Friday, October 16, 2009
Victoria’s Secret Models - Jessica Van Der Steen
FOREX LATEST UPDATE :-
Euro-Zone Trade Balance Swings To Deficit In Aug
The euro zone's trade balance swung to a larger-than-expected deficit in August from a surplus in July after exports plunged to their lowest level for four-and-a-half years, data released by the European Union's statistics agency Eurostat showed Friday.
Non-seasonally adjusted figures showed the 16 countries that share the euro posted a combined trade deficit of EUR4.0 billion in August following a revised seven-year-high surplus of EUR12.3 billion in July, marking the first deficit since February.
Economists were expecting a EUR0.3 billion deficit in August, according to a Dow Jones Newswires survey of economists last week.
USD/JPY: Dollar breaks above 91.0
The Dollar has climbed further during the European trading time breaking above 91.00 to extend rally from 88.80 low in October 14 to session low at 91.30 so far.
Current rally is corrective in nature, and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair coud be capped around 91.75: "Undoubtedly a corrective move, but it suggests we will hold above 88.00 for the rest of this month. We still feel we shall form an interim high somewhere below first Fibonacci retracement at 91.75."
Resistance levels, according to Elliott, lie at 91.55/75 and, above here 92.10 and 92.55. On the downside support lecvels lie at 90-50, and below here, 90.25 and 90.00.
GBP/USD: Pound resumes rally; Back to 1.6370
After a moderate setback to 1.6250 session low on early European session, the Pound has bounced up and broke back above 1.6300 to reach levelsd around 1.6370 at the moment of writing, approaching session high at 1.6400.
At the moment immediate resistance lies at 1.6400 seession high, and above here, 1.6425 and 1.6465. On the downside, support levels, below 1.6300, lie at 1.6250/60 (Intra-day low/Oct 16 low), and then 1.6210 and 1.6155.
On a longer perspective, Karen Jones, technical analyst at Commerzbank sees the Pound on a strong bullish tone on its way to 1.6465 and possibly higher: "GBP/USD rally has been stronger than we would have liked and has eroded the neckline for the top pattern we were watching – this calls into question the top pattern and implies a deeper retracement to the 1.6465 resistance and possibly the 1.6745/65 will be seen."