Not Much Holding British Pounds Up; Poised to Break Hard
The British Pound received a boost Thursday morning
following a better than expected U.K. retail sales report. This
rally died, however, short of a breakout above the recent high at 1.5701 and
after sentiment shifted away from risky assets.
Technically, the Sterling
is trapped between a pair of 50% levels at 1.5560 and 1.5635. Major support is
being provided by an uptrending Gann angle from the 1.4229 bottom at 1.5529
today. A close under this angle could trigger a tremendous downslide.
The resumption of the downtrend in the equities markets
triggered a sharp break in the commodity-linked currencies with the New Zealand
Dollar leading the way lower. Todayâ€™s surprisingly bad U.S. weekly initial claims report
renewed fears of a shutdown of the global economy. If investors continue to shy
away from risk, then look for further weakness in the Canadian Dollar and
Australian Dollar also.
One question traders are asking each other is whether the
Dollar is trending or if it is rangebound. On one hand some traders believe in
a bullish scenario for the Dollar because of flight to safety buying. Bearish
traders believe the U.S.
economy will grow at a slower rate than the rest of the world. This clash
between the fundamentals could produce side ways action highlighted by periodic
Technically, the Aussie rally failed this week at the 50%
price level of the .9221 to .8857 range at .9039. This move has set up a
developing bearish secondary lower top. Based on the current chart pattern,
look for further weakness with .8644 the next downside target.
Earlier this week the New Zealand Dollar completed a 50%
retracement of its recent downswing. The range from .7355 to .6996 ended
slightly above the .7175 level at .7191. The charts are suggesting a move to
.6977 to .6879 is likely over the nearterm.
On Thursday, the U.S. Dollar rose sharply as risk aversion
is back on following a surprisingly weak U.S. jobless claims report.
Especially hit hard during the Greenbackâ€™s rally were the commodity-linked
The Euro traded lower after a weak attempt to rally failed
after the bearish U.S. report and on the heels of a better than expected
forecast for German economic growth.
Technically the Euro is still rangebound amid confusion by
traders. Buying and selling interest appears to be even as the bulls want to
buy Euros on speculation of renewed strength in the Euro Zone economy but the
bears feel the need to sell because of a dim outlook for the global economy.
The charts indicate impending volatility but the direction
of the next move is not clear. A breakout to the upside is likely to be met
with selling pressure at 1.3033 to 1.3104. A breakdown through support could
trigger a downside acceleration to 1.2605 to 1.2433.
The USD JPY started the day in a potentially bullish
position as it tried to build support inside of a retracement zone at 85.36 to
85.55. At one time today, it looked as if the Dollar/Yen was readying to
breakout above the last swing top at 86.37. This move wouldâ€™ve changed the
daily trend to up.
This pair sold off sharply after the U.S. released a surprisingly bad
weekly initial claims report. U.S.
equities sold off on the news, triggering a flight to safety rally in the Japanese
Yen. Unless this market can regain the retracement zone, look for 84.73 to
fail. This would put the Dollar/Yen a new multi-year low.
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 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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.