Monday March 29, 2010 - 14:42:30 GMT
Share This Story
Black Swan Capital - www.blackswantrading.com
EURUSD: Tip-toeing a very narrow line of supportKey News
â€˘ U.S. Consumer Spending Climbs a Fifth Straight Month as Recovery Quickens (Bloomberg)
â€˘ Mortgage Payment Spike Blunted The housing market appears as if it will sustain less damage than expected this year from a spike in the monthly payments on hundreds of thousands of exotic adjustable-rate mortgages. (Wall Street Journal)
â€˘ China's Central Bank Taps Scholars China's central bank named three prominent scholars to its monetary policy committee, expanding the range of its outside advisers at a time when it faces a series of tough decisions on the currency, interest rates and other economic policies. (Wall Street Journal)Quotable
â€śIf it is once again one against forty-eight, then I am very sorry for the forty-eight.â€ť â€”Margaret ThatcherEventsChris Lori, CTA - FX Workshop
Charlotte, NCâ€¨April 16-18
Chris Lori, CTA and Institutional FX Fund Manager, is a leading foreign exchange professional. He is the only institutional insider and Fund Manager who also shares his methods and strategies with other professionals and private traders. Chris will be making his only US appearance in 2010 at his Charlotte, NC workshop.
FX Workshop Includes:
- 2.5 Days Live Workshop with Chris Lori, CTA and Fund Manager
- 300 page resource manual
- Online access to Chris' "Complete FX Course" for Workshop preparation and follow up ($399 value)
- Online access to "Inside the Banks" - Course on Fundamentals and Interest Rate Spreads ($199 value)
- 2 Months access to hundreds of training videos and market reviews in Chris Lori's "Pro Traders Club" ($318 value)
- $900 in Bonuses!!
"This workshop will completely change your view on how to trade in the foreign exchange market!" â€”Chris Lori
For detailed information about the workshop and to register to attend this workshop, click here.FX Trading â€“ Tip-toeing a fine line of support
Friday was a good day for the euro. But it wasnâ€™t enough to eke out a gain on the week. And that could be very telling.
Have a look ... [Chart not available in text format.]
What Fridayâ€™s EURUSD rally was able to do was pull the pair back above critical support (red line); itâ€™s currently hovering there, little changed to start the week.
The fact that the late-week reversal wasnâ€™t able to allow the pair to close higher on the week could indicate that the bears are still in control, that this pair heads even lower before notching any noteworthy gains.
But if traders view last weekâ€™s bar as bounce-back, reversal-type price action then maybe this could help propel prices higher in a corrective fashion. And thatâ€™s where weâ€™ll be closely watching the weekly downtrend line (blue).
If the euro struggles to break above that line in the next week or so then consider another playable down-leg is coming. On the other hand, a swift move, without hesitation, that sends the euro up through its downtrend will likely glean some follow-through strength. That means prepare for a playable correction, with resistance at $1.3830 being a logical first target (green).
Taking the dollar over the yen in a â€śsneaky pick.â€ť
Barring a couple monster days to the high side, USDJPY has been fairly quiet during the month of March, after a month of February that resolved to go basically nowhere.
Last Wednesday and Thursday led the pair to break above resistance (red line): [Chart not available in text format.]
Next up, as we think the pair moves still higher from here, would be a move to the early-January spike high (circled). But as the weekly chart below shows, that high is a small obstacle in the grand scheme of things; though a convincing move up through that level would lend a lot of credence to the idea that USDJPY bottomed-out last November.
[Chart not available in text format.]
Weâ€™ve got our members prepped and ready for a strong USDJPY; keep an eye on this one to move higher, perhaps quietly, over the next couple weeks.
John Ross Crooks III
Black Swan Capital
www.blackswantrading.comYou want long-term trading ideas like this, with fundamental analysis to boot?
Currency Investor is your answer.
Itâ€™s our monthly investment newsletter that keeps you tuned in to major themes impacting currency prices. In addition to all the specific analysis, we include specific recommendations of where you should put your money and when ... in case you donâ€™t want to be left timing your long-term currency investments yourself.
Did I mention its only $39 for an ENTIRE YEAR???!!!
You can click here to read more.
Or you can click here to sign up using your credit card. (Visit our homepage if youâ€™d like to sign-up using PayPal.)
All the best,
Director of Sales and Marketing
Black Swan Capital [email protected]
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
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."