The GBP USD surged to the upside overnight despite news that
the U.K. economy shrank more than previously forecast.The U.K. Gross Domestic Product report showed
that during the first quarter the economy suffered its biggest contraction
since 1958.Weakness was seen across the
board in the economy as everything from construction to services showed some
sort of weakness.
The three-month long rise in the British Pound has defied
most analysts who are in the same camp as Bank of England Governor Mervyn King
who believes that the road to recovery will be long and hard.Even if the global economy is beginning to
bottom, the U.K. economy still faces rising unemployment.This is a lagging indicator, but if
unemployment continues to march higher then eventually consumer spending will
suffer.If consumer spending falls along
with confidence then the economic recovery may slow considerably.
Once again sellers repelled the EUR USD as it attempted to
run stops over the last main swing top at 1.4177.The subsequent closing price reversal top and
close under a key retracement zone at 1.4042 to 1.4112 are indications that
this break may have attracted some real selling pressure.
A follow-through to the down side tomorrow is needed to
confirm the reversal top.If this
pattern is verified, then look for a minimum retracement to 1.3950 to
The main trend remained up in the USD CAD as a downward
reversal in crude oil prices weakened the Canadian Dollar.Weak Canadian economic news combined with a
drop in U.S. Consumer Confidence also helped pressure the Canadian Dollar.
Technically, this pair is poised to continue to rally with a
Main Top at 1.1813 the first upside target followed by a major 50% retracement
level at 1.1922.On the downside,
trailing retracement support comes in at 1.1289 to 1.1207.A test of these levels would not turn the
main trend to down, but would instead set up a buying zone.
Following an attempted breakout over the last main top
at.8117, the AUD USD ran into another layer of resistance at .8238 and
.8264.Trader aversion to risk grew as
the New York trading session progressed. By the end of the trading session,
this market produced a closing price reversal top, signaling the start of a
The NZD UZD failed to break out to the upside as it ran into
resistance at a 50% retracement price at .6553 and a previous main top at
.6590.These resistance points triggered
intraday selling pressure which created a closing price reversal top
formation.A follow-through to the
downside tomorrow will indicate the possible start of a decline to .6211.After it was reported that U.S. Consumer
Confidence had dropped; traders sold risky assets including the New Zealand
Disclaimer: Trading foreign
exchange on the margin carries a high level of risk, and may not be suitable
for all investors. The high degree of leverage can work against you as well as
for you. Before deciding to trade foreign exchange you should carefully
consider your investment objectives, level of experience, and risk appetite.
The possibility exists that you could sustain a loss of some or all of your
initial investment and therefore should not invest money that you cannot afford
Forex Trading News
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Forex News Real-time forex market news reports and features providing
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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
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We were trading long before there were online brokers. Global-View
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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.
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