Today watching closely US fundamental indicators in Forex, as they will determine a strength of retracements on USD/xxx pairs, in particular:

8:30 AM EST US Empire State Business Conditions Index
9:00 AM EST US Treasury International Capital (TIC) Transactions
9:15 AM EST US Capacity Utilization Rate
9:15 AM EST US Industrial Production

In all economic indicators, rising values would have positive effect on US economy and thus will strengthen US dollar.

Regarding technical analysis, EUR/USD pair is set for gains to at least 1.5850 with corrections expected to be supported at 1.5630 - 1.5600 area.

In GBP/USD pair expecting a fall to 2.0000 while 2.0250 - 2.0300 offers resistance. Later a pullback up and retest of 2.0300 is expected with further extension above 2.0350.

AUD/USD pair while below 0.9400 - 0.9420 it will drop to 0.9320 and then even to below 0.9220 in extension.

USD/JPY looks bearish. Major support at 97.20 is now becoming a resistance.

Profitable Forex trades!

This entry was posted on Monday, March 17th, 2008 at 6:36 am and is filed under Daily market comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.