Non-Farm Payrolls Report to Set Tone in Forex Market
The U.S. Dollar Index withstood another test of the low for
the week at 74.31 and last weekâ€™s low at 74.27 on Thursday.The higher close was impressive, but this
market is still lower for the week. Overnight action has been mixed but strong
upside momentum could trigger a challenge of last weekâ€™s close at 75.04.If you want to be safe about the long-side,
it is suggested that you wait until this market clears 75.66 before considering
The U.S. Dollar traded in a relatively tight range against a
basket of currencies overnight ahead of this morningâ€™s U.S. employment report.Traders are looking for an improvement today
from the November report.Guesses are
for a job loss of â€śonlyâ€ť 125,000 and for the unemployment rate to hold steady
at 10.2 percent.There is some debate as
to whether this is the low for the unemployment rate.At this time the consensus agrees the rate
will stay the same this month, but is likely to rise to 10.5 percent by the end
of the first quarter 2010.
Ask most economists if the unemployment rate is a lagging or
leading indicator, and they will tell you it lags the economy.At this time, I think traders are looking at
the unemployment rate as a â€śpseudoâ€ť leading indicator.This is why I believe the Dollar will benefit
the most from a better than expected figure.
Yesterday, the EUR USD rallied early in the session
following the announcement from the European Central Bank that it would begin
withdrawing its stimulus money from the Euro Zone economy, but backed-off last
weekâ€™s high at 1.5144 when ECB President Trichet called for a stronger Dollar.
This price remains the strongest resistance at this time.Weakness could push this market back to
The GBP USD is rallying ahead of this morningâ€™s U.S.
Non-Farm Payrolls Report.Traders are
expecting a choppy, two-sided trade over the next few days as market
participants adjust positions ahead of next weekâ€™s Bank of England meeting.Early calls are for interest rates to remain
unchanged and for the BoE to maintain its asset-buyback plan.Yesterday, worries over a weakening economy
helped to pressure the December British Pound, but there is still not enough
evidence to say that a secondary lower top has been formed.
The USD JPY is trading in an inside range overnight with a
slight bias to the downside.On
Thursday, the Yen traded lower for a third straight day.Earlier in the week, the Bank of Japan
announced another stimulus plan designed to promote economic growth. Pressure could be on this currency until
December 17th when the BoJ holds its formal meeting.Traders are nervous about holding long
positions because of the possibility of an intervention.Currently, this market is testing a major 50%
price at 88.57.There could be a
technical bounce to the downside from this level, but a failure to hold could
trigger a further rally to 89.46.
The USD CAD is trading weaker ahead of this morningâ€™s U.S. and
Canadian Employment Reports, but it still remains inside of a key retracement
zone at 1.0537 to 1.0459.Trichetâ€™s call
for a stronger Dollar helped pressure the December Canadian Dollar yesterday,
but the most bearish influence came from lower equities and flat crude oil.Traders seem to be reluctant to rally the Canadian
Dollar out of fear of action by the Bank of Canada to depress the currency.
The closing price reversal top was confirmed last night in
the AUD USD but there was no follow-through selling.The current chart pattern suggests a break to
.9133 to .9089 is likely if the downswing continues.The overnight move is likely short-covering
ahead of todayâ€™s U.S.
employment report..9322 remains the
main objective for bullish traders.A
move through this price will turn the main trend back up on the daily chart and
could trigger an acceleration to the upside.
Short-covering and profit-taking following yesterdayâ€™s late
session sell-off is helping to boost the NZD USD.Resistance remains inside the retracement
range of .7272 to .7332.Downtrending
Gann angle resistance is at .7315.On
the downside, the main objective following yesterdayâ€™s closing price reversal
top is .7160 to .7128.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.