User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday June 11, 2015 - 10:12:04 GMT
. - .

Share This Story:
| | Email

Currency Forecasting - More Art or Science?

A wit once said that the only problem with making predictions is that you have to tell the future. It is often stated that to know what will next happen in the markets requires a crystal ball. Certainly to “know” with certainty what will transpire is a forlorn quest but forecasting the forex market is all about probabilities, rather than certainties.

There are two common types of forecasting approaches: those based upon fundamental, quantitative data and those based upon technical, chart/price based analysis.

In the case of the former, the forecaster relies heavily upon computer-generated statistical data to discern past historical “event” occurrences and their respective probabilities to extrapolate this into pragmatic market forecasts. There are no certainties, nor should any be expected, but where the forecaster identifies statistically robust results, these can be utilised to make predictive outcomes.

 Statistically robust results have long been accepted as providing reliable probability forecasts for future outcomes in a range of fields and the applicability to market forecasting is yet another. Such is the accepted efficacy of this approach that it is utilised by central banks, economic institutes and even hedge funds.

 Technical and chart/price based forecasts have the premise that past price action can be used to forecast future price direction (obviously again, within the context of probability outcomes) and there are a range of different technical techniques, indicators, theories and chart-based analyses which can be utilised to this end.

Classical chart analysis identifies many different chart patterns that illustrate the “contest” between the competing forces of supply and demand and their ultimate resolution. Principally, such chart patterns fall into the category of either Continuation or Reversal Formations. The latter depicts trend ending patterns and these include the Head and Shoulders formation, the Rounding (or Saucer) Top, the Double Top and the Rising Wedge.

Continuation patterns on the other hand, as their name suggests, depict corrective pauses or “time-outs” within the dominant trend and these pattern types include such structures as the family of Triangles (Ascending, Descending and Symmetrical), Rectangles, Pennants and Flags.

The Elliott Wave Principle (EWP) contends that mass human psychology as reflected in market prices, follows a predictable path as detailed in the guidelines of the EWP, which maintains that wave patterns develop in the markets and that these occur at all degrees of trend. eg. The larger patterns comprise components of smaller ones and the same patterns of smaller scale combine to make ones of still larger scale.

 The EWP has been referred to as the purest form of technical analysis in that it records mass human psychology, as it manifests itself in market prices, registering how crowd opinion (as reflected in market prices) moves from one extremity to another, from optimism to pessimism and back again in a never ending cycle of human behaviour. This repetitive swing from bullish to bearish in every degree of wave formation will continue as long as human nature remains the same.

I’ve been professionally trading and forecasting the forex market for the past 30 years and for me, forecasting the markets is certainly not an exact science but neither is it a pure art; it is a combination of the two, where acting within a prescribed framework of rules and guidelines, I utilise my interpretative judgement based upon three decades of professional experience, to render the highest probability forecasts and trading calls I can each day; ranging from intra-day and short term (24-48 hour) trading forecasts to medium and long-term forecasts.

Request a trial for Max McKegg's Daily Forex Forecasts

Max McKegg24 Rama Crescent, Khandallah, Wellington 6035, New Zealand, Tel. 64-4-479-098

Email : [email protected]


Disclaimer: Max McKegg & Technical Research Ltd accept no liability whatsoever for any loss or damage that maybresult, directly or indirectly, from any forecast, comment or opinion, information or omission, whether negligent orbotherwise, within this report.


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 LIVE to YOUR charts

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

Mon 27 May 2019
AAGB/US- Holiday
Tue 28 May 2019
A 14:00 US- Consumer Confidence
C 13:00 US- Case-Shiller
Wed 29 May 2019
A 08:55 DE- Employment
AA 18:00 US- BOC Decision
A 18:30 US- EIA Crude
Thu 30 Mar 2019
AAEZ/CH- Holiday
A 12:30 US- Weekly Jobless
Fri 31 Mar 2019
AA 10:00 EZ- Flash HICP
A 12:30 US- Personal Income, Spending, Deflator
AA 14:00 US- Final Univ of Michigan

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


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