Daily Techical Outlook − Wednesday 03.25.2009
Wed, Mar 25 2009, 07:12 GMT
EURUSD
The Euro continued to retrace on yesterday, testing bids into the 1.3430 zone, switching focus towards bearish objective at 1.3330. Minor support is formed into the 1.3415/30 zone backed by the more important barriers at 1.3330, 1.3240 and 1.3095/00 - February's top - lower. On potential rallies, the Euro will face resistance at 1.3600 then higher, at 1.3740/50 and 1.3855. Downside will probably stay under pressure for now and a break above 1.3600 is needed to resume uptrend. Intra-day studies are bearish at the time of this writing. Current quote is 1.3473 @07:10 GMT
Support levels: 1.3415/30, 1.3330, 1.3240 and 1.3095/00.
Resistance levels: 1.3600, 1.3740/50, 1.3800 and 1.3855.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish
AUDUSD
The .6950 intra-day support is under pressure at the time of this writing but the daily sentiment remains bullish as there is enough room on the downside for an extended correction. Below .6940/50, subsequent downside barriers are seen at .6900, .6850 - February's high - and .6700 which has to remain stable in order to maintain the short-term bullish structure intact. Intra-day momentum is bearish at the time of this report. Current quote is .6966 @07:10 GMT
Support levels: .6945/50, .6850 and .6700.
Resistance levels: .7000, .7100, .7135 and .7265.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
EURCHF
The Euro continues to advance lower vs the Swiss Franc, testing the interim support on the 1.5200 handle. Below 1.5200, next important objective emerges at 1.5010 - the 50% retracement of the 1.4575-1.5445 up leg. On the upside, resistance starts at 1.5290/00 followed by 1.5400 and 1.5420/50. Above 1.5290, uptrend resumes. Downtrend is slightly favored for now. Current quote is 1.5240 @07:10 GMT
Support levels: 1.5200, 1.5150/90 and 1.5000/10.
Resistance levels: 1.5290/00, 1.5420/50, 1.5500/30 and 1.5590.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Intraday Forex Signal by AceTrader - GBP/USD
Updating time : 25 Mar 2009 06:41 GMT
Rate: 1.4676
As cable has rebounded after finding renewed
buying abv intra-day sup 1.4636 (Asia), suggesting
as long as this lvl holds, consolidation with mild
upside bias is seen but break of 1.4720/25 needed
to confirm correction fm 1.4780 has ended, 1.4750.
Buy dips with stop as indicated, only below 1.
4615/22 wud abort n signal top formed, 1.4585/90...
Range Forecast
1.4655 / 1.4690
Resistance/Support
R: 1.4720/1.4780/1.4836
S: 1.4636/1.4586/1.4550
Wednesday, March 25, 2009
Forex News 25-03-2009
European Economics Preview: German Ifo Business Confidence Forecast To Deteriorate
Wednesday, the only major report due for the day is German Ifo business confidence.
At 4.00am ET, the Czech Statistical Office is scheduled to issue business and consumer confidence for March. In February, the consumer confidence indicator dropped 1.7 points to 74.2 and business confidence declined to 73.7 from 76.9 in January.
In the meantime, the National Institute of Statistics is set to release the Spanish PPI report for February. Producer prices are forecast to fall 0.8% annually in February compared to a 0.6% fall in January.
Thereafter, Italian consumer confidence survey results are due from the research institute ISAE at 4.30am ET. Consumer confidence is seen at 103 in March, down from 104.1 last month.
At 5.00am ET, the Munich-based Ifo Institute for Economic Research is slated to issue a monthly German business confidence survey for March. Business confidence is expected to fall to a historical low of 82.2 in March from 82.6 last month. The current conditions index is seen at 82.5 compared to 84.3 in February.
At the same time, Norwegian unemployment is due from the Statistics Norway. The jobless rate is expected to rise to 3.2% during December to February.
Afterwards, a quarterly Distributive Trades survey is expected from the Confederation of British Industry at 7.00am ET.
US Market Commentary
Stocks Set For Decent Open After Obama Proclaims "Signs of Progress"
Wall Street was in a decent frame of mind Wednesday morning in New York after President Barack Obama said last night that he saw "signs of progress" on the economic front.
As of 6:15 am ET, the Dow Futures were up 30 points, the NASDAQ Futures were up 5 points, and the S&P Futures were up 4 points.
Stocks pulled back on Tuesday, paring some of the standout gains posted in the previous session. The Dow closed down 115.65 points or 1.5 percent at 7,660.21, the Nasdaq closed down 37.34 points or 2.4 percent at 1,518.43 and the S&P 500 closed down 16.58 points or 2 percent at 806.34.
Speaking at his second prime time TV news conference from the White House, President Obama last night said the multi-part strategy will take time to be reverse the economic problems that developed over a number of years. "There will be no quick fixes. There are no silver bullets," Obama said.
"We will recover from this recession," Obama said. "But it will take time, it will take patience."
A day after taking heat from Congress about the AIG bailout fiasco, Treasury Secretary Tim Geithner will talk about the economic and financial crises at the Council on Foreign Relations in New York.
Trading on Wednesday could be impacted by the release of reports on durable goods orders and new home sales. Fuel supplies figures are also due out.Traders are also likely to keep an eye on speeches from Fed Presidents Yellen and Pinalto.
In corporate news Wednesday, British bank HSBC Holdings Plc (HBC: News ,HSBA.L: News ) is likely to cut about 1,000 jobs in the U.K. in processing and operations and may close some administration sites, Bloomberg reported, citing a person familiar with the situation.
Wednesday, British cigarette company Imperial Tobacco Group PLC (IMT.L: News ) said its expected overall performance for the year ending September 30 remains in line with management's expectations. In a separate statement, the company revealed the appointment of Alison Cooper as Chief Operating Officer, with immediate effect.
Automaker Ford Motor Co. (F: News ), in a proxy filing with the U.S. Securities and Exchange Commission providing details of its 2009 annual meeting to seek shareholders approval for issuing common stock, said its Chief Executive Officer Alan Mulally's salary, without bonus, declined 78% to $2 million in 2008 with a further 30% reduction due for 2009 and 2010.
Asian stocks were mostly weaker on Wednesday, with Tokyo's Nikkei shedding 2 percent. European shares were little-changed in intraday dealing.
Wednesday, the only major report due for the day is German Ifo business confidence.
At 4.00am ET, the Czech Statistical Office is scheduled to issue business and consumer confidence for March. In February, the consumer confidence indicator dropped 1.7 points to 74.2 and business confidence declined to 73.7 from 76.9 in January.
In the meantime, the National Institute of Statistics is set to release the Spanish PPI report for February. Producer prices are forecast to fall 0.8% annually in February compared to a 0.6% fall in January.
Thereafter, Italian consumer confidence survey results are due from the research institute ISAE at 4.30am ET. Consumer confidence is seen at 103 in March, down from 104.1 last month.
At 5.00am ET, the Munich-based Ifo Institute for Economic Research is slated to issue a monthly German business confidence survey for March. Business confidence is expected to fall to a historical low of 82.2 in March from 82.6 last month. The current conditions index is seen at 82.5 compared to 84.3 in February.
At the same time, Norwegian unemployment is due from the Statistics Norway. The jobless rate is expected to rise to 3.2% during December to February.
Afterwards, a quarterly Distributive Trades survey is expected from the Confederation of British Industry at 7.00am ET.
US Market Commentary
Stocks Set For Decent Open After Obama Proclaims "Signs of Progress"
Wall Street was in a decent frame of mind Wednesday morning in New York after President Barack Obama said last night that he saw "signs of progress" on the economic front.
As of 6:15 am ET, the Dow Futures were up 30 points, the NASDAQ Futures were up 5 points, and the S&P Futures were up 4 points.
Stocks pulled back on Tuesday, paring some of the standout gains posted in the previous session. The Dow closed down 115.65 points or 1.5 percent at 7,660.21, the Nasdaq closed down 37.34 points or 2.4 percent at 1,518.43 and the S&P 500 closed down 16.58 points or 2 percent at 806.34.
Speaking at his second prime time TV news conference from the White House, President Obama last night said the multi-part strategy will take time to be reverse the economic problems that developed over a number of years. "There will be no quick fixes. There are no silver bullets," Obama said.
"We will recover from this recession," Obama said. "But it will take time, it will take patience."
A day after taking heat from Congress about the AIG bailout fiasco, Treasury Secretary Tim Geithner will talk about the economic and financial crises at the Council on Foreign Relations in New York.
Trading on Wednesday could be impacted by the release of reports on durable goods orders and new home sales. Fuel supplies figures are also due out.Traders are also likely to keep an eye on speeches from Fed Presidents Yellen and Pinalto.
In corporate news Wednesday, British bank HSBC Holdings Plc (HBC: News ,HSBA.L: News ) is likely to cut about 1,000 jobs in the U.K. in processing and operations and may close some administration sites, Bloomberg reported, citing a person familiar with the situation.
Wednesday, British cigarette company Imperial Tobacco Group PLC (IMT.L: News ) said its expected overall performance for the year ending September 30 remains in line with management's expectations. In a separate statement, the company revealed the appointment of Alison Cooper as Chief Operating Officer, with immediate effect.
Automaker Ford Motor Co. (F: News ), in a proxy filing with the U.S. Securities and Exchange Commission providing details of its 2009 annual meeting to seek shareholders approval for issuing common stock, said its Chief Executive Officer Alan Mulally's salary, without bonus, declined 78% to $2 million in 2008 with a further 30% reduction due for 2009 and 2010.
Asian stocks were mostly weaker on Wednesday, with Tokyo's Nikkei shedding 2 percent. European shares were little-changed in intraday dealing.
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