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Forexpros.com Daily Analysis - 26/07/2011
ForexPros Daily Analysis July 26, 2011
Today: Free webinar on ForexPros - Candlestick Charting Basics
Expert: Mark de la Paz
Start: Tue, Jul 26, 2011, 10:00 EDT
End: Tue, Jul 26, 2011, 11:00 EDT
Candlestick Charting Basics. It is strange how the same set of information presented differently could lead to an entirely different view of price action. Learn candlestick charting from its basics to their application in real market conditions.
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AUD/NZD Waiting For a Catalyst
Commodity currencies have been among the best performing Forex instruments of past few months, especially the New Zealand Dollar, which continues to get stronger seemingly every day. Not only against the US Dollar, but in relation to its peers as well.
The AUD/NZD has been dropping since early March. It fell from 1.3789 to the recent low 1.2481, which is a large move for this pair. In fact, that is more than the GBP/USD and the EUR/USD moved during this time, making the Aussie/Kiwi cross worth following.
Recently, though, the AUD/NZD settled into a trading pattern, meaning range-bound. For about two weeks now, the price has been locked between 1.2611 and 1.2481, a tight consolidation when compared to preceding velocity. It is an unusually long stretch for the price to remain within such narrow band.
This indicates that market players are clearly waiting for an important catalyst to start a new move. An event, which could deliver a jolt to AUD/NZD, is the RBNZ rate decision on Wednesday. Direction of the price breakout is very likely to determine orientation of the next major move. Breaching of either resistance or support can easily push the price 300-400 pips within days.
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Forex Trading analysis written by Mike Kulej for Forexpros.
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 01/08/2011
ForexPros Daily Analysis August 01, 2011
Free webinar on ForexPros - The Correct Way To Use The RSI In Forex Trading
Expert: Steve Primo
Start: Thu, Aug 4, 2011, 09:00 EST
End: Thu, Aug 4, 2011, 10:00 EST
Steven Primo is a former Stock Exchange Specialist as well as a 34 year veteran of the markets. In this webinar he will show how the majority of Forex traders use the RSI incorrectly. Mr. Primo will explain how to properly use the indicator and then share with you one of his best trading strategies based upon this tool and his unique concepts
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NZD-USD Still Bullish, If Overextended
Seemingly defying gravity, the New Zealand Dollar just keeps climbing higher. Its rally has been broad based and over the last few months, the Kiwi has appreciated substantially against most of the major currencies.
In some cases, the NZD made new all time highs.
Perfect example could be the US Dollar. After consolidating in May and June, the NZD/USD has been in an uptrend all of July, appreciating from 0.8109 to the current level of just above 0.8818. This is a new all time high, or more to the point, a post-float, or 30-year high for this pair.
At this point, though, the rally might be overextended. Not so much because of the exchange rate itself, but more because of the manner in which it got there. In recent days, NZD/USD accelerated and the curve of advance steepened considerably. As seen indicated by the secondary trendline, the price keeps rising at an unsustainable angle.
Technical indicators like the RSI and the Standard Deviation suggest oversold market conditions, increasing probability of a correction. The very tight trendline is a good tool to watch for a breakout, especially if accompanied by a bearish candlestick pattern. For now, the uptrend still drives the NZD/USD, but a correction may be near.
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Forex Trading analysis written by Mike Kulej for Forexpros.
---
Visit Forexpros new Forex Brokers Directory !
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 02/08/2011
ForexPros Daily Analysis August 02, 2011
Free webinar on ForexPros - The Correct Way To Use The RSI In Forex Trading
Expert: Steve Primo
Start: Thu, Aug 4, 2011, 09:00 EST
End: Thu, Aug 4, 2011, 10:00 EST
Steven Primo is a former Stock Exchange Specialist as well as a 34 year veteran of the markets. In this webinar he will show how the majority of Forex traders use the RSI incorrectly. Mr. Primo will explain how to properly use the indicator and then share with you one of his best trading strategies based upon this tool and his unique concepts
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Will AUD/CAD Form a Double Top?
Perhaps more than other crosses, pair of the commodity currencies go through more periods of consolidation. That happens because they often respond in a similar fashion to certain fundamentals, so their interactions during those times can be very boring. However, when those conditions end, pairs like the AUD/CAD can move as much as others.
This pair became more active in the past couple of weeks. Prior to that, the AUD/CAD had been moving mostly sideways, with a downward slant. The price found support just under the 100 SMA, at 1.0125 and rallied strongly to 1.0532, almost testing the previous high of 1.0554.
This development sets us a possibility of a double top reversal pattern. Some technical indicators, notably the MACD and the RSI are diverging from the price. Of course, these divergences are not valid unless the AUD/CAD actually makes a new high, or at least touches the last high of 1.0554.
That could create a double top and a potential good selling opportunity. In that case, we need to see a bearish reversal candlestick, like a shooting star, a doji or perhaps an engulfing line, that might start a move down to at least the 100 SMA. For the moment, it is speculative, but worth watching for.
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Forex Trading analysis written by Mike Kulej for Forexpros.
---
Visit Forexpros new Forex Brokers Directory !
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 03/08/2011
ForexPros Daily Analysis August 03, 2011
Free webinar on ForexPros - Price Movement Ranges and Market Trends
Expert: Raghee Horner
Start: Mon, Aug 8, 2011, 10:00 EDT
End: Mon, Aug 8, 2011, 11:00 EDT
Join author and trader Raghee Horner for a view into two of her favorite trading tools: price movement ranges and the 34EMA Wave. With these two tools she will show you how to identifies, sets up, and manages trades. Raghee will also cover how she uses GRaB canldes to identify sentiment and momentum.
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AUD/JPY in Bearish Channel.
The Australian Dollar started to exhibit weakness against the USD just a few days ago, but in relation to the Japanese Yen, it has been sliding for some time. We can see that the most recent major high was at 90.02, established in April and it has been down from there for the AUD/JPY.
While the selloff has not been steep, it has been steady, bringing the price down to 82.44. The price established a well-defined channel and for now, it stays within its boundaries. Every time one of the channel lines was touched, a minor reversal followed. Currently, the AUD/JPY is again testing the lower line, possibly leading to a bounce. Of course, eventually, the price will move out of the channel, but for at present the latest history favors a small-scale reversal.
The Stochastic indicator might be helpful here. To date, during the span of this channel, oversold reading of this indicator corresponded with a test of support. That is also true for the resistance, but with fewer examples. In addition, current candlestick line is in shape of a hammer, a bullish reversal pattern. It is not complete yet, so it might be wise to wait until the end of the day for confirmation. With all these elements in place, the AUD/JPY could rally, perhaps to 85.00.
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Forex Trading analysis written by Mike Kulej for Forexpros.
---
Visit Forexpros new Forex Brokers Directory !
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 04/08/2011
ForexPros Daily Analysis August 04, 2011
Free webinar on ForexPros - One of My Top Emini Trading Strategies
Expert: Steve Primo
Start: Thu, Aug 11, 2011, 09:00 EST
End: Thu, Aug 11, 2011, 10:00 EST
Steven Primo is a former Stock Exchange Specialist, a 34 year veteran of the markets, and founder of Specialist Trading.com. In this webinar, Steven will share with you his concepts, techniques, and one of his favorite strategies for trading the Emini futures. Mr. Primo's tools are extremely simple yet versatile, and can also be applied to trading any market, in any direction and in any time frame.
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Euro Battles For Trend, Pound Ranging, Yen Intervention?
Euro:
On the daily, the euro is between a long setup from 1.4187 with a target at 1.47 (line in the sand is 1.4385) and a short at 1.4338, with a target at 1.4047 (line in the sand at 1.4104). The battle for the trend.
Pound:
On the daily, the pound continues ranging between 1.6475 and its daily long at 1.6239, with the target at 1.6588. The line in the sand is at 1.6183. If the pound breaks the 61.8% it could signal a change in direction.
Yen:
The dangers of trading a currency that is hitting lows and whose government has a history of intervention. If it walks, talks and looks like intervention...
On the daily, the yen hit an all time low Monday. A huge green candle may mean the Bank of Japan has intervened to stem further losses.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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Visit Forexpros new Forex Brokers Directory !
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 09/08/2011
ForexPros Daily Analysis August 09, 2011
Free webinar on ForexPros - One of My Top Emini Trading Strategies
Expert: Steve Primo
Start: Thu, Aug 11, 2011, 09:00 EST
End: Thu, Aug 11, 2011, 10:00 EST
Steven Primo is a former Stock Exchange Specialist, a 34 year veteran of the markets, and founder of Specialist Trading.com. In this webinar, Steven will share with you his concepts, techniques, and one of his favorite strategies for trading the Emini futures. Mr. Primo's tools are extremely simple yet versatile, and can also be applied to trading any market, in any direction and in any time frame.
Click here to join free
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Euro in Short, Pound Still In Range, Yen Near All Time Lows
Euro:
On the daily, the euro continues in shorts, albeit in messy setups. Setups are technically being broken, so its best to trade only larger timeframes to avoid getting chopped up. On the 15 min setup, the traditional short for the day is at 1.42645. The trend will be broken/line in the sand is at 1.42966. target is at 1.4065.
Pound:
On the daily, the pound remains in the same range of the past 3 weeks, between the 50% long at 1.6239 and the top of the range at 1.6476. The range needs to break to determine trend.
Yen:
On the daily, after the intervention spike the yen is slowly making its way back down in short setups towards its all time low at 76.294. Expect resistance at the 76.3 area. Once again, intervention would not be strange if the yen starts hitting new lows, so place your stops.
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The Forex analysis is written by Diana Rochford for Forexpros the Forex and Stock Markets Portal.
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Also, Visit our S&P 500 Futures Page!
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.