FOREIGN EXCHANGE MARKET

A Change in The Direction of The Website

2012-02-11T19:13:00.001-05:00

We've had over 20,000 hits to this website, and many have depended on us to provide technical analysis commentary. However, like many have noticed, over the past year we were unable to continue to provide commentary due to school and time allocated towards developing new trading systems, etc.

We have some good news though. We have a new vision for the website. Instead of technical analysis commentary, we thought we would reveal a couple of the indicators we rely on, how they work, and how one can trade based on what the indicators are telling them. These indicators include Bollinger Bands, Stochastics, Simple moving average+ exponential moving average, Parabolic SAR, and the Money Flow Index. Each indicator tells us something different. And over the next couple of months, we will attempt to create content on this website that best describes these indicators.

Stay Tuned.

Future of the US Dollar with AA+ Rating

2011-08-07T16:58:00.002-04:00

Following the Friday’s US credit rating downgrade by Standard & Poor’s the Forex traders are wondering how will the currencies react tomorrow and where will the dollar head during the next few weeks.
Standard & Poor’s rating agency reduced the long-term sovereign credit rating of the United States from “AAA” to ”AA

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USD/JPY Outlook – August 8-12

2011-08-07T16:57:00.001-04:00

August 7, 2011 10:27 am GMT
The third intervention in less than a year left the pair about 200 pips higher, but there are doubts about its efficiency, especially as the US got downgraded. Monetary Policy Meeting Minutes, Tertiary Industry Activity and Core Machinery Orders are the main events this week. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.
Last week the BOJ held its monetary policy meeting where further asset purchase programs and lending facilities were agreed on. Furthermore the BOJ Japan sold yen in the market trying to curb the strength of its currency and lifting the USD/JPY pair. Will this monetary policy boost the Japanese market recovery?

USD/JPY daily chart with support and resistance lines on it. Click to enlarge:
Let’s Start:
Bank Lending: Sunday, 23:50. Bank lending dropped 0.6% in June from a year earlier. This is the 19th consecutive decrease indicating less demand for new loans and slow activity in the Japanese market.Economy Watchers Sentiment: Monday, 5:00.Japan’s service sector confidence improved for a third consecutive month in June rising to 49.6 from36.0 in May well above economists expectations of 40.00. The sentiment is improving due to optimistic forecasts for business conditions in the upcoming future. Another rise to 50.3 is expected now.Monetary Policy Meeting Minutes: Monday, 23:50. The Bank of kept its monetary policy on hold but expanded a loan scheme to industries encouraging growth. The BOJ also raised its assessment regarding the pace of recovery in the Japanese market.Household Confidence: Tuesday, 5:00. Japanese consumer confidence improved in June rising to 35.3 from34.2 in May. This small improvement indicates a modest recovery but the figure is still below the 50.0 point line. Another improvement to 37.6 is forecasted.Prelim Machine Tool Orders: Tuesday, 6:00. Machine tool orders edged up 53.3% on the year to 128.3 billion yen in June increasing for 19th consecutive month following 34.0% in May indicating improvement in the Japanese market.Tertiary Industry Activity: Tuesday, 23:50. Japanese tertiary industry activity increased by 0.9% in May following 2.5% rise in April indicating an upturn in service consumption in the past three months. Another increase of 1.1% is predicted.Core Machinery Orders: Wednesday, 23:50.Japan’s core machinery orders edged up in May by 3.0% the fastest pace in four as the economy recovers from its major earthquake and Tsunami. Internal construction and overseas demand will boost business spending. A big rise of 1.9% is expected now.Revised Industrial Production: Friday, 4:30.Japan’s industrial output increased by 6.2% in May from a revised 3.9% indicating a rapid recovery following the massive earthquake in March. This was the second biggest rise since March 1953. A further rise of 3.9% is predicted now.

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Forex Weekly Outlook –August 8-12

2011-08-06T23:25:00.002-04:00

August 6, 2011 9:00 am GMT
After one of the most volatile weeks in many months, the markets will start the week with the historic downgrade of the US by S&P. This happened over the weekend. Bernanke will have a chance to react at the FOMC meeting. In addition, we have the Federal Budget Balance and retail sales in the US, Australian employment figures, and more. Here is an outlook on the market-movers lined up this week.
Last week ADP Non-Farm Payrolls provided some good news with an unexpected increase of 114,000 new jobs in the private sector and with further improvement in the unemployment claims dropping to the 400,000 line. This was finally translated into a good Non-Farm Payrolls report: edged up above expectations to 117,000 and the unemployment rate dropped to 9.1% below the 9.2% predicted indicating promising news for the US job market. Will this trend continue?

And while we don’t have any major European releases this week, the drama around the debt crisis is set to continue: Trichet made hesitant moves in the bond markets. This turned into a crash later on. Eventually, we saw Trichet bending Berlusconi’s arm and forcing new austerity measures on Italy, in return for an intervention to lower Italian yields. The drama around Spain and Italy is set to continue.
OK: Let’s start
US Rate decision: Tuesday, 18:15. Te Federal Open Market Committee kept the federal funds rate at 0 to 0.25% indicating that recovery is continuing at a modest pace unlike former predictions. Household spending and commercial investments increased but housing industry remains weak with elevated unemployment rate. The same rate was maintained.US Federal Budget Balance: Wednesday, 18:00. The Gap between Federal spending and income narrowed unexpectedly in June reaching -43.1B. This reading came two weeks before the Treasury’s August 2nd debt ceiling deadline. Following bitter disagreements between Democrats and Republicans a temporary truce was called with an agreement to raise the debt ceiling to $2.4% trillion with expensive cuts of $2.4% trillion in the next 10 years together with $900 billion cuts enacted immediately. However the fights are likely to resume once the current budget expires on Sept. 30. The gap is expected to widen to -140.3M.Australian Employment data: Thursday, 1:30. Australian economy added a remarkable number of 23,400 new jobs while an increase of 15,200 was expected. The rise was led by an increase in full time positions. Meantime, unemployment rate was remained at 4.9%. The economy is expected to add 10,300 jobs and unemployment rate is predicted to remain 4.9%.US Trade Balance: Thursday, 12:30. The U.S. trade deficit edged up in May to $50.2 billion the highest level in 31 months due to rising oil prices Analysts expected deficit to grow to $44.1 billion. A further increase of deficit to $47.5 billion is expected now.US Unemployment Claims: Thursday, 12:30. The number of Americans claiming initial unemployment benefits dropped slightly last week to 400,000 better than the 404,000 expected indicating an ongoing moderate improvement in the U.S. job market. However the high unemployment rate clouds the job market. A small increase to 402,000 is predicted.US Retail sales: Friday, 12:30. U.S. Retail sales gained 0.1% in June following 0.1% decrease in the previous month. July sales will be better due to the back-to-school season which is the second largest selling period, but discounts will narrow profits. Economists predict around 4.3% rise in July. Meantime Core retail sales was flat in June after 0.2% gain in the previous month and is also expected to rise in July. Retail sales is expected to grow by 0.4% whilt Core sales are predicted to increase by 0.2%.US Prelim UoM Consumer Sentiment: Friday, 13:55. Preliminary reading of theUniversity ofMichigan consumer sentiment showed a plunge to 63.8 from71.5 in June while analysts expected a rise to 72.5. The debt ceiling crisis is the probable cause for the general unease in consumer sentiment. Following the agreement reached in congress regarding the raise of debt ceiling and extensive cuts figures are expected to go up again. A small decrease to 63.3 is forecasted.
That’s it for the major events this week. Stay tuned for coverage on specific currencies

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USD/CAD Outlook – August 8-12

2011-08-06T23:24:00.001-04:00

August 6, 2011 8:00 pm GMT
The Canadian dollar suffered significant losses against the greenback in the past week. Housing starts and Trade balance are the highlight of this week. Here’s an outlook for the Canadian events, and an updated technical analysis for USD/CAD.
Last week the Canadian job market gave mixed signals amid an unexpected small gain of only 7,100 jobs in July while cutting unemployment rate to 7.2% from 7.4% in June The weak rise is believed to derive from the slowdown in the US. This slowdown, together with the credit downgrade are likely to weigh on America’s northern neighbor.

USD/CAD daily chart with support and resistance lines on it. Click to enlarge:

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Dollar Declines as Sotck Markets Continue Their Fall

2011-08-06T00:39:00.002-04:00

The US currency returned to a bearish trend today, as the global stock markets led by the United States equities failed to stop falling today, extending the drop despite the positive employment data.
The dollar fell against the majors, including the euro, the British pound and the Japanese yen today. It also slid to the new historical minimum versus the Swiss franc, while strengthening for the seventh day in a row against the Australian dollar.
The US stock market is currently down by about 0.3 percent, following a more than 2 percent drop registered during the day. Yesterday, Dow Jones index closed with about 4.3 percent loss. Even the unexpected growth of the nonfarm payrolls by 117,000 for the month of July that was reported today could help neither US stocks, nor US currency.

EUR/USD rose from 1.4091 to 1.4210 as of 16:32 GMT today. GBP/USD went up from 1.6259 to 1.6364, while USD/JPY declined from 79.14 to 78.49 today.
If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.
Earlier News About the US Dollar:
Dollar Falls on US Growth Slowdown (2011-07-29)Continued Debates over US Debt Push USD to New Lows vs. CHF (2011-07-25)Optimism for Europe Returns, Greenback Suffers (2011-07-20)Dollar Rises on Signs of Agreement Among US Lawmakers (2011-07-19)S&P Warn About Possible Downgrade of US Rating, USD Down (2011-07-15)
This entry was posted on TopForexNewson Friday, August 5th, 2011 at 4:34 pmand is filed under US Dollar.You can follow any responses to this entry through the RSS 2.0 feed.You can skip to the end and leave a response. Pinging is currently not allowed.
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AUD Down on Economic Outlook Revision

2011-08-06T00:38:00.001-04:00

Despite today’s recovery against the US dollar, the Australian dollar continued its decline against the other currencies, following a release of the economic outlook by the country’s central bank.
The currency rose for the first day after six days of decline against the US dollar. It fell for the seventh day against the Japanese yen today and for the fourth day versus the euro. It was also the first bearish day against its neighbor currency — New Zealand dollar.

The Reserve Bank of Australia has cut its economic growth forecast for the 3 years ending 2013 by about 1 percent at its latest monetary policy meeting today. Although the extent of this outlook change isn’t too large, it pressed on the Australian dollar along with other factors, such as the weak macroeconomic data of recent and the global lack of confidence in the high-risk economies.
AUD/USD is up from 1.0449 to 1.0521 as of 17:22 GMT today; it has reached as low as 1.0374 earlier this day — the lowest level since April 6. EUR/AUD rose from 1.3481 to 1.3566, while AUD/JPY fell from 82.73 to 82.59 today. AUD/NZD decreased from 1.2563 to 1.2428.
If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.
Earlier News About the Australian Dollar:
Australian Dollar Continues Its Correction on Weak Retail Sales (2011-08-03)AUD Surges Against Everything on Higher Inflation Numbers (2011-07-27)Aussie Rises on Rate Expectations, US Problems (2011-07-25)Export & Import Prices Push Aussie Higher (2011-07-22)Aussie Goes Lower as China's Manufacturing Slows (2011-07-21)
This entry was posted on TopForexNewson Friday, August 5th, 2011 at 5:25 pmand is filed under Australian Dollar.You can follow any responses to this entry through the RSS 2.0 feed.You can skip to the end and leave a response. Pinging is currently not allowed.
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NZD/USD Outlook – July 25-29

2011-08-06T00:33:00.001-04:00

July 24, 2011 1:00 pm GMT
Many important events await forex traders this week with NBNZ Business Confidence, the rate decision and Building consents. Here’s an outlook for the events in New Zealand, and an updated technical analysis for NZD/USD
Last weekNew Zealand’s quarterly consumer price index rose beyond expectations by 1.0% after gaining 0.8% in the first quarter of2011. Inlight of the ongoing inflation, the Reserve Bank ofNew Zealand may have to raise rates within 2011. Will this trend continue?

NZD/USD daily chart with support and resistance lines on it. Click to enlarge:

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Forex Weekly Outlook – August 1-5

2011-08-06T00:32:00.001-04:00

July 30, 2011 9:00 am GMT
Rate decision in Australia, UK, the Euro-Zone and Japan, US Non-Farm Employment Change and other important employment figures are at the top of our list this week. Here is an outlook on the major market-movers awaiting us.

Last week the debt ceiling crises deepened as U.S. House Speaker the republican John Boehner failed to round up sufficient support for his plan to cut the federal deficit and raise the U.S. debt ceiling forcing him to postpone the scheduled vote in congress just 4 days from the

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NZD/USD Outlook – August 1-5

2011-08-06T00:31:00.001-04:00

July 31, 2011 1:33 pm GMT
Where will the kiwi stop? Another week provides another record. Labor Cost Index and Employment data are the most influential events this week. Here’s an outlook for the events in New Zealand, and an updated technical analysis for NZD/USD
Last week NZ business confidence increased for the 4th straight month to 47.6 amid improvement in the housing investment and employment sectors indicating a stronger economy and the RBNZ maintained rates at 2.50% in line with expectations.

NZD/USD daily chart with support and resistance lines on it. Click to enlarge:

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USD/CAD Outlook – August 1-5

2011-08-06T00:29:00.002-04:00

August 4, 2011 7:26 am GMT
Employment data, Building permits and Ivey PMI are the main events this week. Here’s an outlook for the Canadian events, and an updated technical analysis for USD/CAD.
Last week wildfires and maintenance shutdowns brought GDP down by 0.3% in May compared to April slowing mining and gas extraction. The Price of raw materials dropped unexpectedly by 2.2% and the price of finished goods declined by 0.3%. Is this only a temporary setback for the Canadian market?
Update: The Canadian dollar has been hit by global worries coming from the US and Europe. The collapse in oil prices below $90 accelerated the drops.

USD/CAD daily chart with support and resistance lines on it. Click to enlarge:

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Foreign Exchange Market Weekly Forex News: GBP/USD

2011-03-27T19:46:00.003-04:00

Good evening folks, today is Sunday, March 27, 2011, and we are getting ready for another trading week. I thought GBP/USD would be a good pair to discuss this week. I did plan on continuing the discussion on USD/JPY, but all technical indicators are reading neutral, and that helps nobody. Another jump in inflation sent GBP/USD to levels unseen for a long time, but the grim picture of the budget and the hesitation about the rates still weigh on the pound. We'll start by discussing economic events, and then we'll close the discussion with a technical analysis on the GBP/USD pair. Let's dig right in.

Halifax HPI: Publication time unknown at the moment. As aforementioned, house price indices are confusing, but this index is considered very accurate, as it is based on a wide array of real data – the internal mortgage figures of HBOS. And here, a rather sharp fall has been recorded last month – 0.9%. Another small drop is predicted.
Final GDP: Tuesday, 8:30. Britain, that lagged the economic recovery seen elsewhere in the world, has seen its economy shrink in the last quarter of 2010 – by 0.6%. This number will likely be confirmed now in the final publication. The second publication printed a downwards revision from -0.5% to -0.6%. This weighs on the pound.
Current Account: Tuesday, 8:30. While released late in comparison with the related trade balance figure, the release of current account data is important as it contains not only the goods data reflected in the trade balance number, but it is also published on a quarterly basis, having a wide scope. In Q3, Britain had a bigger-than-expected deficit of 9.6 billion, and this hurt the pound. A smaller deficit is likely in Q4.
Net Lending to Individuals: Tuesday, 8:30. While overshadowed by the other figures, the volume of extra money in the economy reflects economic activity and confidence. A big expansion of 1.5 billion was recorded last time, reflecting some improvement and also a correction of the previous month, that saw a squeeze. A small rise is expected now.
Index of Services: Wednesday, 8:30. This is an interesting indicator that measures economic success – it reflects the change in “return on investment”. The past few months fell short of expectations, with an exceptionally disappointing drop of 0.7% last month. A significant rise is predicted now.
CBI Realized Sales: Wednesday, 10:00. The Confederation of British Industry has shown a sharp and alarming drop in its indicator. The figure fell from 27 to only 6 points. This is still a positive number, indicating expectations for higher sales volume, but the drop to a near zero figure is very worrying. There are fears that the result could be negative this time.
GfK Consumer Confidence: Wednesday, 23:00. Gfk’s survey has been advancing for quite some time, reflecting some ease in consumer pessimism, but the past few months have been bad, showing a retreat. The index is now at -28, meaning increased pessimism. It’s expected to remain unchanged and not get to a positive, optimistic number, anytime soon.
BOE Credit Conditions Survey: Thursday, 8:30. The Bank of England release its research only once per quarter, making this publication important. The British financial sector is still suffering from the global financial crisis, but this report is expected to be somewhat optimistic, aiding the pound.
Manufacturing PMI: Friday, 8:30. We get an important and very fresh figure to close the week. Purchasing managers in the manufacturing sector have been very bullish in the past two months, pushing the number above 60 points – meaning accelerated growth. From last month’s 6.5 points, a small drop is expected now. A drop under 60 will hurt the pound.

* All times are GMT
GBP/USD Technical Analysis

After hesitating around the 1.63 line, GBP/USD broke higher and reached 1.64. But this was short lived. Cable fell quickly and found support only at 1.60, and finally closed at 1.6039.
Looking down, we find immediate and strong support at the round number of 1.60, that worked like a charm just now. This was the peak in August and a distinctive line since then. It’s closely followed by 1.5960, that provided a further cushion when the pair did fall below in recent months.
Below, we meet 1.5820, which served in both directions before the pair moved higher. It’s followed by 1.5750 which is already a stronger line, that was support in recent months.
Another strong line of support follows – 1.5650. This was the upper border of wide range that GBP/USD traded before shifting to a higher range. Further below, 1.5480 is a minor support line after being a swing low back in November.
The last and strong line for now is 1.5350 – which was a strong floor for the pair. There are plenty more lines lower, but they weren’t reached in a long time.
Looking up, 1.6110 is minor resistance above, after being a peak in the past. Much more important resistance is found at the 1.6280 – 1.63 area, which capped the pair for a very long time, and was only temporarily breached.
The past week’s peak of 1.64 is a minor line of resistance, and it’s followed by a veteran swing high of 1.6450.
Above, important resistance is found at 1.67 which prevented further moves back in 2009. In the distance, 1.7040, the peak of 2009 is the last stronghold.

We are BEARISH on GBP/USD

That concludes this week's foreign exchange market weekly outlook, good luck!

Foreign Exchange Market Weekly Outlook: USD/JPY

2011-03-21T02:23:00.002-04:00

Hey folks, all ready for another week of foreign exchange market trading? I think it's appropriate to continue our discussion about the USD/JPY pair we talked about last week.

USD/JPY surprisingly reaches a new record low of 76.40 last week but rebounded strongly on intervention to close at 80.58. Firstly, the break of 80.29 and 79.75 key supports indicate long term down trend resumption. Secondly, while the rebound from 76.40 was strong, it's still limited well below 84.49 key near term resistance and thus, there is no indication of reversal. Hence, while some consolidations would be seen above 76.40 first, we'd continue to favor a downside breakout eventually to extend the long term down trend. Below 79.74 minor support will turn bias back to the downside for 76.40 first.

In the bigger picture, the strong break of 79.75 (1995 low) confirms that multi-decade down trend in USD/JPY has resumed. In any case, we'll stay bearish as long as 84.49 key resistance holds. Current down trend would possibly extend to 61.8R projection of 94.97 to 80.29 from 83.96 at 74.88 next. However, decisive break of 84.49 will argue that an important medium term bottom is formed. Focus will then turn to whether USD/JPY could sustain above 55 weeks EMA (now at 85.63). In that case, stronger rise could be seen towards the resistance- 94.97.

In the long run, multi-decade down trend in USD/JPY is still in progress and has just resumed. Sustained trading below the 80.00 mark should pave the way to the 70.00 mark. Just keep an eye on where this baby is trading. If you ride the trend correctly, we could be looking at some nice profit.

That concludes this week's discussion about USD/JPY. I know I said this last week, but it needs to be said again: Please keep Japan in your thoughts in prayers. For your information, most places are not accepting donations because they do not know what to do with the money. Their explanation is that Japan is a wealthy nation and really doesn't need to much financial support, but more quick distribution of necessities such as food and water. Maybe start using the money to help with that agenda?

Have a good week!

Foreign Exchange Market Weekly Forex News (USD/JPY): March 14-18

2011-03-13T23:57:00.002-04:00

Hello again folks, sorry for the lateness of this post, but I'm getting it up just in time for the new trading week. I thought it would appropriate to discuss the outlook for the USD/JPY currency pair considering the tragic event that took place a couple of days ago. I would like to take this time and say that what's happening in Japan right now is truly heartbreaking. Please keep Japan in your thoughts and prayers. With that being said, let's discuss this pair. We'll start by talking about the affects the tragedy will have on the pair, and then we'll talk about other economic events that will affect the pair. As always we'll close the discussion with a technical analysis on the pair. Let's dig right in.

Following Japan’s strongest earthquake on record (8.9 magnitude), and the tsunami it triggered on March 11, the government plans to compile a spending package over the medium to long-term to help deal with the consequences of the enormous devastation. Northern Tohoku region was most affected by the disaster. Comprising 8% from the total GDP will require a lot of support to rebuild the factories and try to save a nuclear power plant from a risk of a meltdown. Officials will use about 200 billion yen ($2.4 billion) left over from the budget for the fiscal year ending March 31 to pay for the recovery effort. Unfortunately the full financial impact of this terrible earthquake is yet to be assessed.

Revised Industrial Production: Monday, 4:30. The Japanese Industrial Production grew by 3.3% in December 2010 expanding by 3.1% following 1.0% increase in November 2010. Over the year to December, the Industrial Production rose by 4.9% revised from 4.6% and following a 5.8% increase through the year to November 2010. The same increase is expected this time.
Household Confidence: Monday, 5:00. Japan’s consumer confidence improved for the first time in seven months in January rising to 41.1 from 40.1 in December together with encouraging signs of improving employment conditions. A government official said fewer consumers now expect the situation to get worse. A small increase to 41.6 is forecasted.
Rate Decision: Tuesday. The Bank of Japan (BOJ) kept its monetary policy unchanged and maintained the overnight call rate target at zero to 0.1 %. In its monetary policy meeting it was agreed to maintain the size of the asset purchasing program, despite raising its assessment of the broader economy for the first time in nine months.
BSI Manufacturing Index: Tuesday, 23:50. Contracted unexpected in the fourth quarter to -8.0 points from 13.3 in the previous quarter and against forecasts of 14.3 gain. This Large manufacturer’s survey expresses the difficulties and struggles of the Japanese economy to rise from deflation to growth.
BOJ Monthly Report: Wednesday, 5:00. The Bank of Japan raised its assessment of the economy for the first time in nine months seeing a gradual improvement in economy with exports and production accelerates growth.
Tertiary Industry Activity: Wednesday, 23:50. Japan’s tertiary industry index, fell 0.8% in December from the previous month the first fall in three months and below forecasts of a 0.5% fall. The December drop was led by wholesale and retail trade in household appliances since many shoppers rushed to retail stores before Dec. 1 due to governmental incentives.1.5% growth is forecasted.
Monetary Policy Meeting Minutes: Thursday, 23:50. Policymakers grew more confident on the country’s economic recovery last month due to growing optimism towards recovery in the market. The BOJ raised its price forecast for the year starting in April and forecast an early escape for Japan from the economic doldrums in a quarterly review of its growth forecasts. It kept monetary policy steady and maintained interest rates at a range of zero to 0.1%.

****All times are GMT****

USD/JPY Technical Analysis:

The USD/JPY currency pair began the week with a rise and even challenged the 83.40 line (discussed last week), before the repatriation moves following the earthquake send to way down, to close at 81.82.

Looking up, very minor resistance is found at 82.34, which was a swing low a few months ago, and worked as support just now. More significant resistance is at 82.87 – it was the point were the BOJ intervened back in September 2010.
Above, 83.40 provides more resistance, though weaker than in previous weeks. Dollar/yen failed to reach this area just now. It’s followed by 84, which was quite stubborn two weeks ago, is a tough line of resistance.
Further above, the next line above is 84.50 which is the highest level since October and is a very tough resistance line. Above, 85.93 was the top that the pair made after the BOJ intervention in September.

Looking down, immediate support is found at 81.80, which was a bottom at the beginning of the year, and also worked as resistance in October. Below this line, we find 80.87 – which provided support back in November and now has the same role.

Lower, 80.40, was the lowest close ever and by 79.75, the lowest intra-day level, reached back in 1995. Not much left down there.

I remain bullish on USD/JPY.

Foreign Exchange Market Weekly Forex News (EUR/USD) March 7-11

2011-03-06T02:08:00.002-05:00

Hey folks, today is now march 6, 2011 and we're getting ready for another trading week in the foreign exchange market. This week we will be discussing the EUR/USD pair, so let's dig right in.

After we got the biggest hint for a European rate hike, another busy week is expected for the EUR/USD pair. Together with the rising price of oil, the Euro also enjoyed the weakness of the greenback, and reached new highs for this year. Will this trend continue? Well, let's attempt to predict what will happen by looking at economic events that will occur, and then we'll close the discussion with a technical analysis on the trading pair.

Sentix Investor Confidence: Monday, 9:30. This wide survey of 2800 analysts and investors is on the rise. It surprised last month with a rise to 16.7 points, continuing a nice trend. A smaller rise is expected now.
German Factory Orders: Tuesday, 9:00. Europe’s largest economy experienced a sharp fall in the volume of orders last month – 3.4%, a fall that hurt the Euro, although it was a correction to a leap beforehand. A rise is predicted now.
German Industrial Production: Wednesday, 9:00. The second and related industrial number also saw a drop – 1.5%, when a rise was expected. Germany releases the industrial output figure before France and before the all-European figure, making this publication important. A significant rise is likely now.
German Trade Balance: Thursday, 7:00. Germany enjoys a big surplus in its trade balance, due to its export oriented economy. The surplus is expected to tick higher from last month’s 14 billion.
French Industrial Production: Thursday, 7:45. Europe’s second largest economy is performing beyond expectations. In the past two months, industrial output came out better than expected, Another rise of 0.3% is due now, like last month.
ECB Monthly Bulletin: Thursday, 9:00. One week after the rate decision, the ECB published the statistical data it views before making its decision. This will shed some light on inflation concerns and about growth. The publication always rocks the Euro.
German Final CPI: Friday, 7:00. While the final number usually isn’t much different from the initial release, the growing importance of inflation in the world makes it a market mover for the Euro. Expectations are for a confirmation of the 0.5% rise.
EU Economic Summit: Friday. This specific summit will be very tense. The new Irish government wants to renegotiate the terms of the bailout – allow some restructuring of debt, allow haircuts, or at least lower the punitive interest rate that Ireland pays. This will be met with strong opposition by the stronger European countries. The German public doesn’t want additional concessions. Statements released around the summit will rock the Euro and will supply a strong finish to the week.

EUR/USD Foreign Exchange Market Technical Analysis

The EUR/USD pair struggled at the beginning of last week at the 1.3860 line. After the resistance line was finally met, the pair soared higher, eventually reaching 1.3985.

The last time the pair was at these levels, the 1.3950 point served as a pivotal line and support line. The next support line is at 1.3860, which was a strong line of resistance and the highest level in 2011 until being broken.

Looking up, 1.4030 is going to be a key resistance mark. A drop below 1.3900 would convince me of a bearish trend. A continued climb above 1.4030 would indicate a continued bullish trend. In that situation, a 1.4100 would be our next target by the end of the week.

Above, the peak of 1.4160 is another minor line. It was a peak late in 2010. It’s followed by 1.4280 that is the highest level in a year and is becoming closer.

I am Neutral on EUR/USD.

That concludes this Foreign Exchange Market Weekly Outlook. Good Luck.

Foreign Exchange Market Weekly Forex News (GBP/USD) Feb. 28-March 4

2011-02-28T18:42:00.002-05:00

After very choppy trading, the pound faces a series of important indicators in the upcoming week. Here’s an outlook for the British events and an updated technical analysis for GBP/USD.
There are already three MPC members, including an internal BOE member that support rate hike. On the other hand, GDP was revised to the downside in Q4 2010, sending the pound down. Which force will win now?
GBP/USD chart with support and resistance lines marked on it.

Halifax HPI: Publication time unknown at the moment. The data published by HBOS is based on its wide internal mortgage figures, making this a very accurate figure. After a significant fall of 1.1% two months ago, a rise of 0.8% came last month and was a strong correction. Another small rise is expected now.
Nationwide HPI: Tuesday, 7:00. Nationwide has shown different numbers, with more solid moves. A drop of 01.% followed a rise of 0.4% beforehand. A significant rise is expected in Britain’s second earliest house price index.
Manufacturing PMI: Tuesday, 9:30. Purchasing managers in the manufacturing sector have shown very fast growth. The result was stunning last month – 62 points. This time, the number is expected to drop, but remain above 60. Any result will rock the pound.
Net Lending to Individuals: Tuesday, 9:30. More lending by people means more economic activity. Last month was very disappointing, as the net figure was negative, -0.1%. Another squeeze is expected now, but unless there will be a sharp move, the result of the manufacturing PMI will have more impact.
Inflation Report Hearings: Tuesday, 10:00. Mervyn King, head of the BoE, will appear before the Treasury Committee in the British parliament. In the hearings, that take many hours, King will speak and will be questioned intensively about the pickup in inflation. Statements released in these hearings, will rock the pound. Note that King will probably be accompanied by more members of the BOE, perhaps someone that voted for a rate hike. This is a key event that will trigger choppy trading.
Construction PMI: Wednesday, 9:30. Though usually playing second fiddle to the construction and services PMIs, the fall under 50 points two months ago, has drawn attention. After the correction to 53.7 points last month, a small drop is predicted now.
Services PMI: Thursday, 9:30. The most important PMI closes the week. It also fell under 50 two months ago, and has also recovered. Another small rise is predicted after the recovery to 54.5 points last month. Any number will shake the currency.

GBP/USD Technical Analysis
After an attempt to reach the almighty 1.6280 line mentioned last week, GBP/USD dropped in a choppy manner and eventually closed at 1.6113.

Looking down, immediate support is found at 1.6110, although it is only minor support after being shattered once again. It’s followed by 1.60 which proved to be a tough line of support. This round line was served as a peak back in August and dominated trading since then.

Lower, very minor support is found at 1.5910. It was a peak recently. It’s followed by 1.5820 which worked in both directions before the pair moved higher.

Further below we find 1.5720 which is already a stronger line, that worked in recent months. Further below we have an important cushion – 1.5650. This was the top border of wide range that GBP/USD traded in the past few months.

Even lower, 1.5480, which is a minor line. The next line is important – 1.5350. It was the bottom border or the wide range. It hasn’t been broken for a long time.

Looking up, we have just witnessed the strong resistance of 1.6280, which capped the pair also earlier in the year, and was only temporarily breached in November. GBP/USD fell short of it just now. Higher, an old peak at 1.6450 is the next line,

Further above, important resistance is found at 1.67 which prevented further moves back in 2009. In the distance, 1.7040, the peak of 2009 is the last stronghold.

I am bearish on GBP/USD.

Foreign Exchange Market-Weekly Forex News (AUD/USD Feb. 21-25)

2011-02-21T09:11:00.001-05:00

The Aussie had a good, optimistic week. Will this continue? Here’s an outlook for the 5 events that will impact the Aussie this week, and an updated technical analysis for AUD/USD.
The Australian dollar enjoyed an upbeat view on the economy in the meeting minutes. Glenn Stevens, the head of the RBA, will have another chance to rock the currency now.
AUD/USD chart with support and resistance lines marked. Click to enlarge:

Glenn Stevens talks: Tuesday, 22:00. The governor of the central bank has expressed optimism about the economy in recent public appearances, especially in the rate statement. Speaking in front of a conference in Melbourne, Stevens will have an opportunity to state his views about monetary policy, and to rock the Aussie.
Wage Price Index: Wednesday, 00:30. This indicator is of importance as it’s published only once per quarter, and it combines inflation and employment. Q3 2010 saw a significant rise, 1.1%, higher than previous quarters. The growth rate is expected to slow, with a rise of 0.9%.
Construction Work Done: Wednesday, 00:30. Also a quarterly figure, this one deals with the housing sector. Q3 was very disappointing, with a drop of 2.1%, while expectations stood on a rise. A recovery is expected this time – a rise of 1.5%. The housing sector was hit by the rate hikes.
CB Leading Index: Wednesday, 23:00. Most of the 7 indicators that this composite index is built of were already published. Nevertheless, the publication always shakes the Aussie. Last month saw a stable growth rate of 0.3%. A similar rise is expected now.
Private Capital Expenditure: Thursday, 00:30. Perhaps the most significant figure this week, this gauge of the private sector, on a quarterly scope, has significant correlation with GDP. After a whopping leap of 2.% in Q3, a more moderate rise is expected now – 2.2%.

* All times are GMT
AUD/USD Technical Analysis
The Aussie began the week in a bad way, falling below parity. A recovery followed and the pair settled above the 1.0080 line (mentioned last week). It’s now back in the high range.
Looking up, there aren’t too many resistance lines. 1.0180 was the top border of that November range, and also provided tough support now. It serves as immediate resistance.
Above, the multi-year high of 1.0254, reached at the end of 2010 is he next resistance line. Beyond, it’s unchartered territory.
Looking down, 1.0080, which was resistance for quite some time, now turns into support after having this role just now. It’s followed by the obvious line of parity, although it is less important than beforehand.
Lower, minor support is found at 0.9915, which was a peak on the way up. It’s followed by 0.98, the lowest level in 2011 so far. It prevented further falls
Below, 0.9724, that was a tough line beforehand and is minor support now. , 0.9660 worked in both directions, and especially as a cushion back in October.
Further below, 0.9540 which was the bottom in November and also in September serves as important support. There are further lines below, but they’re too far at the moment.
I remain bullish on AUD/USD.
The strength of the Australian economy still pushes the pair higher, despite the Chinese tightening moves.

View Original Article

Foreign Exchange Market-Weekly Forex News

2011-02-14T16:56:00.005-05:00

Let's talk about the forex news for this week. Be sure to Check out the forex news section of the site for up-to-date foreign exchange market information!

This week we're looking at USD/JPY (February 14-18)

We're Bullish on this pair for this week. We determined this by looking at some news from Japan.
Japanese Prime Minister Naoto Kan, could face the risk of early election unless he passes the 92.4 trillion yen ($1.1 trillion) budget that will begin in April. Of that 92.4 trillion, 44.3 trillion yen must be funded by government bonds. If the budget fails, it may force the Prime Minister to dissolve the lower house of parliament, triggering an election at a time of great difficulty for the Democratic Party of Japan.

Now let's take a look at other news from Japan!

GDP: The Japanese Gross Domestic Product grew by 0.9% for the September 2010 quarter. This exceeded expectations of a 0.6% increase. GDP rose 3.9%, when 2.5% was expected and the GDP Price Index fell 2.0 %, which was predicted to be 1.5%. However, a drop of 0.5% is expected.
Rate Decision: This will take place on Thursday. The Bank of Japan’s policy board maintained its easy monetary policy unchanged with signs of a moderate recovery in the Japanese economy. Overnight rate is in a 0.0%-0.1% range. as stable financial markets and growing optimism toward the economic outlook give it room to sit back and gauge the effects of “comprehensive monetary easing” measures announced in October. The central bank indicated that exports are a bit weak. Many economists expect Japan’s central bank to ease policy further–such as by expanding its new asset-buying facility–later this year, especially if the yen rises again and weighs on business sentiment. Rates are not expected to change.
Tertiary Industry: This will take place on Tuesday, 23:50. Japan’s Tertiary Industry Activity index grew in line with expectations in November rising by 0.6% following 0.3% rise in October. Industries that contributed to the increase include wholesale and retail trade, scientific research, transportation and electricity and water. A drop of 0.5% is predicted now.
Monetary Policy: This will take place on Thursday, 23:50. The Bank of Japan opted not to alter monetary policy settings at its first meeting for 2011. Japan’s central bankers kept the target rate between 0% and 0.1% and did not announce any new quantitative easing measures. The BoJ started its asset purchases under the ¥5 trillion program in the final weeks of 2010, in a bid to boost liquidity in the economy and support the recovery.
G20 Meetings: France will host the G20 meetings on Friday and Saturday. Financial ministers will talk about major emerging economies. The ministers will follow up on the pledges made by the leaders at the close of the G20 summit of November in Seoul, particularly regarding exchange rates. They will also talk about France's priorities for the G20. These focus on global monetary system reforms, the enhancement of global governance and the stabilization of prices for raw materials.

USD/JPY Foreign Exchange News
The 83.40 mark should be closely watched at the beginning of this week. The next resistance line is 84.50, which is the highest level since October and is a very tough resistance line.
Higher, 85.93 was the top that the pair made after the BOJ intervention in September. It’s followed by 86.34 and 87.02 were support lines on the way down, and now work as minor resistance.
Above, strong resistance is found at 88.12, which worked in both direction last summer, and then by 89.15 which capped USD/JPY at that same period
Looking down, the 82.87 line, where the BOJ intervened, is very minor now. 82.34 now has a bigger role after giving a hard time to the pair.

Below, 81.80 is an important line after serving as a cushion in recent weeks. The next line is 80.87, which provided support back in November and now has the same role.

Even lower, 80.40, was the lowest close ever and by 79.75, the lowest intra-day level, reached back in 1995.

**That Concludes the Weekly Forex News in the Foreign Exchange Market for the USD/JPY Currency Pair**

Australian Dollar-Weak

2011-01-25T20:43:00.002-05:00

Overall, currencies remain well bid against the USD, with the Euro once again looking to extend gains to fresh yearly highs beyond 1.3700 on Tuesday. A combination of hawkish comments from ECB President Trichet and improved sentiment towards the Eurozone, in light of what appears to be a comprehensive support package, have contributed to the relative strength. Technically, while we continue to look for opportunities to buy USD’s over the medium-term, there is certainly room for additional Euro gains from here, and we eye a potential move just shy of 1.4000 before the market once again looks to roll over in favor of broader USD gains.
Elsewhere, the Australian Dollar has been the big loser on the day thus far. Although the single currency is only marginally lower on the day against the buck at this point, we continue to see relative weakness ahead, with a combination of softer economic data and narrowing yield differentials in favor of other major currencies driving the relative weakness. The latest inflation data certainly does not help the antipodean’s cause, with a much softer CPI print earlier today, providing added support for the idea that the RBA will continue to remain on hold going forward. The Australian central bank has been in a period of transition, with the RBA moving away from a hawkish monetary policy to a more balanced policy. Meanwhile, other major central banks look to be on the verge of shifting away (if they have not done so already) from super accommodative policies. Moving on, as was widely expected, the Bank of Japan came out and left rates unchanged with the overnight call rate holding at 0-1.10%. Meanwhile, the BOJ maintained its economic assessment with economic growth in 2011, 20112 and 2013 seen growing at 3.3%, 1.6% and 2.0% respectively. Also in Japan, MOF Noda said that the 2011 budget needed to be passed by the end of March to rid deflationary concerns, but there has been some resistance within the government and the passage of the budget may prove to be a difficult task with some speculating that PM Kan will have to make some serious personnel changes in order to achieve government goals re the budget. On the strategy side, we have been looking for opportunities to buy USD/CAD on dips in recent days, and USD/CHF is now back on our radar, with a move towards the 0.9400 figure viewed as a potential counter-trend long opportunity. We will let you know as things progress throughout the day, but right now, it looks as though our next recommendation will be in one of these two currencies. Looking ahead, the Swiss UBS consumption indicator is due at 7:00GMT, followed by the much more highly anticipated UK data due out at 9:30GMT. UK GDP (0.5% expected) is the key release, with public finances (16.3B),public sector net borrowing (20.0B expected) and index of services (0.8% expected) also out at the same time. US equity futures are tracking marginally higher on the day, while commodities have been mildly offered.

TECHNICAL OUTLOOK

EUR/USD:The recent break back above 1.3500 has signaled a shift in the short-term structure and now potentially opens the door for additional upside over the coming days back towards the 1.4000 area. Next key topside resistance comes in by 1.3745 (61.8% of Nov-Dec move, while above exposes the 78.6% fib retrace off of the same move at 1.3985. Overall however, our core bias remains net USD bullish and as such, rallies to 1.3985 this week will be aggressively sold. In the interim, a break and close back below 1.3540 will be required to relieve topside pressures.

USD/JPY:The market appears to be locked in some consolidation with clear directional bias not easily determined. The latest rally has stalled out by the Ichimoku cloud top to suggest that the pressure still remains on the downside for now. Back below 82.00 should accelerate declines and expose the multi-year lows from 2010 just ahead of 80.00, while back above 83.70 will relieve downside pressures and shift structure back to the topside. In the interim, we remain sidelined and await a clearer signal.

GBP/USD: The latest break back above 1.5910 delays bearish prospects for the time being and now opens the door for additional strength towards the key 78.6% fib retrace off of the October-November major move which comes in by 1.6090. Nevertheless, our core bias still remains bearish and any rallies into this fib retrace are viewed as a formidable sell opportunity in favor of some renewed downside pressures. Look for a break and close back below 1.5835 to officially confirm bearish bias and accelerate. A close above 1.6100 concerns.

USD/CHF: Overall price action is certainly concerning for our longer-term basing outlook with the market dropping to fresh record lows by 0.9300 thus far. However, cyclical studies are showing oversold and any additional declines below 0.9300 are not seen as sustainable. Look for the current setbacks to be well supported on a close basis above 0.9400, with a fresh higher low sought out ahead of the next major upside extension beyond 0.9785.
View the original article here

USD Talk

2011-01-22T16:41:00.001-05:00

US Dollar: Will 4Q GDP and a FOMC Rate Decision Offset the Euro?

Fundamental Forecast for the US Dollar: Bullish Fitch warns that the US is the worst performing AAA-rated sovereign Existing home sales see their biggest surge on record – though the sector is still struggling The dollar and other markets are primed for big moves We can’t often say that a currency or market is looking at a potentially, trend-defining period ahead; but that dollar is certainly looking at just that over the coming week.

From a very simplistic technical view; it could be said that the greenback has put itself on a pace for a meaningful bearish trend through the foreseeable future thanks to EURUSD’s rally above 1.35 this past Friday. However, the experienced trader would recognize that this move wasn’t replicated by other dollar-based majors. In fact, most of these pairs would see the single currency holding well off its recent highs. So, while this standout, anti-dollar move may find some level of follow through; it most certainly is not a guaranteed trend for the greenback. But, the potential for a true trend is high with many potential catalysts along the way.

As always, we should consider risk appetite levels as the top fundamental threat. It may not be the most pressing concern at the moment; but when investor sentiment does shift, it will move the entire market and likely generate the kinds of trends that most traders pine for. And, while there are plenty of indicators to point to as tangible drivers; the most influential catalyst is risk appetite itself. It has not proven an easy task to shift sentiment in one direction or the other; so its development will require a substantial marker. Though it may not seem so now, Europe’s financial difficulties can still move the entire market. In the past weeks, we have seen some level of relief through the belief that the EU is working together to stabilize the region’s financial troubles. However, they have struggled in the past to come to key agreements; so why would it be any easier now?

Other issues to contemplate: the possibility that China will hike rates; that Japan will see a debt crisis; that 4Q earnings will break the steady bearing of confidence or the US housing sector will fall to another crisis. Yet, if we want to talk about known and scheduled threats; there are two key events to keep track of. The first chronologically also carries the least potential for a major drive for the currency. The FOMC rate decision is not likely to result in any change in the stimulus program or benchmark rate; but hawks and doves work on more subtle shades of grey. The accompanying statement’s tone can prove critical to defining the time frame for an eventual return to hikes (within 2011 or after the turn over the year); and more importantly, if there is to be a change in the stimulus program. The Fed seems intent on follow through with the $600 billion program and its originally planned maturity date; but there have been proponents on both sides that have suggested there are contingencies for changing this timing. The most influential release for the week will be the first reading of the fourth quarter GDP numbers.

The US seems on a steady path towards recovery; and investors, policy makers and consumers will look to ensure this is the case. That said, this is not as easy an indicator to interpret as it may at first seem. A positive showing may have the side effect of encouraging a quicker removal of stimulus (something that has proven to be the foundation for the recent capital market run up). Next, we need to establish whether a positive or negative reading carries more weight as a gauge for comparative growth or risk appetite. Feeding already saturated optimism will not carry as much weight as a much-needed breakdown in confidence.
View the original article here

Foreign Exchange Market Daily Forex Forecasts for Monday, November 15, 2010

2010-11-14T23:57:00.000-05:00

Foreign Exchange Market (Forex) Daily Forecasts For Monday, November 15, 2010.

EUR/USD: SELL

S1: 1.3683 S2: 1.3676 S3: 1.3666 Pivot: 1.3693 R1: 1.3703 R2: 1.3710 R3: 1.3720

Currency Pair Outlook: 8 of 12 moving averages favor a continued bearish trend from last week (4 favoring bullish trend). 7 technical indicators would agree with the favored bearish trend (3 being neutral, 1 favoring bullish trend). The pair is already trading (-0.12%) or 1.3676; which is right at our second support point. Our key targets will be 1.3660, 1.3640, 1.3620 respectively. On the other side, a rise to our pivot point (1.3693) would convince us of a bullish trend with our key targets in that scenario being 1.3710, 1.3720, 1.3740 respectively.

GBP/USD: BUY

S1: 1.6123 S2: 1.6116 S3: 1.6105 Pivot: 1.6134 R1: 1.6145 R2: 1.6152 R3: 1.6163

Currency Pair Outlook: 9 of 12 moving averages favor a bullish trend (3 favoring bearish trend), with 4 technical indicators agreeing (3 bearish, 4 neutral). Our key targets are at the pivot point (1.6134), R1(1.6145), R2 (1.6153) respectively. A drop below 1.6100 would convince us of a bearish day. In that scenario, our key targets would be 1.5980, 1.5970, 1.5955 respectively.
NZD/USD: SELL

S1: 0.7745 S2: 0.7738 S3: 0.7727 Pivot: 0.7756 R1: 0.7767 R2: 0.7774 R3: 0.7785

Currency Pair Outlook: All indicators favor a strong bearish day. The pair is already trading well below all 3 support points which leads us to believe further drops will take place. The pair is currently trading at 0.7702. Our key targets will be 0.7680, 0.7670, 0.7640 respectively. On the other side, a rise above 0.7720 would convince us of a bullish trend. Our key targets in that scenario would be at the pivot point (0.7756), 0.7770, 0.7790 respectively.

USD/CAD: BUY

S1: 1.0104 S2: 1.01 S3: 1.0092 Pivot: 1.0112 R1: 1.0120 R2: 1.0124 R3: 1.0132

Currency Pair Outlook: We expect this pair to continue with the bullish movement that has recently been made with this currency pair. The indicators are neutral but we are fairly confident of a bullish trend unless there is a 5-6 pip drop below the pivot point (1.0112). Our key targets are 1.0120, 1.0124, 1.0132 respectively. We're basically using all three resistance points as our targets for today. Like we stated above, a 5-6 pip drop below the pivot point would convince us of a bearish trend. In that situation, our key targets would be 1.010, 1.0090 respectively.
AUD/USD: NEUTRAL

S1: 0.9873 S2: 0.9867 S3: 0.9857 Pivot: 0.9883 R1: 0.9893 R2: 0.9899 R3: 0.9909

Currency Pair Outlook: This pair was very bearish last Friday, so could we expect more of the same? The technical indicators and moving averages are all neutral which doesn't help us. We're going to favor a continued bearish trend, with our key targets at 0.9840, 0.9830, 0.9820, 0.9810, 0.9800 respectively. On the other side, a rise to the pivot point (0.9883) would convince us of a bullish trend. Ideal key targets in that scenario would be 0.9895, 0.9900, 0.9910 respectively.

Have a Good Day!

Foreign Exchange Market Daily Forex Forecasts for Friday, November 12, 2010

2010-11-12T01:04:00.002-05:00

Foreign Exchange Market (Forex) Daily Forecasts For Friday, November 12, 2010.

EUR/USD: NEUTRAL

S1: 1.3602 S2: 1.3552 S3: 1.3471 Pivot: 1.3683 R1: 1.3764 R2: 1.3814 R3: 1.3895

Currency Pair Outlook: 8 of 11 technical indicators favor a bearish trend for the day (3 being neutral). 8 of 12 moving averages would agree (4 favoring a buy order). The pair was very bearish yesterday, so a continued bearish trend is in favor. The pair is currently trading at 1.3610 (-0.42%). A 5-6 pip drop below S1(1.3602) would make us fairly confident of a continued bearish trend. In that scenario, our key targets would be 1.3570, 1.3550, 1.3520 respectively. On the other side, a rise to 1.3640 would convince us of a bullish trend. To be more accurate, one could wait for the pivot point (1.3686) to be met before favoring the bullish trend. Our ideal key targets in that scenario would be 1.3700, 1.3730, 1.3769 respectively.

GBP/USD:SELL

S1: 1.6084 S2: 1.6061 S3: 1.6024 Pivot: 1.6121 R1: 1.6158 R2: 1.6181 R3: 1.6218

Currency Pair Outlook: This pair is currently trading at 1.6056 (-0.41%), which is well below S1(1.6084), and just below S2(1.6061). There's no choice but to trade with the trend for now. Our key target is 1.6020, 1.6000 respectively. Take into consideration the technical indicators and moving averages favor a slightly bullish day. A rise to 1.6100 would only convince us that the favored bullish trend would take place. Our key target in that scenario would be 1.6150; just below R1(1.6158). In conclusion, the large bearish trend we're witnessing right now is convincing enough to trade with. The question is: will this trend end? If so when? We're taking the indicators into consideration while trading, but only convinced of a bullish trend when 1.6100 is met.
NZD/USD: SELL

S1: 0.7764 S2: 0.7739 S3: 0.7698 Pivot: 0.7805 R1: 0.7846 R2: 0.7871 R3: 0.7912

Currency Pair Outlook: This pair is currently trading at 0.7752 (-0.67%), which is just below S1(0.7764). However, 6 of 11 technical indicators and 8 of 4 moving averages favor a strong bullish day (4 technical indicators neutral, 1 sell; 4 moving averages sell). A rise to the pivot point (0.7805) would only convince us that the favored bullish trend would exist. Our key targets in that scenario would be 0.7850, 0.7870, 0.7900 respectively. For now, we trade with this bearish trend with our key targets being 0.7730, 0.7700 respectively.

USD/CAD: BUY

S1: 0.9994 S2: 0.9971 S3: 0.9935 Pivot: 1.003 R1: 1.0066 R2: 1.0089 R3: 1.0125

Currency Pair Outlook: This currency pair is currently trading at 1.0084 (+0.51%). However, 7 of 11 technical indicators favor a very bearish day, and 8 moving averages would agree (4 technical indicators neutral, 4 moving averages favoring bullish day). A majority of pairs seem to be trading against the indicators today which is quite rare. We will trade along with this trend with our key targets at 1.0100, 1.0120 respectively. On the other side a drop towards 1.0040 would convince us of the bearish trend the indicators favor. In that scenario, our key targets would be 1.000, 0.9980 respectively.
AUD/USD: NEUTRAL

S1: 0.9949 S2: 0.9916 S3: 0.9861 Pivot: 1.0004 R1: 1.0059 R2: 1.0092 R3: 1.0147

Currency Pair Outlook: 6 moving averages favor a bullish day, while 6 favor a bearish day. 3 technical indicators favor a bullish day, 4 favor a bearish day, and the last 4 are neutral. The pair is already trading (-0.65%) or 0.9913. This pair has obviously traded bearishly so far today trading well below S1(0.9949), and just below S2(0.9916). An ideal thing to do would be to trade with this trend. Our key targets will be 0.9890, 0.9870, 0.9860 respectively. A rise towards 0.9950 would convince us of a bullish trend. Our key target would be 1.004 in that scenario.

Have a Good Day!

Foreign Exchange Market Daily Forex Forecasts for Thursday, November 11, 2010

2010-11-11T02:10:00.001-05:00

Foreign Exchange Market (Forex) Daily Forecasts For Thursday, November 11, 2010.

EUR/USD: NEUTRAL

S1: 1.3699 S2: 1.3662 S3: 1.3604 Pivot: 1.3757 R1: 1.3815 R2: 1.3852 R3: 1.391

Currency Pair Outlook: This pair was slightly bearish yesterday, but nothing like we expected. Today, the moving averages are neutral. 7 of 11 technical indicators favor a bearish trend (3 being neutral and 1 bullish). For now, it's a waiting game. If the pivot point (1.3757) is reached, a bearish trend for the day will be in favor with our key target at 1.3700. If that point is met, expect further losses towards 1.3680, and possibly 1.3650. A rise to 1.3800 would convince us of a bullish trend. In that scenario, an ideal key target would be 1.3850. If this point is met, expect further gains towards 1.3880, possibly 1.400.

GBP/USD:BUY

S1: 1.6007 S2: 1.5966 S3: 1.5900 Pivot: 1.6073 R1: 1.6139 R2: 1.618 R3: 1.6246

Currency Pair Outlook: All 12 moving averages indicate a very bullish day. 9 of 11 technical indicators would agree (1 being neutral, 1 being bearish). Our key target today is 1.6200. If this point is met, R3(1.6246) could possibly be reached. On the other side, any drop to the pivot point (1.6073), would convince us of a bearish movement. In that case, ideal key targets would be 1.6030, 1.6015, 1.6000, 1.5980 respectively.
NZD/USD:BUY

S1: 0.776 S2: 0.7733 S3: 0.7691 Pivot: 0.7802 R1: 0.7844 R2: 0.7871 R3: 0.7913

Currency Pair Outlook: The pair is currently already trading well past the first resistance point (0.7844), with the pair up (+0.40%) at 0.7860. We are convinced of a continued bullish trend. A rise above R2(0.7871) would make us truly confident of a bullish trend. Our key target is 0.7900. A rise towards 0.7920 is possible. All 12 moving averages and 9 of 11 technical indicators would agree with this prediction. On the other side a decline back towards 0.7830 would convince us of a bearish movement. Our key targets in that scenario would be 0.7780, 0.7760, 0.7750 respectively.

USD/CAD: SELL

S1: 0.9994 S2: 0.9977 S3: 0.994 Pivot: 1.0027 R1: 1.006 R2: 1.0081 R3: 1.0114

Currency Pair Outlook: We expect a continued bearish trend for today. All 12 moving averages and 7 of 11 technical indicators would agree (3 being neutral and 1 favoring a bullish trend). Our key targets are 0.9975, 0.9960, 0.9950 respectively. However, a rise to our pivot point (1.0027) would convince us of a bullish movement. In that situation, ideal key targets would be 1.0045, 1.0060, 1.0080, 1.000 respectively.
AUD/USD: BUY

S1: 0.9994 S2: 0.9972 S3: 0.9935 Pivot: 1.0031 R1: 1.0068 R2: 1.009 R3: 1.0127

Currency Pair Outlook: This currency pair did not trade as bullishly as expected yesterday, but it was bullish. A continued bullish trend is favored by 9 of 12 moving averages (3 favoring bearishness), and 8 of 11 technical (2 being neutral, 1 being bearish). Our key targets are as follows: 1.010, 1.012 respectively. A 5-6 pip gain above R1(1.0068) would support the bullish prediction. On the other side, a 10 pip drop below the pivot point (1.0031), would convince us of a bearish movement. In that scenario, ideal key targets would be 1.000, 0.9980, 0.9950 respectively.

Have a Good Day!

Foreign Exchange Market Daily Forex Forecasts for Wednesday, November 10, 2010

2010-11-10T01:18:00.000-05:00

Foreign Exchange Market (Forex) Daily Forecasts For Wednesday, November 10, 2010.

EUR/USD: SELL

S1: 1.3745 S2: 1.3693 S3: 1.3607 Pivot: 1.3831 R1: 1.3917 R2: 1.3969 R3: 1.4055

Currency Pair Outlook: Can we expect a continued bearish trend? We think so, and so do the technical indicators, but the moving averages are neutral. 7 of 11 technical indicators favor a continued bearish trend (1 favoring a bullish trend and 3 being neutral), and 6 moving averages favor a bullish trend while the other 6 disagree. We will trade with the technical indicators for now with our key target for the day being 1.3700. Any 5-6 pip drop below this point would convince us of further declines towards 1.3680. What's the scenario for a bullish day? Well, a rise to the pivot point (1.3831) would be a clear indication that a bullish trend will prevail for the day. Ideal key targets in that situation would be 1.3880, 1.3900, 1.3940 respectively (1.3880 being our first key target).

GBP/USD: NEUTRAL

S1: 1.5958 S2: 1.5904 S3: 1.5816 Pivot: 1.6046 R1: 1.6134 R2: 1.6188 R3: 1.6276

Currency Pair Outlook: 8 of 12 moving averages favor a bullish trend (4 favoring a bearish trend) for the day, with 5 of 11 technical indicators agreeing with the bullish prediction (5 being neutral, 1 favoring a bearish trend). There's not enough here to convince us of anything, so what do we do? We wait! A rise to our pivot point (1.6046), would convince us of the bullish trend the moving averages favor. Our key target in that scenario would be 1.6100. A 5-6 pip gain above that point should make ways for further gains towards R1(1.6134). However, a bearish trend could rule the day. A drop to 1.5970 would convince us to trade in favor of a bearish trend, with our key target being 1.5930. A drop below that point would make ways for further decline towards 1.5900. So we're waiting for a point to be met before any trading decision is made.
NZD/USD:BUY

S1: 0.7738 S2: 0.7696 S3: 0.763 Pivot: 0.7804 R1: 0.787 R2: 0.7912 R3: 0.7978

Currency Pair Outlook: 9 out of 12 moving averages favor a continued bullish trend (with 3 that favor a sell order). 8 technical indicators would agree with the bullish prediction (1 favoring a bearish trend, and 2 being neutral). We will trade with the indicators with our key target at R1(0.787). A continued rise beyond that point would convince us of a push towards 0.7900, and possibly 0.7930. On the other side, a drop below 0.7760 would convince us to sell the pair in favor of a bearish trend, with our key target being at 0.7720. A drop below 0.7700 would indicator further declines towards 0.7670.

USD/CAD: SELL

S1: 1.0005 S2: 0.9978 S3: 0.9935 Pivot: 1.0048 R1: 1.0091 R2: 1.0118 R3: 1.0161

Currency Pair Outlook: Not much of a bearish trend yesterday, but we still believe that one will exist today. 11 moving averages and 9 technical indicators would agree (unknowns being neutral; 1 moving average favoring a buy order). Our key target will be 1.000, a 5-6 pip drop below that point would convince us the pair should continue it's bearish movement towards 0.9980; possibly 0.9965. However, a rise above 1.0070, would indicate to us a bullish trend would prevail. In that scenario, the ideal key targets would be 1.0091(R1), 1.0100, 1.0120, 1.0140 respectively (1.0091 being our first key target).
AUD/USD: BUY

S1: 1.0008 S2: 0.9967 S3: 0.9901 Pivot: 1.0074 R1: 1.014 R2: 1.0181 R3: 1.0247

Currency Pair Outlook: A bearish movement dominated this currency pair yesterday. For today, 9 of 12 moving averages favor a bullish trend for the day (3 favoring a bearish trend), And 7 of 11 technical indicators favor the bullish prediction (3 being neutral, 1 favoring bearish trend). If you would like to be fairly confident with a bullish trend, wait for the pivot point (1.0074) to be met before executing the trade. Our key target will be at R1(1.014). A 5-6 pip gain inclination above that point would convince us of further gains towards R2(1.0181). However, a drop below 1.000 would convince us to sell the pair in favor of a bearish trend. In that scenario, our key target would be 0.9960 (Just below S2).

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Tuesday, November 9, 2010

2010-11-09T00:40:00.001-05:00

Foreign Exchange Market (Forex) Daily Forecasts For Tuesday, November 9, 2010.

EUR/USD: SELL

S1: 1.3851 S2: 1.3798 S3: 1.3712 Pivot: 1.3937 R1: 1.4023 R2: 1.4076 R3: 1.4162

Currency Pair Outlook: This currency pair proved to be a bearish day yesterday; as predicted. For today, we will trade in favor of a continued bearish trend. The moving averages are neutral (6 favoring a buy trend and 6 favoring a sell trend). Our technical indicators however, favor a bearish day. 6 of the 11 technical indicators favor a bearish trend (4 being neutral, and 1 favoring a buy trend). Our key target will be 1.3820. If that target is met, we expect further drops towards S2 (1.3798). However, a rise to our pivot point (1.3937), will force us to favor a bullish trend with our key target being 1.4000.

GBP/USD:BUY

S1: 1.6103 S2: 1.6077 S3: 1.6035 Pivot: 1.6145 R1: 1.6187 R2: 1.6213 R3: 1.6255

Currency Pair Outlook: 10 of 12 moving averages indicate a bullish trend for this currency pair today (2 being neutral). 10 of the 11 technical indicators would agree (1 being neutral). We will trade with the indicators with our key target at R1(1.6187). A 5-6 pip gain above that point will convince us that a push towards 1.6200 will be made, possibly climbing as high as 1.6240. On the other side, a drop to 1.6100 would be an indication to us that the day will be bearish. Our key target in that scenario would be 1.6060. A drop as low as 1.6040 is possible if the bearish trend occurs.
NZD/USD:BUY

S1: 0.7845 S2: 0.7823 S3: 0.7789 Pivot: 0.7879 R1: 0.7913 R2: 0.7935 R3: 0.7969

Currency Pair Outlook: The moving averages and technical indicators favor a bullish day for this currency pair today. 10 of 12 moving averages, and 10 of 11 technical indicators would support that statement (with all the unknowns being neutral). We will trade with the indicators BUT we will not enter the trade until our pivot point (0.7879) is met. If that point is met, our key target will be 0.7920. On the other side, a drop below 0.7840, would convince us of a bearish trend, with our key target being at 0.7800 in that scenario. We shall see what happens.

USD/CAD: SELL

S1: 1.0008 S2: 1.9993 S3: 0.997 Pivot: 1.0031 R1: 1.0054 R2: 1.0069 R3: 1.0092

Currency Pair Outlook: 11 of 12 moving averages favor a bearish trend for today, while 9 of 11 technical indicators agree (Unknowns being neutral). Our key target is 1.000. A drop to our pivot point (1.0031) would absolutely convince us of a bearish trend. We will wait for the pivot point to be met before we enter our trade. If our key target is met, expect further losses towards 1.9900. However, a 5-10 pip rise above R1(1.0054) would convince us of a bullish trend. Our key target in that scenario would be 1.0090; just below R3.
AUD/USD: NEUTRAL

S1: 1.0084 S2: 1.0064 S3: 1.0031 Pivot: 1.0117 R1: 1.015 R2: 1.017 R3: 1.0203

Currency Pair Outlook: The pair is already trading at 1.0100 (-0.34%), but 11 of 12 moving averages, and 9 of 11 technical indicators favor a bullish trend for the day (Unknowns being neutral). A 5 pip rise above the pivot point (1.0117) would convince us of newly formed bullish trend. Our key target in that scenario will be 1.0150(R1). However, a continued drop below 1.0090, would force us to believe a bearish trend will prevail. If that is the case, an ideal key target would be 1.0060; just below S2.

Have a Good Day!

Foreign Exchange Market-Daily Forex Forecast for Monday, November 8, 2010

2010-11-08T00:33:00.004-05:00

Foreign Exchange Market (Forex) Daily Forecasts For Monday, November 8, 2010.

EUR/USD: SELL

S1: 1.4053 S2: 1.4044 S3: 1.403 Pivot: 1.4067 R1: 1.4081 R2: 1.409 R3: 1.4104

Currency Pair Outlook: This currency pair is already trading at 1.3959 (-0.53%), trading well past all three of our support points. 6 of our moving averages are indicating a bullish trend while the other 6 moving averages are indicating a bearish trend. 3 of 11 indicators favor a bullish trend, while 2 favor a sell, and 6 are neutral. With all of that being said, we believe a continued bearish trend will continue. Our key target will be at 1.3920. A drop below that point will make ways for further declines towards 1.3900, and possibly 1.3880. What would indicate a bullish trend? Well a rise to our pivot point would generally be an indicator for us, but today that is not the case. A rise to 1.400 would convince us of a bullish trend with a key target being at our pivot point (1.4067).

GBP/USD: NEUTRAL

S1: 1.6189 S2: 1.6182 S3: 1.6172 Pivot: 1.6199 R1: 1.6209 R2: 1.6216 R3: 1.6226

Currency Pair Outlook: This pair is currently trading at 1.6128 (-0.34%). What's confusing is 10 of 12 moving averages indicate a bullish trend while 2 are neutral, and all 11 technical indicators favor a bullish trend; which is rare. But the pair is already trading beyond all 3 of our support points. So here's the two scenarios. Any drop below 1.6100, would convince us that a bearish trend would continue. Our key target in that situation would be 1.6060; a continued drop below that point would make ways for a drop towards 1.6040. However, a rise to 1.6180 would convince us a bullish trend would begin. Our key target in that situation would be 1.6213. It's a waiting game for now.
NZD/USD: NEUTRAL

S1: 0.7907 S2: 0.7899 S3: 0.7884 Pivot: 0.7922 R1: 0.7937 R2: 0.7945 R3: 0.796

Currency Pair Outlook: This pair is currently trading at 0.7907 (-0.60%); Which is our first support point. A 5-10 pip drop below this point will indicate a continued bearish trend, with our key target being at 0.7880. A further decline below this point will make ways for pushes towards 0.7860. However, keep in mind that 11 of 12 moving averages favor a bullish trend (1 neutral) with 7 of 11 technical indicators agreeing (4 being neutral). A rise above our pivot point (0.7922) would convince us that a bullish trend will begin. Our key target in that scenario would be 0.7950. This currency pair is also a waiting game currently.

USD/CAD: SELL

S1: 1.000 S2: 1.9998 S3: 0.9994 Pivot: 1.0004 R1: 1.008 R2: 1.001 R3: 1.0014

Currency Pair Outlook: All 12 moving averages favor a bearish trend for today, while 7 of 11 technical indicators agree (4 being neutral). We're currently waiting for the pivot point (1.0004) to be met before we enter the trade. If it is met, our key target will be 1.000 (S1). A break below that point, would convince us that the pair will trade as low as 1.9998 (S2). On the other side, a rise above 1.0010 would convince us that a bullish trend will prevail for the day; with our key target being at R3 (1.0014).
AUD/USD: NEUTRAL

S1: 1.0147 S2: 1.0141 S3: 1.0132 Pivot: 1.0156 R1: 1.0165 R2: 1.0171 R3: 1.018

Currency Pair Outlook: This pair is currently trading at 1.0145 (-0.16%). All 12 moving averages indicate a bullish trend for the day, while 7 of 11 of the technical indicators would agree (4 being neutral). We will wait for the pivot point to be met before we favor a bullish trend. If the pivot point is met, our key target will be 1.0170 (Just below R2). However, if the pair drops below 1.0143, our key target will be at (1.0139). Again, another waiting game.

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Friday, Novemeber 5, 2010

2010-11-05T01:49:00.000-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Friday, November 5, 2010.

EUR/USD: BUY

S1: 1.4136 S2: 1.4093 S3: 1.4025 Pivot: 1.4204 R1: 1.4272 R2: 1.4315R3: 1.4383

Currency Pair Outlook: This currency pair was very bullish again yesterday. For today, we expect more of the same. All 12 moving averages and 8 of the 11 technical indicators would agree (3 being neutral). Our key target is 1.4250. However, the pair is already down (-0.08%) at 1.4194. Any drop below 1.4185 would be a clear indicator of a bearish trend. In that scenario, our key target would be S1(1.4136). For now, we trade with the indicators. Any gains above our key target would indicate a continued bullish trend pushing towards R1 (1.4275) and possibly 1.4300.

GBP/USD: BUY

S1: 1.6142 S2: 1.6093 S3: 1.6013 Pivot: 1.6222 R1: 1.6302 R2: 1.6351 R3: 1.6431

Currency Pair Outlook: Yesterday, this currency pair was subject too a massive bullish trend. Based on our indicators today, we should expect a continued bullish movement. All 12 moving averages and 9 of 11 technical indicators would agree (2 being neutral). Our key target is is just below R1(1.6302); specifically 1.300. A 5-6 pip gain above R1(1.6302) would convince us the pair would climb towards R2(1.6351). On the other side, a drop below the pivot point (1.6222) would make ways for declines towards 1.6180; which would be our key target in that scenario.
NZD/USD: BUY

S1: 0.7861 S2: 0.7826 S3: 0.777 Pivot: 0.7917 R1: 0.7973 R2: 0.8008 R3: 0.8064

Currency Pair Outlook: Yesterday, the bullish trend continued as predicted. So how about today? All 12 moving averages and 7 of 11 technical indicators would favor a continued bullish movement (4 technical indicators being neutral). Our key target will be R1(0.7973), further gains beyond that point will make ways for further gains towards 0.8000, and possibly 0.8030. On the other side, a drop to our pivot point (0.7917) would indicate the beginning of a bearish trend with our new key target being set to 0.7861(S1).

USD/CAD: SELL

S1: 1.0011 S2: 1.9991 S3: 0.9957 Pivot: 1.0045 R1: 1.0079 R2: 1.0099 R3: 1.0133

Currency Pair Outlook: The pair was bearish yesterday as predicted, and we expect more of the same for today's trading day for this particular pair. All 12 moving averages would agree and 8 of 11 technical indicators would also concur (3 being neutral). Our key target will be at 1.9991(S2). A further decline below that point should make ways for a push towards 1.9970, and possibly 1.9960. On the other side, a rise above our pivot point (1.0045) would convince us a bullish trend should begin. In that scenario, an ideal key target would be in-between R1 and R2, specifically 1.0090.
AUD/USD: BUY

S1: 1.0058 S2: 1.0022 S3: 0.9963 Pivot: 1.0117 R1: 1.0176 R2: 1.0212 R3: 1.0271

Currency Pair Outlook: This currency pair was massively bullish yesterday and we expect a continued bullish trend for today. All 12 moving averages and 7 of 11 technical indicators would agree (4 being neutral). Our key target will be R1(1.0176). Any further gains above this point will convince us a continued bullish trend should continue and climb as high 1.0200, possibly 1.0220. Any drop below the pivot point will convince us a bearish trend should start. In that scenario, an ideal key target would be 1.0080, possibly declining as low as S1(1.0058).

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Thursday, November 4, 2010

2010-11-04T01:20:00.003-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Thursday, November 4, 2010.

EUR/USD: BUY

S1: 1.4027 S2: 1.3983 S3: 1.391 Pivot: 1.410 R1: 1.4173 R2: 1.4217 R3: 1.429

Currency Pair Outlook: A bullish movement dominated yesterdays trading day for this currency pair. For today, all 12 of the moving averages and 7/11 of the technical indicators are favoring a continued bullish trend. Our key target will be at R1 (1.4173). a 5-6 pip gain above this point would convince us that the bullish trend will continue towards 1.4200 (Just below R2). For a bearish trend scenario to take place, the pivot point will have to be met. If that is the case, an ideal key target would be 1.3930 (S2).

GBP/USD: BUY

S1: 1.6031 S2: 1.5991 S3: 1.5925 Pivot: 1.6087 R1: 1.6163 R2: 1.6203 R3: 1.6269

Currency Pair Outlook: A bullish trend dominated the trading day with this currency pair also. 9 of 11 technical indicators and all 12 moving averages favor a continued bullish trend. (2 technical indicators being neutral). Our key target will be R1 (1.6163), a 3-5 pip gain above that point should be an indicator the pair should climb as high as 1.6200. On the other side, a drop below the pivot point (1.6087) would indicate the beginning of a bearish trend. Our key target would be between S1 and S2, specifically 1.620.
NZD/USD: BUY

S1: 0.7748 S2: 0.7706 S3: 0.7636 Pivot: 0.7818 R1: 0.7888 R2: 0.793 R3: 0.800

Currency Pair Outlook: Boy, what an incredibly bullish day this pair had yesterday, huh?! For today, expect more of the same. All 12 moving averages indicate a continued bullish trend with 8 of 11 technical indicators agreeing (2 being neutral). Our key target for the day will be 1.790. On the other side, a drop below the pivot (0.7818) would indicate a bearish trend with our key target being 0.7780.

USD/CAD: SELL

S1: 1.0057 S2: 1.0031 S3: 0.999 Pivot: 1.0098 R1: 1.0139 R2: 1.0165 R3: 1.0206

Currency Pair Outlook: For today, expect a continued bearish trend from yesterday. All 12 moving averages and 8 of 11 technical indicators favor the mentioned expectation for the day (3 being neutral). Our key target with be at 1.0040. A climb of 5-8 pips above the pivot point (1.0098) would indicate a favored bullish movement. In that scenario, an ideal key target would then be at 1.0140, just above R1.
AUD/USD: BUY

S1: 0.9933 S2: 0.9893 S3: 0.9827 Pivot: 0.9999 R1: 1.0065 R2: 1.0105 R3: 1.0171

Currency Pair Outlook: All 12 of the moving averages would favor a continued bullish trend from yesterday, while 7 of 11 indicators agree (4 being neutral). Our key target is at 1.0080. A 5 pip loss below the pivot point (0.9999) would convince us that a bearish trend should begin. In that scenario, our key target would be 0.9945.

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Wednesday, November 3, 2010

2010-11-03T00:58:00.000-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Wednesday, November 3, 2010.

EUR/USD: BUY

S1: 1.3924 S2: 1.3882 S3: 1.3815 Pivot: 1.3991 R1: 1.4058 R2: 1.410 R3: 1.4167

Currency Pair Outlook: Today all 12 moving averages favor a bullish trend, with 8 of the 11 technical indicators agreeing (3 being neutral). The currency pair was very bullish yesterday and we expect more of the same today. Our key target will be 1.4058 (R1). Any strong break above our key target will make ways for further gains towards R2. On the other side, and strong break below the pivot point (1.3991) would indicate the beginning of a bearish trend, with a newly set key target at 1.3980.

GBP/USD: BUY

S1: 1.5979 S2: 1.5952 S3: 1.5907 Pivot: 1.6024 R1: 1.6069 R2: 1.6096 R3: 1.6141

Currency Pair Outlook: 7 of the 11 technical indicators predict a bullish day (4 being neutral). 11 of the 12 moving averages would concur. Our first key target is 1.6069 (R1). A strong break above this resistance point would be an indicator of a continued bullish trend. However, any strong break below the pivot point (1.6024), could indicate the formation of a bearish trend. In this scenario, we would be fairly confident with a bearish movement if the price dropped below 1.610. If a bearish trend does begin, an ideal key target would be 1.5980, and possibly even declining as low as 1.5950 (If a bearish trend were to prevail). As of right now though, we trade based on our technical indicators and moving averages, which favor a bullish trading day.
NZD/USD: BUY

S1: 0.7656 S2: 0.7630 S3: 0.7590 Pivot: 0.7696 R1: 0.7736 R2: 0.7762 R3: 0.7802

Currency Pair Outlook: All 12 moving averages and 9 of 11 technical indicators share a forecasted bullish trading day (2 indicators being neutral). Currently while we write these forecasts, the currency pair is trading at 0.7714. Our first key target will be at R1 (0.7736), and a continued 5-6 pip gain above that point would convince us to set our next key target at R2 (0.7762). On the other side, around a 10 pip drop below our pivot point (0.7696) would favor the beginning of a bearish trend. If this is the case, an ideal key target would be 0.7660. A decline below that point should make ways for further decline towards S2 (0.7630).

USD/CAD: SELL

S1: 1.0083 S2: 1.007 S3: 1.005 Pivot: 1.0103 R1: 1.0123 R2: 1.0136 R3: 1.0156

Currency Pair Outlook: Yesterday, this currency pair was very bearish as it was forecasted. For today, expect more of the same, with all 12 moving averages agreeing and 9 of 11 technical indicators also agreeing (2 being neutral). Our first key target will be our first support point (S1)(1.0083). Any decline of about 5-10 pips below that point will indicate a continued bearish trend towards 1.008, and possibly 1.0078. What's the scenario if a bullish trend prevails? The pair would have to meet our pivot point to convince us that a bullish trend would prevail. If the pivot point is met, we expect the reversal from a favored bearish trend to a favored bullish trend, with a key target at 1.0123 (R1).
AUD/USD: BUY

S1: 0.9899 S2: 0.9862 S3: 0.9802 Pivot: 0.9959 R1: 1.0019 R2: 1.0056 R3: 1.116

Currency Pair Outlook: All 12 moving averages and 9 of 11 technical indicators are all in agreement of a favored bullish trading day for this currency pair (2 technical indicators being neutral). We will trade with the indicators, with our key target at 1.0019 (R1). A break of around 5-6 pips above that point will convince us that a continued bullish trend will take place, with our next key target close to R2, specifically at 1.0050. Be aware though, that the pair currently is down (-.24%) today already, with the pair trading at 0.9972. What does this mean? Well, keep in mind our pivot point is 0.9959. A price drop meeting this point or declining further below it, will indicate a continued bearish trend that has occurred early this morning. If this is the case, an ideal key target would be 0.9920, and possibly 0.990.

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Tuesday, November 2, 2010

2010-11-02T02:12:00.000-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Tuesday, November 2, 2010.

EUR/USD: BUY

S1: 1.3872 S2: 1.3837 S3: 1.3781 Pivot: 1.3928 R1: 1.3984 R2: 1.4019 R3: 1.4075

Currency Pair Outlook: 10/12 of our moving averages would indicate a bullish trend for the day, while only 4 of the 11 indicators would agree (4 being neutral, and 3 in favor of bearish day). The pair opened today just below 1.390, and has quickly hit the pivot point which indicates to us a continued bullish trend. We will be buying the pair, and our key target will be 1.3970 (Just below our first resistance point. The continued climb above 1.3981 (R1), would illustrate continued gains. However, any drop below 1.3890 will have us favoring a bearish trend. The first support point is very weak, so if a bearish trend does dominate the day, a good key target would be one in between S1 and S2.

GBP/USD: BUY

S1: 1.6015 S2: 1.5993 S3: 1.5959 Pivot: 1.6049 R1: 1.6083 R2: 1.6105 R3: 1.6139

Currency Pair Outlook: 8 of the 11 indicators favor a bullish trend for the day (3 being neutral), and all 12 moving averages would agree with that consensus. We will trade in favor of those indications with our key target at 1.610. A strong break above that point would indicate a continued bullish trend towards R3 (1.613); our target would be 1.612. A strong drop back down to our pivot point (1.6049) would indicate the beginning of a bearish trend. If that scenario becomes reality, a sell order would be favored, with the new key target being 1.60.
NZD/USD: BUY

S1: 0.7643 S2: 0.7629 S3: 0.7643 Pivot: 0.7665 R1: 0.7687 R2: 0.7701 R3: 0.7723

Currency Pair Outlook: 9 of the 11 indicators paint a bullish day (2 being neutral). All 12 moving averages would concur. We will favor both indications with our key target at 0.7687 (R1).A strong break above this point will make ways for further gains towards 0.7700. However, the pair is down -0.17% already; a drop below 0.7650 would force us to favorite a bearish trend, with our target being 0.7630.

USD/CAD: SELL

S1: 1.0123 S2: 1.0104 S3: 1.0075 Pivot: 1.0152 R1: 1.0181 R2: 1.02 R3: 1.0229

Currency Pair Outlook: 9 of the 11 indicators indicate a bullish day (2 being neutral). As we construct these forecasts, S1 has already been met, with the current price being 1.0122. Expect further drops with our key target being 1.0083. Any break back above the pivot point will indicate a bullish movement, and the new key target should be set close to the 1.0181 mark (R1).
AUD/USD: SELL

S1: 0.9833 S2: 0.9809 S3: 0.9771 Pivot: 0.9871 R1: 0.9909 R2: 0.9933 R3: 0.9971

Currency Pair Outlook: The pair is already trading past all three of our resistance levels (+1.14% on the day). According to bollinger band indicators one could determine the pair will drop to a central point. We are going to trade based on that thought and have our key target at 0.9940. A continued drop below that point will indicate further drops towards 0.990. On the other side, any gain above 1.00 would indicate even further gains.

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Monday, November 1, 2010

2010-10-31T23:57:00.004-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Friday, October 29, 2010.

EUR/USD:BUY

S3: 1.3949

S2: 1.3958

S1: 1.3964

Pivot: 1.3973

R1: 1.3982

R2: 1.3988

R3: 1.3997

Currency Pair Outlook: 9 of our 11 indicators are indicating a strong buy summary for the day. All of the 12 moving averages we use are also in agreement. Our first key target is 1.40. Our first resistance mark has already been met as we type this. The price is currently at 1.3983. We still believe the bullish trend will continue. If however, the pair drops below our pivot point (1.3973) that will indicate a bearish movement. Our first support mark is week so if S1 is met, expect further declines. As of right now though, everything indicates a continued bullish trend.

GBP/USD:BUY

S3: 1.6031

S2: 1.6038

S1: 1.6042

Pivot: 1.6049

R1: 1.6056

R2: 1.606

R3: 1.6067

Currency Pair Outlook: With this pair 9 out of our 12 indicators are indicating a bullish day. The indicators have proven correct with the pair already has met the first resistance point. The resistance points are moderately strong but we still expect R2 should be met. Our key target is 1.606 However, if the pivot point (1.6049) is met, it will indicate the beginning of a bearish trend.

NZD/USD: BUY

S3: 0.7637

S2: 0.7645

S1: 0.7651

Pivot: 0.7659

R1: 0.7667

R2: 0.7673

R3: 0.7681

Currency Pair Outlook: As with EUR/USD and GBP/USD 9 of the 11 indicators are strongly bullish and all 12 moving averages agree. Our key target is 0.7673 (R2). The currency pair has already reacted bullishly edging close to R1. Any strong break below the pivot point will indicate the beginning of a bearish trend.

USD/CAD: SELL

S3: 1.0176

S2: 1.018

S1: 1.0182

Pivot: 1.019

R1: 1.019

R2: 1.0192

R3: 1.0196

Currency Pair Outlook: 8 of the 11 indicators are strongly bearish with all moving averages strongly bearish also. The problem is all of our support marks have already been met. All of the pairs seem to be reacting fairly quickly today. Does the pair go lower? Does it reverse? What happens? Unless there's a strong break below S3, we expect the bearish trend to be over. We're going to buy this pair with our key target at R1 (1.019). You could wait for the pivot point to be met to have some clarity, but we're fairly confident in a bullish trend to begin. A break above R1, should make way for further gains towards R2 (1.0192). We don't see the pair climbing higher though. The pair could fluctuate back and forth with the center point being around 1.018. So expect a slight bullish trend, and then it's a waiting game to see what happens. A strong break above R1 would indicate further gains. If the pair meets R1 or R2 and then begins to drop below R1, that would indicate the fluctuality and you could trade around that for profit.
AUD/USD: SELL

S3: 0.9839

S2: 0.9847

S1: 0.9851

Pivot: 0.9859

R1: 0.9867

R2: 0.9871

R3: 0.9879

Currency Pair Outlook: All 12 moving averages indicate a bullish trend for the day while only 5 of 11 indicators agreeing (4 being neutral). Again, the problem is all 3 resistance point have already been met, with the pair already up .48% (0.9884). We don't think the bullish trend is over yet, so Our key target is 0.9890. However, we do expect the pair to neutralize throughout the day, and we believe that the neutral point will be around the pivot point (0.9859). Any break below that would indicate further losses. So to be clear, we should expect a continued bullish trend and then a slight bearish trend towards a neutral point. If the pair climbs beyond our key target, expect further gains.

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Friday, October 29v, 2010

2010-10-29T01:18:00.006-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Friday, October 29, 2010.

EUR/USD:BUY

S3: 1.3719

S2: 1.3785

S1: 1.3826

Pivot: 1.3892

R1: 1.3958

R2: 1.3999

R3: 1.4065

Currency Pair Outlook: Yesterday, the currency pair traded against the indicators and continued in a bullish trend surpassing resistance points 1 and 2. Today, we expect more of the same; The pair is extremely oversold and our indicators and moving averages all indicate a bullish trend for the day. Our key target is 1.3940, and break above that will make ways for further gains towards our first resistance point (1.3958). On the other side, any strong break below our pivot point (1.3892) will indicate further setbacks. However, if a bearish trend begins, we only expect the pair to drop towards 1.3880 and possibly 1.3870.

GBP/USD:BUY

S3: 1.5685

S2: 1.5768

S1: 1.5818

Pivot: 1.5901

R1: 1.5984

R2: 1.6034

R3: 1.6117

Currency Pair Outlook: Yesterday, all indicators and moving averages were indicating a neutral trend. We gave two scenarios which would determine the course the pair would take for the day. A bullish trend dominated the day with resistance marks 1 and 2 being met..and almost resistance mark 3! Today, ALL indications lead us to believe a continued bullish trend. Our key target is 1.5984. On the other side, any drop below our pivot point will begin a bearish trend towards 1.5900.

NZD/USD: BUY

S3: 0.7437

S2: 0.747

S1: 0.749

Pivot: 0.7523

R1: 0.7556

R2: 0.7576

0 R3: 0.7609

Currency Pair Outlook: The moving averages indicate a bullish trend while the indicators are neutral. We expect a slight bullish movement with our key target at (0.7550), just below our first resistance point. A strong break above our first resistance mark will make ways for further gains towards 0.7570, and possibly 0.760. Any drop below our pivot point (0.7523) will make ways for slight further setbacks towards 0.4510. If there is a strong break below 0.7500, expect even further setbacks towards support point 1 (0.749).

USD/CAD: SELL

S3: 1.0117

S2: 1.0157

S1: 1.0181

Pivot: 1.0221

R1: 1.0261

R2: 1.0285

R3: 1.032

Currency Pair Outlook: With the currency pair neatralizing yesterday, we believe the bullish trend that began at the beginning of the week is now over. All indicators and moving averages agree, and our key target is support point 1 (1.0181). Any continued break below that point will indicate further setbacks towards 1.0160, just below support point 2. Setbacks should not go past support mark 2 considering the supports are moderately strong. On the other side, if there is a strong break above our pivot point (1.0021), expect a slightly bullish day with accelerations towards resistance mark 1 (1.0261). Any steady break above resistance point 1 will make ways for gains towards resistance point 2 (1.0285). If a bullish trend does start, we don't see the pair going any higher than 1.0260 though.

AUD/USD: SELL

S3: 0.9693

S2: 0.9727

S1: 0.9748

Pivot: 0.9782

R1: 0.9816

R2: 0.9837

R3: 0.9871

Currency Pair Outlook: We predicted a tricky day yesterday and favored a bearish trend. Luckily we gave a scenario for a bullish trend which gave traders the opportunity for profit. Today, the moving averages are neutral but the indicators definitely tell a bearish story for the day. We are going to favor the indicators, with our key target at 0.9748 (S1). Although the currency pair was slightly bullish yesterday, the pair didn't hit any significant points to indicate to us the weekly bearish trend has ended. However, if there is a strong break above our pivot point (0.9782), that will indicate the end of the weekly bearish trend, and a bullish movement should continue towards R1 (0.9816).

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Thursday, October 28, 2010

2010-10-28T00:56:00.001-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Thursday, October 28, 2010.

EUR/USD: SELL

S1: 1.3760 S2: 1.3730 S3: 1.3700 R3: 1.3900 R2: 1.3850 R1: 1.3800

Currency Pair Outlook: 7 out of the 11 indicators we are using are indicating a strongly bearish trend for the day while the moving averages are neutral. We expect the indicators to prevail with a bearish trend for the day. Our key target is 1.3760 (S1). The first support is very weak so expect a further decline if our target is met.

GBP/USD: NEUTRAL

S1: 1.5750 S2: 1.5730 S3: 1.5690 R3: 1.5950 R2: 1.5900 R1: 1.5800

Currency Pair Outlook: Our indicators are indicating a bearish day while the moving averages are indicating a strong bullish day. If 1.5796 (Pivot point) is met, expect a bearish trend to prevail. If the currency pair exceeds above 1.5820, expect a bullish trend towards 1.5840.

NZD/USD: SELL

S1: 0.7445 S2: 0.7400 S3: 0.7345 R3: 0.7600 R2: 0.7560 R1: 0.7500

Currency Pair Outlook: We expect a bearish trend for the day. Our key target is 0.7445 (S1). Our first support mark is very weak so if our target is met, expect a further decline towards S2.

USD/CAD: BUY

S1: 1.0265 S2: 1.0210 S3: 1.0150 R3: 1.0415 R2: 1.0375 R1: 1.0340

Currency Pair Outlook: We expected a strong bullish movement so far for the entire week. Let that be the case again today! Our first key target is 1.0320. A strong break above that point will indicate a push towards 1.0340 and 1.0375. Above 1.0400 should accelerate further gains. Any setbacks below 1.0240 will make ways for a bearish trend.

AUD/USD: SELL

S1: 0.9700 S2: 0.9650 S3: 0.9625 R3: 0.9850 R2: 0.9810 R1: 0.9755

Currency Pair Outlook: This currency pair declined just like we expected Wednesday. Today is a little tricky because the pair is up +0.43% (0.9761) already but our indicators are indicating a bearish trend for today. The pivot point (0.9752) was met which began the bullish trend. The question is, will the bullish trend continue for the day, or will the bearish trend from yesterday kick back in? Our indicators our stating a strong bearish trend, so we will abide by the indicators. Our key target is 0.973. If our target is met, expect further declines towards 0.970. If the rally continues, expect 0.980 to be met with further acceleration towards 0.9830.

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Wednesday, October 27, 2010

2010-10-27T01:53:00.003-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Wednesday, October 27, 2010.

EUR/USD: SELL

S1: 1.3825 S2: 1.3775 S3: 1.3700 R3: 1.4080 R2: 1.3980 R1: 1.3905

Currency Pair Outlook: 7 of the 11 indicators we use are indicating a bearish movement for the day. Our key target is 1.3825. Any strong break below this point will allow greater setbacks. A steady movement above 1.3850 will indicate a bullish trend.

GBP/USD: SELL

S1: 1.5805 S2: 1.5770 S3: 1.5690 R3: 1.5970 R2: 1.5950 R1: 1.5900

Currency Pair Outlook: Our key target today is 1.5805. The first support mark is strong, only a steady decrease below 1.5805 will indicate further losses. The moving averages are telling a different story than the technical indicators, but the recent bullish trend favors the indicators.
NZD/USD: SELL

S1: 0.7470 S2: 0.7425 S3: 0.7400 R3: 0.7600 R2: 0.7560 R1: 0.7515

Currency Pair Outlook: We expect a push towards 0.7425, with bearish movements to continue in the upcoming days and weeks. Any steady rise above 0.7515 will indicate further gains towards 0.7560. A steady continued decrease below 0.7400 will lead to further setbacks towards 1.7400.

USD/CAD: BUY

S1: 1.0210 S2: 1.0150 S3: 1.0135 R3: 1.0375 R2: 1.0300 R1: 1.0265

Currency Pair Outlook: We expect a strong bullish movement for not only today, but the upcoming days and weeks. Our first key target is 1.0265. A strong break above that point will indicate a push towards 1.0300 and 1.0375. Above 1.0400 should accelerate further gains, while any pullbacks should indicate a push towards 1.0100.
AUD/USD: SELL

S1: 0.9800 S2: 0.9740 S3: 0.9660 R3: 0.9975 R2: 0.9830 R1: 0.9890

Currency Pair Outlook: This currency pair has been on a bullish trend since last week. However, we expected the pair to have a massive reversal. Let that be the case for today.

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Tuesday, October 26, 2010

2010-10-26T02:40:00.008-04:00

Foreign Exchange Market (Forex) Daily Forecasts For Tuesday, October 26, 2010.

EUR/USD: BUY

S1: 1.3830 S2: 1.3800 S3: 1.3700 R3: 1.4160 R2: 1.4052 R1: 1.3975

Currency Pair Outlook: Pullbacks have been strongly supported recently at the 1.3695 mark, with the market heading back towards 1.4000. The key level to watch today is the 1.4060 mark, which represents the 78.6% Fibonacci retraction off of the recent 1.4160-1.3695 bounce. If a steady break above this point is met, expect the pair to rise to 1.4160. We could then start to see a move towards 1.4500 in the upcoming week. If the currency pair fails to stay above 1.4060, deeper setbacks are possible.

GBP/USD: SELL

S1: 1.5650 S2: 1.5600 S3: 1.5500 R3: 1.5825 R2: 1.5790 R1: 1.5750

Currency Pair Outlook: This currency pair was very stationary on Monday. Expect additional weakness, with last Tuesday’s break back below 1.5755 helping to confirm bearish technical outlook and create futher declines. Only a break above 1.6000 would indicate a neutral trend. Expect downtrends for today, pushing towards 1.5500.
NZD/USD: BUY

S1: 0.7425 S2: 0.7400 S3: 0.7355 R3: 0.7570 R2: 0.7550 R1: 0.7525

Currency Pair Outlook: Increases have stalled out above 0.7600 with the market reversing sharply to close back below the 10 and 20-Day SMAs. We expect a push towards 0.7560, with bearish movements beginning in the upcoming days and weeks, pushing towards 0.6560.
USD/CAD: BUY

S1: 1.0220 S2: 1.0106 S3: 1.0130 R3: 1.0400 R2: 1.0370 R1: 1.0300

Currency Pair Outlook: We expect a strong bullish movement for not only today, but the upcoming days and weeks. Our first key target is 1.0300. A strong break above that point will indicate a push towards 1.0370 and 1.0400. Above 1.0400 should accelerate further gains, while any pullbacks should indicate a push towards 1.0100.
AUD/USD:BUY

S1: 0.9740 S2: 0.9660 S3: 0.9540 R3: 0.9960 R2: 0.9940 R1: 0.9895

Currency Pair Outlook: This currency pair has been on a bullish trend since last week. Expect the pair to remain bullish for today, however, we do not think the pair will cross the 1.0000 mark. Despite the strength of this uptrend, expect a major bearish reversal in the upcoming days. We suggest a strong buy for this currency pair with a take profit below 1.0000 (preferably the first or second resistance points.)

Have a Good Day!

Foreign Exchange Market (Forex)-Daily Forecast for Monday, October 25, 2010

2010-10-25T00:39:00.003-04:00

Foreign Exchange Market (Forex)-Daily Forecast for Monday, October 25, 2010

EUR/USD

Indicator Summary: BUY
Support Points: S1(1.4001) S2(1.3985) S3(1.3974)
Pivot Point: (1.403)
Resistance Points: R1(1.4070) R2(1.4080) R3(1.41)

GBP/USD

Indicator Summary: STRONG SELL
Support Points: S1(1.572) S2(1.57) S3(1.5698)
Pivot Point: (1.575)
Resistance Points: R1(1.579) R2(1.58) R3(1.582)

NZD/USD

Indicator Summary: BUY
Support Points: S1(0.7505) S2(0.7503) S3(0.7496)
Pivot Point: (0.752)
Resistance Points: R1(0.755) R2(0.755) R3(0.757)

USD/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.02) S2(1.019) S3(1.018)
Pivot Point: (1.022)
Resistance Points: R1(1.024) R2(1.025) R3(1.026)

EUR/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.4289) S2(1.4252) S3(1.4216)
Pivot Point: (1.434)
Resistance Points: R1(1.4362) R2(1.4397) R3(1.4433)

AUD/USD

Indicator Summary: BUY
Support Points: S1(0.99) S2(0.988) S3(0.987)
Pivot Point: (0.9930)
Resistance Points: R1(0.9895) R2(0.9940) R3(0.9960)

Foreign Exchange Market (Forex)-Daily Forecast for Friday, October 22, 2010

2010-10-21T23:55:00.002-04:00

Foreign Exchange Market (Forex)-Daily Forecast for Friday, October 22, 2010

EUR/USD

Indicator Summary: BUY
Support Points: S1(1.3877) S2(1.3836) S3(1.3768)
Pivot Point: (1.3945)
Resistance Points: R1(1.4013) R2(1.4054) R3(1.4122)

GBP/USD

Indicator Summary: STRONG SELL
Support Points: S1(1.5689) S2(1.565) S3(1.5588)
Pivot Point: (1.5751)
Resistance Points: R1(1.5813) R2(1.5852) R3(1.5914)

NZD/USD

Indicator Summary: STRONG SELL
Support Points: S1(0.744) S2(0.7416) S3(0.7377)
Pivot Point: (0.7479)
Resistance Points: R1(0.7518) R2(0.7542) R3(0.7581)

USD/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.0195) S2(1.0164) S3(1.0113)
Pivot Point: (1.0246)
Resistance Points: R1(1.0297) R2(1.0328) R3(1.0379)

EUR/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.4248) S2(1.4225) S3(1.4189)
Pivot Point: (1.4284)
Resistance Points: R1(1.432) R2(1.4343) R3(1.4379)

AUD/USD

Indicator Summary: SELL
Support Points: S1(0.9749) S2(0.9714) S3(0.9657)
Pivot Point: (0.9806)
Resistance Points: R1(0.9863) R2(0.9898) R3(0.9955)

Foreign Exchange Market (Forex)-Daily Forecast for Thursday October 21, 2010

2010-10-21T00:19:00.002-04:00

Foreign Exchange Market (Forex)-Daily Forecast for Thursday, October 21, 2010

EUR/USD

Indicator Summary: BUY
Support Points: S1(1.3777) S2(1.3709) S3(1.3598)
Pivot Point: (1.3888)
Resistance Points: R1(1.3999) R2(1.4061) R3(1.4178)

GBP/USD

Indicator Summary: STRONG SELL
Support Points: S1(1.5709) S2(1.5657) S3(1.5572)
Pivot Point: (1.5794)
Resistance Points: R1(1.5879) R2(1.5931) R3(1.6016)

NZD/USD

Indicator Summary: BUY
Support Points: S1(0.746) S2(0.7426) S3(0.7373)
Pivot Point: (0.7513)
Resistance Points: R1(0.7566) R2(0.76) R3(0.7653)

USD/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.0208) S2(1.0175) S3(1.0122)
Pivot Point: (1.0261)
Resistance Points: R1(1.0314) R2(1.0347) R3(1.04)

EUR/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.4205) S2(1.4167) S3(1.4105)
Pivot Point: (1.4267)
Resistance Points: R1(1.4329) R2(1.4367) R3(1.4429)

AUD/USD

Indicator Summary: BUY
Support Points: S1(0.9725) S2(0.9672) S3(0.9588)
Pivot Point: (0.9809)
Resistance Points: R1(0.9893) R2(0.9946) R3(1.0003)

Foreign Exchange Market (Forex)-Daily Forecast for Wednesday, October 20, 2010

2010-10-19T23:59:00.004-04:00

Foreign Exchange Market (Forex)-Daily Forecast for Wednesday, October 20, 2010

EUR/USD

Indicator Summary: STRONG SELL
Support Points: S1(1.3683) S2(1.3611) S3(1.3494)
Pivot Point: (1.38)
Resistance Points: R1(1.3917) R2(1.3989) R3(1.4106)

GBP/USD

Indicator Summary: STRONG SELL
Support Points: S1(1.5639) S2(1.558) S3(1.5459)
Pivot Point: (1.575)
Resistance Points: R1(1.5861) R2(1.593) R3(1.6041)

NZD/USD

Indicator Summary: STRONG SELL
Support Points: S1(0.7422) S2(0.7381) S3(0.7315)
Pivot Point: (0.7488)
Resistance Points: R1(0.7554) R2(0.7595) R3(0.7661)

USD/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.0214) S2(1.0164) S3(1.0084)
Pivot Point: (1.0294)
Resistance Points: R1(1.0374) R2(1.0424) R3(1.0504)

EUR/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.4157) S2(1.412) S3(1.4062)
Pivot Point: (1.4215)
Resistance Points: R1(1.4273) R2(1.431) R3(1.4368)

AUD/USD

Indicator Summary: SELL
Support Points: S1(0.9651) S2(0.9581) S3(0.9469)
Pivot Point: (0.9763)
Resistance Points: R1(0.9875) R2(0.9945) R3(1.0057)

Foreign Exchange Market (Forex)-Daily Forecast for Tuesday, October 19, 2010

2010-10-18T23:31:00.007-04:00

Foreign Exchange Market (Forex)-Daily Forecast for Tuesday, October 19, 2010

EUR/USD

Indicator Summary: BUY
Support Points: S1(1.3867) S2(1.3827) S3(1.3763)
Pivot Point: (1.3931)
Resistance Points: R1(1.3995) R2(1.4035) R3(1.4099)

GBP/USD

Indicator Summary: SELL
Support Points: S1(1.5853) S2(1.5815) S3(1.5755)
Pivot Point: (1.5913)
Resistance Points: R1(1.5973) R2(1.6011) R3(1.6071)

NZD/USD

Indicator Summary: STRONG BUY
Support Points: S1(0.752) S2(0.7497) S3(0.746)
Pivot Point: (0.7557)
Resistance Points: R1(0.7594) R2(0.7617) R3(0.7654)

USD/CAD

Indicator Summary: BUY
Support Points: S1(1.0143) S2(1.0122) S3(1.0086)
Pivot Point: (1.0179)
Resistance Points: R1(1.215) R2(1.0236) R3(1.0272)

EUR/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.4139) S2(1.4116) S3(1.4078)
Pivot Point: (1.4177)
Resistance Points: R1(1.4215) R2(1.4238) R3(1.4276)

AUD/USD

Indicator Summary: STRONG BUY
Support Points: S1(0.9833) S2(0.98) S3(0.9745)
Pivot Point: (0.9888)
Resistance Points: R1(0.9943) R2(0.9976) R3(1.0031)

Foreign Exchange Market (Forex)-Daily Forecast for Monday, October 18, 2010

2010-10-18T02:12:00.001-04:00

Foreign Exchange Market (Forex)-Daily Forecast for Monday, October 18, 2010

EUR/USD

Indicator Summary: BUY
Support Points: S1(1.3942) S2(1.3931) S3(1.3912)
Pivot Point: (1.3961)
Resistance Points: R1(1.398) R2(1.3991) R3(1.401)

GBP/USD

Indicator Summary: BUY
Support Points: S1(1.5979) S2(1.5971) S3(1.5959)
Pivot Point: (1.5991)
Resistance Points: R1(1.6003) R2(1.6011) R3(1.6023)

NZD/USD

Indicator Summary: BUY
Support Points: S1(0.7531) S2(0.7524) S3(0.7511)
Pivot Point: (0.7544)
Resistance Points: R1(0.7557) R2(0.7564) R3(0.7577)

USD/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.0124) S2(1.012) S3(1.0112)
Pivot Point: (1.0132)
Resistance Points: R1(1.014) R2(1.0144) R3(1.0152)

EUR/CAD

Indicator Summary: STRONG BUY
Support Points: S1(1.4135) S2(1.4127) S3(1.4116)
Pivot Point: (1.4146)
Resistance Points: R1(1.4157) R2(1.4165) R3(1.4176)

AUD/USD

Indicator Summary: STRONG BUY
Support Points: S1(0.9873) S2(0.986) S3(0.9839)
Pivot Point: (0.9894)
Resistance Points: R1(0.9915) R2(0.9928) R3(0.9949)

Changes To Website Starting Monday: A More Unlimited Theme

2010-10-16T02:07:00.006-04:00

Why the Change? On Friday, October 15, my fellow team and I met at the Library on campus and discussed what we could do for the website to still post useful content and still have time for our studies. We brainstormed ideas such as
limiting the predictions to one currency pair a day, giving a weekly forecast, or shutting down the site all together. The foreign exchange market is our life. It's been paying our college tuition and more for the last 3 years; it's our job. So it's something we're good at; we have three minds working together..and it just fascinates us..we enjoy trading! So we concluded that shutting down the site was not something we wanted to do, but what could we post that would still be useful content to traders? It was actually Bryan's idea to post daily forecasts with indicators!
What Do we Mean by Forecasts with Indicators?
We'd basically be posting what our indicators would tell us to do without naming a specific entry point. Bollinger bands, exponential moving average, simple moving average, and a combination of many other indicators will be used to determine what the pair will do for the day.
What Will the Forecasts look like?
It would look something like this:
EUR/USD: Strong Buy. R1(1.0),R2(1.30),R3(1.40),Pivot Point(1.380),S1(1.320),S2(1.305),S3(1.290)

How Do I Read The Forecasts?
We will be editing the "FAQ'S" page soon to answer this, but lets briefly explain how to read the forecasts. The "R's" are the resistance points, meaning the points where traders would typically begin selling the pair. The "S's" are the support points, meaning the points traders typically buy the pair. A pivot point are areas at which the direction of price movement can possibly change. So if the current price of EUR/USD is 1.10, you could sell the pair and expect it to get close to a support point or beyond it; that's up to you to decide.
Why is this better than your predictions?
With our predictions, we posted to ensure profits. That means we posted take profits well before a resistance or support point to ensure some kind of profit. Our take profit marks were generally met early, leaving a trader who didn't wonder onto our site until mid-day out in the dark because he missed our predictions. With the forecasts, you are looking directly at what a combination of indicators are expecting pairs to do for the entire day.
Will This Ensure Profit?
Absolutely not. Sometime currency pairs move against indicators, that's why it's important to place a stop-loss. It's really up to the trader where to place there stop loss. How much can they afford to loss? Keep in mind, if you set your stop loss to close to your entry point, the pair could easily drop to your stop loss mark before jumping back up and hitting your take profit. Guess what? Now your have a loss even though your take profit was eventually met....and that's the worst feeling in the world. But also keep in mind...a little loss feels a lot better than a very large loss.
Additional Notes: Again, we'll be editing the FAQ's page to clarify everything before Monday's trading day.

Foreign Exchange Market (Forex)-Weekly Trading Results for 10/11-10/15

2010-10-15T18:04:00.000-04:00

Foreign Exchange Market Weekly Trading Results

Take Note: During the beginning of the week, the market unfortunately moved against all of the indicators we used. The week did result in a profit, it wasn't 900+ pips like last week, but it was still a profitable week, and that's all that matters! Enjoy your weekends!
Additional Notes: If you remember from yesterday, we explained that this site is maintained by three full-time college students and that we were meeting today to discuss whether we would have time to post predictions everyday, or just post what the indicators are favoring. We met today when we all had a break from classes, and we concluded that posting a daily forecast would allow you the trader to be able to make more trading decisions, and would not be limited to trade just our predictions. We will explain in full in a post either tonight or tomorrow. For now, enjoy your weekends!

Foreign Exchange Market (Forex)-Daily Trading Results for Friday, October 15, 2010

2010-10-15T17:48:00.002-04:00

Foreign Exchange Market Daily Trading Results

Foreign Exchange Market (Forex)-Daily Predictions for Friday, October 15, 2010

2010-10-15T01:27:00.000-04:00

Foreign Exchange Market Daily Predictions

Take Note: We're dealing with a severe weather system in the North Eastern United States, so we may lose power. We plan on posting results around 9:00p.m. (eastern time). If we fail to do so, the weather is to blame!
Additional Notes: For those that do not know, this site is run by 3 full-time college students. We're now entering into the point in the semester where it is imperative for us to spend more time on our studies. Unfortunately, we are now considering no longer posting predictions. Instead, we would post daily "forecasts" which was the initial point of the site anyway. The forecasts would include a "strong buy", "buy", "Strong Sell", "sell", "Neutral" indicators with Resistance lines one,two, and three, as well as support lines one, two, and three. Pivot points would also be included. These indicators would be for the outlook of the entire day. Confused? Don't worry it will all be explained. All three of us are meeting up today to come to a final conclusion on what to include on the site. Stay Tuned! For now, have a happy trading day!

Foreign Exchange Market (Forex)-Daily Trading Results for Thursday, October 14, 2010

2010-10-14T18:47:00.000-04:00

Foreign Exchange Market Daily Trading Results

Foreign Exchange Market (Forex)-Daily Predictions for Thursday, October 14, 2010

2010-10-14T02:01:00.001-04:00

Foreign Exchange Market Daily Trading Predictions

Answer to questions regarding our (2nd) take profit mark:
Our (2nd) Take Profit mark is based on our (2nd) resistance line. The (1st) Take profit mark is based on our (1st) resistance line. If our first take profit mark is met very early, it is probable the second take profit will be met. Using the second take profit mark can be risky though. If you enter the trade at a good time, we always recommend using the (1st) take profit mark. It is essential that if you do use the second take profit mark, you then change your stop loss to 10 pips below/higher our (1st) take profit mark depending on whether you're buying or selling. This guarantees a profit.
For Example:
Our prediction is to buy @1.20 and take profit @1.50, our 2nd take profit is @1.80 and a stop loss @1.00. You enter the trade @1.30 because you didn't see our predictions when they were first posted. Our 1.50 mark is met about a 3 hours later. You want to keep trading though, so you keep the trade open and hope to hit our 2nd take profit mark @1.80. So now you change your stop loss to 1.40 (10 pips below our 1st take profit mark). The trade turns bearish and you're stop loss mark is met at 1.40. You still have a 10 pip profit. If you had never changed the stop loss, you could have potentially had a loss of -30 pips. So changing the stop loss is essential to a guaranteed profit if our 1st take profit mark is met.
Please Take Note: Every prediction we post will not produce a profit. No trader in the world is 100% right with every trade. The key is to be profitable!

Foreign Exchange Market (Forex)-Daily Trading Results for Wednesday, October 13, 2010

2010-10-13T21:57:00.000-04:00

Foreign Exchange Market Daily Trading Results

Unprofitable Days/Weeks Happen:
Think of following trading signals like you're favorite sports team. When they loss a game you usually are not very happy, but when you win you're happy as could be. They could have the best players, coaches, medical staff, etc..and they still could loss a game, AND they most likely will. Think of us like a sports team, that's not always going to win.
Take Note: The market continues to move against our indicators this week. Although it's frustrating (believe me, we've basically been pulling our hair out) it's completely normal for this to happen. So do you trust the predictions we're going to post for Thursday and Friday? That's up to you. We will continue to trade based on our indicators, and you're welcome to join us! As always, we still have a profitable week in mind, and the next (2) days could help us achieve this. We have increased Our predictions to 10 in an attempt to increase profit. Keep in mind, this may also increase our losses.

Foreign Exchange Market (Forex)-Daily Predictions for Wednesday, October 13, 2010

2010-10-13T00:28:00.000-04:00

Foreign Exchange Market Daily Trading Predictions

Answer to questions regarding our (2nd) take profit mark:
Our (2nd) Take Profit mark is based on our (2nd) resistance line. The (1st) Take profit mark is based on our (1st) resistance line. If our first take profit mark is met very early, it is probable the second take profit will be met. Using the second take profit mark can be risky though. If you enter the trade at a good time, we always recommend using the (1st) take profit mark. It is essential that if you do use the second take profit mark, you then change your stop loss to 10 pips below/higher our (1st) take profit mark depending on whether you're buying or selling. This guarantees a profit.
For Example:
Our prediction is to buy @1.20 and take profit @1.50, our 2nd take profit is @1.80 and a stop loss @1.00. You enter the trade @1.30 because you didn't see our predictions when they were first posted. Our 1.50 mark is met about a 3 hours later. You want to keep trading though, so you keep the trade open and hope to hit our 2nd take profit mark @1.80. So now you change your stop loss to 1.40 (10 pips below our 1st take profit mark). The trade turns bearish and you're stop loss mark is met at 1.40. You still have a 10 pip profit. If you had never changed the stop loss, you could have potentially had a loss of -30 pips. So changing the stop loss is essential to a guaranteed profit if our 1st take profit mark is met.
Please Take Note: Every prediction we post will not produce a profit. No trader in the world is 100% right with every trade. The key is to be profitable!

Foreign Exchange Market (Forex)-Daily Trading Results for Tuesday, October 12, 2010

2010-10-12T22:29:00.000-04:00

Foreign Exchange Market Daily Trading Results

Take Note: It wasn't the most profitable day, and we're still trying to dig out of Monday's mess but today was profitable, and that's a nice step. We're carefully watching a couple of pairs that have been moving against our indicators the last 2 days (especially GBP/USD. We'll have some predictions up. If you follow us on twitter, we'll post when our predictions are up.

Foreign Exchange Market (Forex)-Daily Predictions for Tuesday, October 12, 2010

2010-10-11T23:59:00.000-04:00

Foreign Exchange Market Daily Predictions

Answer to questions regarding our (2nd) take profit mark:
Our (2nd) Take Profit mark is based on our (2nd) resistance line. The (1st) Take profit mark is based on our (1st) resistance line. If our first take profit mark is met very early, it is probable the second take profit will be met. Using the second take profit mark can be risky though. If you enter the trade at a good time, we always recommend using the (1st) take profit mark. It is essential that if you do use the second take profit mark, you then change your stop loss to 10 pips below/higher our (1st) take profit mark depending on whether you're buying or selling. This guarantees a profit.
For Example:
Our prediction is to buy @1.20 and take profit @1.50, our 2nd take profit is @1.80 and a stop loss @1.00. You enter the trade @1.30 because you didn't see our predictions when they were first posted. Our 1.50 mark is met about a 3 hours later. You want to keep trading though, so you keep the trade open and hope to hit our 2nd take profit mark @1.80. So now you change your stop loss to 1.40 (10 pips below our 1st take profit mark). The trade turns bearish and you're stop loss mark is met at 1.40. You still have a 10 pip profit. If you had never changed the stop loss, you could have potentially had a loss of -30 pips. So changing the stop loss is essential to a guaranteed profit if our 1st take profit mark is met.
Please Take Note: Every prediction we post will not produce a profit. No trader in the world is 100% right with every trade. The key is to be profitable!

Foreign Exchange Market (Forex)-Daily Trading Results for Monday, October 11, 2010

2010-10-11T23:34:00.000-04:00

Foreign Exchange Daily Trading Results

Take Note: Today's results are very disappointing. If you have been following us for some time you know that we average about +120 pips per day. It is important to remember that not every trading day is profitable. Even the best professional traders have unprofitable days; and today was our bad day! These predictions are not guesses! Let me stress that the predictions are based on technical data including support/resistance lines. We use numerous technical indicators like bollinger bands, simple moving average, exponential moving average, pivot points and much more. The fact of the matter is that sometimes the market doesn't perform in favor of the indicators; and that's unfortunate. We still have 4 days of trading, so let's make this week profitable!

Foreign Exchange Market (Forex)-Daily Predictions forMonday, October 11, 2010

2010-10-11T00:45:00.002-04:00

Foreign Exchange Market Daily Predictions

Answer to questions regarding our (2nd) take profit mark:
Our (2nd) Take Profit mark is based on our (2nd) resistance line. The (1st) Take profit mark is based on our (1st) resistance line. If our first take profit mark is met very early, it is probable the second take profit will be met. Using the second take profit mark can be risky though. If you enter the trade at a good time, we always recommend using the (1st) take profit mark. It is essential that if you do use the second take profit mark, you then change your stop loss to 10 pips below/higher our (1st) take profit mark depending on whether you're buying or selling. This guarantees a profit.
For Example:
Our prediction is to buy @1.20 and take profit @1.50, our 2nd take profit is @1.80 and a stop loss @1.00. You enter the trade @1.30 because you didn't see our predictions when they were first posted. Our 1.50 mark is met about a 3 hours later. You want to keep trading though, so you keep the trade open and hope to hit our 2nd take profit mark @1.80. So now you change your stop loss to 1.40 (10 pips below our 1st take profit mark). The trade turns bearish and you're stop loss mark is met at 1.40. You still have a 10 pip profit. If you had never changed the stop loss, you could have potentially had a loss of -30 pips. So changing the stop loss is essential to a guaranteed profit if our 1st take profit mark is met.
Please Take Note: Every prediction we post will not produce a profit. No trader in the world is 100% right with every trade. The key is to be profitable!

Foreign Exchange Market (Forex)-Weekly Trading Results for 10/4-10/8

2010-10-08T23:49:00.000-04:00

Foreign Exchange Market Weekly Trading Results for 10/4-10/8.

Monday was a rough day, but the rest of the week was very profitable as we almost reached a 1,000 pip gain in a week! There have been some questions about the (2nd take profit mark) we started posting, so I will address that later on this weekend before Monday. Until then, enjoy your weekends!

Foreign Exchange Market (Forex)-Daily Trading Results for Friday, October 8, 2010

2010-10-08T23:39:00.000-04:00

Foreign Exchange Market Daily Trading Results

Foreign Exchange Market (Forex)-Daily Predictions for Friday, October 8, 2010

2010-10-08T00:29:00.000-04:00

Foreign Exchange Market Daily Trading Predictions

**Your entry points may be different and in most cases will be. The entry points listed are our entry points. Take into consideration the time of this post and our take profit mark and then make a rational trading decision. Have a good day!

Foreign Exchange Market (Forex)-Daily Trading Results for Thursday, October 7, 2010

2010-10-07T21:48:00.000-04:00

Foreign Exchange Market Daily Trading Results

**Your entry points may be different and at most times they will be. The entry point is our entry point. Take into consideration the time of our posts and look at the charts before entering a trade.**

Foreign Exchange Market (Forex)-Daily Predictions for Thursday, October 7, 2010

2010-10-07T02:05:00.000-04:00

Foreign Exchange Daily Predictions

**Please Note: Your Entry point CAN be different and at most times it will be. The entry point listed is OUR entry point. Focus on our take profit and make a rational trading decision.**

Foreign Exchange Market (Forex)-Daily Trading Results for Wednesday, October 6, 2010

2010-10-07T01:37:00.000-04:00

Foreign Exchange Market Trading Results

Foreign Exchange Market (Forex)-Daily Predictions for Wednesday, October 6, 2010

2010-10-06T00:47:00.000-04:00

Foreign Exchange Market Daily Predictions

Foreign Exchange Market (Forex)-Daily Trading Results fo Tuesday, October 5, 2010

2010-10-05T22:33:00.000-04:00

Foreign Exchange Market Daily Trading Results

Foreign Exchange Market (Forex)-Daily Predictions for Tuesday, October 5, 2010

2010-10-04T22:49:00.000-04:00

Foreign Exchange Market Daily Predictions

Foreign Exchange Market (Forex)-Daily Trading Results for Monday, October 4, 2010

2010-10-04T22:27:00.001-04:00

Foreign Exchange Market Daily Trading Results

We're anxious to see what happens with our open trades because -54 pips for the day is not acceptable to us. We usually have 100+ pip days, so you can see why we are not happy.

Foreign Exchange Market (Forex)-Daily Predictions for Monday, October 4, 2010

2010-10-03T23:21:00.004-04:00

Foreign Exchange Market Predictions

EUR/USD: We expect an uptrend as long as(1.3549) is not met. If any four hour close is above (1.3865), we expect the uptrend to continue to the next resistance level at (1.3905). If any four hours close below (1.3549, expect a continued downtrend. We suggest buying a stop loss at (1.3549).

GBP/USD: We expect an uptrend as long as (1.5659) is not met. If any four hour close is above (1.5922), we expect the uptrend to continue to the next resistance level at (1.5972). If any four hour close is below (1.5659), expect a continued downtrend. We suggest buying with a stop loss at (1.5659).

Predictions Explained

2010-10-02T04:30:00.000-04:00

We try to post predictions by around 2:00 a.m. (Eastern Time). If you get to our site a little later than that you might notice that the market price is different from our entry point. This could be due to a couple of things:

Our Entry point has not been reached.
The market is moving in an unprofitable direction for us.
The market price is moving in a profitable direction but different from the entry point.
Our take profit has already been met.
Our stop loss has already been met.

So what can you do to make sure you're entering at a good time?

The first thing you want to do is look at the currency pair's chart. Switch to the 24 hour chart view of the currency pair.
The second thing you want to do is find our entry point at around the time of our post.
Now did the pair move in a direction that is moving against our trade, or in a direction that looks to be profitable? Example: A buy prediction would be profitable if the graph continues upwards beyond our entry point, heading towards our take profit. A sell prediction would be profitable if the graph moves downward beyond our entry position.
If the pair is trading in an unprofitable direction for us, you could simply wait until our entry point is reached again so you could enter the trade, or you could ignore the prediction on a belief that the trade will ultimately be unprofitable.
If the trade is moving in a profitable direction for us, you could wait for a slight pull-back and enter the trade, or you could enter the trade at the current market price. If our take profit is almost met (3-10 pips away) we don't recommend entering the trade because there would be little to no profit depending on your broker's spreads.

Further Explanation

For example: Let's say our entry point for EUR/USD is Buy @1.5680 and our take profit is 1.5710 with a stop loss at 1.5650. You don't get to our site until a couple hours later and now the price is 1.5688. You should first look at a live chart for the currency pair (24 hour view). You notice that at around 2:30 a.m. (around the time of our posted predictions) our entry point of 1.5680 has been met. You see the pair dropped as low as 1.5660 but never met our stop loss. You also see the pair climbed as high as 1.5692 before pulling back to the current price of 1.5688. You have a tough decision to make. Should you wait for a slight pull-back towards 1.5680 before entering the trade or should you enter the trade at the current price? If our prediction would turn out to be correct, and you entered the trade at 1.5688, you would still make a profit of 22 pips.
Example 2: Let's say our entry point for EUR/USD is Sell @1.5680 and our take profit is 1.5620 with a stop loss @1.5710. You noticed after looking at the 24 hour live view of the currency pair, that our take profit was met quickly. This is a prediction that should now be ignored because our trade has already been closed (Our target was reached).

It is imperative that you the trader recognize the time of our post (Otherwise, you may enter into some really unprofitable trades and wonder what the heck is going on). Take Note: Our time zone is GMT(Eastern Time)(New York, New York). We have many visitors throughout the day, and some trades may have been already met for a profit or loss and you would have no way of knowing without doing a little chart research.

These predictions are our trading strategy provided to the public each morning and isn't necessarily trading advice. By using our trading strategy or predictions, you understand all of the risk associated with the trades. In no way can we guarantee our predictions will be profitable. We trade in the foreign exchange market and provide our trading strategy with absolute confidence that our trades will be profitable based on analytic data. However, the forex market can be unpredictable at times and unprofitable trades can happen.

Foreign Exchange Market (Forex)-Weekly Trading Results

2010-10-01T22:45:00.000-04:00

Foreign Exchange Market (Forex) Weekly Results

Foreign Exchange Market (Forex)-Daily Trading Results for Friday, October 1, 2010

2010-10-01T22:35:00.000-04:00

Foreign Exchange Market Daily Trading Results

Foreign Exchange Market (Forex)-Daily Predictions for Friday, October 1, 2010

2010-10-01T02:09:00.003-04:00

Foreign Exchange Market Predictions

Foreign Exchange Market (Forex)-Daily Trading Results for Thursday, September 30, 2010

2010-09-30T22:49:00.002-04:00

Foreign Exchange Market Daily Results

Foreign Exchange Market (Forex)-Daily Predictions for Thursday, September 30, 2010

2010-09-30T02:23:00.001-04:00

Foreign Exchange Market Predictions
***Take profit for EUR/CAD should be 1.41, there's a mistype in the chart.***

Foreign Exchange Market (Forex)-Daily Trading Results for Wednesday, September 29, 2010

2010-09-29T20:59:00.002-04:00

Foreign Exchange Market

Foreign Exchange Market (Forex)-Daily Predictions for Wednesday, September 29, 2010

2010-09-29T02:09:00.001-04:00

Foreign Exchange Market Predictions

Please take note of the time these predictions were posted. If we post predictions at 2:00a.m. and it is 6:00p.m., these predictions could be invalid for that time period.

***Important***
This is our trading strategy not trading advice. Use the information provided at your own risk. We post with absolute certainty that our predictions will result in profits, but in no way can we guarantee profit; trading is a risk. You assume all responsibility.

Foreign Exchange Market (Forex)-Daily Trading Results for Tuesday, September 28, 2010

2010-09-28T20:46:00.002-04:00

Foreign Exchange Market

Foreign Exchange Market (Forex)-Daily Predictions for Tuesday, September 28, 2010

2010-09-28T01:43:00.006-04:00

****Disregard EUR/USD Prediction Below****
Buy EUR/USD @1.3405, take profit @1.350 (LONG)
Foreign exchange

Foreign Exchange Market (Forex)-Daily Trading Results for Monday, September 27, 2010

2010-09-27T22:02:00.005-04:00

Foreign Exchange Market (Forex)-Daily Predictions for Monday, September 27, 2010

2010-09-26T23:10:00.002-04:00

Daily Foreign Exchange Market (Forex) Predictions

Below are our daily buy/sell predictions for the day.

EUR/USD
Recommended: BUY
Prediction: We are buying @1.3436 and taking profit @1.3478. Stop loss @1.3408.

USD/CHF
Recommended: SELL
Prediction: We are selling @0.9867 and taking profit @0.9814. Stop loss @0.9895.

GPB/USD
Recommended: SELL
Prediction: We are selling @1.5836 and taking profit @1.5780. Stop loss @1.5880.

USD/JPY
Recommended: SELL
Prediction: We are selling @84.45 and taking profit @84.10. Stop loss @84.70.

EUR/JPY
Recommended: SELL
Prediction: We are selling @113.60 and taking profit @113.20. Stop loss @114.00.

Have a good day!

***Our predictions are based on daily support/resist line’s for each currency pair. Please keep in mind that these predictions are not a sure profit, there are opportunities for a losing trade. Good luck traders!***

Have a Good Weekend! (Weekly Success Rate)

2010-09-24T22:40:00.000-04:00

The week of trading is now over. I hope everyone had a profitable week with us. Our weekly success rate for 9/20-9/24 is 80%: Profitable

Overall, the week was pretty profitable. We had some losing trades, but mostly profitable trades that more than cover our losses. We're looking for an even better week next week, so we'll see you Monday!

Foreign Exchange Market (Forex)-Trading Results for Friday, September 24, 2010

2010-09-24T22:33:00.001-04:00

EUR/USD
This trade ended up being a very profitable trade. Our take profit @1.3430 was met. Trading Results: Profit

NZD/USD

Our patience with this pair ended up paying off, our take profit was finally met today. Trading Results: Profit

USD/CHF
Our take profit @0.9792 was met for a profit. The day started bullish which was beneficial for us, before the pair became bearish. Trading Results: Profit

GPB/CHF
Unfortunately, the pair began a bearish trend just before our take profit mark and eventually hitting our stop loss mark. The pair then made a bullish trend towards 1.560. It's disappointing because our prediction was correct but the stop loss killed us. This would be a time when stop loss is your worst enemy. But at times, it's also your best friend. Trading Results: Loss

AUD/USD
Our take profit @0.9530 was met early before a slight bearish movement began. A bullish movement then dominated the rest of the day, with a high @0.9600. Trading Results: Profit

EUR/GPB

The day quickly started very bearish. Our take profit @0.8476 was quickly met before a bullish movement dominated the day. Trading Results: Profit

Overall Daily Results: Profitable (5/6 correct predictions or 83% success rate.)

Foreign Exchange Market (Forex)-Daily Predictions for Friday, September 24, 2010

2010-09-24T00:31:00.007-04:00

Daily Foreign Exchange Market (Forex) Predictions

Below are our daily buy/sell predictions for the day.

EUR/USD
Recommended: BUY
Prediction: We're at buying @1.333. Our take profit is @1.3430 and our stop loss is @1.3200.

NZD/USD
Recommended: Continued Trade
Prediction: This is our trade from yesterday that has not been closed yet. We're changing our take profit to 0.07330.

USD/CHF
Recommended: SELL
Prediction: We are selling @0.9846. Our take profit is @0.9792 and our stop loss is @0.9862.

GPB/CHF
Recommended: BUY
Prediction: We are buying @1.5475. Our take profit is @1.5510 and our stop loss is @1.5440

AUD/USD
Recommended: BUY
Prediction: We are buying @0.9499. Our take profit is @0.9530 and our stop loss is @0.9460.

EUR/GPB
Recommended: SELL
Prediction: We are selling @0.8510. Our take profit is @0.8476 and our stop loss is @0.8538.

Have a good day!

***Our predictions are based on daily support/resist line’s for each currency pair. Please keep in mind that these predictions are not a sure profit, there are opportunities for a losing trade. Good luck traders!***

Foreign Exchange Market (Forex)-Trading Results for Thursday, September 23, 2010

2010-09-23T22:30:00.001-04:00

Daily Foreign Exchange Market (Forex) Trading Results

EUR/USD
Our 1.3377 mark met at around 8:00a.m. this morning (eastern time). The pair traded as low as 1.3288. Trading Results: Profit

NZD/USD
We stated in an earlier post that we did not trade this pair often, but we did have a lot of success recently with the pair. Our stop loss or take profit mark have not been met yet. Unfortunately it does not look profitable right now. The pair is trading currently @0.7283. We're going to keep this trade open overnight. We're going to change our take profit to 0.7320. (we will post this again, in the recommended trades for Friday, September 24, 2010). Trading Results: Unknown

USD/CHF
We expected a bullish day, unfortunately, the complete opposite happened. Our stop loss was met for a loss. Trading Results: Loss

GPB/CHF
Our take profit @1.5470 was met at around 10:00a.m. (eastern time). The pair traded as high as 1.5500 before becoming bearish. Trading Results: Profit

AUD/USD

Our take profit @0.9525 was met! The pair traded as low as 0.9463. Trading Results: Profit

Overall Trading Results: Profitable. Due to the fact that one of our trades has not yet been closed, the results today will only be for (4) currency pairs. This means that tomorrow's trading results will be for (6) currency pairs as we wait for the results of the NZD/USD pair.
3/4 correct predictions or 75% success rate for the day. Today wasn't the best trading today, but profits were made, and any day that's profitable is a successful day!

Foreign Exchange Market (Forex)-Daily Predictions for Thursday, September 23, 2010

2010-09-23T00:27:00.003-04:00

Daily Foreign Exchange Market (Forex) Predictions

Below are our daily buy/sell predictions for the day.

EUR/USD
Recommended: SELL
Prediction: We expect a pretty bearish day. We are selling @1.3418. Our stop loss is @1.3460 and our take profit is @1.3377.

NZD/USD
Recommended: BUY
Prediction: This is a pair we generally do not trade but we have had some success with it recently. We are buying @0.7299. Our stop loss is @0.7250 and our take profit is @0.7382.

USD/CHF
Recommended: BUY
Prediction: We expect a bullish day for this pair. We are buying @0.9865. Our stop loss is @0.9820 and our take profit is @0.9915.

GPB/CHF
Recommended: BUY
Prediction: We lost with this pair yesterday but the data supports another bullish day today. We are buying @1.5440. Our stop loss is @1.5402 and our take profit it @1.5470.

AUD/USD
Recommended: SELL
Prediction: Expect a slightly bearish trading day.We are selling this pair @0.9570. Our stop loss is @0.9620 and our take profit is @0.9525.

Have a good day!

***Our predictions are based on daily support/resist line’s for each currency pair. Please keep in mind that these predictions are not a sure profit, there are opportunities for a losing trade. Good luck traders!***

Foreign Exchange Market (Forex)-Daily Trading Results for Wedesday, September 22, 2010

2010-09-23T00:08:00.001-04:00

Daily Foreign Exchange Market (Forex) Trading Results

GBP/USD
Our 1.5628 mark was met very early this morning at around 2:15 a.m (eastern time). The pair was very bullish, going as high as 1.5704. Trading Results: Profit

USD/CHF
Our 0.9929 mark was met at around 9:00 a.m. (eastern time). The pair was very bearish for the day, with a low of 0.9860. Trade Results: Profit

USD/JPY

Our 84.58 take profit mark was reached at around 10:00 a.m. (eastern time). The pair was slightly bearish for the day, trading as low as 84.40 before closing at 84.78. Trading Results: Profit

AUD/USD
Our take profit mark at 0.9585 was met at around 1:00 p.m. (eastern time). The pair traded as high has 0.9590, so our take profit was just met. Trading Results: Profit

GBP/CHF
GBP/CHF was expected to be a bullish for the day. Unfortunately, that didn't happen, and a bearish trend dominated the day. The pair traded as low as 1.5429. Our stop loss @1.5530 was met for a loss. Trading Results: Loss

Overall Trading Results: Profitable - 4/5 successful predictions or 80% success rate.

Foreign Exchange Market (Forex)-Daily Predictions for Wedesday, September 22, 2010

2010-09-21T22:18:00.003-04:00

Daily Foreign Exchange Market (Forex) Predictions

Below are our daily predictions for the day.

GBP/USD
Recommended: BUY
Prediction: We are buying @1.5628. Our stop loss is @1.5576 and our take profit is @1.5689.

USD/CHF
Recommended: SELL
Prediction: We are selling @0.9978. Our stop loss is @1.0004 and our take profit is @0.9929.

USD/JPY
Recommended: SELL
Prediction: We are selling @85.00. Our stop loss is @85.35 and our take profit is @84.58.

AUD/USD
Recommended: BUY
Prediction: We are buying @0.9546. Our stop loss is @0.9520 and our take profit is @0.9585.

GBP/CHF
Recommended: BUY
Prediction: We are buying @1.5564. Our stop loss is @1.5530take profit and our is @1.5610.

Have a good day!

***Our predictions are based on daily support/resist line’s for each currency pair. Please keep in mind that these predictions are not a sure profit, there are opportunities for a losing trade. Good luck traders!***

Foreign Exchange Market (Forex)-Daily Trading Results for Tuesday, September 21, 2010

2010-09-21T20:04:00.001-04:00

Daily Foreign Exchange Market (Forex) Trading Results.

EUR/USD: Our 1.3070 mark was reached early before a bullish movement began, reaching a high of 1.3287. Trading Results: Profit

CAD/USD: This pair remained flat for most of the day, but a bullish movement did begin around 2:00p.m. ET today. Our .9715 mark was met and even went as high as .9784 before dropping towards 0.974. Trading Results: Profit

GPB/EUR: We expected the pair to hit the 1.1898 mark and then drop to the 1.1894 mark. Our 1.1898 mark was met quickly, going as high as 1.1913 before a huge plummet occured. Our 1.1894 mark was met, but the pair dropped well below that, as low at 1.1775. However, both predictions were correct and profits were made. Trading Results: Profit

CAD/EUR: We predicted the pair would rise to the .7425 mark before a bearish movement began. We expected the pair to drop as low as .7410. Our .7425 mark was just reached before a bearish movement began just like we predicted. The pair reached our .7410 mark, dropping as low as .7341. Both of our targets were reached. Trading Results: Profit

AUD/EUR: We predicted the pair would rise to the .7325 mark. Unfortunately, a bearish movement dominated this day, dropping as low as .7197. Trading Results: Loss

Overall Daily Results: Profitable 4/5 correct predictions and/or 80% success rate

Foreign Exchange Market (Forex)-Daily Predictions for Tuesday, September 21, 2010

2010-09-20T23:27:00.003-04:00

Daily Foreign Exchange Market (Forex) Predictions

Below are our daily Buy/Sell predictions for the day.

EUR/USD
Recommended: SELL
Prediction: Slightly Bearish. All signs lead us to believe the pair will be bearish for the day. We expect the pair to reach the 1.3070 mark.

CAD/USD
Recommended: BUY
Prediction: Slightly Bullish. There are some indications that point us in the direction of slightly bullish. We expect the pair to reach the .9715 mark.

GBP/EUR
Recommended: BUY/SELL
Prediction: At this moment in time, the pair is trading at 1.1896, expect the pair to correct and push towards back towards the 1.1898 mark before a bearish movement begins. We expect the pair to drop to 1.1894.

CAD/EUR
Recommended: BUY/SELL
Prediction: All indications make us believe it will be a back and forth day. As I type this, the pair is at a low of .7418, expect the pair to correct towards the .7425 mark before dropping towards .7420, and possibly a push for .7400. Our take profit is at .7410.

AUD/EUR
Recommended: BUY
Prediction: As I type this, the pair is falling towards .7221. Expect a correction and a bullish movement back towards the .7325 mark.

Have a good day!

***Our predictions are based on daily support/resist line’s for each currency pair. Please keep in mind that these predictions are not a sure profit, there are opportunities for a losing trade. Good luck traders!***

Foreign Exchange Market (Forex)-Daily Trading Results for September 20, 2010.

2010-09-20T22:32:00.003-04:00

Foreign Exchange Market (Forex) End of Day Trading Results

USD/EUR-Our .0730 mark was met, and continued a downward trend towards .7626 before a huge bullish trend dominated the day, reaching .7673. Trade Results: Profit

EUR/CHF-The biggest story of the day was CHF. CHF made a suprising HUGE gain, killing our EUR/CHF Predictions. Our mark was expected to be met, with EUR/CHF reaching a high of 1.3233 before a bearish trend started, with the pair reaching a low of 1.3114. Trade Results: Loss

CAD/USD-Our .9700 mark was reached and CAD/USD continued to climb toward .972 before dropping towards .9685 like we predicted (specifically .9677). The pair then made a surprisingly strong bullish movement, climbing as high as the .9737 mark well after our mark was already met. Trade Results: Profit

CAD/EUR-The pair fell like we expected, unfortunately we forgot to post our mark in the prior post. We just recognized this, and we would like to apologize if there was any confusion. We expected the pair to reach the 0.739, which was met. The day’s low was .7388. Trade Results: Profit

AUD/EUR-We predicted the pair to reach a mark of .0721, and we stated there was a possibility for a push towards .0722; both of those marks were reached. The days high was .7260. Trade Results: Profit

Overall Trading Results For Day: 80% success rate. 4/5 correct predictions. Day: Profitable