Month: January 2012

USDJPY stays in a trading range between 76.60 and 77.32. Lengthier consolidation in the range would likely be seen in a couple of days. Key resistance is at 77.32, a break above this level will confirm that the fall from 78.21 had completed at 76.60 already, then further rise to test 78.27 resistance could be seen. Support is at 76.60, only break below this level could trigger another fall to 76.00 zone.

Daily Forex Forecast

AUD/CAD Daily outlook – 11 January

The Asian and much of the European session saw the Aussie gaining ground against the CAD on Tuesday. Late trading in the US saw the CAD strengthening and taking back its earlier losses.

 The daily charts formed a long tailed bearish pin bar rejecting the strong resistance level sitting at 1.0500. The chart below shows the strength of the resistance area.

With the bearish outlook from Tuesday’s price action and the solid rejection of strong resistance we’ll be looking to short the pair with initial targets at 1.0420 and a stop just above yesterdays highs. Should we not see the bearish momentum we’re expecting and a push higher the next relevant area of resistance sits at 1.0664 which is the markets most recent highs.

 Article by vantage-fx.com

EOG Resources (EOG) was upgraded today by Deutsche Bank (DB) from hold to buy with a $125 price target, as the firm has been seeing strong trends in production. Shares are higher by 3.25 percent.

UBS (NYSE:UBS) believes Research in Motion’s (NASDAQ:RIMM) near-term M&A options are less viable near-term given accelerating U.S. losses and likely another weak quarter. The firm believes any potential acquirer will want to see the business stabilize before pursuing the company.Shares are Neutral rated with a $15.50 price target.Research In Motion (NASDAQ:RIMM) has potential upside of 32.1% based on a current price of $15.35 and an average consensus analyst price target of $20.27.

Choice Hotels (CHH) was downgraded today by Credit Suisse (CS) from neutral to underperform with a $32 price target due to weaker unit growth. Shares are lower by nearly 2.2 percent.

The markets continued its modest rally at the start of earnings season, led by industrials and energy stocks as well as financials and materials. Aluminum producer Alcoa (AA) reported a loss, excluding one time items which met expectations, while revenue came in ahead of estimates.

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.

In trading on Tuesday, advertising shares were relative leaders, up on the day by about 3.6%. Leading the group were shares of Focus Media Holding Limited (FMCN), up about 12.9% and shares of Reachlocal (RLOC) up about 4.7% on the day.

XAUUSD Technical Update 10/1/11

For further Gold Technical Analysis.

• Gold has moved to an intra-day high of 1640.01 which is slightly below the daily high of 1641.53 from 21/12/11 – a level which represents a lower high swing point as highlighted on the Gold chart below.
• This comes after support was found on 29/12/11 after breaking through the prior spike low from 26/9/11 at  1532.64.  This has subsequently proved to be a bear trap with the Gold bulls taking price 4.27% higher so far this month.
• If observing Silver as Gold took out key 1532 area support traders would have observed that Silver failed to make a new low and is now likewise moving to the upside.
• A strong move above the aforementioned 1641 Gold technical level could potentially bring  the prior lows from late November into focus as a short term target.
• A failure to keep above the 1641 area on the daily closing basis could see the formation of range highs and potentially another downside move to test 1530 area lows.  Much of this could be determined by risk appetite and dollar strength with the likes of GBP/USD and EUR/USD in corrective moves higher this week to date and subsequent dollar selling in the nearer term.

Gold (XAUUSD) Daily Chart XAUUSD

By forex-fx-4x.com