Author: FX_Trdr

By CountingPips.com

USDCAD: The US dollar rose against the Canadian dollar for the third straight week and trades at its highest level since 2011. The USD/CAD currently trades above the 1.0500 level which will likely provide key buying support for this currency pair this week. Overhead resistance looks to come in around the 1.0650 area as this level has provided resistance numerous times over the past few years. If prices can advance past the 1.0656 level it will mark the highest level since 2010.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

USDCHF: The US dollar gained against the Swiss franc for third consecutive week and looks poised to retest the highs of the year. The USD/CHF currency pair trades over the 0.9600 level currently. Watch for near-term resistance around the 0.9650 exchange area while potential support looks to be found into the 0.9585 — 0.9600 area before the key support level of 0.9550 comes into play.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

USDJPY: The US dollar gained against the Japanese yen for a third straight week last week and trades back above the major 100 yen level. The question for this week will be whether the 100.00 level holds as support for the US dollar and whether the USDJPY can continue to climb and test the highs of the year established in May. Looking out over this week the 100.00 level is the most obvious and important support level while potential resistance will be seen into 101.25 — 101.50 area and then at the 102.00 level.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

GBPUSD: The British pound sterling declined for a third straight week last week and fell sharply against the dollar through the 1.5000 major level. The GBP/USD will drop to its lowest level since 2010 if it touches below 1.4820 this week in the foreign exchange markets. This currency pair looks likely to test the 1.4750 major support area in the near-term if the trend continues with GBP weakness. Overhead resistance this week will likely come into the 1.5000 level while near-term support looks likely to be at the 1.4850 level and then the 1.4800 major threshold.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

The US dollar gained across the board last week against the other major currencies in the foreign exchange trading markets. The US dollar was helped out by better than expected employment data for June that was released out of the United States as well as dovish central bank comments out of the euro zone and United Kingdom. The better than expected jobs data fit right in with the general market theme of the better the US data, the more likely (and sooner) the Federal Reserve is to slow down its quantitative easing program. This theme is seen as leading to higher interest rates and supportive of US dollar strength going forward against the other major currencies.

Juxtaposition the stronger US economy with more quantitative easing from Japan to reach their higher inflation target, a possible rate cut from their European central bank in the near future and a slowdown in the Chinese economy that is sapping the Australian dollar’s strength and  it is easy to see why the US dollar has become a market favorite at the moment.

See our major currency pair commentary for this week at our forex blog.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

NZDUSD: The New Zealand dollar was virtually unchanged against the US dollar last week for a second consecutive week and possibly making a consolidation base around the 0.7700 price level. The NZD/USD currency pair currently trades right above that level at the 0.7702 level. Looking out further for this week’s trading, the pair will likely find overhead resistance at the 0.7750 level while support may be found near the key price level of 0.7700 before the 0.7635 — 0.7650 potential support level comes into play.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

AUDUSD: The Aussie continued to decline last week for a third straight week and for the eighth out of the last nine weeks. Further decline will bring the pair to the 0.9000 major price level which could provide near-term support for the AUD/USD. Overhead resistance looks to be sitting at the 0.9150 — 0.9165 area before the 0.9250 resistance comes into play.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

Thirty-year-old Rajkumar Dangi, who has leveled sodomy charges against former Madhya Pradesh finance minister Raghavji on Sunday alleged that he was being sexually assaulted for the past three and half years years and that his family was threatened.

Former Standard Chartered chief executive Mervyn Davies is forming a consortium of sovereign wealth funds and financial institutions to buy as much as half of Britain’s 20 billion pound ($29.77 billion) stake in Lloyds Banking Group , Sky News reported. Davies approached Britain’s Treasury several months ago about his plan to buy as much as half of the British taxpayer’s 39 percent share in Lloyds, Sky said on Saturday citing insiders. U.S.

Strengthening regulation of financial markets is necessary to reduce risks, ECB policymaker Christian Noyer said on Saturday, in a speech entitled “The end of the dictatorship of finance”. Noyer, who has in the past turned up the heat on London’s role as Europe’s finance hub, criticized accounting rules which he said fuelled “short-termism” and said the opaque nature of some parts of the markets had fuelled the financial crisis.