The EUR USD erased some of its weekly loss as weak shorts pared
their positions in the wake of positive developments out of the European Union
summit. Early Friday it was announced that France and German threw their
support behind a modified agreement to allow the International Monetary Fund to
provide bailout money to Greece
This news underpinned the market from the start of the New York session. Fridayâ€™s
rally approached the old bottom at 1.3440 but failed to overcome this level.
Regaining this price could trigger an acceleration to the upside if traders who
shorted on the break through this bottom decide to aggressively cover their
Although this event triggered a short-covering rally in the
Euro, traders approached the news with caution. The initial reaction to the
upside means that tensions have eased and fears calmed now that it appears Greeceâ€™s
sovereign debt problems will not spread to other Euro Zone nations after all.
Most traders now believe that this deal is enough to stop the slide in the
Euro, but not enough to turn the bearish trend around.
Earlier in the week, such a bailout deal looked pretty
remote. The Euro was falling, driven lower by comments from European Central
Bank President Trichet who said that a bailout from the International Monetary
Fund would be bad for the Euro. His feeling was that help from the IMF would
make the EU look weak and unable to take care of its own financial problems.
Throughout the week, traders felt that a deal was far from being made.
Traders became more optimistic about the prospects of a deal
late in the week when a plan endorsed by France
was agreed upon. The new deal calls for a mix of IMF and bilateral loans.Afterwards, Trichet embraced the proposal
saying he was â€śextraordinarily happy that governments of the Euro area found
out a workable solution.â€ťHis statement
amounted to an about face from a statement earlier in the week when he said
that an IMF role in the funding of a rescue plan for Greece would be â€śvery, very
Trichetâ€™s acceptance of the plan was mostly responsible for
Fridayâ€™s short-covering rally. His acceptance of the proposal helped ease
concerns that Euro Zone officials would be unable to resolve the fiscal
problems in Greece.
Whether a turnaround in the Euro marks a major bottom is
really up to the hedge funds at this time. Recent data suggests that hedge
funds and large speculators remain net short the Euro in a big way. Until these
large traders are forced to cover shorts or turn into buyers, expectations for
the current rally will be limited. The whole process of debating about
financial aid for Greece
has shaken investor confidence in the entire Euro Region.
The GBP USD traded better to end the week in a knee-jerk
reaction to the rise in the Euro. The inability to break to a new low for the
week helped to contribute to the rally. Like the Euro, this action is only
indicative of short-covering and not a potential change in trend. Neither a closing
price reversal bottom nor a main trend top breakout is taking place, meaning
that the trend is still decisively lower. Negative fundamentals such as
political uncertainty, the threat of a credit rating cut and a â€śbumpyâ€ť recovery
are helping to limit gains.
The USD JPY finished lower after attempting to take out Thursdayâ€™s
high at 92.95 and failing. The turnaround in the U.S. equity markets from up to down
also contributed to the weakness. Overbought conditions could drive this market
back down between 91.62 - 90.85 if the stock market continues to weaken.
Mixed demand for higher yielding assets helped to boost the
USD CAD. Higher gold and weaker crude oil was a sign of uncertainty. This news
triggered a continuation of the short-covering rally which began a week ago.
The daily chart indicates that there is room to the upside with 1.0369 to
1.0442 the next upside target.
The stronger Euro helped to pressure the USD CHF. Following
a rally inside a retracement zone at 1.0703 to 1.0749, this pair found sellers
who are now trying to work this market lower into another retracement zone at
1.0628 to 1.0600. The stronger the Euro gets, the less likely the Swiss
National Bank will intervene.
equity markets and overbought conditions helped to push the AUD USD lower.
Based on the main range of .8577 to .9251, traders should watch for a
correction back to the retracement zone at .8914 to .8834.
The NZD USD closed lower after an earlier attempt to
rally failed. This market traded inside of yesterdayâ€™s range indicating
impending volatility. The daily chart indicates that a break to .6992 to .6948
is likely over the near-term. Fridayâ€™s rally in the Euro appears to be bullish
only for the European currencies rather than the Asian and Pacific
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 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
John M. Bland, MBA co-founding Partner, Global-View.com
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.