Forex Trading Signal for 12th November 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

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EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.33924

T/P: 1.34200

S/L: 1.33500

 

GBP/USD

Down Trend:

(1) SELL

E/P: 1.59889

T/P: 1.59500

S/L: 1.60300

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Asian shares mixed, Nikkei up on further yen weakness, Australia down

A weaker yen lifted Japanese stocks Tuesday, while a drop in in business confidence led Australia's benchmark lower and the Hang Seng ended the morning session down ahead of details from the end of a key meeting on social and economic policies by Chinese leaders.

The Nikkei rose 0.9%, extending a 1.3% jump on Monday as the yen continued to weaken in reaction to a stronger-than expected jobs report from the U.S. at the end of last week that fuelled speculation the Federal reserve may start to taper its USD85 billion a month bond buying program as early as December.

In Asia, attention was focused on any details from a meeting of senior Chinese leaders setting economic and social policies for the next decade, which is set to end Tuesday. A key outcome of the meeting for markets would be any timetable for full convertibility of the yuan.

Hong Kong's Hang Seng Index was down 0.71% at the end of the morning session.

Australia's S&P/ASX 200  trended lower along with the Australian dollar, after a National Australia Bank's monthly business survey showed that confidence eased in October to +5 points from +12 a month earlier. 

South Korea's Kospi rose 0.9%.

Overnight, the U.S. provided the region with a positive lead, as blue chips on Wall Street hit an all-time high, though trading was thin due to the Veterans Day holiday.

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Forex - GBP/USD remains moderately lower in subdued trade

The pound remained moderately lower against the U.S. dollar in subdued trade on Monday, as investors remained cautious amid mounting expectations for the Federal Reserve to soon begin tapering its stimulus program. 

GBP/USD hit 1.5966 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.5984, slipping 0.18%. 

Cable was likely to find support at 1.5903, the low of November 4 and resistance at 1.6105, the high of November 8. 

The dollar remained supported after official data on Friday showed that the U.S. economy added 204,000 jobs in October, significantly higher than the 125,000 expected by economists. 

The report came on the heels of data showing that the U.S. economy expanded by a larger-than-forecast 2.8% in the third quarter.

The upbeat data indicated that the U.S. economy shrugged off the impact of the government shutdown and raised the possibility that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December. 

Sterling was also lower against the euro with EUR/GBP gaining 0.49%, to hit 0.8387. 

Sentiment on the euro remained vulnerable after the European Central Bank unexpectedly cut bank rates to 0.25% from 0.5% on Thursday and indicated that further rate cuts are still possible.

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U.S. stocks open lower as Fed taper talk weighs; Dow Jones down 0.10%

U.S. stocks opened lower on Monday, weighed by growing speculation the Federal Reserve will begin scaling back its bond purchase program before the year end. 

During early U.S. trade, the Dow Jones Industrial Average slipped 0.10%, the S&P 500 index edged down 0.07%, while the Nasdaq Composite index fell 0.28%. 

Data on Friday showed that the U.S. economy added 204,000 jobs in October, significantly higher than the 125,000 expected by economists. The unemployment rate ticked up to 7.3% from an almost five year low of 7.2% the previous month.

The upbeat data indicated that the U.S. economy shrugged off the impact of the government shutdown and added to expectations that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as next month. 

Investors were also eyeing the testimony of Fed Vice Chair Janet Yellen on Thursday during her confirmation hearing before the Senate Banking Committee. 

Apple shares added 0.17% amid reports it is developing new iPhone designs including bigger screens with curved glass and enhanced sensors that can detect different levels of pressure. 

In the pharmaceutical sector, ViroPharma gained 25.44% after Ireland's Shire agreed to buy the company for about USD4.2 billion to gain treatments for rare diseases and lessen dependence on its Vyvanse pill for attention deficit hyperactivity disorder. 

Elsewhere, Transocean rallied 2.79% after the offshore-rig contractor said it came to an agreement with Carl Icahn to pay a dividend and cut the number of board seats. 

On the downside, Twitter plummeted 3.72% after surging over 70% last week, when the company made its highly anticipated trading debut. 

Other companies likely to be in focus included News Corp and Hologic, scheduled to report quarterly results later in the day. 

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.46%, France’s CAC 40 gained 0.55%, Germany's DAX added 0.19%, while Britain's FTSE 100 rose 0.25%. 

During the Asian trading session, Hong Kong's Hang Seng Index rallied 1.43%, while Japan’s Nikkei 225 Index jumped 1.30%.

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Forex - USD/CAD steady near two-month highs

The U.S. dollar was steady close to two-month highs against the Canadian dollar on Monday after upbeat U.S. data last week indicated that the U.S. economic recovery is deepening.

During early U.S. trade USD/CAD edged up 0.06% to 1.0483 from Friday’s close of 1.0476, holding below Friday’s two month high of 1.0502.

The pair was likely to find support at 1.0444, Friday’s low and resistance at 1.0502.

The greenback strengthened across the board after official data on Friday showed that the U.S. economy added 204,000 jobs in October, significantly higher than the 125,000 expected by economists. 

The report came on the heels of data showing that the U.S. economy expanded by a larger-than-forecast 2.8% in the third quarter.

The robust data indicated that the U.S. economy shrugged off the impact of the government shutdown and raised the possibility that the Federal Reserve may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.

In Canada, official data on Friday showed that the economy added 132,000 jobs in October, slightly below expectations for an increase of 140,000. The Canadian unemployment rate remained unchanged at 6.9%, compared to expectations for an uptick to 7.0%.

The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.37% to 1.4052, up from Friday’s close of 1.3999.

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Gold falls to 3-week low as Fed taper concerns weigh

Gold futures fell to a three-week low on Monday, as renewed uncertainty over when the Federal Reserve will scale back its stimulus measures weighed on sentiment.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,283.20 a troy ounce during U.S. morning trade, down 0.15%. 

Comex gold prices fell to USD1,278.50 a troy ounce earlier, the lowest since October 17.

The December contract settled 1.83% lower on Friday to end at USD1,284.60 a troy ounce.

Gold futures were likely to find short-term support at USD1,273.80 a troy ounce, the low from October 17 and resistance at USD1,313.30, the high from November 8.

Speculation that the Fed may start to taper its USD85 billion-a-month asset purchase program as soon as next month mounted after official data on Friday showed that the U.S. economy added 204,000 jobs in October, much more than the 125,000 increase forecast by economists. 

Gold prices are down approximately 24% this year on concerns the Fed will begin to scale back its stimulus sooner than expected.

Elsewhere on the Comex, silver for December delivery inched up 0.3% to trade at USD21.38 a troy ounce, while copper for December delivery dipped 0.05% to trade at USD3.252 a pound.

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Dollar moves higher vs. yen in quiet trade

The dollar moved higher against the yen in quiet trading on Monday, as recent indications that the U.S. economy is improving dampened safe haven demand for the yen.

The dollar pushed higher the yen, with USD/JPY rising 0.17% to 99.24, re-approaching Thursday’s seven week highs of 99.40.

The dollar strengthened across the board after official data on Friday showed that the U.S. economy added 204,000 jobs in October, significantly higher than the 125,000 expected by economists. 

The report came on the heels of data showing that the U.S. economy expanded by a larger-than-forecast 2.8% in the third quarter.

The upbeat data indicated that the U.S. economy shrugged off the impact of the government shutdown and raised the possibility that the Federal Reserve may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.

The euro pushed higher against the dollar, with EUR/USD rising 0.36% to 1.3407 from Friday’s close of 1.3364, moving further away from the seven week low of 1.3294 hit on Thursday.

Elsewhere, the dollar was higher against the pound, with GBP/USD down 0.22% to 1.5978 and was lower against the Swiss franc, with USD/CHFsliding 0.22% to 0.9194.

The greenback was higher against the Australian dollar, with AUD/USDfalling 0.28% to 0.9357.

Australia’s dollar remained supported after data released on Monday showed that the nation’s home loans rose 4.4% in September, exceeding expectations for a 4% increase.

The greenback was little changed against the New Zealand and Canadian dollars, with NZD/USD dipping 0.08% to 0.8236 and USD/CADinching down 0.03% to 1.0474.

The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, slid 0.14% to 81.19. 

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Forex - Pound slips lower vs. dollar in thin trade

The pound slipped lower against the dollar in thin trade on Monday, with public holidays in the U.S. and France keeping trading volumes low.

GBP/USD was down 0.30% to 1.5965 from Friday’s close of 1.6017 during European afternoon trade.

Cable was likely to find support at 1.5902, the low of November 11 and resistance at 1.6020, the session high.

Demand for the dollar continued to be underpinned after official data on Friday showed that the U.S. economy added 204,000 jobs in October, significantly higher than the 125,000 expected by economists. 

The report came on the heels of data showing that the U.S. economy expanded by a larger-than-forecast 2.8% in the third quarter.

The upbeat data indicated that the U.S. economy shrugged off the impact of the government shutdown and raised the possibility that the Federal Reserve may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.

Sterling remained under pressure after weak U.K. trade data on Friday raised concerns that third quarter growth would be dragged down. Preliminary data released last month showed that the U.K. economy expanded by 0.8% in the third quarter.

The pound was also lower against the euro, with EUR/GBP rising 0.52% to 0.8388, up from Friday’s close of 0.8343, after falling to a 10-month low of 0.8299 on Thursday.

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Forex - Euro moves higher as dollar takes a breather

The euro moved higher against the dollar on Monday as the dollar took a breather in the wake of a broad based rally late last week on the back of stronger-than-expected U.S. jobs data for October.

EUR/USD was up 0.23% to 1.3392 from Friday’s close of 1.3364 during European afternoon trade, moving further back from Thursday’s seven week low of 1.3294.

The pair was likely to find support at 1.3316, Friday’s low and resistance at 1.3437, Friday’s high.

The dollar remained supported after official data on Friday showed that the U.S. economy added 204,000 jobs in October, significantly higher than the 125,000 expected by economists. 

The report came on the heels of data showing that the U.S. economy expanded by a larger-than-forecast 2.8% in the third quarter.

The upbeat data indicated that the U.S. economy shrugged off the impact of the government shutdown and raised the possibility that the Federal Reserve may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.

The single currency’s gains were held in check after the European Central Bank unexpectedly cut bank rates to 0.25% from 0.5% on Thursday and indicated that further rate cuts are still possible.

The euro pushed higher against the yen, with EUR/JPY up 0.33% to 132.84. 

Elsewhere, the dollar remained supported close to Thursday’s seven week high of 99.40, with USD/JPY easing up 0.11% to 99.18, from Friday’s close of 99.05.

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