EUR/USD: The dollar gained a bit more on the single currency overnight moving down to a level near December’s spike and daily closing lows (1.3150). Interestingly, the move translated the most in terms of pips against the EUR and CHF when compared to the JPY and GBP.We are not sure what can be made of this if anything; nevertheless, a mild bid in the pair has been dominant since the roll-over into London trading.A considerable break in either direction is expected in the next 12 hours though as event risk becomes paramount. We feel a move higher is likely to stall at the confluence of the 61.8% of December’s range coupled with a trendline connecting December’s previous highs 1.3345/65. Key levels: On the resistance side of things, we have laid out fib retracements using the session high and low. These levels combined with the larger scale fibs peg key resistance that may serve as a tipping point for those anticipating a larger retracement (1.3350/60). Subsequent to that, more levels of resistance come in near the 20-day EMA (1.3425/35).Naturally, session highs will be the most considerable on a move beyond that. On the support side of the picture, December spike lows seem to have propped the pair on London’s slip of the 3200 level with projections and historical levels indicative of 1.3100 and 1.3035/50 as probable regions of support. However, daily oscillators imply a base may have already been found at present pricing. Thus, session spike lows (1.3150) should be considered the most ominous support until – then all bets are off insofar as predicated S/R.
USD/JPY:The pair has been singled out since displaying the most active price action following the recent relief rally in the benchmark to Jan highs of 105.00.This anomaly suggests the former intermediate trend of later December still weighs on the pair.As we noted yesterday, “…Key resistance comes in at a major fib just over head (104.30) and we feel if the level breaks recent highs (105.00) should stymie the offer into the weekly close….”, and now that the level has been met, we feel that session ending events could potentially alter these levels. However, that of course depends on how much more the pair moves going into the event, as it has been dropping throughout the Asian session.We feel a break lower will likely fall short of crossing the 10 and 20say EMA converging below. The technical amalgam is creating tight symmetrical range (105-103.50) and its is likely going to crowd the price in the coming trading daily sessions.However the nature of the formation suggests a large correction may take place near the apex.We will keep informed of this development as it unfurls.
Key levels: The confluence of the 61.8% of December’s range and 10/20-day EMA should prop thing on a move lower with the descending trendline connecting December’s spike highs shortly thereafter.
GBP/USD:Sterling specs are likely eying the USD with much greater consideration to that of the sterling at this moment in time. Since the pair in many ways is trading nearly identical to that of the EUR and the inverse to the CHF. The indication tells us that USD is the market’s primary concern at this moment in time. However, the daily studies do contrast somewhat to that of the GBP oscillators have begun to flat line in oversold while the EUR have just now crossed the boundary. The indication is accompanied by a waning ADX and double doji combination candle (GMT), while the pair hovers at key support just above the 100-day SMA and monthly pivot S2. Key levels: On the resistance side, the former support, now resistance comes in near the range highs of 8900 and the 1.9000 figure thereafter. A break opening up the door to the diverging 10 and 20-day SMA (1.9175/1.9234) subsequent to that. On the support side, similarly to the EUR, session lows are the most formidable for the offer with a break opening up the doors to 1.8630 fib projection.
USD/CHF:The synthetic has rocketed off the DB formation at the key support level we were pinning about for over 2 weekly sessions at 1.1300. The move stalled just above Dec highs and the 23.6% of 1.1680-1.1300 near the 4 year old regression trend upper band (1.1700). Not unlike the diametric indication seen in EUR, daily oscillators have slammed through neutral territory from a diverging oversold level (while price moved to the same level) to overbought on the run, leaving us a little weary of the staying power behind this rally. Nevertheless, the 10 and 20-day EMA (1.1500) have accelerated rather ominously given the somewhat sideways trading of the last 24-hours, inspiring a cross near the roll-over. Key levels: Going forward, we have key support coming into play at the confluence of the 38.2% of the rally and 10/20-day EMA crossover (1.1500). Prior to that level however, we have a barrier at 1.1605/15 and the previous session spike high of 1.1555/60. Resistance is scattered with 1825/30 the first major fib barrier.
Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Forex News Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA co-founding Partner, Global-View.com
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.