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Euro price action remains choppy; 100-Week SMA key
Dollar/Yen eyes retest of critical trend lows
Cable bearish reversal week could open deeper setbacks
Dollar/Swiss carving out meaningful base

Dollar/Cad gains seen extending to previous support turned resistance
Australian Dollar stalling by longer-term moving average
New Zealand Dollar supported by 10-Week SMA for now

EUR/USD – The market remains locked in a multi-day [...]

British Pound May Remain Under Pressure Ahead of BoE Rate Decision Fundamental Outlook for British Pound: Bearish -?U.K. 1Q GDP Contracted By 2.4% as the final reading was revised lower from the preliminary -1.9% -?The June U.K. manufacturing PMI reading rose to 47.0 from 45.4, which was the highest since May 2008 -?UK PMI Services fell in June to 51.5 from 51.7, diming recovery hopes The British Pound was derailed mid-week by a larger than expected contraction in 1Q GDP of 2.4% which saw the GBP/USD fall over 400 pips from its high of 1.6746.

Trading the News: Reserve Bank of Australia Interest Rate Decision What’s Expected Time of release:?? ??? ? 07/07/2009 04:30 GMT, 00:30 EST Primary Pair Impact :?? ? AUDUSD Expected: ?? ??? ?3.00%??? Previous: ?? ??? ?3.00% Impact the RBA Rate Decision had on AUDUSD over the last 2 months mont hs ? Period Data Released Estimate Actual Pips Change (1 Hour post event ) Pips Change (End of Day post event) June 2009 06/02/2009 09:00 GMT 3.00% 3.00% +10 +116 May 2009 05/05/2009 09:00 GMT 3.00% 3.00% –4 +17 June 2009 RBA Rate Decision The Reserve Bank of Australia kept the benchmark interest unchanged at 3.00% for the second consecutive month in June, but continued to hold a dovish outlook for future policy as price growth falters. The RBA minutes said that the current policy in place ‘would be consistent with fostering sustainable growth and low inflation,’ but continued to see scope for ‘some further easing’ as the outlook for global growth remains weak

Current Yesterday USD 0.26688 0.26813 GBP 0.54750 0.55000 EUR 0.26625 0.27250 JPY 0.12375 0.12625 CHF 0.08667 0.09500 AUD 3.09250 3.10000 CAD 0.19000 0.19500 NZD 2.28750 2.31500

All of the economic data for the week has been released and the final session of trade is expected to be a boring one, with the US holiday weekend kicking off and the equity markets closed. The commodity bloc currencies have outperformed on the lightened session, while Sterling lags

EURUSD – Euro Forecast Unclear as Forex Traders Remain Indecisive GBPUSD – British Pound Forecast Turns Bearish on Sharp Sentiment Shifts USDJPY – Japanese…

- EURUSD resistance 1.4015/50 - GBPUSD breakdown level at 1.6190 - AUDUSD .8124 key level - USDJPY resistance at 97.20

US jobless claims for the week ended June 20 rose to 627K from a revised higher 612K in the previous week.

Student’s Question: The distance between low point #1 & #2 is about 3 weeks and between #1 & #3 is about 4 months. I’m not sure when exactly to enter….

We noted in our weekly technical outlook report that “AUDUSD has put in a decisive Bearish Engulfing and is now testing the last layer of support at the…