The 151.50-70 pivot support held well for gains to extend higher, although without great momentum, to reach 153.24 this morning. There is risk of bearish divergences developing so do take care since we may well be rising within a wedge

Yesterday I said about battle between buyers and sellers reflected on resistance line at 1.4050 and trendline support on hourly chart, and the battle was won by the sellers as the trendline support violated to the downside. This fact should

EUR/USD closed lower due to profit taking on Wednesday as it consolidates some of last week's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish

Euro 1.3830 Initial support at 1.3728 (May 21 low) followed by 1.3728 (May 21 low). Initial resistance is now located at 1.4058 (Jan 2 high) followed by 1.4148 (Dec 31 high)

In the May 13th email on $/cad and the market bouncing from a retest of the Nov low at 1.1470/80, said that the downside pattern was not "complete", and with a resumption of the longer term declines to new lows

Free markets that were once proud to show off the success of the capitalist system on which they were built have come to a crashing halt over the past two years. Greed got the better of society. It used to

The 2.9% rise in U.S. existing home sales for April to 4.68 million annualized units exceeded expectations of a more muted 2% increase. In March, 4.55 million annualized units were sold (revised from 4.57 million). Both single-family homes and condominium

The dollar is generally stronger against its major rivals early Wednesday in the midst of an unsettled global risk environment, though its gains are widely seen as fragile and prone to potential reversal. After falling overnight to a succession of

In a significant shift, our monthly recession model puts the latest probability of recession six months from now at 47 percent - down significantly from the 80 percent plus readings reported since November 2007. Confirmation of the domestic economy moving

Another day, another wave of confidence all across the markets, with stocks and oil rising on speculations that economic recovery may be underway as governments are making plans for the future. The pound is the winner of the day in

The U.S. housing market continues to provide mixed signals over the outlook of the U.S economy, as no one can be sure yet that the sector has reached its bottom, however signs of stability started to emerge from the sector

GBP traded at its highest level since last November and the AUD and CAD touched new highs for 2009 Wednesday. There are two interesting articles in today's financial press which help explain why the USD is weakening. The first article

Risk aversion was the flavor of the NY session as US equities nearly gave up all of yesterday's stellar gains. The S&P closed below 900 and suggest a test of 880/875 support is now in the offing. The selling in

Overall: The dollar traded mixed for most of the day on Wednesday, but found strength in late U.S. trading and closed higher against most of the other major currencies. Recent economic news continues to support the theory that the global

The greenback was mixed in the Wednesday session, slumping sharply against the sterling to a near 7-month low and edging up versus the yen. Economic data from the US was better than expected earlier today. Existing home sales shot up

The dollar is higher against most of the G10, but failed to post gains versus the Gbp, Cad, Aussie, and Jpy. The EurUsd fell 50pips finding support at the low range of 1.39, while the UsdJpy trades sideways barely unchanged

There is some slight dollar strength in trade on Wednesday as the markets get into the morning Wall Street session, but for forex traders it may be that the European market close at 11:00 EDT will negate the moves. "This

In currencies, various cross currents were in play during the New York session, as central banker trend, economic data and bond auctions results battled it out to dictate the overall momentum. The USD price action was mixed by the end

USD traded mixed with numerous cross currents impacting volatile USD price action. Safe haven demand sparked by escalating tensions with North Korea, speculation that the worst of the global recession has passed, positive housing data from the UK, negative ECB

The Japanese trade surplus was a seasonally adjusted 68.9 billion yen ($725 million) in April, as the decline in exports that has been dragging down the economy began to slow. Exports fell 39.1% compared to a year earlier, which was