User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday March 19, 2010 - 02:26:00 GMT
Forex Hound - www.forexhound.com

Share This Story:
| | Email

Greek Struggles Pressure Euro; May have to Turn to IMF for Help

The U.S. Dollar finished higher versus most major currencies with the exception of the New Zealand Dollar. Fear that Greek fiscal problems may flare up once again sent investors scurrying out of the Euro and into relatively safer currencies. Nervous investors removed risk from the equation overnight and continued this trend throughout the day. Worries that Greece would not get the aid from the European Union helped to wipe out in two days a little more than half of the recent rally

 

The break in the Euro started late Wednesday when news came out that the political party representing German Chancellor Merkel said that a bailout was unlikely and that Greece may have to seek aid from the International Monetary Fund. This weakened the Euro, forcing a lower close. This news then spilled over into the markets overnight, putting pressure on higher yielding currencies while helping to drive traders into the Dollar for safety.

 

The EUR USD weakened further throughout Thursday morning before downside momentum accelerated shortly before the mid-session. Comments from the Greek Prime Minister Papandreou warned that his country would be forced to go to the International Monetary Fund if the European Union doesn’t come up with aid. This ultimatum seemed to upset long traders. Some traders are saying Papandreou is poised to attempt to go it alone if necessary.

 

Greece isn’t asking for money, but needs help because it is too expensive for it to borrow in the open market. The key to sustaining the developing rally will be this market’s ability to attract buyers in the retracement zone at 1.3628 to 1.3584. If this doesn’t happen, then look for the recent bottom at 1.3440 to fail.

 

The British Pound was under pressure throughout the day in light trading activity. Earlier in the week a rally was triggered by better than expected U.K. Initial Claims and news that the Bank of England Monetary Policy Committee had voted unanimously at its last meeting to leave its quantitative easing program unchanged.

 

On Thursday this market could not follow-through to the upside as falling demand for risky currencies limited interest in the long side. The GBP USD rallied into a retracement zone at 1.5297 to 1.5419 earlier this week. With the main trend down, sellers seemed to be waiting inside this zone. This helped trigger today’s weakness while setting up a possible break back to 1.5080 to 1.5010.

 

Trader demand for lower risk assets helped to pressure the USD JPY early in the trading session but buyers quickly came in, driving this market into a downtrending Gann angle at 93.75. Aggressive traders failed to break through this important resistance point and the Dollar/Yen began to sell-off when U.S. stock indices weakened. The indecision of the stock market held this market in a range for most of the day. Clearly the next move in the Dollar/Yen will be dictated by the direction of the stock market.

 

Stronger demand for lower yielding assets encouraged some light short-covering in the USD CAD. The failure to reach a new low for the year in Thursday’s session indicates that traders may be getting ready to begin aggressively bailing out of their shorts. The charts indicate there is room to the upside for a retracement if oversold conditions prevail. Furthermore, although many traders feel that parity is going to happen, many refuse to get aggressively short at current levels. At a minimum look for a retracement to the old bottom at 1.0205. Regaining this price level could force more aggressive short-covering.

 

The Canadian Dollar has been strong because traders believe the Bank of Canada is likely to raise interest rates before the Fed. In addition, stronger gold and especially crude oil have been helping to pressure the Dollar/CAD. Although conditions may be oversold, downside pressure continues to indicate that a test of the July 15, 2008 bottom at 99.74 is likely over the near-term.

 

The USD CHF finished higher but well off its high. The weaker Euro was the catalyst behind today’s rally. A collapse in the Euro will increase the likelihood of an intervention by the Swiss National Bank. Earlier in the week, this market found support after completing a 50% retracement of the 1.0130 to 1.0897 range. This price level was 1.0513. The market stopped at 1.0506. The developing chart pattern suggests a short-covering rally back to 1.0701 to 1.0750 is likely.

 

Lower demand for higher yielding currencies helped to weaken the AUD USD and limit gains in the NZD USD. The Aussie traded inside of Wednesday’s range indicating that traders were more concerned about the stock market rather than the risky situation in Greece. If selling pressure prevails then look for a break back to at least .9100.

 

The New Zealand Dollar closed higher but inside of a potential resistance zone at .7124 to .7199. Profit-taking could start anytime if sentiment shifts toward risk aversion. As long as this market holds the lower end of the range, it has a chance to hit .7199 by March 22nd to 23rd.

 

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

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