Dollar Set Up for Short-Term Rally Following Reversal Bottom
The U.S. Dollar was able to mount a comeback after early
session weakness.A lower than expected
U.S. pending home sales report helped raise fears the Fed would once again
leave interest rates at historically low levels and fueled increased demand for
the Dollar as a safe-haven investment. Oversold conditions also contributed to
today‚Äôs rally. Today‚Äôs closing price reversal bottom indicates the start of a 2
- 3 day rally to 77.77 - 77.93.
The USD JPY fell sharply this morning following the release
of the weaker housing report which showed the number of contracts to buy
previously owned U.S.
homes fell in November more than analysts had estimated.Today‚Äôs close has this market in a position
breakout to the bearside of an uptrending Gann angle at .9103.This would signal the start of a possible
retracement to .8902.
The EUR USD weakened into the close as the Dollar picked up
strength.The bigger picture suggests a
move to 1.4680 is likely.Minor
resistance at 1.4503 could slow down the current upside momentum.The weakening Euro is setting up for a
pull-back to 1.4350 - 1.4319.
The main trend remains down in the GBP USD. Buyers tried to,
but failed to hold the British Pound in the retracement zone at 1.6036 to
1.5988. Concerns about the U.K.
economy and the upcoming election are putting pressure on the Cable.
The USD CHF showed weakness overnight, but New York session buying helped form a
closing price reversal bottom after an eleven day break. Based on the
short-term range, watch for a retracement to .1.0379 to 1.0409.The bigger picture suggests a break to 1.0212
- 1.0143 is possible following this short-term correction.
Rising gold and crude oil prices as well as firm equity
market helped to weaken the USD CAD.The
main trend is down with 1.0265 the next down side objective.A key retracement level at 1.0459 is the new
resistance.The weak close suggests a
possible rally to 1.0550 is in the works.
Strong demand for higher yields helped rally the AUD USD
overnight.This morning‚Äôs strength
helped drive the Aussie over a key retracement zone at .9144 to .9066.The intra-day strength in the Dollar brought
the Aussie back inside of this range and helped form a closing price reversal
top.Traders should watch for the start
of a 2 to 3 day break with a retracement to .8953 - .8902 likely.
The NZD USD is now in an uptrend, but finding
resistance at a pair of down trending angles at .7353 and .7375.Closing back below these angles will indicate
a profit-taking break is imminent.This
could set up a substantial correction to .7180 - .7131.
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.