ForexInfoCenter

Just the American Session

Posted by ForexInfoCenter in July 25th 2008  

The market negative sentiment weighed quickly yesterday, after the release of bad data in the U.S. making Thursday a quite slow day, with majors fighting back after reaching the key zones mentioned here.

We have for the American Session, the Durable Orders report at 8:30 east time, and the New Home Sales at 10:00 both expected to the downside: that could put more pressure on poor dollar at the end of the week, let’s see what could happen with each major pair:

The Eur/Usd is quoting right now around 1.5750, 38.2% of the 1.5944/1.5638 downside rally, correcting the oversold state we have seen yesterday: if the pair is unable to confirm above 1.5750/66, we could see a downside movement first to the zone around 1.5715, and then to 1.5672. A confirmation above this levels, will take the pair to the zone around 1.5790 and finally 1.5820.

The Gbp/Usd is looking bullish in 4 hours charts, an above 1.9978 the pair will easily continue to the zone around 2.0030, where we can see a descendant trend line, that should offer some resistance. Above this line, and after completing a pullback, the pair will continue to the zone around 2.0080/90. Supports from here will be at 1.9930 1.9896 and then the zone around 1.9853.

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Filed under: Forex Advisor