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

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.

The forex market is right now going through massive twists and turns at the trading platform due to pressures expanding from all the four corners of the market including China fiscal policies and Greece debt issues.

USD once again fell down and faced loss on second consecutive day as well in front of all the major currencies involved in forex online trading. Such a downward slip in the USD trade activity is based on the increasing hopes of Europe along with the keen interests of the investors to wait for the announcements about Greece’s bailout plans.

In the Asian market also the session was bitter and had a massive downfall after attaining good trade level in last week’s trade because all the traders sold off their investment in huge proportion and that mad the market to have a sudden fall.

The stock markets are as well doing very slow trade and not satisfactory as they generally used to have this can be analyzed with the fact that Dow Jones stayed with same trading level and NASDAQ falling by -0.28% for the first time because some negative trade moves are being observed since Goldman Sachs controversy.

Gold didn’t show any movement and closed with the $1,153.4 per ounce and on the other hand crude oil pulled down by -1.4% and closed at $83.97 per barrel.

There are some more news from other currency pairs that includes elevated hopes of ending Greece issue EUR managed to gain at the market against USD consecutively for the second day as well. The currency pair of EUR/USD traded at the higher level of 1.3416 and at the lower level of 1.391. Whereas the sterling and pound managed to gain against USD and other major forex currency pairs on trading session.

Subsequently moving towards ninth month of trading uncertainty UK house price index finally recouped to climb over that is good sign of economic recovery while GBP/USD traded at the forex session with the higher level of 1.5498 and the lower level of 1.5386.