Forex Crunch EUR/USD Aug. 30 – Tight Trading in New Uptrend Channel |
- EUR/USD Aug. 30 – Tight Trading in New Uptrend Channel
- Reminder – Trivia Quiz Live and Kicking – Win Cash Prizes
- Forex Daily Outlook – August 30 2010
- Coordinated Intervention To Weaken the Yen?
- Forex Binary Options Setups – August 30 – September 3
| EUR/USD Aug. 30 – Tight Trading in New Uptrend Channel Posted: 29 Aug 2010 11:15 PM PDT
EUR/USD began this busy week with continued tense range trading, in a new uptrend channel that formed. Will it manage to break higher or collapse again below the channel? Here’s a quick update on fundamentals, technicals and community trends.
EUR/USD within new uptrend channel, that began last week. Click to enlarge. EUR/USD Technicals
EUR/USD Fundamentals
EUR/USD Sentiment
Note – This is a new and still experimental section on Forex Crunch. It’s still in development. Want to see what other traders are doing in real accounts? Check out Currensee. It's free.. |
| Reminder – Trivia Quiz Live and Kicking – Win Cash Prizes Posted: 29 Aug 2010 10:30 PM PDT
I wish to remind everybody that the forex quiz continues. We already have interesting developments. The forex quiz consists of 4 simple questions. All you have to do is answer the questions and collect Facebook "Likes" from your friends. The answers to these questions can be easily found on both sites: Forex Crunch and Forex Rate It. You can explore the sites to find the answers. The quiz is open until September 6th. The winners are the top three participants that received the highest amount of "Likes". The winner will receive $100, the runner up – $50, and 3rd place will be awarded $25. The payment will be made directly to the participants' PayPal accounts. There's no need to open an account with any forex broker The quiz, with the interactive scoreboard and the terms are here. So, I invite you to participate and wish you success! |
| Forex Daily Outlook – August 30 2010 Posted: 29 Aug 2010 08:27 PM PDT
A busy week begins with a busy day – US consumer spending is the highlight of today, amongst many releases from around the world. Will we see more devastating figures already today? Or will tension remain high until the Non-Farm Payrolls? Let’s see what’s up for today: In New Zealand, economic figures are released early – Trade Balance is expected to turn negative – a deficit of 28 million is expected to follow a few months of surplus. Later in New Zealand, the NBNZ Business Confidence is an important official release that always rocks the kiwi. It fell to 27.9 points last month, hurting the currency. To close the day, Building Consents, are released, and will show how the housing sector is doing. For more on the New Zealand dollar, read the NZD/USD forecast. In New Zealand’s neighbor, Australia, Company Operating Profits are expected to shine with a growth rate of 5.9%, better than last time. On the other side of the day, a speech by Guy Debelle, the RBA Assistant Governor, will speak, and is likely to shed some light on monetary policy. For more on the Aussie, read the AUD USD forecast. In the US, a busy week of releases begins with the important Personal Spending release. American probably spent 0.4% more in the past month, after an unchanged figure last time. Note that as many economic indicators were awful lately, also now, a decrease in growth is also likely, and this can put the markets into depression. Also in the US, Core PCE Price Index is expected to rise by 0.1% after not moving last month, Personal Income is expected to rise by 0.3% and a member of the Federal Reserve, James Bullard will speak in St. Louis, and he might add to Bernanke’s speech on Friday. Bernanke vowed to do everything possible to keep the recovery alive. How bad is the situation in the US? In Canada, Current Account is expected to show a bigger deficit of over 10 billion, up from 7.8 billion last month. On the other hand, the loonie might cheer up from a rise in the RMPI – a rise of 0.3% will boost Canada’s export-oriented economy. For more on USD/CAD, read the Canadian dollar forecast. British banks are officially on a holiday. But, at the end of the day, at midnight UK time, the interesting GfK Consumer Confidence will be released and is likely to drop from -22 to -23 – showing that consumers are more pessimistic. Cable traders expect a busy week ahead. For more on sterling, read the GBP USD forecast. The bank of Japan might intervene in trading to weaken the yen. While the slow policymakers continue thinking, the yen will move by economic indicators: Retail Sales are expected to rise at an annual rate of 3.1%, slower than last month’s 3.3% rate. At the same time, the preliminary figure for industrial production is likely to drop for another month, but at a slow scale of 0.3%, less than last month’s 1.1% drop. That’s it for today. Happy forex trading! Want to see what other traders are doing in real accounts? Check out Currensee. It's free.. |
| Coordinated Intervention To Weaken the Yen? Posted: 29 Aug 2010 04:50 PM PDT
The Bank of Japan announced an immediate emergency meeting to begin very soon – Monday 00:00 GMT. There are expectations for new easing steps to boost the economy. But there might be more – Will we see a global coordinated intervention to weaken the yen? Yen crosses are already on the rise. The governor of the BOJ, Masaaki Shirakawa, shortened his visit in Jackson Hole, where he met other central bankers, and returned swiftly to Japan. At 00:00 GMT, or 9:00 Japanese time, the BOJ is meeting for an emergency meeting. It happens as the week begins in Japan, and very early for JPY crosses in other places in the world: Update: The BOJ disappointed by taking very limited measures. The yen strengthens after rising. But, there are still expectations for an intervention to weaken the currency, with 84.00 marked as the final frontier. The rather new Japanese government is showing growing vocal concern about the strength of the yen. USD/JPY recently reached fresh 15 year lows. This hurts the Japanese economy, that is based on exports. The Japanese government, led by Naoto Kan, pushed the BOJ to take measures, and did it in a public manner. It is also expected to declare a new stimulus program of its own, in a meeting on Tuesday. But the BOJ doesn’t wait for Tuesday. According to expectations, the bank might enlarge its existing lending encouraging plan:
Coordinated Intervention? But there might be more under the hood. There’s talk that the BOJ will intervene directly in the markets to weaken the yen. As we know from various examples, central bank interventions are short-lived. The Swiss National Bank lost a lot of money on its interventions. The meeting of many central bankers from all over the world in the Jackson Hole Symposium raises the question of a coordinated effort to weaken the yen. Together with central banks in the US and Europe, a move to weaken the yen might be successful. Similar coordinated moves in the past had significant success. The US might support this move also as a maneuver against China, which keeps it’s currency, the yuan, weak, angering the US. In the meantime, the Japanese yen weakens on thin trading. USD/JPY rose to 85.70, GBP/JPY rose above 133, EUR/JPY touched 109.25 and CHF/JPY reached 83.40. This is a very early hour in the week – only the Sydney session is open at the time of writing. The Tokyo session will open soon. Later, there’s a bank holiday in Britain. Thin trading is a good timing for an intervention. The BOJ will hold a press conference at 5:30 GMT, and we’ll get to know what’s going on. An announcement of further easing steps is likey to weaken the yen only marginally. A coordinated intervention will send all JPY crosses to the skies. Want to see what other traders are doing in real accounts? Check out Currensee. It's free.. |
| Forex Binary Options Setups – August 30 – September 3 Posted: 29 Aug 2010 07:08 AM PDT
Non-Farm Payrolls, GDP releases, consumer confidence and many more high risk news event provide opportunities for binary options on currencies. Here are potential setups for forex this week. Binary options can be utilized as an alternative to the traditional stop loss, as a tool for protecting against false breakouts and lots more. One-hour binary options can be used for trading on news events. You can trade binary options at StartOptions, a respected binary options provider. I’ve selected the events and the setups based on study already done for the forex weekly outlooks, and the potential reactions to surprises. Some events collide with each other and could offset each other. These events weren’t selected. Quick explanation:
OK, let’s review the events:
These expected market reactions and setups are general market commentary. This is by no means investment advice. If you're interested in binary options, you're welcome to go to StartOptions. They're a leading binary options provider. This is how it looks on their screens: For our subscribers only we worked a special deal and we got you a $300 free bonus on opening your account. All you need to is deposit $1000 into your options account. Not spend. Just Deposit.
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