The U.S. Dollar is trading lower against most major
currencies as trader demand for risk is helping to pressure the Greenback. The
weakness in the Dollar is being attributed to optimism in the Euro Zone over
the potential positive impact of the new European Union and International
Monetary Fund bailout proposal for Greece. Before the New York session
opening, the theme of the day is demand for risk.
The EUR USD is up for the second consecutive day as weak
shorts continue to cover after late last weekâ€™s EU and IMF proposal to help Greece should
it be unable to find financing in the capital markets. The proposal amounts to
a pledge to help Greece
out of the Euro Regionâ€™s biggest deficit if it runs out of traditional financing
options. Today, Greece
is expected to issue bonds priced in Euros. This will be the first test as to
how investors perceive the viability of the aforementioned bailout proposal.
The charts indicate the Euro has formed a new main range at
1.3817 to 1.3267. This range creates an upside target at the retracement zone
at 1.3542 to 1.3607. According to the CFTC Commitment of Traders Report, as of
March 23rd, hedge funds and large speculators account for a record net short
74,917 positions. The large number of shorts, the news regarding Greece and the
chart formation all suggest that this market is ripe for a short-covering
rally. Fresh buyers are likely to remain scarce until the Greek economy can
The stronger Euro is pressuring the USD CHF. The higher the
Euro rises, the less likely the Swiss National Bank is going to intervene to
protect its economy and currency. A better Euro will also allow the SNB to
focus on the possibility of an interest rate hike at its next meeting. The
charts indicate that a new lower top has been formed at 1.0751. Overnight a
minor retracement level at 1.0628 to 1.0600 has been tested. A break under
1.0600 is likely to trigger an acceleration to the downside with 1.0513 the
next likely target.
Demand for riskier currencies is helping to boost the GBP
USD. This currency pair is still in a downtrend, but beginning to show signs of
the formation of a secondary higher bottom at 1.4797. Regaining a key
retracement area at 1.5010 to 1.5080 could trigger additional short-covering,
but the trend will remain down until 1.5381 is violated. Fundamentally,
although the British Pound is up because of expectations of improvements in Greece, the U.K. continues to face fiscal
problems of its own. The wide deficit as well as the possibility of a debt
rating cut, continue to weigh on the currency. Uncertainty regarding the
upcoming election and the possibility of a â€śhung Parliamentâ€ť continues to
Signs that the global recovery is gathering momentum could
continue to underpin the USD JPY. Although this market is technically
overbought after last weekâ€™s surge to the upside, buying could resume today if U.S. equity
markets continue to push higher. Additional pressure could be on the Yen
following strong rallies in gold and crude oil. The charts indicate that the
January top at 93.77 remains the next likely upside target. 91.35 should
provide good support if tested.
Greater demand for higher risk assets helped stop the USD
CAD rally in its tracks. The long-term downtrend could resume as traders begin
to price in the strong possibility of an interest rate hike by the Bank of
Canada. Speculators are also anticipating a better U.S. Non-Farm Payrolls
Report on Friday. The charts indicate a test of 1.0181 to 1.0152 is likely
should downside momentum continue.
Expectations of better retail sales this week and talk of
another interest rate hike are helping to boost the AUD USD. The overnight
action is indicating that demand for higher yielding assets has returned.
Reserve Bank of Australia Governor Stevens said
house prices are â€śgetting quite highâ€ť. This signaled to traders that interest
rates may need to be increased further. Stevens also said that borrowing costs
need to be returned to â€śnormalâ€ť levels. Both of these comments are encouraging
traders to by the Aussie. The strong move in the currency has put this market
in a position to test a retracement zone at .9126 to .9155.
Renewed buying in higher risk assets is also giving the NZD
USD a boost. The higher-top, higher-bottom formation suggests that the main
trend is likely to continue up. Regaining a 50% price level at .7124 could
trigger an acceleration to the .618 level at .7199. A break out over the last
swing top at .7178 will reaffirm the uptrend. There is also some speculation that
the Reserve Bank of New
Zealand may raise interest rates as early as
Today, traders will be given the chance to respond to U.S.
Personal Income and Spending. Estimates are for these reports to be steady. The
market mover this week will be Fridayâ€™s U.S. Non-Farm Payrolls Report. Early
expectations are for an increase of 190,000 jobs, mostly due to the hiring of
census workers. Traders will be able to get an early indication of the
viability of this number on Wednesday when ADP reports private jobs data.
Given the absence of any major economic reports until
Friday, look for traders and speculators to continue to focus on Greece and the
other sovereign debt issues lingering in the Euro Zone economy.
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.
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.