By Russell Glaser – Most currencies were trend-less yesterday following a lack of economic data releases. The EUR/USD was higher after the New York trading session but the pair failed to hold those gains. Spot crude oil prices fell significantly as traders worry of a potential rate hike by the Fed.
Today the news should play a more important role in today’s trading. The major events on the calendar are:
USD: CB Consumer Confidence m/m: Estimate 53.6. Previous 52.5. (14:00 GMT)
USD: Fed Chairman Ben Bernanke Testifies (14:00 GMT)
GBP: CBI Realized Sales: Estimate 16. Previous 13. (10:00 GMT)
EUR: ECB President Trichet Speaks (14:15 GMT)
CAD: BOC Governor Carney Speaks (19:30 GMT)
Data Points:
EUR/USD: The next major support level for the pair rests at 1.3180.
USD/JPY: Major resistance level at the price of 94.80. A break of this price could propel the pair to the 97.80 price level.
Spot Crude Oil: A bullish flag pattern has formed on the daily chart with the top of the pattern beginning at the price high of $87. A break of this price could propel the price of spot crude oil towards the $94 range.
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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