{"id":3952,"date":"2009-09-22T07:25:58","date_gmt":"2009-09-22T12:25:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3952"},"modified":"2009-09-22T07:25:58","modified_gmt":"2009-09-22T12:25:58","slug":"etoro-daily-market-review-22-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/22\/etoro-daily-market-review-22-09\/","title":{"rendered":"eToro Daily Market Review 22.09"},"content":{"rendered":"
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 <\/p>\n

Market Movers of the Day<\/strong><\/p>\n

Asia-Pacific<\/strong><\/p>\n

*Japan\u2019s markets closed on national holiday<\/p>\n

*New Zealand\u2019s Current Account Balance for 2Q surprised for the better at 0.12B<\/strong><\/p>\n

Americas<\/strong><\/p>\n

*US Leading Indicators rose 0<\/strong>.6%<\/strong> in August, less than market expectations<\/p>\n

The Overall Sentiment<\/strong><\/p>\n

US market fell today with the S&P and the Dow closing around 0.3% down each in a session where profit taking came into play to erase some of the gains of the recent equities\u2019 rally. The Dollar strengthened against all majors in a day with slightly low volume in the Forex arena with no key economic data releases and operators from Japan on holiday. Selling pressure was experienced in commodity markets as the rising Dollar diminishes their appeal as an alternative investment. Crude Oil retreated to $70 and Gold dropped for a third day to trade around $1000 pushing down commodity-linked currencies. \u00a0The New Zealand dollar recuperated as New Zealand\u2019s Current Account figures showed the narrowest deficit since 2004 driving the Kiwi to its highest level this year. The Pound continued to weaken reaching its lowest levels against the Euro in almost five months. The Yen lost ground against the greenback for a sixth day with the USD\/JPY pair trading above 92.<\/p>\n

The Day Ahead<\/strong><\/p>\n

With Japan still on holiday the day will start with New Zealand\u2019s Westpac Consumer Confidence and Switzerland\u2019s Trade Balance will follow as we move towards the US session. Market forecasts are optimistic about Canadian Retail Sales as last month\u2019s positive data on Wholesale Sales and employment signaled that consumer demand could also show an improvement. US Housing Price Index will provide an estimate on current housing market conditions and the day will close with New Zealand GDP figures where a further economy contraction is expected but at the slowest pace in six quarters. Overall markets will be awaiting the Fed\u2019s announcement on Wednesday which could shed some light on the future of its Quantitative Easing Program and the G20 statement on Friday about global recovery and exit strategies.<\/p>\n

Technical Analysis<\/strong><\/p>\n

<\/strong><\/p>\n

GBP\/JPY DAILY<\/strong><\/p>\n

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After trading in a bullish trend the first half of 2009 GBP\/JPY double-topped slightly above 162<\/strong> forming a broad channel around the 148-162<\/strong> levels. The cross presents the opportunity to enter a short-term Long position as it is currently trading near the support just above 148<\/strong> but the double-top formation should be kept in mind as it may signal a bearish direction for GBP\/JPY\u2019s next big move.<\/p>\n

Market Analysis provided by eToro<\/span><\/a><\/strong><\/p>\n

Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don\u2019t trade with money you can\u2019t afford to lose.<\/p>\n

\u00a9 2009 eToro Blog.<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By eToro – After trading in a bullish trend the first half of 2009 GBP\/JPY double-topped slightly above 162 forming a broad channel around…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3952","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=3952"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3952\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}