high of USD$820 before ending the New York session at USD$803 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4200	1.4310	1.4410	1.4535	1.4599
USD/JPY	106.75	107.70	108.45	109.05	109.55
GBP/USD	1.7540	1.7745	1.7905	1.7930	1.8005
AUD/USD	0.8030	0.8160	0.8315	0.8340	0.8400
XAU/USD	783.35	789.74	815.00	819.65	836.50

· Euro – 1.4410

Initial support at 1.4200 (Sep 5 low) followed by 1.4310 (Sept 8 low low). Initial resistance is now located at 1.4535 (10 Day SMA) at followed by 1.4599 (Sept 2 high).

· Yen – 108.45

Initial support is located at 107.70 (Sep 8 hourly low) followed by 106.75 (Cloud Top). Initial resistance is now at 109.05 (Sep 8 hourly high) followed by 109.55 (Sep 3 high).

· Pound – 1.7905

Initial support at 1.7745 (Sept 5 high) followed by 1.7540 (Sept 5 low). Initial resistance is now at 1.7930 (Sep 8 hourly high) followed by 1.8005 (10 day SMA).

· Australian Dollar – 0.8315

Initial support at 0.8160 (Sept 8 hourly low) followed by 0.8030 (Sep 5 low). Initial resistance is now at 0.8340 (Sept 8 hourly High) followed by 0.8400 (Sept 3 high).

· Gold – 815

Initial support at 789.74 (Sept 3 low) followed by 783.35 (Aug 15 low). Initial resistance is now at 819.65 (Sep 5 high) followed by 836.5 (Sep 1 high).

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Daily Forex Update: Sept 5 2008

FOREX Daily Outlook by Easy-Forex.com

Stocks Crash, Carry trades Unwind, EURO pummeled.

CURRENCY TRADING SUMMARY – 5thSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) weak jobs data highlighted the weakness of the US economy and preceded a sharp sell off in US stocks. Other US economic data was slightly higher than expected with Non-Manufacturing ISM for August at 50.6 and Non-Farm Productivity jumping to 4.3%. In spite of extreme stock weakness, continued commodity selling and the carry trade unwind allowed the USD to gain against most majors. In the U.S. share markets, the NASDAQ was down 74 points (-3.20%) and the Dow Jones was down 344 points (-2.99%). Crude Oil closed down $1.46 ending the New York session at $107.89 per barrel. Looking ahead, August Non Farm Payrolls are expected to fall -75K down from -51K in July. August Unemployment Rate is expected to remain at 5.7%.

· The Euro (EUR) ECB held rates at 4.25% but was weighed down by Trichet comments that highlighted risks to the downside for economic growth. Also weighing was the July German Industrial Orders coming in worse at -1.7% vs. a forecast of 0.4%. Heavy EUR/JPY selling weighed as stocks slumped. Overall the EUR/USD traded with a low of 1.4272 and a high of 1.4545 before closing the day at 1.4275 in the New York session. Looking ahead, German Industrial Output is seen at -0.5% in July. EUR/USD BREAKS 1.4300 early Asia

· The Japanese Yen (JPY) was the biggest gainer yesterday as equities plunged and the carry trade unwound lead by the AUD/JPY and GBY/JPY. In Q1 Business Capex fell -6.5% vs. 2.5% forecast and -4.9% previously. Overall the USDJPY traded with a low of 106.97 and a high of 108.47 before closing the day around 106.97 in the New York session. August FX reserves in at $996 Billion.

· The Sterling (GBP) enjoyed a brief rally before and just after the Bank Of England held rates at 5.25% but fell broadly. Strong US data and heavy GBP/JPY selling pulled cable down. EUR/GBP fell back below .8100 and provided some relief. Overall the GDP/USD traded with a low of 1.7627 and a high of 1.7834 before closing the day at 1.7630 in the New York session.

· The Australian Dollar (AUD) recovered with the Euro into the US session before more commodity weakness and strong US data renewed AUD weakness. Large Falls in US stocks lead to a carry trade capitulation sending the AUD/JPY to 16 month lows. Overall the AUD/USD traded with a low of 0.8216 and a high of 0.8394 before closing the US session at 0.8224.

· Gold (XAU) weakened as safe haven buying was overwhelmed buy USD strength and falls in Oil. Overall trading with a low of USD$794 and high of USD$814.70 before ending the New York session at USD$795 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4092	1.4125	1.4260	1.4545	1.4599
USD/JPY	105.38	105.67	106.70	108.57	109.09
GBP/USD	1.7423	1.7523	1.7570	1.7859	1.8015
AUD/USD	0.8049	0.8108	0.8150	0.8403	0.8535
XAU/USD	783.35	789.74	793.00	819.65	836.50

· Euro – 1.4260

Initial support at 1.4125 (Oct 22 07 low) followed by 1.4092 (Oct 10 07 low). Initial resistance is now located at 1.4545 (Sept 4 high) at followed by 1.4599 (Sept 2 high).

· Yen – 106.70

Initial support is located at 105.67 (day low) followed by 105.38 (0.236 of110.68 -103.74). Initial resistance is now at 108.57 (Sep 4 high) followed by 109.09 (Sep 3 high).

· Pound – 1.7570

Initial support at 1.7523 (Apr 1 06 low) followed by 1.7423 (50% Retracement of 1.3685-2.1161). Initial resistance is now at 1.7859 (Sep 4 high) followed by 1.8015 (Sept 2 high).

· Australian Dollar – 0.8150

Initial support at 0.8108 (Aug 31 07 low) followed by 0.8049 (Aug 29, 2007 low). Initial resistance is now at 0.8403 (Sept 3 High) followed by 0.8535 (Sept 2 high).

· Gold – 793

Initial support at 789.74 (Sept 3 low) followed by 783.35 (Aug 15 low). Initial resistance is now at 819.65 (Sep 2 high) followed by 836.5 (Sep 1 high).

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Daily Forex Update: Sept 3 2008

FOREX Daily Outlook by Easy-Forex.com

Oil breaks $110 a barrel, Dollar Surges

CURRENCY TRADING SUMMARY – 3rdSeptember 2008 (00:30GMT)

· U.S. Dollar Trading (USD) made significant gains as Oil dropped below $110 a barrel, especially against the commodity Bloc currencies. US August ISM Manufacturing came in near expectations at 49.9 vs. 50 previously. Oil driven stock gains were unable to be maintained as banks came under pressure one again. In the U.S. share markets, the NASDAQ was down 18 points (-0.77%) and the Dow Jones was down 26.50 points (-0.23%). Crude Oil closed down $-5.75 ending the New York session at $109.71 per barrel. Looking ahead, July Factory Orders are forecast to temper slightly to 1% from 1.7% in June.

· The Euro (EUR) hit 7 month lows below 1.45 as Oil hit lows of $105 per barrel. July PPI fell slightly below forecasts at 1.1% vs. 1.3% expected but still significantly higher than long term averages. Overall the EUR/USD traded with a low of 1.4466 and a high of 1.4617 before closing the day at 1.4520 in the New York session. Looking ahead, August PMI Services are expected at 48.2. Also released July Retail Sales forecast to be flat 0.0% m/m and -2.1% y/y. Eurozone Q2 GDP revised GDP expected to remain at -0.2% Q/Q vs. 0.7% Q1.

· The Japanese Yen (JPY) after heavy gains on the crosses lead by AUD/JPY and GBY/JPY a broad based recovery on the back of buoyant stocks was lead by the USD/JPY. BOJ Governor Shirakawa spoke of downsides risks for growth but expected inflation to mediate. Overall the USDJPY traded with a low of 107.77 and a high of 109.19 before closing the day around 108.70 in the New York session.

· The Sterling (GBP) came under continued downside pressure as an OECD report predicted a UK recession. New Multi ear lows were touched as commodities slump and EUR/GBP hit record highs around .8160. Overall the GDP/USD traded with a low of 1.7778 and a high of 1.8002 before closing the day at 1.7820 in the New York session. Looking ahead, August PMI services are expected to fall slightly to 47 from 47.4.

· The Australian Dollar (AUD) enjoyed a brief bounce after a less dovish than expected statement accompanying the 25bps rate cut. The rate cut was the first in Australia for 7 years and came after numerous economic reports pointed to a sharp slowdown. Subsequent falls in commodities provided the catalyst for a significant sell off with the AUD falling over 2 cents before recovering. Overall the AUD/USD traded with a low of 0.8270 and a high of 0.8534 before closing the US session at 0.8380. Looking ahead, Q2 GDP is forecast at 0.4% down slightly from 0.6% in Q1.

· Gold (XAU) fell heavily as Oil continued to slide breaking the Key $800 level before recovering as Oil retraced some losses. Overall trading with a low of USD$791.30 and high of USD$818.75 before ending the New York session at USD$818 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4366	1.4440	1.4530	1.4617	1.4728
USD/JPY	107.29	107.63	108.60	109.18	110.29
GBP/USD	1.7680	1.7754