The U.S. Dollar is down sharply overnight against most major
currencies on end-of-the-year position squaring.Although the Dollar is about to close lower
for the year versus most currencies, this month it has shown signs of bottoming
because of the improving economy and the possibility of an interest rate hike
by the Fed earlier than previously estimated.
The Dollar could trade under pressure until the important
U.S. Employment Report on January 8th.This report is likely to set the tone for the Dollar for several
months.Last monthâ€™s report showed a
surprising drop in the unemployment rate from 10.2% to 10.0%.Traders will be watching the next report to
see if this was an aberration or the start of a trend.The direction of the Dollar for several
months will be decided by this report. A better than expected number should put
the pressure on the Fed to begin raising interest rates before the start of the
third quarter.A bearish report will
mean the Fed will wait until after June.
Technically, the daily chart is indicating the Dollar Index
is ripe for a near-term correction.A
trade through 77.33 will turn the main trend to down and set up a correction to
76.31 to 75.80. Todayâ€™s initial claims report will move the market today.
Guesses are for the report to show 455,000 jobs were lost. A better number
should help to limit losses.
The daily chart pattern in the EUR USD suggests the minor
trend will turn up on a trade through 1.4457. The first upside objective over
the short-term is 1.4680 to 1.4790.
The GBP USD is following through to the upside after
yesterdayâ€™s spectacular turnaround.The
daily chart indicates that this market has room to the upside with 1.6355 to
1.6478 the next objective.
The USD JPY is trading slightly lower overnight.Stronger equity markets and an improving
economy have put the Dollar in a position to close higher versus the Yen this
year.Minor support is being formed at
91.90.A break through this level could
trigger an acceleration to the downside to 90.50.
The USD CHF is under pressure overnight. The daily chart
indicates the minor trend will turn down following a break through 1.0278.The first downside objective is a retracement
zone at 1.0212 to 1.0143.
After a 50% correction of its recent break, the USD CAD is
once feeling selling pressure.The main
trend turned lower earlier in the week. Look for more weakness to develop
following a break under the .618 retracement level at 1.0459.
Stronger equity markets are helping to boost the AUD
USD.The overnight action has put this
market on the bull side of a minor 50% price at .8964.The next upside target is .9018.A breakout over this price is possible if
upside momentum continues.
Yesterday, the NZD USD showed signs of strength by closing
above a minor retracement zone at .7144 - .7185.These two prices are now support.The penetration of a downtrending Gann angle
at .7215 helped contribute to the strength.The strong overnight action suggests that this market is in a position
to challenge the recent main top at .7318.The main trend on the daily chart will turn up on a move through this
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.