User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday January 15, 2010 - 20:34:24 GMT
FXTimes -

Share This Story:
| | Email

Weekly Technical Update 1.15.2010 Broad Based Consolidation

Weekly Technical Update

Greenback, Risk Aversion Continues Sideways Action

The second week of the New Year did not offer much in terms of breakouts from the recent consolidation ranges. Fundamentals reflect a slow recovery and risk appetite also remained subdued this week after some initial rally. Let’s take a look at some major currency pairs.

EUR/USD: 1.15.2010 Stalking ConsolidationAfter breaking above 1.45, the market returned on Friday to below where it started the week, testing 78.6% retracement in the consolidation mode.

GBP/USD: Stalking Reversal Signal


  • Daily and 4H: The GBP/USD has rallied just as anticipated from last week. Now we are at the 1.6300 area coincident to many forms of resistance. Price action on Friday’s daily bar is an engulfing pattern, suggesting possible reversal.
  • The 4H time-frame suggests this reversal is happening in the smaller scale. It broke the upsloping trendline, but still needs to break below the 1.6200 powerline. The stochastic is showing a surge of bearish momentum.
  • This may be the start of a swing towards 1.5700 (shown in the daily time-frame).
  • Topping action may take a little longer, but for the short-term, it looks like a decline at least to the 1.0650 area is viable if it can break below the 1.6190-1.6230 area.

USD/JPY: Stalking Complex Correction


  • Daily and 4H: Last week’s post mentioned the USD/JPY stalling at resistance after a completion of a bearish butterfly pattern. This now, the USD/JPY declined to the 90.50 area in a expanding pattern.
  • The stochastic suggests oversold conditions in the daily, and a possible bullish stochastic forming in the 4H time-frame. A break of the downsloping trendline near 91.30 spells a rally to test the 93.00 resistance area.
  • However, another scnenarios is possible. As the decline was heavy, we may have a further swing towards the 88.75-89.80 or 78.6%-61.8% zone. Here, if the market can bottom and show bullish signal, and still suggests a test and possible break above the 93.00 resistance area.

USD/CAD: Stalking Setup Near Support


  • Daily and 4H: The USD/CAD pair broke below a short-term support and now is testing an intermediate-term one at slightly above 1.02. The swing projection in both Daily, and 4H time-frame scales are to this lower bound of the support zone.
  • The market has reversed at 1.0220. If may go to 1.0350 before resistance, OR the downsloping trendline might hold for another bearish attempt to crack 1.02.
  • The pair remains bearish near support, which means a break below 1.02 suggests parit 1.00, and a break above downsloping trendline with confirmation may be a signal for a rally in the short-term to 1.05 area. A break above that eyes 1.10.
  • For now, the USD/CAD is just a keep-an-eye-on type of pair.

EUR/GBP Invalidating Bullish Outlook?


  • Daily and 4H: Last week’s outlook for a bullish reversal was premature. After the break of downsloping trednline in the Daily, the market has been undecided whether it should followup through. Instead, the week progressed with a decline from 0.90 to 0.8850, breaking 0.8850 intermediate support. It is likely to close around 0.8830.
  • This bearish signal is invalidating the bullish outlook for terminal wave “V”. It appears wave “IV” is not done yet. for the count to remain valid, the decline should not go lower than the 0.87 area, which is the end of wave “I”.
  • The 4H time-frame is showing some continuation signals in the stochastic. The price action shows a break of 0.8850, and a near-term retest of it as resistance, which looks to be holding at the moment.

GBP/JPY: Monitoring Choppy Uptrend


  • Daily and 4H: The GBP/JPY remained bullish as anticipated in last week’s post. In the 4H chart, you can see that it has been retracing 78.6% of upswings approx. 350 pips each. The market is now again testing the 78.6% retracement of the most recent upswing.
  • The stochastic this time is not oversold. The declining stochastic in the daily also reflects a struggle to reach the 153.00 resistance. This week’s action did not invalidate the outlook, but surely weakens its possibility. The pairs choppy action reflects this week’s subdued risk sentiment.

Fan Yang
Currency Analyst
Commodity Trading Advisor
[email protected]

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. CMS will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.

Foreign currency trading is not conducted on an exchange. CMS is acting as a counterparty to its clients’ transactions and as a result, CMS’ interests may be in conflict with its clients. Since CMS acts as the buyer or seller in the transaction one should carefully evaluate any trade recommendation provided by CMS or any of its solicitors. Foreign currency trading involves a substantial risk of loss and may not be suitable for all investors.

All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.


Forex Trading News

Forex Research

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 here.

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.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

John M. Bland, MBA
co-founding Partner,

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.

Contact us

Start trading with forex broker Markets Cube

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.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you 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.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

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.

Forex News

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

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

Forex Brokers

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 Trading

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.

FX Trading

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.

Forex Blog 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105