Home - Forex 24x7

Learn Ichimoku clouds and candlesticks if you want to trade the JPY

Every race of people is unique in it’s own way. They have different cultures, different habits, different opinions and different ways of doing things. There is no right or wrong way, just different ways. The main Japanese markets will react differently to the main European markets for instance. Yes, I know we have global markets but there are still differences in the way markets trade and react. The Japanese rely heavily on Ichimoku analysis and candlestick charts when they analyse the spot JPY markets. This is why it’s important to understand both techniques so as to know what the Japanese market is looking at. Currently the USD/JPY cloud (just above 97.50) is becoming ever narrower and prices are breaking above and below at will. This shows a high degree of uncertainty in the market. The bottom of the EUR/JPY cloud is between 130/131 and this should prove to be a good support level.

June 17 2009, 1:54am | Comments »

Fundamental Outlook at 1400 GMT (EDT + 0400)

By GCI Financial - The euro gained moderate ground-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3930...

June 17 2009, 1:45am | Comments »

Majors stagnating in 10 pip ranges

None of the bigger players seem to have the appetite to play with the market in the twilight zone and there are obviously no big stops close to the money which all leads to a very quiet morning. EUR/USD is happy between 1.3830/40, cable 1.6390-00, USD/JPY 96.35/45 and AUD/USD 25 choice.

June 17 2009, 1:39am | Comments »

EUR/GBP technicals: I don’t like short-cable trade until .8240 is reached in the cross

I know that there are quite a few people trying to pick a good entry point for short-cable trades but a look at the longer term EUR/GBP chart shows the difficulties this strategy is likely to encounter. Prices are falling like the proverbial stone and cable is likely to stay supported as long as this continues. The level to watch in my opinion is .8240. This is where the vertical upmove began and it could well be where the vertical fall starts to lose momentum. However if we start getting weekly closes on the .81 handle that would suggest further falls towards .7800. I will definitely wait until the cross turns before I start selling cable. Even if I miss the first 5 big figures, there will be lots more once cable resumes it’s downward spiral.

June 17 2009, 12:41am | Comments »

40 Hours Of FOREX: Triple Witching Friday

Join FX Bootcamp: Marathon is included with any membership to FX Bootcamp, including trial members. $99 gets you started with our 7 day trial, including our 40 hour trading marathon and 7 hour video workshop. Click Here To Join Us http://www.fxbootcamp.com What Does Triple Witching Mean? An event that occurs when the contracts for stock index futures, stock index options and stock options all expire on the same day. Triple witching days happen four times a year on the third Friday of March, June, September and December. http://www.investopedia.com/terms/t/triplewitchinghour.asp This phenomenon is sometimes referred to as “freaky Friday”.

Tags:
Daily market commentary

June 17 2009, 12:33am | Comments »

Risk aversion still the play in Asia

After Medvedev threw a BRIC in the works of all those who were long USD and JPY yesterday afternoon, it all turned out to be just another Russian having a free dig at an old adversary. The sharp move up caught the short term market short but I believe we can now expect a resumption of the EUR/USD and EUR/JPY selling. The bids we referred to yesterday at 1.3750 in EUR/USD were very strong but expect big stops below. The EUR/JPY retracement is still in effect and I expect to see a test of important technical levels around 130. For this session, I’m happy to trade a 1.3760-1.3860 EUR/USD range. Good luck today.

June 17 2009, 12:12am | Comments »

Forex Software – Knowing How to Find the Best | Forex Trading Blog

If you're on the market to purchase forex software, selecting the right forex trading program is critical. With so many forex trading companies competing for your business, it can be difficult to choose the right forex trading program.

Forex Trading Blog - http://firstforextrading.com/

June 16 2009, 11:22pm | Comments »

New York forex wrap-up; Dollar down but off worst levels

US housing starts rise 17.2% ; higher than expected US PPI rises 0.2% in May, core falls 0.1% US industrial production falls 1.1% in May; capacity use 68.3%, a record low ECB’s Draghi: Too soon to end stimulus Tumpel-Gugerell: No big inflation risk; falling prices due to base effects BRICs make no mention of dollar in communique Weber: Worst over, don’t need further rate cuts Fed’s Warsh: Don’t confuse asset bounce with recovery CBO: 2010 US deficit forecast revised to 1.43 trln from $1.1 trln Reflation trade resumes slide in New York afternoon; oil sheds gains, dollar rebounds yields fall US equities fall 1.3%

EUR/USD made three attempts to break through the 1.3920/30 area on the topside in EUR/USD but failed amid talk of Chinese selling on rallies. Word that the BRIC countries did not include any discussion of the dollar in their communique helped brighten sentiment toward the greenback. Selling accelerated during the US afternoon as stops were triggered below the 1.3850 level as the reflation trade came under renewed pressure. Oil prices swung to the downside after rallying over $2 intraday. It closed lower on the day, at $70.53. Cable showed remarkable resilience, closing firm at 1.6410 despite the broad dollar rebound. EUR/GBP fell to its lowest levels in six months at 0.8425. Commodity currencies shed early gains like commodities themselves. USD/CAD closed at 1.1350 with uncertainty still over the Canadian budget. Doubts as to Chinese domestic demand being sustainable without a global recovery helped weigh on the AUD which ended at 0.7935.

June 16 2009, 11:00pm | Comments »

Weak pound curbs fall in UK inflation

UK inflation fell to its lowest since the beginning of 2008 in May, but remained higher than most economists expected

June 16 2009, 10:43pm | Comments »

The pound cannot be stopped

Can it be anything more than short-covering? Can people really be buying the pound out of want rather than need regardless of what the rest of the currency universe does? For months, the dollar and pound pound traded inversely. The financial crisis boosted the dollar because the world was awash in dollar-denominated credit and it needed to deleverage, pronto. The pound was hammered because of the UK’s over-reliance on financial services. Then they traded inversely as the deleveraging trade was overtaken by the reflation trade; the most beaten up currency became the market darling. The pound soared and the dollar weakened. Fair enough. Now, we’re more than three months into the reflation trade. The pound is 30 cents above its trend lows from January and nearly 15 cents below the EUR/GBP high from December of last year. Recent IMM data indicates the market is finally square in GBP after being short forever. I guess this tells us we have room to run. As much as I would like fade the strong pound trend, a return to pre-Lehman levels of 0.79/80 and 1.70/1.75 can’t be ruled out. So much for cheap UK labor…EUR/GBP trades now at 0.8425 and cable at 1.6435.

June 16 2009, 10:19pm | Comments »

Mersch: Data shows economic confidence stronger than forecast

Luxembourg’s Mersch sees some green shoots, saying confidence in the recovery is stronger than foreseen while economic stimulus packages could be having a bigger impact than expected. EUR/USD is consolidating afternoon losses, down at 1.3940. Stocks remain under pressure, down 1% while oil heards into the close lower on the day after being up sharply early in the day, as high at $72.77. We trade now at $70.45.

June 16 2009, 9:25pm | Comments »

CBO raises deficit forecast to $1.43 Trln in 2010

The US will run a $1.43 trln deficit in 2010 versus an earier forecast for a $1.1 trl deficit made in March, the Congressional Budget Office says. The size of the revision ($330 bln) is about the size of the average deficit for the last 8 years, to put things in perspective. EUR/USD has fallen to fresh session lows around 1.3830 on the news. Stocks are down 1.2% at the moment.

June 16 2009, 9:10pm | Comments »

US Producer Prices, Housing Starts, Permits increase in May. Dollar falls in fx trading.

Tuesday, June 16th - U.S. producer prices increased for a second straight month in May...

June 16 2009, 9:08pm | Comments »

Regulatory reform due tomorrow; more is more

The Obama administration is prepared to layout its financial regulatory reform package tomorrow. many had hoped the cumbersome alpahpet soup of Wahington relgualtory bodies would be streamlined and consolidated. Instead, turf battles have preserved all the existing, competing regulatory bodies and added an additional layer, the Consumer Financial Protection Agency. Details tomorrow.

June 16 2009, 8:56pm | Comments »

FOREX-Dollar slides as Russia shifts currency view

By Gertrude Chavez-Dreyfuss NEW YORK, June 16 (Reuters) - The dollar slid across the board on Tuesday, pressured by comments from Russia suggesting a need ...

See all stories on this topic

June 16 2009, 8:39pm | Comments »

Warsh: Happy days ain’t here again

I got your green shoots right here! That’s the message from Fed Governor Kevin Warsh. He says the hasty retreat of panic should not be mistaken for a robust recovery. The “gloss of recovery” is appealing but potentially deceptive. The recent bounce in asset values may be a one-time “reset” he says. Final demand will remain weak as consumers and business recover from the recessionary trauma. Whoa. Don’t sugar-coat it, Kev. Stocks continue lower and the dollar stronger in the wake of those sobering comments. EUR/USD trades at 1.3836.

June 16 2009, 8:26pm | Comments »

EUR/USD back in neutral after multi-1.3920/30 stalls

No what? Damned if I know…Near-term, it looks as though the 1..3920/30 area is now a firm cap amid talk of Chinese selling on strength. Three tries to overcome that area failed and we’ve not slipped back below the 1.3850 intraday support area and have retraced a bit over half of the 1.3747/1.3932 rebound. 1.3818 is the 61.8% retracement of today’s range. Looks like equities are feeding off dollar strength and vice versa again today. Given that stocks are in danger of rolling over again, a sustained bout of dollar strength could be the result. Keep an eye on the 908.00 area in the S&P 500. That is the 200-day moving average. A break below will unnerve some of the short-term bulls. 880 would then become the critical line in the sand.

June 16 2009, 8:14pm | Comments »

June 16, 2009

Hello all,

All of the Drop In trades yesterday on the 4 hour (EUR/USD, EUR/JPY, USD/CAD, USD/CHF, GBP/JPY* & AUD/USD) have their stops losses moved to break even (entry) as they have moved 1/2 ATR in profit giving us free no risk trades now.

*I missed the gbp/jpy trade so it will not be in my open positions below.

EUR/JPY & USD/CAD both stopped out at break even (entry price) and we are looking for re-entry. Check the update as the day progresses to keep up with the day's activity.

I am happy to have gotten all of those trades to b/e, yesterday I thought they would all be stopping out - http://forextradinglife.com/jcls-forex/june-15-2009

4 Hour:

Drop In re-entry: EUR/JPY buy USD/CAD sell

8 Hour:

Drop In re-entry: EUR/JPY buy

Watching:

USD/JPY buy Drop In

Subscribe to these updates by email or rss feed here. You can also follow me on Twitter here.

June 16 2009, 7:54pm | Comments »

Stops triggered below 1.3850 as stocks dip

Stops have been triggered in EUR/USD below 1.3850, quickly dropping EUR/USD into the 1.3830s. US equities have turned sharply lower in the last thirty miniutes, down 0.9% on the day after a 2.4% dive yesterday. Given the cruel nature of currency markets we will probably slip back below 1.3800 and suck back in the folks who sold on yesterday’s technical breakdown… EUR/USD trades now at 1.3844.

June 16 2009, 7:51pm | Comments »

WORLD FOREX: Yen Firm As Dollar Remains Under Pressure

By Don Curren Of DOW JONES NEWSWIRES TORONTO (Dow Jones)--The yen has risen to its highest level in more than a week as the greenback remains under broad ...