The Australian Dollar rebounded on Tuesday following a
three-day setback boosted by stronger U.S. equity markets and increased
demand for currency-linked commodities. Speculation mounted that the central
bank would raise interest rates before the end of the year following news that
the Asian Development Bank increased its growth forecast for China. This
encouraged investors to buy the Aussie in anticipation of improved economic
conditions because of increased demand for Australian raw materials.
Technically, the AUD USD maintained its uptrend despite the
short-term correction to .8632. The strong move on Tuesday puts the Aussie in a
position to take out the swing top at .8870 and the .618 retracement level at
.8883. A penetration of these two levels is likely to trigger an acceleration
to the upside.
The strong rise in the Australian Dollar along with talk of
another interest rate hike by the Reserve Bank of Australia triggered a strong rally
in the New Zealand Dollar. With the Aussieâ€™s likely to hike rates before the
end of the year and the Bank of Canada setting its benchmark rate 25 basis
points higher this morning, Kiwi investors gained confidence that the Reserve
Bank of New Zealand
would be next in line to adjust interest rates higher.
Technically, the NZD USD rebounded after testing the 50%
level of the .6794 to .7303 range. The main trend is up, but the market may run
into minor resistance at .7166 to .7198.
After trading in a tight range most of the morning, pressure
from rising equity prices and commodities finally ignited a sell-off in the USD
CAD. Early this morning, the Bank of Canada hiked its benchmark interest rate
by 25 basis points. This increase was in line with expectations, but the dovish
tone of the policymakerâ€™s statement helped hold the Dollar/CAD inside a tight
range most of the morning. Once U.S.
equity markets rebounded from a weaker opening, traders aggressively bought the
Technically, the USD CAD is still locked inside of two
ranges. The broad range is .9929 to 1.0853 with a mid-point of 1.0391. The
narrower range is 1.0853 to 1.0137 with a mid-point of 1.0495. Currently this
pair is trading between the mid-points of each range.
A rumor of a possible intervention by the Bank of Japan
helped underpin the USD JPY on Tuesday. A turnaround in the stock market
pressured demand for lower yielding currencies, thereby adding to the
bullishness of the Dollar/Yen. Although an intervention from the BoJ is
possible, traders are taking a precautionary approach to the long side due to
the fact that the strength in the Yen has been caused by a weakening U.S. economy
and not excessive speculation. The BoJ is worried that the strengthening Yen
will lead to decreased demand for Japanese exports. Investors are likely to
remain short until the swing top at 89.15 is violated. A breakout above this
point will turn the main trend to up, setting up a possible rally to 90.62.
The British Pound rebounded against the Euro after Hungaryâ€™s smaller-than-expected
debt auction renewed sovereign debt concerns in the Euro Zone.
Early in the session the British Pound was under pressure
due to concerns about the economic recovery triggered by a weaker-than-expected
budget deficit and lower mortgage approvals.
Technically, the GBP USD survived a two-day break while
keeping the main up trend in tact. Tuesdayâ€™s strong upside momentum indicates
the market may have enough power to test the last swing top at 1.5471. A new
main bottom at 1.5152 may also form, adding to the Poundâ€™s growing series of
The biggest concern facing the Pound at this time is whether
economy can strengthen enough to trigger a rate hike by the Bank of England.
Traders are extremely worried that the economy will weaken further because of
the newly approved austerity measures.This would make the U.K.â€™s
debt rating vulnerable to a downgrade by the ratings agencies.
The EUR USD traded lower, pressured by sovereign debt
concerns in Europe following poor demand for Hungaryâ€™s debt. Profit-taking ahead
of Fridayâ€™s release of the European bank stress tests results added to the
weakness. Traders are nervous about what the report will reveal. Some feel the
test wasnâ€™t stringent enough; others feel that it will show several banks need
to raise more capital.
After testing a Fibonacci retracement level at 1.2998 and
trading all the way to 1.3028, the Euro posted a daily closing price reversal
top on Tuesday. This is the second such reversal in two days signaling increasing
selling pressure. A follow-through to the downside is needed to confirm the
reversal. Watch for weakness to develop if the 50% level at 1.2783 fails to
Over the near-term, stronger demand for higher risk assets
is likely to continue to underpin the commodity-linked currencies.
Profit-taking is expected to continue to pressure the Euro as traders await
Fridayâ€™s European bank stress test results.
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.
Tue 19 June 2018 A 12:30 US- House Permits/Starts Wed 20 June 2018 A 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude Thu 21 June 2018 AA 11:00 GB- Bank of England Decision A 12:30 US- Weekly Jobless Fri 22 June 2018 AFlash PMIs
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.