The U.S. Dollar fell sharply on Monday as bullish traders
pared positions on the thought that the U.S. economy will not be able to
keep pace with the global recovery.Before the Forex markets opened, China solidified itself as the
driving force behind the global economic recovery when it reported more upbeat
The Greenback traded sharply lower as China reported
a 17.7% increase in exports and a 55.9% increase in imports.The surge in exports was the first rise in 14
months.Pre-report guesses were for only
a 4% increase. Due to the timing of the report, and its extreme bullishness,
the Australian and New Zealand Dollars both had rare gap openings Sunday night.
Dollar bulls were still reeling from the soft U.S. Non-Farm
Payrolls report on Friday.Traders had
been looking for the report to show that job losses had remained flat or
perhaps that new jobs had been created during December.Instead the government reported that 85,000
new jobs were lost.
Adding more fuel to the bearishness were comments from St.
Louis Fed President James Bullard who signaled that interest rates werenâ€™t
going to move higher over the near-term.Bullard said, â€śinterest rates may remain low for quite some timeâ€ť.He also added that the Fedâ€™s zero interest
rate policy is â€śon holdâ€ť.He could not
have made his position any clearer. In addition to talking about the future
direction of interest rates, Bullard said the Fed faces a challenge when
adjusting its asset-purchase program because of the possibility of inflation.
Mondayâ€™s light economic calendar gave traders a chance to
digest Fridayâ€™s Non-Farm Payrolls report and its impact on the economy. Bets were
placed on a weaker Dollar and renewed interest in higher yielding assets as
evidenced by todayâ€™s early surge in equity and commodity prices.Traders should note that the soft employment
report has not changed the outlook for a recovery, but it has pushed back the
Fedâ€™s timetable for increasing interest rates.
The technical outlook is as follows.
The cash U.S. Dollar Index is in a downtrend.Expectations are for the weakness to continue
until this index reaches a major 50% price level at 76.31.
The Euro broke through Gann angle resistance at 1.4524.It also broke out to the upside after forming
a support base.The first upside target
is 1.4680, followed by 1.4790.
The GBP USD broke away from a retracement zone at 1.6036 to
1.5988.A new higher bottom was also
formed at 1.5895.The main trend will
turn up on a trade through 1.6240.The
first upside target is 1.6355, followed by 1.6478.
The USD JPY traded weaker after confirming last Fridayâ€™s
closing price reversal top on the overnight move through 92.28.Selling pressure put this market on the
bearside of an uptrending Gann angle at 92.33 tomorrow.This is a sign of weakness. The chart
indicates there is room to the downside with 89.30 to 88.24 the next target.
The USD CHF broke an uptrending Gann angle at 1.0218 and a
50% price at 1.0212. This move helped to accelerate the break to the .618
retracement level at 1.0143 where it found support throughout the day.The next downside target is a slower moving
Gann angle at 1.0068.
Losses were limited because of the threat of an intervention
by the Swiss National Bank.Although
this action will be meant to curtail the Swiss Francâ€™s rise versus the Euro, it
should also have a positive effect on the U.S. Dollar.Overnight, Swiss central bank President
Hildebrand said intervention was possible to prevent â€śany excessive
appreciationâ€ť.He also added that the
SNB will â€śmonitor exchange market developments very closely.â€ť
Surges in natural gas, crude oil and gold helped put the
Canadian Dollar in a strong position early in the trading session until
Canadian Prime Minister Harper expressed his concerns about the effects of a
strong Canadian Dollar on the economy.This breaking news helped trigger a short-covering rally and formed a
closing price reversal bottom.This
pattern is likely to trigger a 2 to 3 day retracement to the upside.
The surge in Chinaâ€™s
exports helped trigger a gap higher opening in the AUD USD while triggering
talk of a move to parity with the U.S. Dollar.An uptrending Gann angle held as support at .9174 today.Look for higher markets as long as this angle
remains intact.On Tuesday, it moves up
The NZD USD also gapped higher on the good news from China.Some traders feel that the jump in China demand
could support the whole Pacific region.This
market had very little follow-through to the upside during the New York session and
failed to accelerate after regaining Gann angle support at .7410.Tomorrow this angle moves up to .9450.
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.