Gold Rises by 2% as Oil Falls by 2% | Learn Forex | GoLearnForex.com

Gold Rises by 2% as Oil Falls by 2%

Written by article default Monday, 19 September 2011 18:38

USD Dollar (USD) – In forex trading, the Dollar strengthened against the other major currencies as investors await whether Greece will default. President Obama proposed to Congress the "Buffet tax" plan that will increase taxes from citizens who make more than 1 million dollars a year. The TIC Long-Term Purchases came out at 9.5B worse than expected and the Prelim UoM Consumer Sentiment came out at 57.8, better than the expected at 55.7. Wall Street closed bullish as the NASDAQ increased by 0.58% and the Dow Jones by 0.66% respectively, completing one week of a bullish trend. Crude oil dropped by 2% and closed at $87.00 a barrel. Gold (XAU) rose by 2% closing at nearly $1,811 an ounce. Today, the NAHB Housing Market Index is expected at 15 as previously.

Euro (EUR) – The Euro fell against the US Dollar after the European Central Bank said it would keep or even lower the interest rate next year. The Trade Balance came out at -2.5B worse than the expected at 1.7B. The EUR/USD’s momentum is bullish as long as the pair remains above the 1.3650 level, the next resistance level on the one-hour chart is at 1.3780. Overall, the EUR/USD traded with a low of 1.3662 and with a high of 1.3892. No major economic data is expected today.

EUR/USD – Last: 1.3665

British Pound (GBP) – The Pound fell against the US dollar leaving a huge gap towards 1.5700 in early Asia. According to the 4-hour chart and the hourly indicators the trend is bearish towards 1.5500. Overall, the GBP/USD traded with a low of 1.5705 and with a high of 1.5840. No economic data is expected to be published today.

GBP/USD - Last: 1.5697

Japanese Yen (JPY) –The Yen fluctuated against the US Dollar after mixed data was released in the US and the bank leader’s announcement caused the pair to be inconsistent. The USD/JPY is struggling at the 77.00 level; as long as the pair is trading below the 77.20 level the Yen is more attractive. The next support line on the daily chart is located at 76.00 level. Overall, the USD/JPY traded with a low of 76.64 and with a high of 76.96. No economic data is expected to be published today.

USD/JPY-Last: 76.90

Canadian dollar (CAD) – The Canadian Dollar reached a two-week high against the US Dollar as reports show Foreign Securities Purchases rose. As long as the pair is trading below the 0.9880 level, the trend of the US Dollar is bearish. The Moving Average indicator on the one-hour chart supports a negative trend for the US Dollar. Overall, the USD/CAD traded with a low of 0.9860 and with a high of 0.9785. Today, Gov Council Member Lane speaks.

USD/CAD - Last: 0.9836