The U.S. Dollar overcame early weakness to post a weekly
closing price reversal bottom.This move
doesnâ€™t turn the trend to up, but is a strong indication that the Dollar will
rally for 2 to 3 weeks.A follow-through
rally through .7734 next week is needed to confirm the reversal bottom.The main trend will turn up following a
breakout over .7997.
To recap the market moving events this week, the Fed FOMC
left interest rates at near historically low levels while deciding it was too
early to pull out of is current stimulus plans.The Fed also said the economy was improving especially in the housing
and financial markets.The FOMC also
decided to slow down its debt buying plan by extending its program to purchase
mortgage-backed securities into the first quarter of 2010.
Traders at first drove the Dollar to new lows for the week
on the news, but quickly reversed themselves to the up side before the close on
Wednesday.Thursdayâ€™s action showed more
strength in the Dollar as Wednesdayâ€™s daily chart reversal was confirmed.Friday, U.S. Durable Goods were reported
weaker than expected.The Dollar gave
back some of its gains on the news as this report indicated the U.S.
economic recovery would be slow and labored.
The EUR USD is in a position to form a weekly closing price
reversal top following a close under 1.4710.The main trend on the daily chart is also set to reverse to the down
side on a trade through 1.4611.Based on
the current chart pattern, look for the start of a 2 to 3 week break with
1.4425 the next down side objective.Investors cite sluggishness in the U.S. economy as the main reason why
demand for higher risk assets is set to decline.
The GBP USD is expected to finish near its weekly low.With the main trend down and down side
momentum building, traders should start to anticipate further weakness to at
least 1.5271 over the near term.Most of
this weekâ€™s break was triggered by bearish comments from Bank of England
Governor Mervyn King who stated in an interview that he favored a weaker
The weekly USD CAD chart indicates that a double-bottom may
be forming at 1.6305 and 1.0589.This
formation will be confirmed when the market trades through 1.1124.The main trend on the weekly chart will also
turn up on this move.Based on the main
range of 1.1124 to 1.1723, look for a retracement to 1.1156 to 1.1290.Fundamentally, weaker equity and crude oil
prices should keep the pressure on the Canadian Dollar.The Canadian economy is likely to take a big
hit if crude oil prices continue to weaken.
The USD CHF reached a new low for the year earlier this week
on hopes of a stronger economic recovery in Switzerland.Late in the week, the Dollar began to rally
versus the Swiss Franc.The current
chart formation indicates the possibility of a weekly closing price reversal
bottom.A close over 1.2092 will create
the bottom but a follow-through rally will be needed next week to confirm it.The first upside objective is 1.0603 to
1.0702 if this reversal bottom is confirmed.
The USD JPY is expected to close near the low for the
week.This weekâ€™s strong Yen negated
last weekâ€™s closing price reversal bottom in the USD JPY.The charts now indicate the possibility of a
break to the low for the year at .8711.Repatriation by Japanese exporters triggered the start of the weakness
in the USD JPY, but it was bullish comments by the Japanese Finance Minister
that fueled Fridayâ€™s acceleration to the downside.Look for the Yen to continue to rally next week
as the Japanese government seems to have no intention of intervening.
Demand for higher yielding assets dropped after the Fed FOMC
meeting on September 23rd.The selling
pressure hit the AUD USD harder than the NZD USD and now has the Aussie in a position
to post a weekly closing price reversal top.A close under .8673 forms a weekly reversal.Based on the current weekly range of .8156 to
.8788, look for a correction to .8472 to .8397 over the next 2 to 3 weeks.The New Zealand Dollar broke from the high
for the week, but remained in a position to close higher.
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.
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.