EUR was unable to break 1.2905 (23.6 fibo level) and reversed to the south, making a new bottom @ 1.2825 in early Asia. It is possible to have another move downwards today, there is very important data from the USA later today and also plenty of EU data. So it will be interesting day with moves in both directions in the range between 1.2770 and 1.2910. For today i recommend to sell at 1.2910 and to buy below 1.2800. GOLD is still in a comsolidation mode around the bottom of the consolidation…Continue
NZDUSD has formed falling wedge pattern and triangle pattern
Pair finds Support zone between Fibonacci level 38.2% and level 50% As shown in chart below
If pair manage to break trendline@ 0.82 coming from 2nd Oct,2012 ' high then it opens target towards 0.85
If pair breaks Strong Support level 0.8140 then pair may test support @0.800…Continue
Added by nidhi mistry on October 10, 2012 at 11:38pm — No Comments
GOLD: With GOLD halting its upside offensive and triggering a correction, further bear threats could be seen.This may target the 1,736.15 level where we expect a halt to occur and turn the commodity higher but if this fails to occur, expect further declines towards the 1,700 level. Further down, support lies at the 1,640.45 level. Its daily RSI is bearish and pointing lower supporting this view. The cross will have to take out the 1,790 level to resume its medium term uptrend and open…Continue
Added by fxtech on October 10, 2012 at 10:13pm — No Comments
October 10th: price action overview
It was a slow day for EU. Almost all day long in pullback mode. I was out most of the day so I opened the charts now and see that my analysis from this morning was 100% correct. Too bad I wasn't able to trade it .. well most part of it. I took only a long position on the…Continue
Currently we are @ 80.16 just below the R3. The expected move is up first to the 0.618 fibo/resistance in the 80.50 area which could be a top. A break up here suggests a bigger move to the R4 @ 81.13 . The daily ATR (Average True Range) is 61 Pips.…Continue
Added by Scott Barkley on October 10, 2012 at 1:08pm — No Comments
Wells Fargo - International Economic and Interest Rates Forecasts…Continue
Added by Francesc Riverola on October 10, 2012 at 10:12am — No Comments
"Despite the PBoC’s efforts to support growth via domestic demand, Chinese exports remain vulnerable to weak demand in the EU; its main trading partner. Not only that but reports of increased central bank diversification into the AUD refer to previous periods. Given liquidity concerns, there are no guarantees that this demand will continue to gather pace. Indeed, if confidence in the coherence of EMU increases in 2013, diversification trades could stagnant or even reverse if EUR…Continue
Added by Francesc Riverola on October 10, 2012 at 9:57am — No Comments
Just some chart as I don't have a lot of time now ..
Royal Bank of Scotland - GBP/USD 1.6070 is the short term fade level…Continue
Added by Francesc Riverola on October 10, 2012 at 8:53am — No Comments
EURUSD: While the pair may be biased to the upside short term, it continues to face downside threats on corrective pullback. It is now targeting the 1.2824 level. This level is key as a break of here could push EUR deeper towards the 1.2755 level. We expect a cap to occur here and possibly turn the pair higher again. If broken, expect further declines to develop towards the 1.2625 level. Its daily RSI is supportive of this view. Alternatively, the pair will have to return above the 1.3047…Continue
Added by fxtech on October 10, 2012 at 8:43am — No Comments
Most Viewed Forex Webinars for the Week of October 1st - 7th 2012:
#1 Wayne McDonell - SPECIAL EVENT: Trade Non-Farm Payrolls LIVE - 77th Edition
#2 Sam Seiden- Live Trading and…Continue
Added by Francesc Riverola on October 10, 2012 at 8:34am — No Comments
Added by 50Pips on October 10, 2012 at 8:00am — No Comments
Added by 50Pips on October 10, 2012 at 7:30am — No Comments
After the International Monetary Fund lowered its global economic forecast, the upcoming US third quarter earnings report added to the negative sentiment, causing the Euro to decline versus the British pound in yesterday's European trading exchanges. Also, the Eurogroup's statement that Spain does not need financial assistance yet during a meeting in Luxembourg last Monday, resulted to Spanish borrowing costs returning above the critical 6 percent level, a sign that investors could not wait…Continue
Added by Aviv Shapiro on October 10, 2012 at 7:26am — No Comments
“A common error traders make is to judge whether a trading decision was right – or wrong – based on the outcome.”
- Tom Claugus
Sentiment swings in fickle markets.
In the foreign exchange markets traders have become extremely fickle in their outlook for currencies holding positions over far shorter tenors than have been seen recently.
There was a huge groundswell of support for the Euro a few weeks ago when the ECB announced their bond buying programme and the FOMC announced open-ended QE3.
Technical indicators pointed…Continue
The EURUSD declined strongly yesterday , after losing the key support mentioned previously 1.2990,trades now below 1.2900 levels.
This situation indicates that pull back from 1.3171 might not completed yet ,consolidation from 1.3171 is still in progress as long as stability is below 1.3000 levels, stability below the key resistance1.2885 would extend the consolidation toward 1.2770 , losing the key support 1.2770 would mean that the bullish momentum in short…Continue
After gaining the levels for 2 months from the low,initiall the upward stop hunt was done.Now lower level stop hunts are in process – ie eitherway stop hunts.
This is expected to influence one sided rise any time from now.
From the low set for the season EURO gained about 1000 pips- after 150-200 pips swing again slow rise could be seen till recent high.Later one sided rise may be seen as higher shift in trading zone.That rise may be equal or more than the shift in trading…Continue
Added by Dr. Sivaraman on October 10, 2012 at 4:53am — No Comments
Despite the good news about the EUR currency it has turned south after risk aversion around 1.2960 and currently is trading some 100 pips below. There is no so important economic data from the EU and USA, and i expect that EUR will test 1.2800 support once again. Yesterday i've told you that if the stop placed @ 1.2880 is hit to wait until 1.2800 and to enter LONG around 1.2800, so this is valid for today too. 1.2905 where 23.6% fibo level is placed, now is a good resistance,breaking of…Continue
Added by Vladimir Mihaylov on October 10, 2012 at 4:46am — No Comments
The U.S. dollar extended its recent post-NFP gains against multiple major currencies during the European and American trading sessions. Traders who sold the EUR/USD currency pair at 1.2950, then closed the short position at the weekly S1 pivot point, earned a handsome 80-pip profit.
Added by Curt Wehrley on October 9, 2012 at 10:30pm — No Comments