User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday September 2, 2010 - 07:50:07 GMT
Forex Hound - www.forexhound.com

Share This Story:
| | Email

Gann Cluster Indicates E-mini S&P Headed to 1086.75 – 1088.00

The strong close in the September E-mini S&P 500 has put this market in a position to rally further with a cluster of Gann angles and a .618 retracement level the next potential upside target.

 

On Thursday the cluster will be formed at 1086.75 to 1088.00, an uptrending Gann angle/retracement level combination. The downtrending angle will fall between these two levels at 1087.75. This could be indicating that this market has more room to run to the upside tomorrow.

 

The September E-mini S&P 500 soared to the upside Wednesday morning boosted by strong economic data from Australia and China. Although the ADP employment outlook surprising missed analyst estimates, investors shrugged off the news.  Thin trading conditions may have contributed to the rally. Many large traders and institutions have been on the sidelines this week due to Monday’s Labor Day holiday. In addition, other key market players have chosen to stand aside in front of Friday’s August U.S. Non-Farm

 

The strong rallies in the Euro and the three major risk-linked currencies finished sharply higher and near their highs while showing no signs of a letup into the close. Whether it was short-covering or fresh buying, investors celebrated good global economic news by driving the U.S. Dollar lower and most major markets higher.

 

Upside momentum is expected to continue overnight, but traders will have to face a decision about whether to keep up this robust pace so close to the U.S. Non-Farm Payrolls Report on Friday. In addition, investors get a chance to assess more U.S. economic data on Thursday including weekly initial claims, Factory Orders and Pending Home Sales.

 

The Euro surged to the upside overnight, taking out the last swing top at 1.2779 and changing the main trend to up on the daily chart. Based on the range of 1.3334 to 1.2587, the September Euro is now set up for a possible test of the retracement zone of this range at 1.2960 to 1.3049. A downtrending Gann angle from the 1.3334 top is at 1.2974, suggesting the formation of a resistance cluster at 1.2960 to 1.2974 today and 1.2954 to 1.2960 on Thursday.

 

The initial catalyst behind the surge in the Euro overnight was the bullish PMI news from China and the better than expected growth report from Australia. Both news pieces helped rally Asian stocks leading to greater demand for risk and subsequently the Euro.

 

News that the Euro Zone manufacturing recovery hit a six-month low failed to halt this morning’s advance.  Overnight it was reported that the manufacturing purchasing managers’ index slowed to 55.1, with “moderated” growth both in output and new orders.

 

According to the report, the hardest hit country in the Euro Zone was Greece which is still trying to recover from its financial crisis from the Spring. Germany and France posted “strong growth”.  The report also showed that the improvements were “still centered on Germany, the Netherlands and Austria”. The recovery was “comparatively modest” in Italy and Spain.

 

Although this report suggests that the region is cooling, the strength in Germany and France should be noted. The weaker countries are likely to bring up this fact at the next European Central Bank meeting on September 3. ECB members want to be assured that the Euro Region as a whole recovers at a similar pace so that the stronger countries do not dominate the weaker economies.

 

Despite the change in trend to the upside in the Euro, momentum must continue to remain strong to drive this market to the objective minimum objective of 1.2960 over the near-term.

 

The Dollar declined against the Euro and commodity-linked currencies throughout the New York session after U.S. manufacturing activity showed a surprise improvement last month. This news came unexpectedly and indicated that despite calls for a double-dip recession, there were identifiable areas of strength in the economy.

 

Wednesday’s down move in the Dollar began last night following the release of stronger economic data from Australia and China. Investor appetite for risk was whetted with the news, triggering a sharp rally in the Australian, New Zealand and Canadian Dollars.

 

Earlier this morning traders shrugged off a weaker than expected ADP employment report, signaling that the focus would be on growth. The ADP number suggested that Friday’s U.S. Non-Farm Payrolls Report will likely be in line with pre-report estimates of a 106K to 120K jobs lost and an increase in the Unemployment Rate to 9.6%.

 

Technically the September Euro changed the trend on the daily chart to up on the move through 1.2779. This sets up the strong possibility of a retracement to a major 50% level at 1.2960. Upside momentum has to continue on Thursday to keep this forecast in line. Some traders doubt that the rally was triggered by real buyers because of thin pre-report and pre-holiday trading.

 

The September Australian Dollar was a big mover on Thursday, posting a strong gain of over 2.00%. The rally also exceeded a retracement zone at .8995 to .9049. This move sets up a potential rally to a downtrending Gann angle at .9131. 

 

Australian Bonds sold off following the report of a surge in Australian GDP by 1.2 percent. This was the most rapid pace in three years and led to call for an interest rate hike by the Reserve Bank of Australia at its next meeting on September 7.

 

The surge in the Australian economy also spilled over to the New Zealand Dollar, which remained in a downtrend, but was threatening to break out above the last swing top at .7191.

 

Finally, the September Canadian Dollar benefited from higher crude oil, a better outlook for the U.S. economy and appetite for risk. Despite the bullishness of Wednesday’s trade, look for the Canadian Dollar to continue to straddle 50% of the main range of  1.0064 to .9208 at .9636.

 

The strong closes in all the major foreign currencies indicates that there may be a follow-through rally on Thursday, but there is still doubt among some traders whether the rallies today in the majors were real buying or weak shorts getting driven out of the market.

 

Forex Trading News

Forex Research

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 here.

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.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 18 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

Retail Forex Brokerage Changing!

Are you 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.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

 
Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map


Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

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.

Forex News

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

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.

Forex Brokers

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 Trading

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.

FX Trading

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.

Forex Blog

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.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105