Afternoon Forex Overview

Previous session overview
The U.S. dollar declined versus the euro on Friday as the shared currency was supported by strong economic data and more confidence that Greece will recover.
The greenback pared losses after better-than expected retail-sales data and a surprise decline in consumer confidence.
The dollar index, which measures the U.S. unit against a trade-weighted basket of [...]

U.S. Retail Sales Unexpectedly Rise 0.3%

Retail sales in the U.S. for February were $355.5 billion, an increase of 0.3%, following 0.5% increase in the previous month, according to the U.S. Census Bureau. Core retail sales, which exclude sales of autos were $297.6 billion, an increase of 0.8% from January’s reading of 0.1%.
“Total sales for the December 2009 through February 2010 [...]

GBP/USD Key Support at 1.5030

The Pound found strong demand at the aforementioned 1.4873 level and has extended a rally towards the previous high just under 1.5200.
Near term bias is slightly turned to the upside as a correction in the pair seems imminent. Medium to longer term continues to be set to the downside on deficit and political concern.
In the [...]

NZD/USD Recovers Above 0.7000

The New Zealand Dollar recovered some the gains lost post-RBNZ rate decision as risk appetite spurred demand for riskier assets.
All eyes will now turn to the U.S. retail sales figures expected to come in on the weak side. Data should help shape the pairs next move.

Trend:
Weekly : Sideways
Daily: Sideways
Hourly: Sideways
Support & Resistance:
From current levels, [...]

AUD/USD Testing Key 0.9193

The Aussie had a volatile day yesterday as the morning began with risk aversion but ended on a positive note. Stocks in U.S. managed to close higher, driving the S&P 500 to its highest level since October 2008.
A stronger-than-expected Chinese inflation number yesterday fueled concern that China may increase interest rates to cool its economy. [...]

EUR/USD Key Resistance Level at 1.3884

The Euro finally broke higher and above the 1.3700 handle as a rise in stocks spurred demand for riskier assets. The S&P500 reached its highest level since October 2008 adding bets a second leg higher may be forthcoming.
Industrial production data out of the euroZone today was also supportive of the pair as it rose by [...]

Forex: The Risk Today

The Risk Today:

EurUsd We’re getting tantalizingly close to the big showdown between our current range (1.3425-1.3735 as if we could have possibly forgotten) and the reigning 3 month downtrend channel that has ruled the EURUSD kingdom since December’s break of the 12-month uptrend. With the US retail sales released later today, one can’t help but [...]

Intraday Market Update

Stocks rallied in the last hour of trading after struggling through most of the day on disappointing economic data and fears that China will tighten policy. Citigroup led a bank rally today as CEO Vikram Pandit said the bank should be consistently profitable, going forward.
The Dow Jones Industrial Average gained 44.51 points, or 0.42%, to [...]

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