Increased volatility throughout the month of October has led the AUDNZD to break below key support levels, but the pair has bounced higher after falling to a low of 1.0641 on 10/10 and may offer profitable opportunities for forex traders.
Although the Euro is unlikely to see support from economic data in the coming session, the single currency could end the trading week on a higher note against the US dollar. Technical positioning reveals an average of the greenback?s value against six major currencies may have run into resistance, opening the door to near-term weakness.
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Identifying Trades with DailyFX 10.17.08 (Daily FX)
The dollar dipped against the euro late Thursday night in New York.
The dollar fell against the pound in late New York trading Thursday night.
The dollar rose against the Japanese yen late Thursday night.
Fri, 17th of October, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook The EURUSD made no significant movement yesterday and seemed to move in ranging market situation.
The credit crisis has not been kind to emerging market currencies. Virtually all of them have declined by double digits (in percentage terms) against the USD. Such currencies may receive a boost from the International Monetary Fund, which recently announced plans to make more cash available, especially on a short-term basis.
Japanese demand shrank in August as the Tertiary Index fell -1.4%, the worst reading in 6 months. The world’s second-largest economy is now formally in recession having seen overall economic growth print negative in the first and second quarters of this year.
Government steps to shore up the banking system and unfreeze credit markets showed some signs of progress on Thursday, but grim news from major economies reinforced fears of recession and hammered global markets.
