The USD and the JPY were the strong performers this week. The
Greenback is breaking out of its recent consolidation mode. Risk
aversion kept the Japanese Yen strong as the preferred safe haven
currency. Commodity currencies are subdued, coming off December
strength as gold made record highs. The risk aversion also pressured
pairs such as the Loonie(CAD) and Aussie(AUD).
4H: Great call this week on FXTimes, as the market
rallied almost exactly to the 91.80 area completion a bearish Gartley.
Attention was to be placed on manner of decline, and it was very
aggressive. However, the market is consolidating today (Fri.) The
stochastic is in oversold zone, so there may be some rally from this 90
Daily: The stochastic is also oversold in the
daily time-frame. The pattern however suggests continuation. Therefore,
a swing can be projected to 88.50 as momentum is still aggressively
If the market does reach 88.50 and bottoms here, it is a completed
bullish Gartley. Then we will truly test whether the market is ready to
be bullish in the intermediate and long term.
There can be at least an expected short-term rally from 88.50 to test the 92.0 level coincident with declining trendline.
USD/CAD: Reversal Signal Eyes 1.11
Weekly: This weekâ€™s price action from the USD/CAD
is very bullish and indicates reversal. The weekly, price action
completed a reversal combination, as the stochastic crosses up from
oversold area. The 1.11 area is the 50% retracement zone and would be
coincident to the 50-WK MA.
Daily: The daily time-frame shows how aggressive
this weekâ€™s action was, but hints at resistance around the 1.063-1.064
area (78.6% retracement). the strength of the current rally suggests
this resistance might not hold, even though it may do so in the
If the market is able to move above, the 1.07/1.0750 area is the next resistance.
If the market breaks above 1.0850/1.09, it has completed a double bottom, and suggests further rally to 1.11.
EUR/GBP Chance for Pullback
Daily and 4H: The market has invalidated the
bullish outlook. Adjusting the outlook by assessing weekly and monthly
time-frames, we can establish bearish outlook towards 0.80 for the
intermediate term (1/2 yr), but in the long-term, the market is still
bullish, but may not start to be so until 2011. (Refer to EUR/GBP Revisiting the Big Picture).
Both the Daily and 4H time-frames are showing possible short-term
rally from the 0.8650 level. If the market is successful at keeping the
rally below the 0.8850 powerline, turning that into resistance, our
bearish outlook to 0.80 strengthens.
GBP/JPY: Eyeing Channel Support at 139.50
Daily and 4H: The outlook for GBP/JPY had been a
rally to test the 153.00. But after a couple of choppy weeks, the
anticipation for the bearish scenario grew. (Refer to Daily Technical Update 1.20.2010 GBP/JPY).
This week, on Thursday, the market broke below the congestion
pattern mentioned in a previous post. The decline was very aggressive,
and was followed by a pullback that confirmed the bearish break.
Then the lower support at 145.80 also broke, further strengthening
the bearish outlook, which is an intermediate decline to the 140.50
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 clientsâ€™ transactions and as a result,
CMSâ€™ 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
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.
Mon 23 July 2018 A 14:00 US- Existing Homes Sales Tue 24 July 2018 AFlash PMIs Wed 25 July 2018 A 08:00 DE- IFO Survey A 14:00 US- New Homes Sales A 14:30 US- EIA Crude Thu 26 July 2018 AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless A 12:30 US- Durable Goods Fri 27 July 2018 AA 12:30 US- GDP A 14:00 US- Final University of Michigan
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.