Easy Forex Daily Currency Trader News

Yesterday's forex signals economic releases ended up potent, beating objectives for the greater degree. Markets in Asia and Europe responded favorably buying high yielding assets - equities, commodities and also commodities linked foreign currencies including CAD, AUD, MXN, and ZAR while placing tension on the Usd. When the US traders arrived to work, the atmosphere soured somewhat as unrest in Middle East and Africa spurred some risk aversion.

New high for the Canadian Dollar was reached at 0.9684 after the major support level that held from Feb 2008 at 0.9710 was breached. Now, November '07 levels at 0.9059 are the next major support, or around 700 pips more of a potential move lower for the USD. Silver hit 34.50 which is the greatest over the last 3 decades.

Today on tap the ADP Non-Farm Employment Change report at 13:15 GMT. Expectations are for 178,000 boost in February following 187,000 added private jobs in January. A failure will more than likely produce an increase in risk aversion. Also, the Fed Chairman, Ben Bernanke, will complete his testimony in front of the Senate Banking Committee. Any kind of hint on boosting the interest rate in the US, less likely, will send the USD soaring. Underneath is our forex signals currency trading views.

EUR/USD is technically neutral to negative. A pull back to 20-day MA, or the mid Bolli band, at 1.3659 is relatively on the cards. The tightening Bolli band shows a nearing break-out. If the 1.3659 will break, an additional move lower towards the 1.3500 area is probable.

Sterling looks weaker against the USD. Bearish upside down hammer print on the candlesticks yesterdays, together with the RSI and MACD trending down bodes well with regard to solid favorable circumstance for the USD. The first target for the GBP bears will be the mid-Bolli band at 1.6146, a break will target February 28 low at 1.6072.

Following an enormous and aggressive tumble from 0.9958 on February 23rd to 0.9684 low yesterday, a stunning 3% move or virtually 3 hundred pips in simply 5 forex trading days may well create some profit taking and a recovery for the USD/CAD. However, overall structure remains to be bearish with the CAD bulls eyeing 0.9665, the declining channel bottom. Seriously aggressive and patient CAD bulls are thinking about a move to the November 2007 lows of 0.9059.

By: Felicia Ganterwitz

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