Greenback Extends Losses

Daily Forex Fundamentals | Written by Crown Forex | Sep 18 08 07:32 GMT |

The greenback depreciated heavily in the markets on anticipations that the tightening of credit conditions is going to cause more financial companies to fall. Also the extended its losses as Goldman Sachs Group Inc. and Morgan Stanley, which are the only independent brokerages left on Wall Street lost brought fears as their shares plunged heavily yesterday and right away scared investors. The euro on the back of the weak USD gained strength as the EU Zone today lacks major fundamental data. The EUR/USD is currently traded at 1.4334 while recording a high of 1.4393 and a low of 1.4301. The MACD indicators are showing us that the direction is to the upside, if the pair breaches the resistance of 1.4370, its next target will be at 1.4450 as we currently see a support at 1.4280. As for the pound, it also rose against the U.S. dollar as more credit woes are floating the markets in the U.S. economy. The royal currency is not gaining as a result of the conditions of the UK since the nation is at a peak of a recession as they have soaring inflation and flat growth. The GBP/USD is traded at 1.8212 while recording a high of 1.8256 and a low of 1.8137 trading above the support of 1.8120 and under the resistance of 1.8290. The yen like major currencies is strong versus the USD as the pair trades at 104.67 while recording a high of 104.92 and a low of 104.25. Using the momentum indicators on the daily charts we see that is providing us with an upside wave. For the pair we see a resistance at 105.20 with a support at 104.14. Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.