ForexJournal

Soros at the Wall Street Journal

Yesterday morning George Soros spoke at a Wall Street Journal "Viewpoints" Breakfast. In conversation with Alan Murray, he discussed his outlook for the economy and his view of the current debate over regulation and other topics. Click the link below to watch the 40-minute video

Markets are on hiatus ahead of ECB rate decision and early NFP’s – will we break current ranges?

Markets are on hiatus ahead of ECB rate decision and early NFP’s – will we break current ranges?

The NFP (12:30 GMT) number is expected to come out at -365K with some estimates going as high as -425K. The ADP report – largely considered a “pre-NFP” number was worse than expected yesterday coming out at -473K vs. -395K cons. The massive layoffs conne...

Intraday Market Outlook For USD/CHF

USD / CHF
The dollar attempted some recovery against the Swiss franc in early European trading and is priced right now around 1.0800. We do not expect this recovery to go far today, bumping soon into resistance around 1.0840. Setbacks from there are likely, to 1.0760.

Intraday Market Outlook For EUR/USD

EUR / USD
The pair was in retreat in all of early European trading and is currently priced at 1.4090. We see some recovery potential today, but not beyond yesterday’s levels around 1.4190.

Intraday Market Outlook For GBP/USD

GBP / USD
Cable fell further after a weak Asian session in this European morning and is currently trading around 1.6350, just testing a longer-term support zone. We expect this zone to hold in today’s trading and see some recovery potential up to the 1.6450 mark.

Intraday Market Outlook For USD/JPY

USD / JPY
A slight recovery of the dollar against the yen emerged in Asian trading, which is continuing right now in the European morning. Currently trading at 96.65 in low volatility, we expect this recovery to come to a halt at the 96.90 mark today.

Do Not Expect Too Much of Today’s ECB Rate Decision

The market expects an unchanged ECB rate at 1% today, to be published at 13.45 CET. But what is more important are the comments to the protocol at 14:30 CET, where the market sees more pronounced signals of monetary easing, i.e. buying up the Eurozone’s bonds.

GBP/USD Analysis

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 98.13 and 97.75.

GBP/USD Analysis

The pair is in an uptrend, after bottoming at 1.3506. Trading is situated above the 50- and 200-day SMA, currently projected at 1.4778 and 1.5510.

EUR/USD Analysis

Current level-1.4103

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.3064 and 1.3524.

GBP/USD: Losses Upside Momentum, Faces Downside Weakness

GBP/USD: With upside price failure on Tuesday forming a shooting candle pattern and putting the pair back into its sideways trading range, outlook for GBP remains to the downside nearer term while that pattern holds. In corroborating this view, the pair was seen weakening early trading today.

EUR/USD: Turning Off Bullish Incursions

EUR/USD - Although strength saw the pair closing strongly higher on Wednesday, an attempt on a break of its key resistance at the 1.4177 level, its Jun 11'09 high failed suggesting the mentioned upmove may not be sustainable.

Markets Are On Hiatus Ahead Of ECB Rate Decision And Early NFP's - Will We Break Current Ranges?

After having hit a high at 1.4201 yesterday on reports the Vice-finance minister of China wasn't aware of his government's request to discuss use of the IMF's SDR as an alternative.

China Revives The Reserve Currency Debate And Pushes For More Forex Diversification - NFP's And ECB Rate Decision Loom

Market Brief

Vice foreign minister He Yafei said yesterday that he wasn't aware that China had asked the issue of a global reserve currency to be on the agenda for next week's G8 summit. This saw the dollar drop, sending the EURUSD to a high of 1.4201. Despite the consternation at the minister's misinformation his comments on the need for a more sta...

Forex Technical Update

Euro : Euro maintains its range of 1.39 and 1.4150 Break of the range which has been held over 17 days would determine the breakout trend. The trend was expected to be bullish only if 1.41 held strong. Breaking of 1.3950 would negate the bullish trend of euro again. Stay bearish below 1.3950. (Eur/Usd:1.4040) Neutral

EUR Technical Analytics

The pre-planned break-out variant for buyers has been implemented with achievement of minimal anticipated target. OsMA trend indicator, having marked relative bullish activity rise at break-out of key resistance range levels gives grounds to bullish activity priority for planning priority choice for today.

JPY Technical Analytics

The estimated test of key supports has been confirmed, but relative bearish activity rise marked by OsMA trend indicator did not favor implementation of pre-planned buying positions.

GBP Technical Analytics

The pre-planned break-out variant for buyers has been implemented, but with damage to achievement of minimal anticipated target. OsMA trend indicator, having marked relative bullish activity rise at break-out of key resistance range levels, nevertheless, in the bigger picture, is not a significant sign for changing planning priorities favoring buye...

CHF Technical Analytics

The pre-planned break-out variant for sales has been implemented with achievement of minimal anticipated target. OsMA trend indicator, having marked relative bearish activity rise at break-out key support level as a sign of rate fall incompleteness argues for sales priority for planning priority choice for today.

Forex and Dow Jones Recommended Levels

Today's support: - 1.4082, 1.4660, 1.4017 and 1.3961(main), where correction is possible. Break would give 1.3938, where correction also may be. Then follows 1.3910. Break of the latter would result in 1.3897. If a strong impulse, we would see 1.3860. Continuation will give 1.3843.

The Daily Forecaster: USD/CAD

Price: 1.1479

Bias: Mixed - waiting for breaks though ultimately I am looking for a low to develop and for stronger gains

Morning Forex Overview

Previous session overview

The dollar made slight gains against the euro and was steady against the yen in Asian trading Thursday, sticking to narrow ranges ahead of key U.S. jobs data later in the global day.

East European Currencies – The New Dangers for 2009

Background – The EUR/USD collapse of 2008

As the second most important globally traded currency, the euro has (like the U.S. dollar) undergone some extreme historical volatility in 2008 and 2009.  In its specific case, the euro has fallen from generational highs in late 2008 by as much as 22% on a trade-weighted basis in the space of a few weeks.  A...

Determining a Forex Trading Strategy

Before we get into determining strategies for Forex trading, let’s make sure that we understand the core of Forex trading.  The Forex market is a dynamic marketplace where foreign currencies are actively traded.  Trading is normally done using brokers as the via media.  Huge amounts of money can be made or lost through Forex trading.

How the Gold Bull Market Ended

Who needed gold when a clampdown on speculation collided with strong real returns paid to cash...?

Tuesday, January 22nd was a day like any other, only more so, as 1980 got under way.

”Car production fall forecast,” said a headline in the Financial Times.  “Bleak future for North,” said another.  “Economic policy deepens pessimism over future,” added...

Preparing for a Breakup in the European Monetary Union – Part I

Executive Summary
“Politically, though, this unity also has the potential of bringing about explosive disunity.  During deep recessions, the single, one-size-fits-all monetary policy could pit national politicians against the European Central Bank as a feeling grows of national impotence in the face of rising unemployment.  It is not improbable that...

Trade Less -Win More: How To Trust Your Setup

I love to trade.  10, 20, 30, 40 round turns per day – the more the merrier!  After all, anyone who is really honest with themselves will admit that they trade not only for money, but also for the excitement.  For a trader, there is nothing sweeter than having the market go your way.  It is our drug of choice and we are all junkies to one degree or...

Special Drawing Rights. The World’s Reserve Currency?

If you had to select the major topic in the currency arena for 2009 and beyond, the growing desire of certain central banks to embrace the International Monetary Fund’s Special Drawing Rights facility would not be the worst choice you could make.  As the year has developed, the push of the BRIC countries in advocating the use of Special Drawing Rig...

Bollinger Band Applications in the Forex Market

Bollinger bands are a powerful and versatile tool.  Since John Bollinger introduced them in the 1980s, they have become a standard feature of nearly every charting software package.  Despite their prevalence, many people are unaware of the numerous ways to interpret Bollinger bands, or of the existence of additional indicators derived from Bollinge...