A late session surge in Europe is triggering a
short-covering rally in the Euro and British Pound ahead of the U.S. opening.
The Euro was down sharply overnight as traders reacted to Fridayâ€™s bearish U.S. jobs data and the news that Hungary
is the latest candidate for sovereign debt issues.
Over the week-end the Group of 20 major economic powers
concluded their meeting by issuing a more cautious outlook for global growth.
Their primary concerns were the European debt crisis and the possibility that
European fiscal consolidation will result in muted global growth. While the
European and commodity-linked currencies suffered, the Japanese Yen benefitted
from a strong surge in flight-to-safety buying.
Shortly before the U.S. opening, the Dollar is
starting to see some pressure. U.S.
equity markets have turned positive, driving down the Greenback versus the
Euro, British Pound and the riskier Australian, New Zealand and Canadian Dollars.
Increased appetite for risk is also pressuring the Japanese Yen. This action
ahead of the New York
opening appears to be short-covering and only proves that the movement in the
Dollar will be sensitive to risk sentiment today.
Following the prolonged down move in terms of price and time
in the Euro, traders should watch today for a possible closing price reversal
bottom. The news is still bearish, but conditions may be oversold and may
warrant a position adjustment before the next round of selling pressure takes
The GBP USD was trading weaker overnight, but shortly before
the New York
session has regained a key retracement zone at 1.4499 to 1.4435. Intra-day
traders should watch to see if a support base can be built at or above 1.4499.
This action will be a sign that traders are attempting to form a secondary
higher bottom which could lead to the start of a new rally.
The stock market will dictate the direction in the USD JPY
today. A strong stock market should support this pair especially if it can hold
above the 50% price at 91.61 and regain the .618 level at 92.41. A weak stock
market will drive up the Japanese Yen. Watch the action as the market trades
both side of 91.61. Holding above it will be a sign of strength while a break
below it will most likely lead to more selling pressure.
The main trend is up in the USD CAD but trading conditions
the past 7 days or so can best be described as choppy. The overnight rally
failed to reach the last main top at 1.0853 and now appears to be ready to
retest a retracement zone at 1.0481 to 1.0394. Look for volatility and
sensitivity to the movement in the U.S. equity markets today.
The AUD USD stopped short of reaching its most recent bottom
at .8067 before short covering this morning erased most of last nightâ€™s losses.
The main trend is down, but short-covering could drive this market back to a
50% level at .8308 before new selling pressure hits the market.
The main trend turned to down on the daily NZD USD chart
late last week. Trading action overnight confirmed the weakness, but
short-covering ahead of the New York
opening could take this market back up to a 50% price at .6706. The strength of
the short-covering rally will be determined by how it trades at this price.
Regaining this level will indicate a surge to the upside. A failure to regain
this level should attract fresh selling pressure.
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
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.