The Latest in Forex News & Analysis.

GBPUSD looking to extend toward the 200 hour MA

By | July 11, 2012 12:51 pm | 0 Comments

The GBPUSD has moved higher today – helped by a further decline in the EURGBP. The rally higher pushed the price above channel trend line resistance at the 1.55645 level in the London morning session.  NY traders initially had different idea however, and pushed the price is back below the trend line resistance (see chart above). Support against an upward sloping trend line and the 100 bar MA (blue line in the chart below) on the 5 minute chart has pushed the price back higher and it looks as though there may be more upside to explore for the pair.

EURUSD mired in a range. Crosses weak.

By | 12:14 pm | 0 Comments

The EURUSD remains mired in a narrow range for the 3rd day in a row but is up from yesterday’s close of 1.22488 (support today).  This week the low to high trading range is 99 pips as we reach the midpoint of the week.  If the range stands for the week, this would represent the lowest weekly trading range going back to the the July 15 2007 when the range was 90 pips (PS I don’t anticipate this to happen). The low this week is 1.22344 (reached yesterday. The level is also the low for the year). The high is 1.2333 which was also reached yesterday.  The midpoint of the weeks range is 1.22839.  The price is currently trading below this level.  So if the range to be extended, which way are we going to extend?

Webinar: The Traders Course with Greg Michalowski, 4 PM TODAY

By | July 10, 2012 7:42 pm | 0 Comments

The Traders Course with Greg Michalowski

When: 4 PM ET

REGISTRATION LINK: https://www1.gotomeeting.com/register/864649680

TOPIC: Why I look at the 5 minute, 1 hour and daily charts?

I received the following email today from a customer:

Greg,
 
Could i ask you a question ?
You are always using 5min, 1h and daily charts and 100 and 200 MA. Is there any reason why you do not check the 4h charts ? Might it be MA in 1 h chart more often provide more accurate signals ?
For example, AUD/USD 4h chart and 100 MA works as a great dynamic resistance line this week. And also it worked not so bad previously.
 
Thank you in advance
 
I will answer the question in the webinar this afternoon, and perhaps open your eyes a bit wider…..

Webinar: The Traders Course with Greg Michalowski, 4 PM TODAY

By | 5:49 pm | 0 Comments

The Traders Course with Greg Michalowski

When: 4 PM ET

REGISTRATION LINK: https://www1.gotomeeting.com/register/864649680

TOPIC:  Why I look at the 5 minute, 1 hour and daily charts? 

I received the following email today from a customer:

Greg,
 
Could i ask you a question ?
You are always using 5min, 1h and daily charts and 100 and 200 MA. Is there any reason why you do not check the 4h charts ? Might it be MA in 1 h chart more often provide more accurate signals ?
For example, AUD/USD 4h chart and 100 MA works as a great dynamic resistance line this week. And also it worked not so bad previously.
 
Thank you in advance
 
I will answer the question in the webinar this afternoon, and perhaps open your eyes a bit wider…..
 
 

USDCAD does its own laps up and down

By | 5:18 pm | 0 Comments

The USDCAD is having it’s own up and down day today.  Earlier in the London morning session, the price tested and held the 100 hour MA (blue line) at the 1.0162 level (low for the day 1.01649). Since then the price has spent most of the NY session above the 200 hour MA (green line) and the last 3 hours above the 38.2% of the move down from the June 28th high (at 1.01994). 

The price is now back down testing that broken 38.2% level after failing to take out the high from yesterday. A move below 1.0199 will look toward another test of the 200 hour MA (currently at 1.0181) as this pair suffers from the lack of conviction by traders today.

GBPUSD misbahaving….but breaking down

By | 3:19 pm | 0 Comments

The GBPUSD is making new lows for the day, but the pair is certainly not behaving normally today. The market has been changing “its mind, like a girl changes clothes” (ref Katy Perry “Hot N Cold” lyrics) with the price moving up an down with a degree of regularity today(see chart above).  The recent break of the low, however,  is good news for the sellers/bears as it also takes the price below bear flag trend line support (see chart below at 1.5489). Is it now time to stick to the downside conviction?.  1.5471 is the next target for the pair followed by 1.5459 (low from Friday/low for the month).

And there is a new low

By | 2:22 pm | 0 Comments

The EURUSD scooted to new lows, breaking the 1.2261 level.   It is also falling below the 1.2251 area which was the low from Monday. Old trend line support (see earlier post) now comes in at the 1.2247. This is being tested.  You have to look for momentum below with sellers now against the 1.2261 area. The price action today has been up and down, but overall, the bias remains to the downside. The “bull flag” on the hourly chart, had it’s foundation tested on the correction higher, but is back below.  This is also a bearish development that keep the shorts in charge.

AUDUSD tests 100 day MA / 100 hour MA

By | 1:15 pm | 0 Comments

As the EURAUD continues to trend lower (see Adam’s post) , the move has been reflected in a lower EURUSD and higher AUDUSD.   The move higher in the AUDUSD has pushed the price back to resistance at the 100 day MA (at the 1.0240 level – high reached 1.0244).  The price is also testing  the 100 hour MA (blue line in the chart below) at the 1.0235 currently.  Needless to say this area is a key level for the pair.  Move above, and I will be looking for increased upside momentum as traders rush into the relative safety of the pair. The next target is the 200 day MA at the 1.0266. 

EURUSD extends the range. Correction eyed for clues

By | 12:56 pm | 0 Comments

The EURUSD extended to new lows for the day (73 pips now). The new low comes in at 1.2261. The previouls low for the day at 1.2281 and the 1.22871 level (50% of the last trend leg down) will be eyed now to determine the extent of the selling interest. IF the price can remain below this area, the sellers remain in control. If the price moves above, the move was nice but buyers below remain a force that neutralizes the sellers – for now at least.

GBPUSD can’t keep the London morning momentum going

By | 12:32 pm | 0 Comments

The GBPUSD was encouraged by much better Manufacturing data today but when the price could not extend above the highs from last Friday after moving above the 100 hour MA (blue line in the chart above) for the 1st times since July 4th and topside trend line, the sellers took back control (say…”FAILURE”). 

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FXDD Now provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FXDD Now specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FXDD Now expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.