28.07.11 (ENG) - MaxiForex-HD

by MaxiForex on Jul 28, 2011

The Dollar advanced against the other major pairs as an agreement to raise the debt limit remained elusive, spurring demand for a refuge. In addition, Durable Goods Orders came out -2.1% vs. 0.4% forecast and the Core Durable Goods at 0.1% vs. 0.5% forecast. Wall Street closed negative as NASDAQ fell by 2.65% and Dow by 1.59%, Crude fell by 2.2% owing to crude oil Inventories data which came better than the analyst's expectation at 2.3M vs. -1.2M forecast. Crude closed at $97.40 and Gold (XAU) at $1613.45, a loss of 0.35%. Today, Unemployment Claims are expected to be 412K vs. 418K last week, and Pending Home Sales are expected to show a decline from 8.20% to -2.00%. The Euro fell against the Dollar after Standard & Poor lowered Greece to CC, two steps above default. The EUR/USD's momentum has become bearish with the pair breaking 1.4450. As long as the Euro is trading below 1.4400 the pair will probably decrease further to 1.4250 or even less. Overall, EUR/USD traded with a low of 1.4338 and a high of 1.4536. Today, German Unemployment Change is expected to be -15.00K vs. -8.00K prior. The Pound declined from a two-month high against the dollar as an index of U.K. factory orders fell more than estimated. As long as the GBP\USD is trading below 1.6400 the momentum of the pound is bearish. Overall, GBP/USD traded with a low of 1.6312 and a high of 1.6439. Today, CBI Realized Sales are expected positive. The Yen fluctuated versus the Dollar only to succeed in gaining as negative US data caused investors to favor the Yen as a refuge. The main trend of the USD/JPY's is strongly bearish. As long as the pair is trading below 78.50 the yen is the more attractive. Overall, USD/JPY traded with a low of 77.57 and a high of 78.16. No economic data is expected today. The Canadian Dollar weakened versus the Dollar as the latter gained strength and oil prices fell. As long as the pair is trading above 0.9440 the US Dollar momentum is positive. Next resistance on the one-hour chart is at 0.9530. Overall, USD/CAD traded with a low of 0.9410 and a high of 0.9505. No economic data is expected today.

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