User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday May 4, 2004 - 10:42:50 GMT -

Share This Story:
| | Email

Euro/Dollar approaching psychological level at 1.2000

Daily Technical Outlook 05-04-2004

EUR/USD approaching psychological level at 1.2000
USD/JPY closed above the 200-day MA

Technical Outlook

It was an inside day for EUR/USD with volume drying up in the holiday session. Short-term uptrend remains intact but momentum is lacking for an upside move. Buyers have to be very concerned about the daily downtrend line drawn from February high, currently at major psychological level of 1.2000. Failing to break this level will put pressure firmly on the downside, as bulls must defend the 04/29 breakout low of 1.1805, in an effort to avoid a retest of the YTD low. Positive price action for USD/JPY as the pair continued its streak of higher lows and closed above the 200-day MA. As long as the bulls can defend the 04/29 low of 109.50 they will be able to challenge the YTD high at 112.35. There are still many short sellers looking to sell into this rally, as the run-up from 04/01 had no strong anchor and is very fragile. However the sell-off from 09/16 to 09/22 was just as vulnerable, a new YTD high will trigger a serious short squeeze. Trading range narrowed in GBP/USD with the pair continuing to experience difficulty breaking above the 10-day SMA. Upside will be limited until 1.7810 is taken, a convergence of past three session highs and 38.2% fibo of the Sep - Feb bull wave. Bulls need to penetrate this level before downside pressure reasserts itself, seeking a retest of YTD low at 1.7580. Only a close above 1.7975, high of 04/28 would complete the double bottom and alter the primary downtrend. Bulls defended in the daily uptrend line in USD/CHF before fading away at 1.3040, a convergence of the 200-day SMA and 10-day SMA. Upside outlook remains intact for a new YTD high, although buyers will need serious momentum to reach 1.3100, with several multi-day high's standing in between. On the downside, bulls must defend 04/30 low at 1.2880 to keep the streak of higher lows alive.


Comment from 04/08
On 03/10 Kiwi had a low at 6554 (slightly below our 6560/6000 area). A small reaction to the 6617 high followed on 03/11, 63pts higher. Even though the ST outlook remains negative; the LT situation has not changed much and Kiwi looks strong. A sustained break below 6280/6310 is in fact needed to turn the pair bearish. Range players will try 6720/50 and 6430/50. The first area will attract bears thanks to the ST Trend R, LT Trend R, High BB, 50 SMA and 23.6% Fibo from the Sep - Mar bull wave. The second area will be a good play for bulls. They can try to exploit ST Trendline S and the 61.8% Fibo from the Nov - Mar bull wave - both present at the level. Finally. More conservative bears will wait for 6980/7020 zone, the 23.6% Fibo from the Jan - Feb bull wave.

On 04/14 NZD/USD had a low at 6300 before a rally to the 6485 high on 04/19, 185pts higher. The 6280/6310 was then cleared and the market quickly used the zone as new R (highs between 6294 & 6327 from 04/22 to 04/28) Since we are now below 6280/6310 bears should have the upper hand. 6340/60 will then become a perfect "add on bounce" zone for the bears thanks to the 200 SMA, LT Trend S now R, 20 EMA and a strong Fibo confluence (23.6% Fibo from the Feb - Apr bear wave & 23.6% Fibo from the 00 - 04 bull wave). A sustained breakout above the area would of course give some hopes to the bulls since the only serious R higher would be 6700/30 (High BB and 61.8% Fibo from the Feb - Apr bear wave). Finally, aggressive reversal players might try 6100/30 in order to exploit the Low BB and 38.2% Fibo from the Aug 02 - Feb 04 bull wave.


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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

John M. Bland, MBA
co-founding Partner,

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.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's 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.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

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