User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday November 12, 2010 - 03:12:17 GMT
Forex Hound - www.forexhound.com

Share This Story:
| | Email

E-mini S&P 500 Finishes Lower in Light Trade; Watch for Weekly Reversal Top

The December E-mini S&P 500 finished lower on Thursday on light volume in a holiday driven trade. This market did make an attempt to sell-off but failed to even take out Thursday’s low at 1201.75 before selling pressure subsided.

 

The range this week is 1224.75 to 1201.75. The retracement zone of this range is 1213.25 go 1216.00. This area could be tested again tomorrow. If this market is topping, then it is likely to stop in this zone and form a secondary lower top.

 

The E-mini S&P 500 is also battling a weekly closing price reversal top. Last week’s close was 1222.00. This price is likely to be defended by the bears if the market makes it that high. A close under this price will form a simple weekly reversal, but a close under 1213.25 will make the reversal top more impressive, setting up a possible 2 to 3 week break into 1196.25 to 1189.50.

 

The EUR USD continued its sell-off on Thursday after turning the main trend down on the daily chart earlier in the week.

 

Downside momentum indicates that the break is likely to continue down into an uptrending Gann angle from the 1.2644 bottom at 1.3544 on Friday.

 

Based on the main range of 1.2587 to 1.4282, the retracement zone at 1.3510 to 1.3434 is also a potential downside target.

 

The area to watch for a technical bounce is at the support cluster at 1.3544 to 1.3510. This area is being created by the Gann angle and the 50% level.

 

The main catalyst behind the current weakness is debt issues in Ireland and Spain. Spain is also feeling pressure from the harsh austerity measures which may be the cause behind the lack of growth in third quarter GDP.

 

On the upside the Euro is walking down a Gann angle at 1.3802. Continue to look for the weakness to continue as long as this market remains under this angle.

 

Today’s U.S. Veteran’s Day holiday is taking its toll on stock market volatility and volume on Thursday. The stronger Dollar is helping to keep downside pressure on the equities markets, but there doesn’t seem to be a strong enough seller present in the market to drive the December E-mini S&P 500 through the previous day’s low at 1201.75.

 

Problems in the Euro Zone peripheral countries of Spain and Ireland continue to weigh on the Euro, encouraging traders to shed risky assets, but this hasn’t translated into the heavy selling pressure we are likely to see on Friday when the market’s reopen at full strength.

 

Currently, the December E-mini S&P 500 is in a position to post a weekly closing price reversal top. At this time, it has confirmed a daily reversal top from earlier in the week, but a weekly reversal will be a strong indication that this market is set up for a minimum 2 to 3 week correction. Based on the near-term range of 1167.75 to 1224.75, the most likely downside target would be a retracement zone at 1196.25 to 1189.50.

 

The December Euro is down sharply on Thursday as weak data from Spain demonstrated that the crisis-hit European Union countries will continue to put selling pressure on the single currency. This morning Spain reported a disappointing steady gross national product. Combined with the Irish debt issues brewing, traders are currently implementing a “sell first, ask questions later” strategy.

 

In failing to show growth during the third quarter, the data from Spain may be showing that the country’s new tougher austerity measures may be taking their toll on growth and expansion. One telltale sign that traders are taking the matter seriously is the widening of the spread between Spain’s 10-year benchmark bond yield and the comparable German bond. On Thursday, the spread reached 215 basis points, a five month high.

 

Technically, the main trend is now down on the daily chart following a break through two main bottoms at 1.3733 and 1.3698. Based on the main range of 1.2587 to 1.4282, watch for the correction to continue down into a retracement zone at 1.3434 to 1.3234.

 

Earlier today selling pressured pushed the Euro through an uptrending Gann angle at 1.3727. The failure to hold this level is likely to trigger a further decline into another Gann angle at 1.3524. There are no major support clusters set up at this time which means the market could attempt to test several areas before establishing solid support.

 

On the upside, a downtrending Gann angle from the 1.4282 main top comes in at 1.3882 today. This angle is followed by additional angles at 1.4082 and 1.4182.

 

 

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 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

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

Max McKeggs Daily Forex Trading Forecasts

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. If you are looking for a quality Forex TRADING Service, see details below.

 

 


Click here to request a TRIAL of Max's Forex Service. By requesting a trial I authorize global-view to conact me.

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