Dollar/CAD Ping-Pongs in Range; Dollar/Yen Consolidating
The USD CAD is still ping-ponging between retracement levels
at 1.0282 to 1.0579. Continue to play these levels until the market breaks out
in either direction. The Canadian economy appears to be stuck because of the
influence of the weakening U.S.
economy. Uncertainty about future growth is cooling off the Canadian economy,
leading to speculation that the Bank of Canada will leave interest rates at
The USD JPY is still consolidating inside of the 84.73 to
86.37 range. The market appears to be forming a support base as government and
Bank of Japan officials try to decide the effect of the high priced Yen on the
economy and whether to intervene. This market is expected to remain inside of a
tight range until this decision is reached. This decision has the potential to
exert a tremendous amount of influence on the market which is likely to lead to
high volatility next week. In particular, a breakout to the upside could
produce some tremendous gains as shorts will no doubt pay anything to get out
of their positions.
The U.S. Dollar traded higher across the board under light
trading conditions on Friday. Trader sentiment continued to remain locked
around risk aversion as uncertainty over the strength of the global economy
The British Pound broke minor 50% support at 1.5560 and an
uptrending long-term Gann angle at 1.5549. This move tripped stops and caused a
soft break into a .618 support level at 1.5457 before settling into a range.
It was reported this week that U.K. retail sales were stronger
than expected, but this news wasnâ€™t enough to sustain the rally. Concerns about
inflation and the effects of new taxes and spending cuts on the economy
continue to weigh on investors. Earlier in the week, the Bank of England
minutes showed that the Monetary Policy Committee voted 8 to 1 to support this
monthâ€™s interest rate decision. The minutes also showed that inflation was
discussed as well as a rate hike. The BoE seems to believe that inflation will
fall back below the target rate of 2%, if left alone, by 2012. The central bank
is basing this assessment on its evaluation of data which it interprets to mean
that the current high inflation rate has been caused by temporary events.
The Euro reaffirmed its downtrend when it broke a swing
bottom at 1.2732. A new main top on the daily chart was formed at 1.2921. The
next objective is the major retracement zone at 1.2605 to 1.2433. This area
represents a retracement of the 1.1876 to 1.3334 range.
Talk surrounding the strength of the Euro Zone recovery
helped pressure the Euro but the most bearish influence was comments from
European Central Bank council member Weber who said he thought the ECB should
wait until the first quarter next year before considering an exit strategy.
This ignited a huge sell-off in the Euro as traders read the comments to mean
the Euro Zone economy was not as strong as perceived.
Flight to safety buying is driving the USD CHF higher.
Former bottoms on the weekly chart are providing some light support, but the
daily chart suggests the market should continue to remain under pressure. A
series of tops at 1.0675, 1.0640 and 1.0626 are major resistance. The trend
will remain down on the daily chart until these levels are violated.
Election concerns and the dumping of risky assets pressured
the Australian Dollar early in the session before it stabilized. The trend is
down but the chart indicates there is room to break to .8644 over the near-term
if sellers step back in after the week-end.
Polls are showing the election is too close to call with
several analysts calling for a hung parliament. Taxes, spending cuts and the
environment are key issues to be decided with this election.
The trend is down in the New Zealand Dollar. 7191 is new
main top on the daily chart. A trade through this level will turn the main
trend up. Downside momentum is slowing today, but could pick up again if
sellers show up. The chart indicates room to break to the .6977 level.
The Dollar Index finished the week on its high. Overall the
shift in sentiment toward risk aversion triggered this weekâ€™s rally. Early next
week the Dollar should react to U.S.
housing data. At the end of the week, the GDP Second Estimate should have a
huge influence on the direction of the Greenback. The consensus is calling for
growth of 1.3% versus 2.4% previously.
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.