Daily Forex Commentary: Sept 30 2009

FOREX Daily Outlook by Easy-Forex.com

USD Getting Support Talk

CURRENCY TRADING SUMMARY – 30th September (00:30GMT)

U.S. Dollar Trading (USD) gained as Officials in Japan and the European Union continued to support the Dollar and traders took risk off the table as US consumer data sparked fresh concerns. September Consumer Confidence slipped to 53.1 vs. 57 forecast and 54.5 previously. July Case Shiller forecast at 0.5% came in strong at 1.6% m/m but was unable to help market sentiment. In US Stocks, DJIA -47 points closing at 9742, S&P -2 points closing at 1060 and NASDAQ -6 points closing at 2124. Looking ahead, Q2 Final GDP is forecast at -1.2% vs. -1.0% initial. September ADP Employment forecast at -210k vs. -298k previously.

The Euro (EUR) struggleg to capitalize on strong Asian stocks as sellers into the 1.4650 area capped gains and when US stocks turned negative the pair fell to supports at 1.4550. EUR/JPY performed well but the big move was on the EUR/GBP which continue to pull back after recently rallying. Overall the EUR/USD traded with a low of 1.4528 and a high of 1.4647 before closing at 1.4585. Looking ahead, September German Unemployment Rate forecast at 8.4% vs. 8.3% previously. September EU inflation forecast at -0.2% y/y.

The Japanese Yen (JPY) the recovery continued on the USD/JPY as the tone of statements out of Japan grew more dollar supportive and Intervention talk floated around the market. Resistance above 90 is proving stiff but the pair closed above the key figure. GBP/JPY was volatile as the major whipped around. Overall the USDJPY traded with a low of 89.63 and a high of 90.37 before closing the day around 90.15 in the New York session. Looking ahead, August Industrial Output forecast at 1.9% vs. 2.1% previously.

The Sterling (GBP) fell heading into GBP data which was mixed but then found support as comments filtered out of the BOE economic conference that it was unhappy with the markets interpretation of recent comments from BOE Governor King. Q2 GDP was revised to -0.6% vs. -0.7% and September CBI distributive trades were +3 vs. -14 forecast. Overall the GBP/USD traded with a low of 1.5825 and a high of 1.5990 before closing the day at 1.5960 in the New York session. Looking ahead, MPC Member Miles speaks.

The Australian Dollar (AUD) waxed and waned with investor sentiment being very strong in Asia before pulling back on Euro weakness and US stocks losses. Continued rate hike speculation are underpinning the pair which is making solid gains against most crosses lately as the economy voted most likely to raise rates first. AUD/NZD continued to recover closing above 1.22. Overall the AUD/USD traded with a low of 0.8676 and a high of 0.8764 before closing the US session at 0.8710. Looking ahead, August Retail Sales forecast at 0.5% vs. -1%.

Oil & Gold (XAU) bounced off $985 supports after the USD strengthened ending unchanged on the day. Overall trading with a low of USD$985 and high of USD$996 before ending the New York session at USD$991 an ounce. Whipped around between $67 and $66 a barrel but finished under the $67 level ahead of Wednesday's US Inventory data. Crude Oil was down $0.13 ending the New York session at $66.71.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4467	1.4516	1.4585	1.4725	1.4844
USD/JPY	87.99	88.24	90.10	91.63	92.53
GBP/USD	1.5691	1.5771	1.5950	1.6067	1.6207
AUD/USD	0.8529	0.8587	0.8710	0.8789	0.8814
XAU/USD	974.00	982.00	992.00	999.00	1020.00
OIL/USD	65.50	66.25	66.60	67.50	68.00

Euro – 1.4585

Initial support at 1.4515 (Sept 14 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4725 (Sept 25 high) followed by 1.4844 (September 23 high)

Yen – 90.10

Initial support is located at 88.24 (Sept 28 low) followed by 87.99 (Jan 23 low). Initial resistance is now at 91.63 (Sept 24 high) followed by 92.53 (Sept 21 high).

Pound – 1.5950

Initial support at 1.5771 (Sept 28 low) followed by 1.5691 (38.2% retrace 1.3503 - 1.7043). Initial resistance is now at 1.6067 (Sept 25 high) followed by 1.6207 (38.2% retrace 1.3503 - 1.7043).

Australian Dollar – 0.8710

Initial support at 0.8587 (Sept 28 low) followed by the 0.8529 (Sept 8 low). Initial resistance is now at 0.8789 (Sept 23 high) followed by 0.8814 (Aug 22 '08 high).

Gold – 992

Initial support at 982 (Sept 10 low) followed by 974 (Sept 3 low). Initial resistance is now at 999 (Sept 25 high) followed by 1020 (September 22 high).

Oil – 66.50

Initial support at 66.25 (Fib Support) followed by 65.50 (Fib Support). Initial resistance is now at 67.50 (Fib Resistance) followed by 68 (Fib Resistance).

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Daily Forex Commentary: Sept 29 2009

FOREX Daily Outlook by Easy-Forex.com

US Stocks Rebound on M&A action

CURRENCY TRADING SUMMARY – 29th September (00:30GMT)

U.S. Dollar Trading (USD) found strength in Asia on Nikkei losses (-2.5%) but had a very volatile day against the Yen. A sharpy reversal in Sentiment in the US session from a substantial broad based rally in US stocks sent the Dollar lower once again. Oil rallied as much as $2 from lows with Iran concerns helping to underpin. Crude Oil was up $0.82 closing at $66.84. In US Stocks, DJIA +124 points closing at 9789, S&P +18 points closing at 1062 and NASDAQ +39 points closing at 2130. Looking ahead, July Case Schiller forecast at 0.5% vs. 1.4%.

The Euro (EUR) moved lower in Asia on heavy EUR/JPY sales but when the 130 Yen level held the pair rebounded sharply dragging the major back above 1.4600. Gains from US equities could not be held though with ECB's Trichet and Nowotny both commenting that a Strong USD is in the US interests. Overall the EUR/USD traded with a low of 1.4564 and a high of 1.4712 before closing at 1.4620. Looking ahead, August German Imports prices forecast at 0.6% vs. -0.9%.

The Japanese Yen (JPY) opened to immediate strength as USD/JPY pushed lower through 89 and 88.50 supports. Eventually a sharpy reversal began in Asia session but the damage to crosses had been done with EUR/JPY and AUD/JPY both falling to multi month lows. The outlook is mixed with comments from Japanese officials showing inconsistency. Overall the USDJPY traded with a low of 89.50 and a high of 91.50 before closing the day around 89.80 in the New York session. Looking ahead, August Industrial Output forecast at 1.9% vs. 2.1% previously.

The Sterling (GBP) fell sharply yesterday but bounced into Europe on heavy GBP/JPY short covering which has fallen over 20 Yen in the Prior month. Helping the recovery was September UK house prices rose 0.2% in the second month of gains. EUR/GBP manages to reverse hard after fresh multi month highs above 0.9300. Overall the GBP/USD traded with a low of 1.5771 and a high of 1.5989 before closing the day at 1.5880 in the New York session. Looking ahead, Q2 GDP final forecast at -0.7% vs. -0.7% initially. August Consumer Credit is forecast at 0bn vs. -0.22bn previously.

The Australian Dollar (AUD) was the strongest currency yesterday shrugging off weakness at the beginning of the day with the market continuing to respect the 0.8600 support zone. The rally in US stocks saw the pair soar past 0.8700 to highs above 0.8750. Helping lift the Aussie was continued hawkish articles in the press on the chance of interest rate hikes as soon as next month. Overall the AUD/USD traded with a low of 0.8585 and a high of 0.8757 before closing the US session at 0.8720.

Gold (XAU) failed to track Oil higher with the market nervous to test $1000 without a further catalyst. Overall trading with a low of USD$986 and high of USD$996 before ending the New York session at USD$991 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4467	1.4516	1.4620	1.4844	1.4866
USD/JPY	87.99	88.24	89.65	90.51	91.63
GBP/USD	1.5450	1.5691	1.5880	1.6067	1.6207
AUD/USD	0.8383	0.8529	0.8725	0.8789	0.8814
XAU/USD	974.00	982.00	990.00	999.00	1020.00

Euro – 1.4620

Initial support at 1.4515 (Sept 14 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4844 (Sept 23 high) followed by 1.4866 (September 22 2008 high)

Yen – 89.65

Initial support is located at 88.24 (Sept 28 low) followed by 87.99 (Jan 23 low). Initial resistance is now at 90.51 (76.4% retrace 87.13 - 101.44) followed by 91.63 (Sept 24 high).

Pound – 1.5880

Initial support at 1.5691 (38.2% retrace 1.3503 - 1.7043) followed by 1.5450 (May 20 low). Initial resistance is now at 1.6067 (Sept 25 high) followed by 1.6207 (38.2% retrace 1.3503 - 1.7043).

Australian Dollar – 0.8725

Initial support at 0.8529 (Sept 8 low) followed by the 0.8383 (61.8% retrace 0..9850-0.6009). Initial resistance is now at 0.8789 (Sept 23 high) followed by 0.8814 (Aug 22 '08 high).

Gold – 990

Initial support at 982 (Sept 10 low) followed by 974 (Sept 3 low). Initial resistance is now at 999 (Sept 25 high) followed by 1020 (September 22 high).

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Daily Forex Commentary: Sept 28 2009

FOREX Daily Outlook by Easy-Forex.com

US stocks fall for a third day

CURRENCY TRADING SUMMARY – 28th September (00:30GMT)

U.S. Dollar Trading (USD) failed to gain from the fall in stocks although any weakness in Majors was mild except for the USD/JPY. Oil was also able to bounce after heavy losses during the week as concerns over Iran's second nuclear reactor sparked fresh geopolitical concern. August Durable Goods fell -2.4% vs. 0.9% forecast. Crude Oil was up $0.12 closing at $66.02. In US Stocks, DJIA -42 points closing at 9665, S&P -6 points closing at 1044 and NASDAQ -16 points closing at 2090.

The Euro (EUR) managed to eek out small gains after once again coming under pressure from risk aversion. EUR/GBP continued to push higher up above 0.9200. EUR/JPY was not immune to the USD/JPY moves dropping back to 132 supports. EU M3 Money Supply at 2.5% in August was on the low end of expectations and concerning as it indicates new loans showed little growth. Overall the EUR/USD traded with a low of 1.4616 and a high of 1.4725 before closing at 1.4680. Looking ahead, ECB Trichet speaks.

The Japanese Yen (JPY) broke 90 finally as the market pushed through the Key level. There was little follow through but the pair did finish below the big figure and this could lead to big moves on Monday with Japanese investors. GBP/JPY led the market on the way down over 3 Yen. Overall the USDJPY traded with a low of 89.50 and a high of 91.50 before closing the day around 89.80 in the New York session.

The Sterling (GBP) broke through the 1.6000 level as the market continued to react to BOE King's message that a weak sterling is good for the UK's recovery. All the crosses were very weak with GBP/AUD breaking fresh lows under 1.8500. Overall the GBP/USD traded with a low of 1.5920 and a high of 1.6050 before closing the day at 1.5980 in the New York session. UPDATE UK SEPTEMBER HOUSE PRICES +0.2%.

The Australian Dollar (AUD) traded inline with the EURO losing then bouncing out of the low 0.8600 area to finish well supported against the greenback. The Aussie is still very sensitive to risk appetite and continued falls in stocks will weigh as will any correction in Oil or Gold. AUD/NZD continues to flirt with the 1.200 level but is holding above for now. Overall the AUD/USD traded with a low of 0.8615 and a high of 0.8715 before closing the US session at 0.8670.

Gold (XAU) held under $1000 and did not trade above the Key level in a day that will get the bulls nervous. Overall trading with a low of USD$985 and high of USD$999 before ending the New York session at USD$991 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4467	1.4516	1.4590	1.4844	1.4866
USD/JPY	87.99	88.60	89.15	91.63	92.50
GBP/USD	1.5450	1.5779	1.5800	1.6207	1.6468
AUD/USD	0.8529	0.8591	0.8600	0.8789	0.8814
XAU/USD	982.00	985.00	991.00	1020.00	1024.00

Euro – 1.4590

Initial support at 1.4516 (Sept 14 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4844 (Sept 23 high) followed by 1.4866 (September 22 2008 high)

Yen – 89.15

Initial support is located at 88.60 (Feb 3 low) followed by 87.99 (Jan 23 low). Initial resistance is now at 91.63 (Sept 24 high) followed by 92.53 (Sept 21 high).

Pound – 1.5800

Initial support at 1.5779 (May 26 low) followed by 1.5450 (May 20 low). Initial resistance is now at 1.6207 (23.6% retrace 1.3503-1.7043) followed by 1.6450 (May 20 high).

Australian Dollar – 0.8600

Initial support at 0.8591 (Sept 21 low) followed by the 0.8529 (Sept 8 low). Initial resistance is now at 0.8789 (Sept 23 high) followed by 0.8814 (Aug 22 '08 high).

Gold – 991

Initial support at 985 (Sept 25 low) followed by 9982 (Sept 10 low). Initial resistance is now at 1020 (Sept 22 high) followed by 1024 (September 17 high).

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Daily Forex Commentary: Sept 24 2009

FOREX Daily Outlook by Easy-Forex.com

FOMC Upgrades View, Stocks Dip

CURRENCY TRADING SUMMARY – 24th September (00:30GMT)

U.S. Dollar Trading (USD) was extremely volatile inline with most FOMC trading days. The market initially sold USD after the announcement on the comment that interest rates would be kept low for an extended period of time. The sharp reversal in the last hour of trade on US stocks sent the Dollar surging higher. Commodities crashed led by Oil down over 3%. Crude Oil was down $2.79 closing at $68.97. In US Stocks, DJIA -81 points closing at 9748, S&P -10 points closing at 1060 and NASDAQ -14 points closing at 2131. Looking ahead, Weekly Jobless Claims forecast at 550k vs. 545k.

The Euro (EUR) tested 1.4850 twice before falling most in September on the back of sharp Equity losses. Eurozone Data was solid with September Manufacturing PMI at 49 vs. 48.2 previously and Services PMI at 50.6 vs. 49.9 previously. July EU Industrial Orders grew 2.6% vs. 2.0% forecast. Overall the EUR/USD traded with a low of 1.4686 and a high of 1.4845 before closing at 1.4750. Looking ahead, September IFO forecast at 90.0 vs. 90.5 previously.

The Japanese Yen (JPY) was generally weak across the board until risk aversion spiked in the last hour of US Trade. Resistance at 91.60 was tested but held firm. Big levels on Crosses also seem to be containing price action with 135, 150 and 80 on the EUR/JPY, GBP/JPY and AUD/JPY respectively capping recent rallies. Overall the USDJPY traded with a low of 90.68 and a high of 91.64 before closing the day around 91.20 in the New York session. UPDATE August Trade Balance at 185bn vs. 170bn Forecast.

The Sterling (GBP) found some solid support across the board as the MPC meeting minutes showed 9-0 votes to keep at current levels of QE and no mention of deposit rate adjustments. EUR/GBP traded below 0.9000 but could not hold the level into the close as weakness in US Financial's weighed down on the Pound heavily. Overall the GBP/USD traded with a low of 1.6317 and a high of 1.6468 before closing the day at 1.6350 in the New York session.

The Australian Dollar (AUD) traded at fresh year high just under 0.8800 twice before falling sharply with Stocks and commodities. 0.88 remains the bulls target which may open the door to the Key psychological 90 level. AUD/JPY traded briefly above 80 Yen but was once again unable to break the key level. Continued strength in the NZD is weighing the AUD/NZD down towards the Key 1.2000 level. Overall the AUD/USD traded with a low of 0.8649 and a high of 0.8789 before closing the US session at 0.8670.

Gold (XAU) fell with other commodities but held above $1000 an ounce level comfortably. Overall trading with a low of USD$1006 and high of USD$1018 before ending the New York session at USD$1008 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4516	1.4611	1.4715	1.4866	1.4908
USD/JPY	90.00	90.13	91.50	92.53	93.30
GBP/USD	1.6111	1.6135	1.6335	1.6568	1.6742
AUD/USD	0.8529	0.8591	0.8670	0.8814	0.8943
XAU/USD	982.00	995.00	1008.00	1024.00	1032.00

Euro – 1.4715

Initial support at 1.4611 (Sept 21 low) followed by 1.4516 (Sept 14 low). Initial resistance is now located at 1.4866 (Sept 22 08 high) followed by 1.4908 (Aug 22 2008 high)

Yen – 91.50

Initial support is located at 90.13 (Sept 16 low) followed by 90.00 (Sept 16 low). Initial resistance is now at 92.53 (Sept 21 high) followed by 93.3 (Sept 7 high).

Pound – 1.6335

Initial support at 1.6135 (Sept 21 low) followed by 1.6114 (Sept 1 low). Initial resistance is now at 1.6568 (Sept 17 high) followed by 1.6742 (Sept 11 high).

Australian Dollar – 0.8670

Initial support at 0.8591 (Sept 21 low) followed by the 0.8529 (Sept 8 low). Initial resistance is now at 0.8814 (Aug 22 ' 08 high) followed by 0.8943 (76.4% retrace 0.9850-0.6009).

Gold – 1008

Initial support at 995 (Sept 21 low) followed by 982 (Sept 3 low). Initial resistance is now at 1024 (Sept 17 high) followed by 1032 (Mar 18 2008 high).

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Daily Forex Commentary: Sept 23 2009

FOREX Daily Outlook by Easy-Forex.com

USD Crumbles ahead of FOMC

CURRENCY TRADING SUMMARY – 23rd September (00:30GMT)

U.S. Dollar Trading (USD) started to fall in Asia and the move accelerated in Europe as the market through caution to the wind and sold the dollar aggressively. New Year Highs were seen on the EURO, CHF and NZD against the Dollar. Traders were caught a little off guard as many thought the trading would be contained ahead of the FOMC announcement. Crude Oil was down $1.84 closing at $91.55. In US Stocks, DJIA +51 points closing at 9829, S&P +7 points closing at 1071 and NASDAQ +8 points closing at 2146. Looking ahead, FOMC Announcement widely expected to remain at 0.25% but attention will be given to the Statement and any talk of exit strategies.

The Euro (EUR) rallied from the start of Asia to test 1.4800 in Europe before consolidating gains around the figure. Key resistance is seen at 1.4850-70 and then onto the Key Psychological Level of 1.5000. EUR/GBP fell from fresh year highs above .9080 on a sell recommendation from a prime US investment bank. Overall the EUR/USD traded with a low of 1.4683 and a high of 1.4843 before closing at 1.4790. Looking ahead, EU September PMI Manufacturing forecast at 49.7 vs. 48.2 previously. Also released, PMI services forecast at 50.5 vs. 49.9.

The Japanese Yen (JPY) gained with broad USD weakness although fresh strength in US stocks helped most the crosses remain in familiar territory. USD/JPY found support at the 91 figure with the outlook remaining very cloudy as last weeks rejection of the 90 level being countered by yesterday's sharp reversal lower from the 92.50 level. Overall the USDJPY traded with a low of 90.49 and a high of 92.04 before closing the day around 91.05 in the New York session. Looking ahead, Bank holiday on Wednesday.

The Sterling (GBP) was one of the strongest currencies yesterday as crosses gave some reprieve along with a strong rally in GBP/USD up to the 1.6400 figure in late US trade. Helping lift the struggling pound was the sharp pull back in EUR/GBP and strong rally in Oil. Overall the GBP/USD traded with a low of 1.6217 and a high of 1.6406 before closing the day at 1.6360 in the New York session. Looking ahead, MPC minutes released from the meeting earlier this month.

The Australian Dollar (AUD) broke to fresh year highs in late US trade as Gold and Oil surged and risk appetite remain very elevated. USD weakness and NZD strength are helping underpin. AUD/NZD is under pressure though with the key 1.2000 level under threat. Overall the AUD/USD traded with a low of 0.8642 and a high of 0.8789 before closing the US session at 0.8750.

Gold (XAU) gained over $15 an ounce as Gold buyers flooded back into the market after the $1000 test on Monday failed. Overall trading with a low of USD$1004 and high of USD$1019 before ending the New York session at USD$1014 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4516	1.4611	1.4810	1.4866	1.4908
USD/JPY	90.00	90.13	90.75	92.53	93.30
GBP/USD	1.6111	1.6135	1.6380	1.6568	1.6742
AUD/USD	0.8529	0.8591	0.8770	0.8775	0.8814
XAU/USD	982.00	995.00	1017.00	1024.00	1032.00

Euro – 1.4810

Initial support at 1.4611 (Sept 21 low) followed by 1.4516 (Sept 14 low). Initial resistance is now located at 1.4866 (Sept 22 08 high) followed by 1.4908 (Aug 22 2008 high)

Yen – 90.75

Initial support is located at 90.13 (Sept 16 low) followed by 90.00 (Sept 16 low). Initial resistance is now at 92.53 (Sept 21 high) followed by 93.3 (Sept 7 high).

Pound – 1.6380

Initial support at 1.6135 (Sept 21 low) followed by 1.6114 (Sept 1 low). Initial resistance is now at 1.6568 (Sept 17 high) followed by 1.6742 (Sept 11 high).

Australian Dollar – 0.8770

Initial support at 0.8591 (Sept 21 low) followed by the 0.8529 (Sept 8 low). Initial resistance is now at 0.8875 (Sept 17 high) followed by 0.8814 (Aug 22 ' 08 high).

Gold – 1017

Initial support at 995 (Sept 21 low) followed by 982 (Sept 3 low). Initial resistance is now at 1024 (Sept 17 high) followed by 1032 (Mar 18 2008 high).

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Daily Forex Commentary: Sept 22 2009

FOREX Daily Outlook by Easy-Forex.com

USD Starts to Climb on FOMC Uncertainty

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

U.S. Dollar Trading (USD) was well supported from the open Monday as the market took risk off the table ahead of Wednesday's FOMC meeting. The meeting could prove critical for the USD as policy makers express their thoughts on an exit strategy and signal their beliefs about the US economy. August Leading Indicators were 0.6% vs. 0.8% forecast. Crude Oil was down -$2.33 closing at $69.71. In US Stocks, DJIA -41 points closing at 9778, S&P -3 points closing at 1065 and NASDAQ +5 points closing at 2138. Looking ahead, September Richmond Fed index forecast at 17 vs. 14 previously.

The Euro (EUR) fell from the 1.4700 handle but was very resilient as dip buyers and Crosses supported. EUR/JPY broke above 135 Yen and EUR/GBP consolidated gains above 0.9050. The failure to test 1.4600 saw buyers gain the upper hand supported by US stocks which finished only slightly lower on the day. Overall the EUR/USD traded with a low of 1.4612 and a high of 1.4714 before closing at 1.4680.

The Japanese Yen (JPY) was a major mover when the market broke resistance on the USD/JPY at 91.60 and dragged the crosses higher. The Buying continued into the European session but the failure to hold above 92.50 saw the pair slump back to 92 supports. AUD/JPY was relatively unchanged as AUD/USD losses matched USD/JPY gains. Overall the USDJPY traded with a low of 91.30 and a high of 92.54 before closing the day around 92.05 in the New York session. Looking ahead, Bank holiday Tuesday and Wednesday.

The Sterling (GBP) was very weak for most of the day but found support at the lows and recovered well. The market is very short GBP at the moment and some are looking for a relief rally. With little data out this week the FOMC and G20 will take precedence. UK Rightmove September House Price Index +0.6% m/m. The Overall the GBP/USD traded with a low of 1.6135 and a high of 1.6263 before closing the day at 1.6215 in the New York session.

The Australian Dollar (AUD) fell back to 0.8600 supports as Oil crashed and Gold slipped below $1000 an ounce. Strong buying at the figure held firm and the pair managed a small bounce. AUD/JPY is still struggling to break 80 Yen over the last 2 weeks and the bulls are beginning to getting nervous with the market heavily long. Overall the AUD/USD traded with a low of 0.8591 and a high of 0.8683 before closing the US session at 0.8635.

Gold (XAU) had a few dips below $1000 but with little follow through the market ended back above the key level after a very strong downside test. Overall trading with a low of USD$996 and high of USD$1007 before ending the New York session at USD$100 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4467	1.4516	1.4680	1.4768	1.4866
USD/JPY	90.13	90.99	92.05	93.30	94.07
GBP/USD	1.6034	1.6114	1.6215	1.6568	1.6742
AUD/USD	0.8385	0.8529	0.8630	0.8814	0.8943
XAU/USD	982.00	992.00	1003.00	1024.00	1032.00

Euro – 1.4680

Initial support at 1.4516 (Sept 14 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4768 (Sept 17 high) followed by 1.4866 (Sept 22 2008 high)

Yen – 92.05

Initial support is located at 90.99 (Sept 18 low) followed by 90.13 (Sept 16 low). Initial resistance is now at 93.3 (Sept 7 high) followed by 94.07 (Aug 28 high).

Pound – 1.6215

Initial support at 1.6114 (Sept 1 low) followed by 1.6034 (July 13 low). Initial resistance is now at 1.6568 (Sept 17 high) followed by 1.6742 (Sept 11 high).

Australian Dollar – 0.8630

Initial support at 0.8529 (Sept 8 low) followed by the 0.8383 (61.8% retrace 0..9850-0.6009). Initial resistance is now at 0.8813 (Aug 22 2008 high) followed by 0.8943 (76.4% retrace 0.9850-0.6009).

Gold – 1003

Initial support at 992 (Sept 15 low) followed by 982 (Sept 3 low). Initial resistance is now at 1024 (Sept 17 high) followed by 1032 (Mar 18 2008 high).

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Daily Forex Commentary: Sept 21 2009

FOREX Daily Outlook by Easy-Forex.com

Market Steady into Weekend

CURRENCY TRADING SUMMARY – 21^st September (00:30GMT)

U.S. Dollar Trading (USD) gained through bouts of profit taking ahead of the weekend although gains were small as US stocks continued to march higher. This week holds major risk events for the Dollar including the FOMC meeting on Wednesday and G20 communique on Friday. Also of note on Friday, the US Treasury Guarantee on money market funds expired. Crude Oil was down -$0.43 closing at $72.04. In US Stocks, DJIA +36 points closing at 9820, S&P +2 points closing at 1068 and NASDAQ +6 points closing at 2132. Looking ahead, Leading indicators forecast at 0.8% vs. 0.6% in August.

The Euro (EUR) pivoted the 1.4700 level with rallies being sold but dips also finding solid support. EUR/JPY buying after a dip into Europe continued to underpin the single currency as did EUR/GBP buying which extended gains into the 0.90's. July Current Account surprised with a surplus 6.6bn vs. -4.3bn forecast Overall the EUR/USD traded with a low of 1.4648 and a high of 1.4744 before closing at 1.4710.

The Japanese Yen (JPY) was very contained on Friday as the market crept into the weekend. Most of the action was contained to the crosses with buoyant US stocks helping keep the Yen under pressure. The exception was the GBP/JPY which plumbed fresh lows on continued Pound weakness. Overall the USDJPY traded with a low of 91.04 and a high of 91.54 before closing the day around 91.35 in the New York session.

The Sterling (GBP) the slide continued as rallies were sold into and buyers continued to flee long positions. New weekly lows on the Cable under 1.6300 and continued Cross weakness are weighing on the outlook. Overall the GBP/USD traded with a low of 1.6232 and a high of 1.6453 before closing the day at 1.6282 in the New York session. UPDATE UK RIGHTMOVE September House Price Index +0.6% m/m.

The Australian Dollar (AUD) tracked the Euro falling on profit taking back to 0.8650 supports before bouncing hard with US stocks. Gold came under pressure due to an IMF report about selling some of its reserves. AUD/JPY remained under 80 Yen with stops remaining in play for the time being. Overall the AUD/USD traded with a low of 0.8654 and a high of 0.8725 before closing the US session at 0.8680.

Gold (XAU) shrugged off a IMF report about potential Gold Sales to rally into the US session but this rally was sold aggressively to under $1010 an ounce late in the US session. Overall trading with a low of USD$1006 and high of USD$1018 before ending the New York session at USD$1007 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4467	1.4516	1.4710	1.4768	1.4866
USD/JPY	89.71	90.00	91.50	91.64	92.60
GBP/USD	1.6114	1.6237	1.6250	1.6568	1.6742
AUD/USD	0.8529	0.8625	0.8675	0.8814	0.8943
XAU/USD	982.00	992.00	1004.00	1032.00	1050.00

Euro – 1.4710

Initial support at 1.4516 (Sept 14 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4768 (Sept 17 high) followed by 1.4866 (Sept 22 2008 high)

Yen – 91.50

Initial support is located at 90.00 (Big Figure) followed by 89.71 (February 11 low). Initial resistance is now at 91.64 (Sept 15 high) followed by 92.60 (Sept 9 high).

Pound – 1.6250

Initial support at 1.6237 (Sept 3 low) followed by 1.6114 (Sept 1 low). Initial resistance is now at 1.6742 (Sept 11 high) followed by 1.6831 (Aug 7 high).

Australian Dollar – 0.8675

Initial support at 0.8529 (Sept 8 low) followed by the 0.8383 (61.8% retrace 0..9850-0.6009). Initial resistance is now at 0.8813 (Aug 22 2008 high) followed by 0.8943 (76.4% retrace 0.9850-0.6009).

Gold – 1004

Initial support at 992 (Sept 15 low) followed by 982 (Sept 3 low). Initial resistance is now at 1032 (Mar 17' 2008 high) followed by 1050 (Psychological Figure).

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Daily Forex Commentary: Sept 17 2009

FOREX Daily Outlook by Easy-Forex.com

USD falls another leg

CURRENCY TRADING SUMMARY – 17^th September (00:30GMT)

U.S. Dollar Trading (USD) traded at fresh year lows on the Dollar Index going into Europe as the EURO and AUD traded at year highs. August Industrial Output rose 0.8% vs. 0.3% forecast and CPI rose 0.4% vs. 0.3% forecast. US stocks closed at fresh year highs as market optimism continued to blossom. Crude Oil up $1.58 closing at $72.51. In US Stocks, DJIA +108 points closing at 9791, S&P +16 points closing at 1068 and NASDAQ +30 points closing at 2133. Looking ahead, Weekly Jobless Claims forecast at 555k vs. 550k previously.

The Euro (EUR) broke above 1.4700 in Early Europe on widespread USD weakness before pulling back to 1.4650 supports at the start of the US session. The market then reversed hard with Oil and broke fresh highs above 1.4740. The Upwards Trend is close to 1.48 targets from which 1.5000 will come into view. EUR/GBP continued to push higher as the Pound floundered. Overall the EUR/USD traded with a low of 1.4641 and a high of 1.4737 before closing at 1.4720. Looking ahead, July Trade Balance forecast at 5.2bn vs. 4.6bn previously.

The Japanese Yen (JPY) Strengthened at the end of the Asian session as the incoming Finance minister talked about aversion to FX intervention and the USD/JPY plummeted. The Pair recovered with the 90 Yen level intact as good US data started to finally support the Dollar. Crosses ended all higher on risk appetite. Overall the USDJPY traded with a low of 90.13 and a high of 91.37 before closing the day around 91.05 in the New York session. Looking ahead, BOJ Rate Announcement widely expected to remain at 0.1%.

The Sterling (GBP) mulled around unable to get much traction against the USD and remaining very weak against other currencies. EURGBP broke above 0.8900 and GBP/AUD broke below 1.9000. August Claimant Count at 24k as forecast. Overall the GBP/USD traded with a low of 1.6403 and a high of 1.6661 before closing the day at 1.6500 in the New York session. Looking ahead, August Retail Sales forecast at 0.1% vs. 0.4%.

The Australian Dollar (AUD) broke to fresh year highs above 0.8700 before pushing on to 0.8750 in the US session as the market continued to express risk through the Aussie. AUD/JPY sits just under the Key 80 Yen level and the market is still poised to make further gains. Overall the AUD/USD traded with a low of 0.8637 and a high of 0.8750 before closing the US session at 0.8730.

Gold (XAU) fresh year highs above $1010 an ounce led to the market extending gains hitting a high above $1020. Overall trading with a low of USD$1006 and high of USD$1020 before ending the New York session at USD$1016 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4467	1.4516	1.4715	1.4737	1.4768
USD/JPY	89.71	90.00	91.00	91.64	92.60
GBP/USD	1.6237	1.6326	1.6470	1.6742	1.6831
AUD/USD	0.8379	0.8507	0.8730	0.8813	0.8951
XAU/USD	974.00	982.00	1016.00	1032.00	1050.00

Euro – 1.4715

Initial support at 1.4516 (Sept 16 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4737 (Sept 16 high) followed by 1.4768 (Sept 25 2008 high)

Yen – 91.00

Initial support is located at 90.00 (Big Figure) followed by 89.71 (February 11 low). Initial resistance is now at 91.64 (Sept 15 high) followed by 92.60 (Sept 9 high).

Pound – 1.6470

Initial support at 1.6326 (Sept 8 low) followed by 1.6237 (Sept 3 low). Initial resistance is now at 1.6742 (Sept 11 high) followed by 1.6831 (Aug 7 high).

Australian Dollar – 0.8730

Initial support at 0.8379 (Sept 7 low) followed by the 0.8507 (Sept 4 low). Initial resistance is now at 0.8813 (Aug 22 2008 high) followed by 0.8951 (AUG 11 2008 high).

Gold – 1016

Initial support at 982 (Sept 10 low) followed by 974 (Sept 3 low). Initial resistance is now at 1032 (Mar 17' 2008 high) followed by 1050 (Psychological Figure).

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Daily Forex Commentary: Sept 16 2009

FOREX Daily Outlook by Easy-Forex.com

Bernanke stokes Rally

CURRENCY TRADING SUMMARY – 16^th September (00:30GMT)

U.S. Dollar Trading (USD) was sold against everything except the Yen and Pound as US stocks soared to fresh year highs on strong Retail Sales and promising comments from Fed Chief Bernanke. Bernanke commented the recession is 'probably over' for the first time. August Retail Sales were +2.7% vs. 2.0% previously. August PPI jumped 1.7% vs. 0.8% expected at higher energy costs seeped though the economy. Crude Oil up $2.07 closing at $70.93. In US Stocks, DJIA + points closing at 9683, S&P +3 points closing at 1052 and NASDAQ +10 points closing at 2102. Looking ahead, August CPI forecast at 0.3% vs. 0.0% previously. August Industrial Output forecast at 0.6% vs. 0.5%.

The Euro (EUR) pushed lower on USD strength immediately after the release of the US data but the strength of US stocks saw the market once again aggressively sell the Dollar. The Euro traded up towards 1.4700 but failed to test the level. September German ZEW survey forecast at 60 only increased to 57 vs. 56 previously. Overall the EUR/USD traded with a low of 1.4562 and a high of 1.4686 before closing at 1.4670. Looking ahead, August EU Inflation forecast at 0.3% vs. -0.7% previously.

The Japanese Yen (JPY) continued to be sold off against most currencies as the market increased risk appetite and USD/JPY managed to test 91.50. The Failure to break this key resistance gave the sellers the upper hand for the rest of the day and USD/JPY moved back down to 91 support. Overall the USDJPY traded with a low of 90.83 and a high of 91.65 before closing the day around 91.05 in the New York session. Looking ahead, September Tankan previously at -42.

The Sterling (GBP) was the exception yesterday as Governor King commented on the possibility of cutting the interest paid on excess bank reserves. The market sold the pound aggressively after the comments hit the wires and trumped positive data released earlier in the day. August CPI +0.4% vs. 0.0% previously. EUR/GBP broke higher to fresh multi-month highs near 0.8900. Overall the GBP/USD traded with a low of 1.6403 and a high of 1.6661 before closing the day at 1.6500 in the New York session. Looking ahead, August Claimant Count forecast at 25k vs. 24.9k previously.

The Australian Dollar (AUD) fell after RBA minutes failed to provide the market with the hawkish comments it was looking for but once again the dips were small and the positive US session saw the pair grind back to the mid 0.8600 levels. The Oil and Gold move higher also underpinned AUD strength. GBP/AUD moved towards 1.9000 supports. Overall the AUD/USD traded with a low of 0.8564 and a high of 0.8647 before closing the US session at 0.8630.

Gold (XAU) broke above $1000 on broad USD weakness and fresh inflation concerns prompted by high UK and US PPI. Overall trading with a low of USD$992 and high of USD$1009 before ending the New York session at USD$1007 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4287	1.4467	1.4675	1.4719	1.4768
USD/JPY	89.71	90.21	90.85	92.60	93.30
GBP/USD	1.6237	1.6323	1.6505	1.6742	1.6831
AUD/USD	0.8379	0.8507	0.8645	0.8694	0.8813
XAU/USD	974.00	982.00	1007.00	1011.00	1032.00

Euro – 1.4675

Initial support at 1.4467 (Sept 9 low) followed by 1.4287 (Sept 7 low). Initial resistance is now located at 1.4719 (Dec 18 high) followed by 1.4768 (Sept 25 2008 high)

Yen – 90.85

Initial support is located at 90.21 (Sept 11 low) followed by 89.71 (February 11 low). Initial resistance is now at 92.60 (Sept 9 high) followed by 93.3 (Sept 7 high).

Pound – 1.6505

Initial support at 1.6323 (Sept 8 low) followed by 1.6237 (Sept 3 low). Initial resistance is now at 1.6742 (Sept 11 high) followed by 1.6831 (Aug 7 high).

Australian Dollar – 0.8645

Initial support at 0.8507 (Sept 7 low) followed by the 0.8379 (Sept 4 low). Initial resistance is now at 0.8694 (Aug 28 2008 high) followed by 0.8813 (AUG 22 2008 high).

Gold – 1007

Initial support at 982 (Sept 10 low) followed by 974 (Sep 3 low). Initial resistance is now at 1011 (Sept 11 high) followed by 1032 (Mar 17' 2008 high).

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Daily Forex Commentary: Sept 11 2009

FOREX Daily Outlook by Easy-Forex.com

Dow Jones Closes at Fresh Year High

CURRENCY TRADING SUMMARY – 11^th September (00:30GMT)

U.S. Dollar Trading (USD) the rout continued overnight with USD strength being once again turned around and the market testing multiple levels across the board. The catalyst for today's dollar weakness was surprising weakness in July Trade Balance which fell to -32bn vs. -27bn forecast. Compounding Dollar woes was the extension of Global Stocks which further decreased demand for the Safe Haven. Crude Oil up $0.63 closing at $71.94. In US Stocks, DJIA +80 points closing at 9627, S&P +10 points closing at 1044 and NASDAQ +23 points closing at 2084. Looking ahead, September UoM Consumer Sentiment forecast at 67.3 vs. 65.7 previously.

The Euro (EUR) shrugged of downside attempts but failed a few times to break above 1.4600 as reported heavy central bank sell orders capped gains. Positive sentiment and a relentlessly weak USD are helping propel the Euro higher. Also Weighing was EUR/GBP selling which pulled back from the 0.8800 level. Overall the EUR/USD traded with a low of 1.4503 and a high of 1.4613 before closing at 1.4580. Looking ahead, August WPI previously at -0.5% m/m.

The Japanese Yen (JPY) another new multi-month low was put in place as the market hammers away on the USD/JPY downside. 91.60 is strong support and propped up for a second time although the bounce was very limited. July Machine Orders at -9.3% vs. +9.7% previously. Overall the USDJPY traded with a low of 91.42 and a high of 92.26 before closing the day around 91.75 in the New York session. Looking ahead, Q2 GDP forecast to remain unrevised at 0.9%.

The Sterling (GBP) was the strongest currency yesterday as pent up fears about the expansion of QE from the Bank of England proved unfounded when the bank held the status quo at 0.5% interest rates and 175bn QE. Cable broke above 1.6600 and fell just short of the next figure later in the day. Further gains are possible with year highs on nearly all majors except the GBP against the greenback. Overall the GBP/USD traded with a low of 1.6481 and a high of 1.6687 before closing the day at 1.6650 in the New York session. Looking ahead, August PPI Output forecast at 0.1% vs. 0.3% previously.

The Australian Dollar (AUD) was sold off after very weak Unemployment data in August at -27k vs. -15k forecast. The market continued to sell the Aussie in Europe but once again dip buyers emerged and the pair rallied back to recent highs above 0.8600. Dip buyers are pressuring sellers into taking profit quicker than usual and underpins the strength of Aussie recently. Overall the AUD/USD traded with a low of 0.8546 and a high of 0.8645 before closing the US session at 0.8620.

Gold (XAU) muddled around the $990 level unable to test $1000 again but not falling very far. Overall trading with a low of USD$983 and high of USD$998 before ending the New York session at USD$996 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4287	1.4467	1.4580	1.4621	1.4719
USD/JPY	89.71	90.54	91.75	94.07	95.06
GBP/USD	1.6237	1.6323	1.6655	1.6687	1.6831
AUD/USD	0.8239	0.8379	0.8630	0.8694	0.8813
XAU/USD	944.00	974.00	997.00	1032.00	1050.00

Euro – 1.4580

Initial support at 1.4467 (Sept 9 low) followed by 1.4287 (Sept 7 low). Initial resistance is now located at 1.4621 (61.8% retrace 1.6038 - 1.2330) followed by 1.4719 (Dec 18 high)

Yen – 91.75

Initial support is located at 90.54 (Feb 13 low) followed by 89.71 (February 11 low). Initial resistance is now at 94.07 (August 28 high) followed by 95.06 (Aug 24 high).

Pound – 1.6655

Initial support at 1.6323 (Sept 8 low) followed by 1.6237 (Sept 3 low). Initial resistance is now at 1.6687 (Sept 10 high) followed by 1.6831 (Aug 7 high).

Australian Dollar – 0.8630

Initial support at 0.8379 (Sept 4 low) followed by the 0.8239 (AUG 27 low). Initial resistance is now at 0.8694 (Aug 28 2008 high) followed by 0.8813 (AUG 22 2008 high).

Gold – 997

Initial support at 974 (Sept 3 low) followed by 944 (Aug 31 low). Initial resistance is now at 1032 (Mar 17' 2008 high) followed by 1050 (Psychological Round Number).

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Daily Forex Commentary: Sept 10 2009

FOREX Daily Outlook by Easy-Forex.com

USD Bounces but is sold Again

CURRENCY TRADING SUMMARY – 10^th September (00:30GMT)

U.S. Dollar Trading (USD) was able to muster a small rally in Asia heading into Europe on Asian stocks before finding sellers and heading to new year lows against against a basket of its biggest trading partners. FED beige book was cautious and helped take some steam off the US stocks which were in a positive mood for the third day. Crude Oil up $0.21 closing at $71.31. In US Stocks, DJIA +49 points closing at 9547, S&P +8 points closing at 1033 and NASDAQ +22 points closing at 2060. Looking ahead, Weekly Jobless claims forecast at 560k vs. 570k previously. Also released, July Trade Balance Forecast at -27bn unchanged from previous and the Bank of Canada Rate meeting forecast to remain at 0.25%.

The Euro (EUR) continued higher after a brief dip in Asia to register fresh year highs at 1.4600 topping out with US stocks and easing later in the day. EUR/JPY broke above 134 Yen but fell violently as the USD/JPY slumped at US open. EUR/GBP remained strong with traders selling the pound ahead of the rate announcement tonight. Overall the EUR/USD traded with a low of 1.4467 and a high of 1.4600 before closing at 1.4550.

The Japanese Yen (JPY) broke below 92 Yen at the start of the US session on continued USD weakness but found solid support at the 91.60 level before recovering on strong cross buying. Crosses are holding in a range with gains in majors been offset by the weakness in USD/JPY. Overall the USDJPY traded with a low of 91.61 and a high of 92.60 before closing the day around 92.10 in the New York session. UPDATE July Machine Orders at -9.3% vs. 9.7% previously.

The Sterling (GBP) rallied with the Euro but was capped again ahead of 1.66 as traders pared back positions ahead of today MPC rate decision. Risk appetite and general USD weakness is providing support but the pound is losing ground on many crosses as it fails to match gains. July Trade Balance forecast at -6.5bn vs. -6.3bn. Overall the GBP/USD traded with a low of 1.6456 and a high of 1.6592 before closing the day at 1.6540 in the New York session. Looking ahead, BOE Rate meeting forecast at 0.5% but attention will being given to statement accompanying the decision.

The Australian Dollar (AUD) fell from lofty highs above 0.8600 as Retail Sales missed expectations by a significant margin at -1% vs. 0.5% forecast. Support on the dip showed the strength of the commodity currency although calls for a rate rise in October are starting to be toned down. Overall the AUD/USD traded with a low of 0.8566 and a high of 0.8670 before closing the US session at 0.8620. Looking ahead, August Forecast at -12.5k vs. 32.2k previously.

Gold (XAU) tested above $1000 but once again could not sustain the level and pulled back sharply to $990 supports. Overall trading with a low of USD$987 and high of USD$1003 before ending the New York session at USD$993 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4178	1.4287	1.4560	1.4621	1.4719
USD/JPY	90.54	91.61	92.05	94.07	95.06
GBP/USD	1.6114	1.6237	1.6540	1.6665	1.6831
AUD/USD	0.8239	0.8379	0.8630	0.8694	0.8813
XAU/USD	944.00	974.00	993.00	1032.00	1050.00

Euro – 1.4560

Initial support at 1.4287 (Sept 7 low) followed by 1.4178 (Sept 1 low). Initial resistance is now located at 1.4621 (61.8% retrace 1.6038 - 1.2330) followed by 1.4719 (Dec 18 high)

Yen – 92.05

Initial support is located at 91.61 (Sept 7 low) followed by 90.54 (February 13 low). Initial resistance is now at 94.07 (August 28 high) followed by 95.06 (Aug 24 high).

Pound – 1.6540

Initial support at 1.6237 (Sept 3 low) followed by 1.6114 (Sept 1 low). Initial resistance is now at 1.6665 (Aug 13 high) followed by 1.6831 (Aug 7 high).

Australian Dollar – 0.8630

Initial support at 0.8379 (Sept 4 low) followed by the 0.8239 (AUG 27 low). Initial resistance is now at 0.8694 (Aug 28 2008 high) followed by 0.8813 (AUG 22 2008 high).

Gold – 993

Initial support at 974 (Sept 3 low) followed by 944 (Aug 31 low). Initial resistance is now at 1032 (Mar 17' 2008 high) followed by 1050 (Psychological Round Number).

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Daily Forex Commentary: Sept 9 2009

FOREX Daily Outlook by Easy-Forex.com

Gold Breaks $1000 an ounce, USD under Pressure

CURRENCY TRADING SUMMARY – 9^th September (00:30GMT)

U.S. Dollar Trading (USD) suffered broad based weakness as the biggest FX pair the EUR/USD broke out the recent range to the topside. The catalyst was seen to be Gold breaking above the key psychological level of $1000 an ounce and a UN Trade report suggesting the replacement of the USD as the global reserve currency. July Consumer Credit forecast at -4bn came in at a record -21.6Bn as consumer paid pack credit at a record pace. Crude Oil up $3.08 closing at $71.10. In US Stocks, DJIA +56 points closing at 9497, S&P +9 points closing at 1025 and NASDAQ +19 points closing at 2037. Looking ahead, FED Beige Book released.

The Euro (EUR) as stated above the Euro broke higher against the dollar with the key 1.4450 level giving way and 1.4500 quickly following. Gold and Soaring Oil combined with strong global stocks to underpin the move higher. German July Industrial Output fell unexpectedly by -0.9% vs. 1.5% forecast. Overall the EUR/USD traded with a low of 1.4329 and a high of 1.4535 before closing at 1.4490. Looking ahead, August German Core CPI forecast at 0.25 vs. 0.0% previously.

The Japanese Yen (JPY) was generally weak against most currencies as risk appetite notched higher but the losses were contained by a very weak USD/JPY which slipped on Dollar weakness towards the 92.00 Yen supports. The level held firm and the pair managed a small bounce into the US close. The downtrend in USD/JPY continues to pressure the crosses making trading extremely choppy. Overall the USDJPY traded with a low of 92.04 and a high of 92.99 before closing the day around 92.30 in the New York session. Looking ahead, July Leading Indicators previously at 2.9.

The Sterling (GBP) was extremely strong as the market broke through 1.6450, 1.6500 and tested close to 1.6600 before pulling back and consolidating the move higher. July Industrial output at 0.5% vs. 0.2% forecast and Manufacturing Production at 0.9% vs. 0.3% forecast helped the rally gain traction. EUR/GBP continued to edge higher as the Euro outpaced gains in the Pound. Overall the GBP/USD traded with a low of 1.6323 and a high of 1.6588 before closing the day at 1.6500 in the New York session. Looking ahead, July Trade Balance forecast at -6.3bn vs. -6.45bn previously.

The Australian Dollar (AUD) took the cue of Gold breaking higher from the start of Europe to trade above 0.8600 and close above the level. August NAB business Confidence climbed to 18 from 10 previously the highest level in 6 years. Overall the AUD/USD traded with a low of 0.8529 and a high of 0.8658 before closing the US session at 0.8620. Looking ahead, July Retail Sales forecast at 0.5% vs. -1.4% previously.

Gold (XAU) broke above $1000 for only the third time in history before profit taking pushed the precious metal back below the key Psychological level. Overall trading with a low of USD$992 and high of USD$1007 before ending the New York session at USD$996 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4178	1.4287	1.4485	1.4621	1.4719
USD/JPY	90.54	91.74	92.35	94.07	95.06
GBP/USD	1.6114	1.6237	1.6485	1.6665	1.6831
AUD/USD	0.8239	0.8379	0.8615	0.8694	0.8813
XAU/USD	939.00	944.00	996.00	1032.00	1050.00

Euro – 1.4485

Initial support at 1.4287 (Sept 7 low) followed by 1.4178 (Sept 1 low). Initial resistance is now located at 1.4621 (61.8% retrace 1.6038 - 1.2330) followed by 1.4719 (Dec 18 high)

Yen – 92.35

Initial support is located at 91.74 (July 13 low) followed by 90.54 (February 13 low). Initial resistance is now at 94.07 (August 28 high) followed by 95.06 (Aug 14 high).

Pound – 1.6485

Initial support at 1.6237 (Sept 3 low) followed by 1.6114 (Sept 1 low). Initial resistance is now at 1.6665 (Aug 13 high) followed by 1.6831 (Aug 7 high).

Australian Dollar – 0.8615

Initial support at 0.8379 (Sept 4 low) followed by the 0.8239 (AUG 27 low). Initial resistance is now at 0.8694 (Aug 28 2008 high) followed by 0.8813 (AUG 22 2008 high).

Gold – 996

Initial support at 944 (Aug 31 low) followed by 939 (Aug 24 low). Initial resistance is now at 1032 (Mar 17' 2008 high) followed by 1050 (Psychological Round Number).

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c Share Investor 2009

Daily Forex Commentary: Sept 8 2009

FOREX Daily Outlook by Easy-Forex.com

Global Stocks Extend Rally

CURRENCY TRADING SUMMARY – 8^th September (00:30GMT)

U.S. Dollar Trading (USD) continued to be sold on Monday although the market kept to tight ranges as the US was away on Holidays. Asian and European stocks rallied on the lead from US stocks Friday and commodities ended unchanged to slightly higher although Oil was sluggish once again. Looking ahead, July Consumer Credit forecast at -$4Bn vs. -$10Bn previously.

The Euro (EUR) continued to be buoyant as fresh gains in Asian stocks sent EUR/JPY higher and Economic data in Europe underpinned gains into the 1.4300's. July German Industrial Orders at 3.5% vs. 2% forecast. EUR/GBP was supported on GBP concerns ahead of the UK rate decision Thursday. Overall the EUR/USD traded with a low of 1.4288 and a high of 1.4362 before closing at 1.4335. Looking ahead, July German Trade Balance forecast at 11.4bn vs. 11bn previously. Also released, July German Industrial Output forecast at 1.5% vs. -0.1%.

The Japanese Yen (JPY) the Yen was sold across the board as the weekend affirmation by the G20 to continue with global stimulus helping to keep risk appetite and the re-inflation trade going. GBP/JPY gains were unsustainable and USD/JPY ended at the 93 Yen figure roughly were it began. NZD/JPY and AUD/JPY held onto modest gains. Overall the USDJPY traded with a low of 92.82 and a high of 93.31 before closing the day around 93.05 in the New York session.

The Sterling (GBP) had a large bounce going into Europe as news of a $16bn takeover offer of Cadbury from Kraft led to speculation of substantial M&A buying. This enthusiasm waned as the offer was rejected and attention turned to the MPC rate announcement on Thursday which has the potential to create further GBP downside if the Asset Purchase program is increased again from the current 175bn pounds. Overall the GBP/USD traded with a low of 1.6327 and a high of 1.6444 before closing the day at 1.6340 in the New York session. Looking ahead, July Industrial Output forecast at 0.2% vs. 0.5% previously. Also released, Manufacturing Production forecast at 0.3% vs. 0.4% previously.

The Australian Dollar (AUD) opened at year highs and continued upward with the major technical break of 0.8480 fueling fresh buying from multiple sources. Strong Gold and stocks helped to underpin with the only concern being continued weakness in Oil. Overall the AUD/USD traded with a low of 0.8507 and a high of 0.8578 before closing the US session at 0.8350. Looking ahead, August NAB Business Confidence previously at 10.

Gold (XAU) kept in a tight range holding above $990 an ounce with the market consolidating recent ranges just under the key $1000 an ounce level. Overall trading with a low of USD$989 and high of USD$996 before ending the New York session at USD$995 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4046	1.4178	1.4335	1.4406	1.4447
USD/JPY	90.54	91.74	93.05	94.07	95.06
GBP/USD	1.6114	1.6237	1.6350	1.6546	1.6665
AUD/USD	0.8239	0.8379	0.8555	0.8694	0.8813
XAU/USD	939.00	944.00	995.00	997.00	1000.00

Euro – 1.4335

Initial support at 1.4178 (Sept 1 low) followed by 1.4046 (AUG 17 low). Initial resistance is now located at 1.4407 (Aug 27 high) followed by 1.4447 (Aug 5 high)

Yen – 93.05

Initial support is located at 91.74 (July 13 low) followed by 90.54 (February 13 low). Initial resistance is now at 94.07 (August 28 high) followed by 95.06 (Aug 14 high).

Pound – 1.6350

Initial support at 1.6237 (Sept 3 low) followed by 1.6114 (Sept 1 low). Initial resistance is now at 1.6546 (Aug 24 high) followed by 1.6665 (Aug 26 high).

Australian Dollar – 0.8555

Initial support at 0.8379 (Sept 4 low) followed by the 0.8239 (AUG 27 low). Initial resistance is now at 0.8694 (Aug 28 2008 high) followed by 0.8813 (AUG 22 2008 high).

Gold – 995

Initial support at 944 (Aug 31 low) followed by 939 (Aug 24 low). Initial resistance is now at 997 (Sept 3 high) followed by 1000 (Psychological Round Number).

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c Share Investor 2009

Daily Forex Commentary: Sept 7 2009

FOREX Daily Outlook by Easy-Forex.com

US Unemployment rises to 9.7%

CURRENCY TRADING SUMMARY – 7^th September (00:30GMT)

U.S. Dollar Trading (USD) was volatile as usual for a non farm payroll event but immediate strength after the release of the Unemployment data was reversed as US stocks turned higher from the open. Risk was put back on and the USD/JPY managed to hold above 93 Yen. August Non Farm Payrolls at -216k vs. -225k forecast with an Unemployment Rate at 9.7% vs. 9.5% forecast. Crude Oil was up $0.06 to close at $68.07. In US share markets, S&P ended +13 points (1.31%) at 1016, NASDAQ ended +35 points (1.79%) at 2018 and DOW JONES ended +96 points (1.03%) at 9441. Looking ahead, Holiday in the US today.

The Euro (EUR) tested 1.4200 before bouncing above 1.4300 in a bullish reversal as EUR/JPY buying led the Euro higher. The market is still contained within the recent ranges but the market has been selling rallies which give the preference of buying dips for an eventual breakout on the topside. Overall the EUR/USD traded with a low of 1.4190 and a high of 1.4327 before closing at 1.4311. Looking ahead, July German industrial Orders forecast at 2% vs. 4.5% previously.

The Japanese Yen (JPY) was sold in the US session as the market found itself quite long the Yen after days of buying. USD/JPY led the charge higher but AUD/JPY provided strong support. The markets preference to sell USD/JPY on rallies along with the crosses will be tested this week. Helping the mood was news from China that bank controls will not be implemented this year. Overall the USDJPY traded with a low of 92.30 and a high of 93.26 before closing the day around 92.99 in the New York session.

The Sterling (GBP) followed the Euro gyrations lower than higher but enjoyed support from improved risk appetite. 1.6400 proved solid resistance but the pullback into the weekend was very shallow. GBP/JPY traded above 152 Yen as the recovery extended from the key 150 earlier in the week. Overall the GBP/USD traded with a low of 1.6288 and a high of 1.6410 before closing the day at 1.6395 in the New York session.

The Australian Dollar (AUD) broke out of a 3 month range between 0.8480 and 0.8180 on the topside as the Aussie surged back into favor. AUD/JPY continued to recover and could test the critical 80 Yen level. Positive China news and strong Gold prices led to a strong undercurrent of support on dips. Overall the AUD/USD traded with a low of 0.8380 and a high of 0.8535 before closing the US session at 0.8306. Looking ahead, NAB Business Confidence previously at 10.

Gold (XAU) pulled back from the high $990's and did not challenge the $1000 level. Overall trading with a low of USD$985 and high of USD$997 before ending the New York session at USD$992 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4046	1.4178	1.4325	1.4406	1.4447
USD/JPY	90.54	91.74	93.15	94.07	95.06
GBP/USD	1.6034	1.6114	1.6405	1.6413	1.6546
AUD/USD	0.8156	0.8239	0.8530	0.8694	0.8813
XAU/USD	939.00	944.00	992.00	997.00	1000.00

Euro – 1.4325

Initial support at 1.4178 (Sept 1 low) followed by 1.4046 (AUG 17 low). Initial resistance is now located at 1.4407 (Aug 27 high) followed by 1.4447 (Aug 5 high)

Yen – 93.15

Initial support is located at 91.74 (July 13 low) followed by 90.54 (February 13 low). Initial resistance is now at 94.07 (August 28 high) followed by 95.06 (Aug 14 high).

Pound – 1.6405

Initial support at 1.6114 (Sept 1 low) followed by 1.6034 (Jul 13 low). Initial resistance is now at 1.6381 (Aug 28 high) followed by 1.6546 (Aug 24 high).

Australian Dollar – 0.8530

Initial support at 0.8239 (AUG 27 low) followed by the 0.8156 (AUG 17 low). Initial resistance is now at 0.8694 (Aug 28 2008 high) followed by 0.8813 (AUG 22 2008 high).

Gold – 992

Initial support at 944 (Aug 31 low) followed by 939 (Aug 24 low). Initial resistance is now at 997 (Sept 3 high) followed by 1000 (Psychological Round Number).

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c Share Investor 2009

Daily Forex Commentary: Sept 4 2009

FOREX Daily Outlook by Easy-Forex.com

Gold nears $1000 an ounce

CURRENCY TRADING SUMMARY – 4th September (00:30GMT)

U.S. Dollar Trading (USD) continued to be sold in the Asian session as news of no new curbs on banking helped shanghai rise +4.8%. Weekly Jobless Claims forecast at 560k came in at 570k. Also released, August ISM-manufacturing forecast at 48 came in at 48.4 vs. 46.4 previously. Crude Oil was down -$0.09 to close at $67.96. In US share markets, S&P ended +8 points (0.85%) at 1003, NASDAQ ended +16 points (0.82%) at 1983 and DOW JONES ended +63 points (0.69%) at 9344. Looking ahead, August Non Farm Payrolls forecast at -225k vs. -247k previously and Unemployment Rate forecast at 9.5% vs. 9.4% previously.

The Euro (EUR) traded above 1.4300 to touch 1.4350 before easing after lackluster ECB President Trichet comments post rate meeting. The ECB held at 1.0% but Trichet noted that the recovery will be bumpy and uneven. July retail sales also weighed falling -0.2% vs. 0.1% forecast. Overall the EUR/USD traded with a low of 1.4190 and a high of 1.4295 before closing at 1.4270. Looking ahead, ECB President speaks again.

The Japanese Yen (JPY) tested 92 in early Asian before the bounce in Chinese stocks led to reversal of direction. USD/JPY was found a little short ahead of the US data today and the pair jumped back above 92.50. GBP/JPY had the biggest bounce from below 150 Yen to above 151.50. Overall the USDJPY traded with a low of 91.95 and a high of 92.79 before closing the day around 92.60 in the New York session. UPDATE Q2 Capex -21.7% vs. -22.9% forecast Q/Y.

The Sterling (GBP) led the market recovery on the back of positive stocks and continued the bounce on UK economic data. August Services PMI came in at 54.1 vs. 53.2 previously. Cable broke higher in Europe to test 1.64 before fading with Euro weakness. Overall the GBP/USD traded with a low of 1.6237 and a high of 1.6414 before closing the day at 1.6340 in the New York session.

The Australian Dollar (AUD) continued to trend higher breaking above 0.8400 after shrugging off the weakness from earlier in the week and some soft trade data yesterday. July Trade Balance forecast at -850mn blew out to -1.56bn vs. -0.54bn previously. Helping the Aussie rally was the continued rally in Gold and strong AUD/JPY support below 77 Yen. Overall the AUD/USD traded with a low of 0.8316 and a high of 0.8428 before closing the US session at 0.8390.

Gold (XAU) press coverage of the Gold break out help the pair continue to rally trading close to the $1000 level before fading late in the day. Overall trading with a low of USD$974 and high of USD$997 before ending the New York session at USD$990 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4046	1.4178	1.4255	1.4406	1.4447
USD/JPY	90.54	91.74	92.75	94.07	95.06
GBP/USD	1.6034	1.6114	1.6330	1.6413	1.6546
AUD/USD	0.8156	0.8239	0.8400	0.8478	0.8519
XAU/USD	939.00	944.00	993.00	997.00	1000.00

Euro – 1.4255

Initial support at 1.4178 (Sept 1 low) followed by 1.4046 (AUG 17 low). Initial resistance is now located at 1.4407 (Aug 27 high) followed by 1.4447 (Aug 5 high)

Yen – 92.75

Initial support is located at 91.74 (July 13 low) followed by 90.54 (February 13 low). Initial resistance is now at 94.07 (August 28 high) followed by 95.06 (Aug 14 high).

Pound – 1.6330

Initial support at 1.6114 (Sept 1 low) followed by 1.6034 (Jul 13 low). Initial resistance is now at 1.6381 (Aug 28 high) followed by 1.6546 (Aug 24 high).

Australian Dollar – 0.8400

Initial support at 0.8239 (AUG 27 low) followed by the 0.8156 (AUG 17 low). Initial resistance is now at 0.8478 (Aug 14 high) followed by 0.8519 (Sept 22 high).

Gold – 993

Initial support at 944 (Aug 31 low) followed by 939 (Aug 24 low). Initial resistance is now at 997 (Sept 3 high) followed by 1000 (Psychological Round Number).

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c Share Investor 2009

Daily Forex Commentary: Sept 3 2009

FOREX Daily Outlook by Easy-Forex.com

Gold Shines as Risk Returns

CURRENCY TRADING SUMMARY – 3^rd September (00:30GMT)

U.S. Dollar Trading (USD) was surprisingly soft as the market continued to trade with 'risk off'. The USD gave back some of the gains from Tuesday night. Gold led the charge higher over $20 an ounce and the Aussie started the ball rolling in the Asian session with strong GDP numbers. ADP Unemployment in August fell -298k vs. -250k Forecast and added weight to the stock market. FOMC minutes were relatively dovish as the FED warned about the market getting ahead of themselves and that slow growth was forecast for the short term. Crude Oil was unchanged to close at $68.05. In US share markets, S&P ended -3 points (-0.33%) at 994, NASDAQ ended -2 points (-0.01%) at 1967 and DOW JONES ended -29 points (-0.32%) at 9280. Looking ahead, ISM non manufacturing forecast at 48 vs. 46.4 previously. Also released, Weekly Jobless Claims forecast at 560k vs. 570k previously.

The Euro (EUR) enjoyed gains on broad USD weakness as the 1.4200 held firm and traders continued to square up positions before today's ECB meeting and tomorrows US non Farm Payrolls risk event. EUR/JPY plumbed new lows but found solid support and settled into a tight range. Q2 GDP remained unrevised at -0.1%. Overall the EUR/USD traded with a low of 1.4190 and a high of 1.4295 before closing at 1.4270. Looking ahead, July Retail Sales forecast at 0.1% vs. -0.2% previously. Also ahead, ECB Rate announcement forecast to remain at 1.0% but the focus will be on Trichet's post meeting comments.

The Japanese Yen (JPY) Nikkei losses and risk aversion combined to push the USD/JPY through supports at 92.50 to plumb new multi-month lows. Key level on the downside is 91.60. GBP/JPY went though 150 Yen but found support below. EUR/JPY kept to a tight range below 132. Overall the USDJPY traded with a low of 92.09 and a high of 93.06 before closing the day around 92.25 in the New York session.

The Sterling (GBP) some large buy orders in Europe helped reverse direction and the pair surged back above 1.62 to briefly touch 1.63. News of a massive Oil find from BP helped keep the mood positive although GBP/JPY selling capped the rally. Overall the GBP/USD traded with a low of 1.6115 and a high of 1.6300 before closing the day at 1.6270 in the New York session. Looking ahead, August PMI Services forecast at 53.9 vs. 53.2.

The Australian Dollar (AUD) performed extremely well on the back of strong GDP figures for the second quarter. Q2 GDP forecast at 0.2% came in at 0.6%. The number increases the chance of aggressive rate rises sooner rather than later. AUD/JPY recovered from fresh multi-month lows although is struggling to eek out gains in the current risk environment. Overall the AUD/USD traded with a low of 0.8240 and a high of 0.8373 before closing the US session at 0.8345. Looking ahead, July Trade Balance forecast at -850mn vs. -441mn previously.

Gold (XAU) broke higher as large fund buying pushed the pair past $960 an ounce to quickly run up and touch $980. Overall trading with a low of USD$951 and high of USD$980 before ending the New York session at USD$952 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4046	1.4178	1.4275	1.4406	1.4447
USD/JPY	90.54	91.74	92.15	94.07	95.06
GBP/USD	1.6034	1.6114	1.6275	1.6381	1.6546
AUD/USD	0.8156	0.8239	0.8350	0.8478	0.8519
XAU/USD	939.00	944.00	978.00	980.00	990.00

Euro – 1.4275

Initial support at 1.4178 (Sept 1 low) followed by 1.4046 (AUG 17 low). Initial resistance is now located at 1.4407 (Aug 27 high) followed by 1.4447 (Aug 5 high)

Yen – 92.15

Initial support is located at 91.74 (July 13 low) followed by 90.54 (February 13 low). Initial resistance is now at 94.07 (August 28 high) followed by 95.06 (Aug 14 high).

Pound – 1.6275

Initial support at 1.6114 (Sept 1 low) followed by 1.6034 (Jul 13 low). Initial resistance is now at 1.6381 (Aug 28 high) followed by 1.6546 (Aug 24 high).

Australian Dollar – 0.8345

Initial support at 0.8239 (AUG 27 low) followed by the 0.8156 (AUG 17 low). Initial resistance is now at 0.8478 (Aug 14 high) followed by 0.8519 (Sept 22 high).

Gold – 978

Initial support at 944 (Aug 31 low) followed by 939 (Aug 24 low). Initial resistance is now at 980 (Sept 2 high) followed by 990 (Jun 3 high).

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c Share Investor 2009

Daily Forex Commentary: Sept 2 2009

FOREX Daily Outlook by Easy-Forex.com

US Stocks Tumble

CURRENCY TRADING SUMMARY – 2^nd September (00:30GMT)

U.S. Dollar Trading (USD) gained heavily in the US session as risk appetite took a massive shift for the worse. Very strong US August Manufacturing PMI data was overlooked at 52.9 vs. 48.9 previously. September is a traditional bear month for equities with the first day not inspiring much confidence. Crude Oil fell $1.91 to close at $68.05. In US share markets, S&P ended -22 points (-2.2%) at 998, NASDAQ ended -40 points (-2.00%) at 1968 and DOW JONES ended -185 points (-1.96%) at 9310. Looking ahead, August ADP private Employment Report forecast at -250k vs. -371k previously. Crude Oil Inventories forecast at -0.8m vs. 0.2m previously.

The Euro (EUR) bank rumors swirled in New York and the market tumbled from the relatively high levels of the recent range to test support at 1.4200. EUR/JPY is poised at key levels and could pull the major lower although a break of the lower end of the range is also unlikely with solid support expected from 1.4000-1.4100. EUR/GBP Overall the EUR/USD traded with a low of 1.4178 and a high of 1.4378 before closing at 1.4220. Looking ahead, Q2 EU GDP is fore4cast at -0.1% vs. -2.5% q/q.

The Japanese Yen (JPY) had a volatile day trading to day highs on a bounce in Asia stocks before falling back below 93 Yen in the US session as the mood darkened considerably. Supports at 92.50 and 91.50 will stem the speed on the downside decent on any major stock falls. Also adding to support on the downside verbal FX intervention comments from the Japanese government expected on any approach towards 90 Yen. Weighing on the USD/JPY is the continued heavy selling on EUR/JPY and AUD/JPY crosses. Overall the USDJPY traded with a low of 92.51 and a high of 93.44 before closing the day around 93.05 in the New York session.

The Sterling (GBP) followed the Euro although in a much more volatile fashion testing resistance at 1.6360 before crashing with US stocks to new multi-month lows below 1.6160 supports. GBP/JPY was very heavy testing 150 Yen supports. Overall the GBP/USD traded with a low of 1.6113 and a high of 1.6375 before closing the day at 1.6160 in the New York session.

The Australian Dollar (AUD) was under pressure before the risk aversion selling surfaced after the RBA kept hawkish comments to a minimum. A break in the AUD/JPY to fresh multi-month lows is the main catalyst although the continued weakness in commodities is also weighing. The long term daily rising trend-line was also broken at 0.8280 causing Bulls further headaches. Overall the AUD/USD traded with a low of 0.8244 and a high of 0.8458 before closing the US session at 0.8280. Looking ahead, Q2 GDP is forecast at 0.2% vs. 0.4% previously q/q.

Gold (XAU) held up well as the banking inspired risk aversion caused safe haven demand to compete with the stronger Dollar. Overall trading with a low of USD$946 and high of USD$957 before ending the New York session at USD$952 an ounce.

TECHNICAL COMMENTARY

Currency