Forex trading - dollar still stengthening against Euro Jan 21

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The yen fell after a report from China showed economic growth accelerated to the fastest pace since 2007, damping demand for Japan's currency as a haven. The yen dropped the most against the Australian dollar among the 16 major currencies on speculation Japan's central bank will keep interest rates close to zero as the economy struggles to gain momentum. The yen slipped to 83.44 per Australian dollar as of 7:57 a.m. in London from 83.04 in New York yesterday. It depreciated to 128.95 per euro from 128.68, and was at 91.52 per dollar from 91.24.

The euro was near the weakest in five months against the dollar after the cost to protect Greek bonds from default reached a record. The euro traded at $1.4088 versus the dollar from $1.4106 yesterday, after earlier dropping to $1.4068, the lowest since Aug. 18. Gold declined for a second day in London, falling to the lowest in more than two weeks, as a stronger dollar curbed demand for the metal as an alternative investment. Gold for immediate delivery fell $5.10, or 0.5 percent, to $1,105.95 an ounce at 9:43 a.m. local time, the lowest since Jan. 4. The metal dropped 2.4 percent yesterday. Bullion for February delivery was 0.7 percent lower at $1,105.30 on the New York Mercantile Exchange's Comex division.

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S&P 500 Emini Day Trading Gap Thursday January 21, 2010

                     S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Thursday January 21, 2010

S&P Emini 500 Futures started Wednesday's trading with a gap down of 8.25 points, and the gap remained unfilled at the end of the day.  Trading on the day took the index through 13 points to the downside before retracing about 70% of the decline.  The morning sell off was high volume, but the retracement came with less volume over a longer time period.  Tomorrow may yield high volatility with unemployment claims pre market, and big market movers reporting earnings, GOOG and GS, among others.  Today's down action came on 66% higher than average volume, a bearish signal.  The bulk of the day's trading was inside yesterday's bullish action, so net market movement is sideways.  Prices are still teetering in overbought territory, with a much anticipated down turn possible.  On longer term charts, such as the weekly, the market is still very much in an uptrend.

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Forex trading course - EURUSD temporary support jan 20

Forex trading course - EURUSD temporary support jan 20 [caption id="attachment_347" align="alignleft" width="244" caption="Forex trading course - EURUSD temporary support jan 20"][/caption] Support is coming in, watch the down side consolidation, shooting out stops for those that play off the figure. S&P500 showing a lot of volatility too.

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forex trading course - EURUSD dollar strength 2 days in a row

The USD has climbed for a second consecutive day as negative sentiment continued to weigh heavy on risk appetite. Equity markets in Europe have struggled, and after EURUSD broke through downside support at 1.4250 overnight, the pair has continued to trade heavily, touching lows of 1.4126. In parallel, gold has broke through its near term support level of $1130 to trade down to $1120.45, but we expect prior buying interest at $1119 to provide some respite to the sell-off. [caption id="attachment_343" align="alignleft" width="202" caption="Forex trading course jan 20 dollar strength"][/caption] During the morning session, the UK ILO unemployment rate surprisingly fell to 7.8% (exp: 8.0%, prev: 7.9%), but the GBP failed to find much buying interest on this news. Also released were the minutes of the recent BoE meeting; as expected, there was a unanimous 9-0 vote to keep rates on hold and maintain the asset purchase target at GBP200bn. Furthermore, the statement explained that recent developments had not substantially changed the BoE's view on the medium term outlook, and instead, they would wait until the release of the February Inflation Report to get a clearer assessment of the factors affecting the economy. During the afternoon, Canadian CPI disappointed at -0.3% MoM (-0.1% expected, 0.5% prior), forcing USDCAD to push through 1.0450 resistance, touching a high of 1.0487. US housing starts and building permits were mixed on the whole, but the net result has seen further USD buying into the USequity market open. Tomorro [...]

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Forex trading - EURUSD dollar strenght live trading room Jan 19

The USD has made gains against its major counterparts today as risk appetite was burdened by poor economic news and a dovish BoC statement. The headline event of the European morning was UK CPI which surged an alarming 0.6% MoM, 2.9% YoY in December; up from last month's 0.3% MoM, 1.9% YoY rise. Although potentially suggesting higher borrowing costs may have to be implemented to ward off an overshoot in inflation, the spike is in line with the BoE's forecasts in the Quarterly Inflation Report last November; and according to the path predicted in that scenario, inflation is expected to fall back towards target in the coming months. GBPUSD, which has rebounded strongly from its 1.5833 lows on 30th Dec, surged to 1.6459 after the release, but the rally failed to gather much momentum and the pair subsequently succumbed to the bout of USD strength, touching a low of 1.6313 before recovering somewhat to 1.6370 levels. The other major release of the morning session was Germany's ZEW survey, which showed investor sentiment fell more than expected in January to 47.4 (49.5 expected, 50.4 prior), causing EURUSD to slump below its 200 day moving average (around 1.4293), touching lows of 1.4262. So far, the major support of 1.4250 remains intact, but a closing break below there would open up further downside to 1.4000 levels. [caption id="attachment_339" align="alignleft" width="202" caption="Forex trading jan 19 weekly bear flag"][/caption] Looking for a move to 1.38 the 1.35 area with in the month. During the afternoon session, the markets awaited the latest BoC rate meeting, and as expec [...]

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S&P 500 Emini Day Trading Gap Tuesday January 19, 2010

                             S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Tuesday January 19, 2010

S&P Emini 500 Futures gapped down 1.75 points Friday morning.  The gap down preceded a morning sell off that took the index to a low 1127.50 by 1:00 pm.  Prices found support at that level.  The index has actually tested the 1127.50 level three times since January 7th, and has provided support each time.  Look for a break down if prices fail below that support.  Earnings season begins in earnest, with big players (IBM,C, CSX, BAC, GOOG, GE, and others) reporting this week.  The market is still seemingly very news driven, and earnings surprises either way could provide plenty of volatility for this shortened trading week.

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Forex trading US market closed EURUSD trading

FX markets were unimpressive in the Asian session. With the US out on holiday, today's trading session is expect to also be uneventful. Coming off last week, weaker US data, China's reserve requirement increase, rumors of Chancellor Merkel's resignation, unsatisfactory answered questions surrounding Greece and JP Morgan's better earnings, but cautiously outlook had traders understandably nervous. The EURUSD finally found a temporary bottom around 1.4335, while the USDJPY ranged between 90.60 and 91.30. Treasury yields dropped along the curve, with the 2y down to 0.86%. Perhaps the highlight of Asian trading was the noticeable response to Evans-Pritchard piece in the Telegraph, which paused the EURUSD lower. The article suggested that the ECB was preparing legal grounds and framework for the secession from the monetary union. The article lacked any hard evidence but relied mainly on the author's strong reputation. However, given the stress Greece is under, policy members must be contemplating "what if " scenarios…I know we are. In New Zealand, December residential house price index disappointed at m/m -0.9% vs. 0.2% prior. Markets will now be watching CPI on Wednesday and weak import and food price data have increase the possibly of a downward surprise. The RBNZ is expected a 0.2% q/q fall, so anything lower will reinforce the view that rates will stay on hold till mid 2010. The NZDUSD failed to break 0.7450 resistance last week and further removal of yield support will put addition pressure on the kiwi. Other key data points this week will be from China, with Retail sales, GDP and IP are all expected to remain elevated. While the stronger data will be good from the global economic cycle, too much growth and inflation might make Chinese policy makers nervous, prompting an acceleration of their tightening cycle. As we have seen last week, it would be highly negative for risk collated trades (especially commodity currencies).

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