ForexJournal

JPY, USD: Safe Haven Bidding Continues

The G7's finance ministers' remarks at this weekend's meeting, trying to calm down rising fear in euro bond markets, were not enough to curb the moneyflow into the yen and the dollar seeking safe havens from the present storm over the Eurozone.

Morning Forex Overview

Previous session overview

The euro fell against the dollar and the yen in Asia on Monday as European authorities at the weekend meeting of financial heads from the Group of Seven failed to offer realistic plans to help Greece out of its debt woes.

No Official G7 Communique

Market Brief

FX markets did not do much in Asia trading, as traders were still shaking off a very bumpy week. Asian regional indexes were unable to follow Wall Street's late day rally, putting pressure on risk appetite.

No Specifics At G7 On FX Or Sovereign Crisis

News and Events:

'We expect and we are confident that the Greek government will take all the decisions that will permit it to reach that goal,' Trichet said.

EUR/USD Technical Analysis

Current level-1.3693

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.

USD/JPY Technical Analysis

Current level - 89.42

The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54.

GBP/USD Technical Analysis

Current level- 1.5593

The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.

GBP Technical Analytics

The pre-planned break-out variant for sales has been implemented with attainment of basic anticipates targets. OsMA trend indicator, having marked preserved minimal priority of bearish party, suggests preservation of bearish trend with sales preference in planning trading operations for today.

JPY Technical Analytics

The pre-planned short positions from key resistance range levels have been implemented with attainment of basic anticipated targets. OsMA trend indicator, having marked priority of bearish party in the bigger picture, suggests preference of sales priority in planning trading operations for today.

CHF Technical Analytics

The pre-planned long positions from key supports have been implemented with overlap of minimal anticipated target. OsMA trend indicator, having marked preservation of bullish party activity, suggests holding of bullish priorities in planning trading operations for today.

The Daily Forecaster: USD/CAD

Price: 1.0722

Bias: The move higher does not yet look complete and while 1.0664-79 supports I look for 1.0857-03

Forex and Dow Jones Recommended Levels

EUR/USD

Today's support: - 1.3618 and 1.3568(main), where correction is possible. Break would give 1.3547, where correction also may be. Then follows 1.3524. Break of the latter would result in 1.3486. If a strong impulse, we would see 1.3465. Continuation will give 1.3437 and 1.3410.

Forex Technical Update

EURUSD : Euro is currently trading at 1.3640 levels and attempted to push lower on Friday, bottomed at 1.3584 levels. Upside correction is expected till 1.3750. Do not initiate longs until we see 2 higher consequtive closings. Initiate shorts near 1.3700 levels. Range for the day could be 1.3750 to 1.3480. (EURUSD - 1.3640) Bearish

Opening Comment Feb 8

Although the G7 has come and gone with no official statement on currencies, the USD maintains its strong bid into the new week, and tracks higher against all major currencies. In Japan, the current account surplus widened for a fifth consecutive month, while loan growth shrank for the second consecutive time since December 2005.

U.K. Warned Against Premature Fiscal Tightening

(RTTNews) - The U.K. government should steer clear of significant tax increases and spending cuts during this financial year and concentrate instead on credible ways to bring its budget deficit under control in the subsequent years, a leading think-tank said on Wednesday.

Polls Apart

When I was in school, I always enjoyed geography lessons with Mr. Draper.  One of my favorite parts of the subject was ‘plate tectonics’ – how the great continent of Pangaea slowly broke apart to form the continents that we know today.

Proxies and Canaries – Derived Data In Forex

One of the lesser known qualities of Forex markets is their ability to act as proxies or “canaries” in other, ostensibly unrelated markets. The degree of correlation between Forex and other markets is not widely understood.  While most people are aware of the nexus of USD or better still the U.S. Dollar Index to gold, not many are aware of the rela...

Exchange-Traded Option Trading In Asia

Asia provides many option markets and option traders. From the Asian markets, traders can access options on currencies, stock market indices and individual stocks. The objective of this synopsis is to present the attributes of Asia’s major option markets on these three asset classes, followed by the some of the typical option trading approaches emp...

Tips that Take too Long to Learn on Your Own

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Confirm the Trend with an A/D Line

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A Return to Price Action

Introduction and a Brief History
Since the marriage of trading and indicators, there has always been a fascination with the information that is given by such indicators. The very name – ‘Indicator’ – hints that they magically ‘indicate’ where the market is going, what it is going to do and how we should trade it.  It is natural to want trading to be...

Smart Basic Chart Reading

In this article, I will review two special indicators and show how to use them in your daily trading.

Detecting a Moving Average Crossover before It Happens
We all know the many ways that moving averages can be used in basic chart reading, but have you ever wished to know when the moving averages would crossover earlier?

Trading Strategies on Foreign Exchange

Forex trading strategies are about more than your trading model
Your trading methodology is what executes your orders – it will do what you tell it to do. But it will not necessarily do what you want it to do for you.

Managing the Emotion of Trading Forex

Exhilarating, ecstatic, euphoric.  Exasperating, frustrating, infuriating, agonizing.  These are just a few words that describe the emotions Forex traders experience as a normal part of the trading week.

A Personal Story – Life’s Lessons and Forex

I believe that learning to trade Forex is something many people can do if they are willing to do a bit of homework and keep their minds open to new ideas. As is often said, “a little bit of learning can go a long way.” So if you are willing to do that little bit, you can take that knowledge and turn it into real profits.