Daily-FX-Market

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Recent sell offs across global over the past few weeks have succeeded in holding investors on the sideline, while major institutions and central banks assess the potential damage of the most recent correction in equities. The US dollar and gold have emerged as the safest bets in the immediate future, as both continue to benefit from “risk aversion”.

EURUSD
The Euro continues to fall against the greenback, extending its largest monthly drop in over ten years against American currency. The European currency lost 7.4% against the USD in May, its sixth straight monthly decline, as the 16-nation currency has been unable recover from the region’s debt crisis. Any indication of a recovery in the price action is immediately followed by a sell off supporting the argument that all attempts at recovery are simply new opportunities to short the flailing currency

Support/Resistance 1.2200/1.2333

AUDUSD
The Australian Dollar extended losses overnight after RBA governor, Glenn Stevens, opted to hold the nation’s benchmark rate at 4.50% and signaled that the central bank may keep borrowing costs unchanged in coming months. Rising concerns about the global economic recovery and Europe’s sovereign debt crisis have hurt the Aussie. The currency fell 8% against the USD in May – its worse monthly performance since January 2009 in the forex online market.
The Australian currency has suffered proportionally to the loss in global risk appetite and will most likely continue to suffer barring any major change in investor sentiments.

Support/Resistance 0.8195 0.8420

The EUR/AUD, a widely used currency pair for carry trades, fell over 250 pips yesterday, slipping from 1.5000 to around 1.4750. Gold continues to rally, while Oil prices broke out of their slump to rise 4.0%. The OECD recent statement has certainly helped move the markets. The international organization announced that it does not foresee the occurrence of a double dip recession; however, remains concerned that bank finances around the world continue to be vulnerable
Up ahead, economic news is light today; therefore, conditions remain optimal for weakness in safe haven currencies such as the Dollar and Yen, with increased momentum towards to riskier currencies.

EUR/USD
Renewed debt concerns about the Euro-Zone continue to strain the single currency. In overnight forex online trading, the EUR/USD slipped to fresh low of 1.2153, trading just a few pips above the 4-year low it hit last week. However, the highly traded pair has since recovered, and managed to touch on a high of 1.2275 in this morning’s Asian session.  Nonetheless, EUR/USD sentiment remains fairly negative which may limit any additional advance in the pair to its 1.2350 resistance.
Support/Resistance 1.2145/1.2350

GBPUSD
The GBP/USD seems to be strengthening, as the pair successfully bounced off of its 1.4250 support several times over the last seven trading days. The Pound’s recent movement against the Dollar suggests that demand for the pair could be rising. If it continues to trade out if its 1.4250/1.4500 trading range we may see a breakout to the upside occur.
Support/Resistance 1.4250/1.4510

There is a rise in the opening session of Forex in European stocks today. The stocks high will provide support to risks which will lead to forex online market consolidations. We hear the news of the BoC market that it will announce the interest rate hike on first June as anticipated by the market. Now it can be said about the curremcies growth rate is mainly depenedent on the Boc hike. CAD/JPY is still weak although it recovers from the past week’s sharp fall. The currency pair is still in the bearish trend even though the market holds a 86.26 minor resistance. In USD chart it is seen that some support is seen around 55 EMA in four hours. There was a break out shown by the currency pair EUR/GBP at 0.8618 level. If it break of at 0.8427 level then it will confirm the decline resumption.

In Asia there is a fall is shown in the EURO currency tumbles down to 1.2385 from 1.2370 level. This is due to the move in Bank of Spain also some austerity programs supported that has been launched in order to provide support to weaker euro zone’s member countries to get recover from the debt crisis. There was a big fall in EURO currency pair that is EUR/JPY is shown that is of 110.10 points. AUD/JPY falls to 73.50 from the 74 level and also a drop down shown in the USD/JPY to 90 level.

Overall it can be said that market is still in the consolidation state and there is a risk shown in the Dollar and Yen sell-off. The euro fall is limited to some extent as predicted in the Foprex market. Due to solid economic data out in the US the Dollar gets the safe side flow and there is a dynamic move shown by the Gold in Asian market. These are all the lastest update about the Forex market till now.