This week I have been approached by a few fellow members that were looking for advise to get started with Forex trading. This is what I told them they should do to really get started with the right foot and to try to become a succesful Forex trader:Continue
Currently we are at 1.5280 after bouncing on the trend wall. We are looking for a continuation to the double top resistance @ 1.5416 with a stall @ the 1.5341. We are bullish. The current average daily trading range (ATR) is 99 pips.…Continue
Added by Scott Barkley on April 18, 2013 at 1:30pm — No Comments
EU mar 24/25 top was 1.3050 and since Apr 11 support down here with latest bounce up to 1.32 - yesterdays drop I read as sellers are done this time around but they will come back next month.
Added by Christian Kirkemo on April 18, 2013 at 11:05am — No Comments
This morning I expect opportunity for an elegant move on EURUSD. In Peter's thread I started covering my buy positions on EURUSD from 40s area, but the last move is interesting as an independent trade.…Continue
EUR/USD continues to display volatility as the pair plunged about 150 points on Wednesday (April 17th). The markets reacted negatively after a senior ECB official stated that a rate cut was a possibility. Thursday is another quiet day, with just one release out of the Eurozone, the Spanish 10-year bond auction. In the US, the markets will be looking for some badly needed positive news, as…Continue
Added by Yohay Elam on April 18, 2013 at 9:49am — No Comments
Bank of America Merrill Lynch - "In the short term, the focus is to approve alternative fiscal measures to replace the wage and pension cuts that the Constitutional Court recently rejected, alleviate the weight of bond redemptions in 2014, and eventually restore normal market access. Beyond the very short-term, the weak economy and challenging government debt dynamics suggest that Portugal will most likely need a second program, albeit a lighter one.
(...) Overall, we do not see broader…
USDCAD hit new high yesterday which was expected after recent break out of a downward corrective channel which is usually the most important evidence for a change in trend especially when reversal occurs in impulsive fashion against previous very slow and choppy bearish price action. With that said, we are looking higher on USDCAD but its still unclear if wave 2 is already in place or not. We need to wait on more price data, so for now critical level remains at 1.0080.…Continue
Added by Gregor Horvat on April 18, 2013 at 9:09am — No Comments
USDJPY: With a consolidation of its recent strength seen, a return the 99.94 level is required to resume its broader upside. Further out, resistance resides at the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Support comes in at the 95.00 level where a violation will target the 94.00 level and then the 93.00 level. All in all, USDJPY remains biased to the upside medium term though…Continue
Added by fxtech on April 18, 2013 at 9:03am — No Comments
Westpac - "Underwhelming Chinese data, elevated ECB easing risk and broad weakness across a swathe of commodities all play to a positive narrative for the USD. Dollar Index could see fresh yearly highs on this run. Fedspeak has been admittedly on the dovish side in the past week but the USD has held up well for some months now in the face of open ended asset purchases.
(...) Advance regional PMI data for April likely to emphasize the case for ECB easing. Italy likely to have new…
Added by Francesc Riverola on April 18, 2013 at 9:00am — No Comments
Wednesday markets turned against us USD strengthened against our expectations. We can see signs of reversal as price action is testing strong supports. If price bounces off current zones expect USD to weaken.
Outlook for Usd/Chf: Sell …Continue
Added by Sardar Uddin on April 18, 2013 at 8:23am — No Comments
Bank of New Zealand - "Our new valuation model suggests the current set of short-term NZD/USD ‘fundamentals’ is equivalent to a short-term ‘fair-value’ range of 0.8500-0.8900. In other words, despite the lofty levels of the currency, it is not yet ‘expensive’ according to our model. Indeed, the recent highs around 0.8600 can be entirely justified by the augmented set of short-term fundamentals we now use.
So unless you think: 1) the Fed is about to halt or reverse QE, 2) NZ commodity…
Added by Francesc Riverola on April 18, 2013 at 8:14am — No Comments
UBS - "EURUSD NEUTRAL Support is at 1.2974 ahead of 1.2920. Resistance is at 1.3228.
USDJPY BULLISH As bullish trend persists, there is scope for a test of resistance at psychological 100.00; a break above which would open 101.45. Support is at 97.22 and 95.80.
GBPUSD NEUTRAL Critical resistance is at 1.5424. Only a closing break above this would indicate further upside to 1.5606. Strong support is at 1.5178 ahead of 1.5034.
USDCHF BEARISH As long as resistance at 0.9345 holds,…
Added by Francesc Riverola on April 18, 2013 at 8:06am — No Comments
Wednesday market turned against as USD strengthened against our expectation. We can see signs
of reversal as price action is testing strong supports. If price bounce of current zones expect
USD to weaken…
Added by Sardar Uddin on April 18, 2013 at 7:05am — No Comments
Added by Successful Traders on April 18, 2013 at 6:40am — No Comments
Added by Successful Traders on April 18, 2013 at 6:36am — No Comments
Interesting technical analyses:
The head and shoulders should be proven either way in the next few trading days. Anticipating this type of pattern has been painful this year. The head and shoulders is seen by technicians as a signal of more selling to come.
Added by Muthusamy on April 18, 2013 at 5:35am — No Comments
EUR has reversed at the top 1.3200 and created a mirror image falling 200 pips below to 1.3000 with a 50 pips pullback currently. It is expected the pullback to continue to 1.3070. We have been rejected from the negative Icimoku on Daily as expected because it was too early to break it higher, of course with the help of mr.Weidmann, who set the correct path for the market. More about mr.Weidmann statement you may find on forexstreet.com website. The technical outlook is as follows:…Continue
GBP/USD yesterday closes with a daily big black candle has formed. This is a bearish candle as prices closed significantly lower than they opened. If the candle appears when prices are "high," it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trend line, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a…Continue
Added by Martin Kay on April 18, 2013 at 3:55am — No Comments
Recommendations: SHORT positions below 1.3048 with 1.3000 & 1.2965 as next targets.
Alternative scenario: The upside breakout of 1.3048 will call for a rebound to 1.3115 levels.
Description: The pair is under pressure , trades below its resistance at 1.3048, as long as this level holds look for further losses towards 1.3000/1.2965 levels, an hourly close above 1.3048 will call for a rebound towards…