U.S. Dollar Finishes Down against Most Majors; Risk Sentiment Shifting
The U.S. Dollar finished down against most major currencies
on Tuesday as appetite for risk shifted toward higher yielding assets. The
Greenback closed lower against the commodity-linked currencies while posting a strong
gain versus the British Pound.
The Euro seemed to stabilize after the European Union took
steps to prevent sovereign debt issues from spreading and destroying the
currency.Nervous shorts appeared to be
paring back positions which could be a sign of an impending short-covering
The single-currency briefly pierced the 1.20 area but was
unable to attract fresh selling or trigger sell stops. In addition to the austerity
measures being proposed by the European Union, the Euro was still finding
support from comments by Fed Chairman Bernanke on Monday who said the EU has
the means to stabilize the Euro and enough money to support struggling nations.
The daily chart indicates that the old bottoms at 1.2143 and
1.2153 are a wall of resistance. Overcoming these levels could trigger an
acceleration to the upside.
The British Pound was under pressure all trading session
before mounting a decent short-covering rally into the close. At this time,
this pair is straddling at minor retracement zone at 1.4499 to 1.4435. Holding
this area could be a sign of developing strength as it would indicate the
formation of a secondary higher bottom.
The weakness in the GBP USD was being driven by comments
from Fitch ratings who warned that the U.K. must accelerate its austerity
measures or risk losing investor confidence and its AAA debt rating. This
warning was nothing new to traders who none-the-less reacted by selling the
Pound. The strong comeback late in the session could be a sign that Tuesdayâ€™s
reaction may have been an overreaction to the Fitch comments.
Risk-linked currencies were strong throughout the trading
session. The late session surge in the U.S. equity markets triggered
strong short-covering rallies in the AUD USD, NZD USD and USD CAD.
The Australian Dollar was able to rebound off its low
following a test of the recent bottom at .8067. Regaining a retracement area at
.8251 to .8308 is a sign that shorts may pare back positions again tomorrow.
Watch for this pair to try to establish support inside this zone.
The main trend is down in the New Zealand Dollar but
Tuesdayâ€™s trading action indicates it may have run out of sellers. The strong
reversal to the upside indicates there may be a follow-through rally back to a
retracement zone at .6735 to .6774.
The choppy trading action in the USD CAD continued on
Tuesday on increased appetite for risk. The main trend is up but the market
seems content with hovering around the 50% level of the 1.0110 to 1.0853 range
at 1.0481. If demand for higher assets continues to increase, then look for
more downside pressure on the USD CAD over the near-term.
There seems to be a shift in market sentiment taking place
that is centering on the Euro. With Bernanke supporting the actions by the European
Union and the EU continuing to develop measures to support the Euro and back
the struggling nations, watch for the start of a short-covering rally. A rally
in the Euro should take some of the pressure off the commodity-linked
currencies which have been beaten up lately because of trader aversion to risk.
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 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
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.