Get Adobe Flash player
 
Get Adobe Flash player

Members login

Dollar remains slightly strong along with some technical movements

Written by article default Tuesday, 23 November 2010 05:46

Despite of today's overall better-than forecasted US growth data for the third quarter of this year since that North Korea lobbed shells at a South Korean island and concerns mounted and grew regarding the fact that Europe’s debt crisis will spread and therefore slowdown the present global revival from the recession, which of course boosted the dollar's refuge appeal throughout the currencies market up till now along with present technical movements.

As a result of this continuous strengthening of the green Benjamin and current existing technical movements, the euro-dollar pair is presently narrow trading after a severe fall witnessed throughout the past EU session, having the Union currency now trading around 1.3394 recording a high of 1.3632 and a low of 1.3368, knowing that the pair could start climbing faintly to the upside according to the one-hour and four-hour momentum indicators. The trading range for today is among the key support at 1.3535 and the key resistance at 1.3760.

As for the pound-dollar pair, it remains on plummeting being pulled by the strengthened dollar but the falling of the pair eased compared to the prior EU session due once again to the new technical movements present in the currencies market with a royal pound now trading at 1.5807 recording a high of 1.5964 and a low of 1.5796, while that the pair may start to incline according to the one-hour and four-hour stochastic oscillator. The trading range for today is among the key support at 1.5775 and the key resistance at 1.6185.

Now, turning to dollar-yen pair, it continues on climbing to the upside and may even most probably rise further to the upside according to the one-hour and four-hour momentum indicators with the low-yielding Japanese yen now trading around 83.03 recording a high of 83.83 and a low of 82.71. The trading range for today is among the key support at 82.85 and the key resistance at 85.00.