The U.S. Dollar is trading mixed overnight.The Greenback is losing ground against most
majors while posting a modest gain versus the Japanese Yen. Although the
overnight activity suggests a renewal of interest in higher yielding assets,
traders are continuing to keep an eye on the developing global debt situation.
Stronger global equity markets are contributing to the
weakness in the Dollar as traders are once again increasing demand for more
risky assets after reassessing U.S.
economic data and the odds of an interest rate increase by the Federal Reserve.
This morning, traders will get their first look at the U.S. employment
situation following last weekâ€™s surprise drop in the unemployment rate.This report has a chance to set the tone for
The NZD USD is posting strong gains overnight fueled by the
prospect of higher interest rates earlier than previously reported.In adapting a more hawkish tone since the
last meeting in November, the Reserve Bank of New Zealand said that if the
economy continued to improve, conditions may support the removal of monetary
stimulus â€śaround the middle of 2010.This last line was more bullish than the previous announcement which
said rates would not be hiked â€śuntil the second half of 2010â€ť.
An additional boost was given to the currency when RBNZ
Governor Bollard hinted that he was less worried about the strength in the
currency.â€śWeâ€™re now seeing an economy
where some of the background conditions are slightly stronger,â€ť said
Bollard.â€śWe have been unusually
explicit over the last number of statements because we thought we were seeing
financial market conditions getting ahead of things.â€ť
The surprise hawkishness by the RBNZ, caught traders
off-guard while triggering a strong move overnight.Yesterdayâ€™s closing price reversal bottom
seems to indicate that todayâ€™s change in stance was anticipated.The reversal bottom at .7043 was confirmed
overnight on the rally through .7206.The current chart pattern suggests that the main trend on the daily
chart will turn up on a move through .7299.Gains could be limited when this market reaches the retracement zone at
.7328 to .7401.Downtrending Gann angle
resistance at .7275 is providing additional resistance.
The AUD USD is posting a strong gain following the release
of a better than expected employment report.Overnight the Australian government reported that the unemployment rate
fell to a seasonally-adjusted 5.7%.The
release of this data helped revive confidence in the global economy.Based on the short-term range of .9321 to
.9014, traders should look for a retracement rally to .9167 to .9204.
The USD CHF is trading sideways-to-lower overnight following
the Swiss National Bank monetary policy decision.The SNB left its 3-month target rate
unchanged while announcing plans to stop bond purchases.It also added that it will continue to â€śact
decisivelyâ€ť to counter strong gains in the Swiss Franc. At this time, the SNB
feels that an interest rate hike is inappropriate because the recovery remains
fragile and inflation forecasts uncertain.
Technically, the USD CHF posted a closing price reversal
top.Overnight action failed to confirm
the top and the higher-high negated the pattern.1.0337 remains the next upside target. Mounting downside pressure could drive this
currency pair to 1.0109 to 1.0064 over the short-run.
Stronger equity markets and a bearish economic report are
helping to pressure the Japanese Yen.The drop in core machinery orders in October is fueling speculation that
deflation will undermine the economic recovery.Technically, the USD JPY completed a 50% correction to 87.80.Finishing this retracement is helping to
contribute to todayâ€™s weakness.
Stronger demand for higher yielding assets and an increase
in German wholesale prices are helping to support the EUR USD.Yesterday this market posted a daily closing
price reversal bottom at 1.4668.This
chart pattern will be confirmed if the market crosses 1.4781.A confirmation could drive this market to
1.4906 to 1.4962 over the short-run.If
downside pressure persists, then look for a test of 1.4625.
The GBP USD is trading higher as traders await the release
of the Bank of England monetary policy statement.Traders expect interest rates to remain unchanged
along with the BoEâ€™s quantitative easing plan.News that the U.K.
have banded together to tax banker bonuses may be helping to give the market a
boost.Technically oversold conditions
are also contributing to the bounce to the upside. Exposure to foreign debt and a monstrous
budget deficit could help to limit gains.
At this time the British Pound is trying to establish
support inside of a retracement zone at 1.6292 to 1.6154.If a support base can be built in this zone,
then look for a rally back to 1.6443 to 1.6508.
The USD CAD is down but remains rangebound between a pair of
50% levels at 1.0598 to 1.0537.A
stronger stock market and firm crude oil prices may be contributing to the
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.
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.