USD/JPY Mid-Day Outlook

USD/JPY's break of 80.70 minor support suggests that recovery is completed and intraday bias is back to the downside for retesting 79.58 first. Break there will confirm that whole fall from 85.51 has resumed for a retest on 76.40 low. On the upside, above 81.76 will delay the bearish case

Source: ActionForexall Rss Feed

GBP/USD Mid-Day Outlook

No change in GBP/USD's outlook. Retreat from 1.6546 is still in progress but we'd expect downside to be contained by 4 hours 55 EMA (now at 1.6365) and bring another rise. Above 1.6546 will target a test on 1.6744 high first. Break will confirm up trend resumption for 61.8% projection

Source: ActionForexall Rss Feed

EUR/USD Mid-Day Outlook

With 1.4261 minor support intact, intraday bias in EUR/USD remains on the upside for 61.8% retracement of 1.4938 to 1.3969 at 1.4568. As discussed before, the corrective pull back from 1.4938 should have completed at 1.3969 already. Break of 1.4568 will target a retest on 1.4938 high next. On the

Source: ActionForexall Rss Feed

Afternoon Forex Overview

The euro fluctuated in European trading hours Wednesday as traders responded to headlines on Greece, but the market's overall direction remained unclear, leaving U.S. data, due later, as still the biggest events of the day.

Early market patterns left traders frustrated. First, the euro swooned on German press reports that Germany

Source: ActionForexall Rss Feed

Manufacturing Sector Expanded at a Slower Pace in May

The supply chain disruptions caused by the disaster in Japan coupled with higher energy prices are likely behind the slowdown in manufacturing activity in May. Despite the sharp deceleration, the overall index remains above the 50-mark that indicates expansion, and even above its long-term average of 52.8.

While manufacturing experienced a

Source: ActionForexall Rss Feed

ISM Manufacturing Index Drops Sharply in May, Will Weaker USD or "Risk-Off" ...

The Manufacturing PMI showed its biggest 1 month drop since 1984, with the index coming in at 53.5 compared to April's 60.4. Forecasts were for a much smaller decline to the 57-58 range. Regional manufacturing surveys have underperformed all month and we see it showing up strongly on the national level.

Source: ActionForexall Rss Feed

USD/CAD Bounces Off Trendline Support; 0.9750 is a Critical Pivot

The decline yesterday in the USD/CAD followed a BOC statement that the market interpret as hawkish.

This bearish action is so far contained and supported by a rising trendline seen in the daily chart above. Note that the market in the medium to long term is still bearish, as the market

Source: ActionForexall Rss Feed