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Forex Daily News | Forex Articles | Forex Information

USD Dollar (USD) – The Dollar continues to advance versus the other major currencies in Forex trading, after Friday’s better than expected U.S. jobs data eased pressure on the Dollar in the wake of the Federal Reserve’s asset purchase plan announcement. The NASDAQ fluctuated around zero and the Dow Jones decreased by 0.33%. Crude oil strengthened by 0.2%, closing at $ 87.06 a barrel, the highest price in two years. Gold (XAU) rose by 0.4%, closing at $1403.20 an ounce, a new historic record. No major news is expected today.

Euro (EUR) – The Euro fell for a second day versus the Dollar amid concern that some governments in the region will struggle to pay their debt, curbing demand for European assets. The EUR/USD has broken the 1.4000 level and has been trading below it since yesterday. As long as the price is below this level, a short position is preferred. Overall, EUR/USD traded with a low of 1.3887 and with a high of 1.4085. Today, German Final CPI is expected to remain at 0.1%.

EUR/USD – Last: 1.3861

Resistance

1.3925

1.3980

1.4085

Support

1.3850

British Pound (GBP) – The Pound was down against the Dollar, falling to a 2 day low as the Dollar recovered ground on the back of Friday’s data .The main momentum of the GBP/USD is absolutely bullish, although it has fallen in the last two days. As long the price is trading above 1.6080 level and above the 10 moving average, a long position is preferred. Overall, GBP/USD traded with a low of 1.6104 and with a high of 1.6213. Today, Manufacturing Production is expected to remain at 0.30%, trade balance is expected at - 7.90B vs. -8.20B prior.

GBP/USD - Last: 1.6131

Resistance

1.6165

1.6210

1.6260

Support

1.6100

1.6065

1.6000

Japanese Yen (JPY) –The Yen fluctuated against the Dollar after the Bank of Japan said that there were signs of a moderate recovery in Japan’s economy which led investors to prefer the Japanese stock market. The USD/JPY continues to trade around the 80.00-81.00 area. The main support line on the daily chart is still located at 80.00, and the momentum is still bearish as long it‘s trading below the 82.00 level. Overall, USD/JPY traded with a low of 81.00 and with a high of 81.43. No economic data expected today.

USD/JPY-Last: 80.93

Resistance

81.00

81.25

81.50

Support

80.60

80.45

Canadian dollar (CAD) – The Canadian Dollar weakened versus the Dollar as the Dollar rallied against most major currencies on reduced demand for assets related to economic growth. The Canadian housing starts fell more than expected (168K vs. 181K), which supported a weaker Canadian dollar. The support level of the USD/CAD on the four hour chart is located at 0.9980, and if the USD/CAD breaks below this level, a short position is preferred and the momentum continues to be positive for the Canadian Dollar. Overall, USD/CAD traded with a low of 0.9994 and with a high of 1.0055. Today, BOC Gov Carney Speaks.

USD/CAD - Last: 1.0042

Resistance

1.0055

1.0100

1.0160

Support

1.0010

0.9990

 

 

 

Published in Forex Articles

USD Dollar (USD) – The Dollar strengthened versus most of the major currencies after U.S. nonfarm payrolls rose more than expected last month (151K vs. 63K forecast) and caused big movements on the pairs. There were also declarations from Bernanke regarding inflation, in which it is expected to be kept low and stable, supported by a stronger Dollar. The NASDAQ and Dow Jones increased a by 0.06% and 0.08% respectively. Crude oil strengthened by 0.5%, closing at $86.91 a barrel, the highest price in two years. Gold (XAU) rose by 1.1%, closing at $1397.70 an ounce, a new historic record. Today, FOMC Member Bullard and Warsh will Speak.

Euro (EUR) – The Euro weakened versus the Dollar after Retail Sales dropped 0.2% in September (-0.2% vs. 0.3% forecast) and positive payrolls data which came from the US, supported a stronger Dollar. The EUR/USD has a strong upwards trend, and as long as the price is above the 10 moving average and shows a positive RSI, a long position is preferred. If the pair breaks below the 1.3980 level, the price could decrease to 1.3900. Overall, EUR/USD traded with a low of 1.4024 and with a high of 1.4230. Today, German Industrial Production is expected to decline from 1.70% to 0.40%.

EUR/USD – Last: 1.3944

Resistance

1.4085

1.4200

1.4285

Support

1.3865

1.3800

British Pound (GBP) – The Pound declined from near a ten month high in Forex trading versus the Dollar as a government report showed U.S. employers added more jobs than forecast last month and declarations from Bernanke about lower inflation expectations, led investors to prefer the Dollar instead of the Pound. The momentum of the GBP/USD is absolutely bullish, and as long as the price is trading above 1.6100 levels and above the 10 moving average, a long position is preferred. Overall, GBP/USD traded with a low of 1.6166 and with a high of 1.6279. No economic data is expected today.

GBP/USD - Last: 1.6120

Resistance

1.6215

1.6300

Support

1.6080

1.5960

1.5875

Japanese Yen (JPY) –The Yen was weak versus the Dollar after very good data from the US supported a stronger Dollar, drifting the Yen as well. The USD/JPY has been trading around 80.00-81.00 area. In the last few days, the main support line on the daily chart is still located at 80.00, and the momentum is still bearish as long it‘s trading below the 82.00 level. Overall, USD/JPY traded with a low of 80.62 and with a high of 81.46. No economic data is expected today.

USD/JPY-Last: 81.22

Resistance

81.50

Support

81.10

80.75

80.50

Canadian dollar (CAD) – The Canadian Dollar erased an earlier loss versus the US Dollar on Friday as a report was released showing the U.S. added more jobs than forecast in October. In addition, the Unemployment Rate came out better than forecast (7.9 vs. 8.0), and Building Permits came out at 15.3% vs. 3.0% forecast, both supporting a stronger Canadian currency. The support level of the USD/CAD on the daily chart is located at 0.9980, and if the USD/CAD breaks below this level, a short position is preferred and the momentum continues to be positive for the Canadian Dollar. Overall, USD/CAD traded with a low of 0.9991 and with a high of 1.0089. Today, Housing Starts are expected at 181K vs. 186K prior.

USD/CAD - Last: 1.0019

Resistance

1.0090

1.0125

1.0200

Support

0.9990

 

 

 

Published in Forex Articles

USD Dollar (USD) – The Dollar fell sharply against the other major currencies in Forex trading after the Federal Reserve announced a fresh round of asset purchases to kick start a slow growing U.S. economy. Initial Unemployment Claims in U.S. increased more than forecast to 457,000 vs. 437K forecast succeeded to support a weaker Dollar. NASDAQ and Dow Jones strengthened by 1.46% and 1.96% respectively, crude oil jumped by 2.1%, closing at 86.5$ a barrel, Gold (XAU) accelerated by 3.4%, reached to a new historic record (above 1390$ during the session) , closing at 1383.1$ an ounce. Today, Nonfarm Payrolls is expected to be 45K vs. -95K prior, Unemployment Rate is expected to remain at 9.60%, Fed Chairman Bernanke Speaks.

Euro (EUR) – The Euro traded near a nine month high against the Dollar as speculation the global economic recovery is gaining traction damped demand for the US Dollar as a refuge. In addition, the interest rate remain unchanged at 1.0% . The EUR/USD has a strong upwards trend, as long the price is above the 10 moving average and shows a positive RSI a long position is preferred. Overall, EUR/USD traded with a low of 1.4102 and with a high of 1.4282. Today, Retail Sales are expected to become positive 0.10% vs. -0.40% prior, German Factory Orders are expected to decline from 3.40% to 0.50%.

EUR/USD – Last: 1.4194

Resistance

1.4280

Support

1.4185

1.4100

1.4000

British Pound (GBP) – The Pound was higher against the Dollar, touching a ten month record after the release of U.S. data on Initial Jobless Claims which drifting higher yielding assets, moreover, the interest rate remain unchanged at 0.5%. The momentum of the GBP/USD is absolutely bullish, as long the price is trading above 1.6100 level a long position is preferred. Overall, GBP/USD traded with a low of 1.6087 and with a high of 1.6299. Today, PPI Input is expected to rise from 0.70% to 0.90%.

GBP/USD - Last: 1.6258

Resistance

1.6300

Support

1.6155

1.5960

1.5875

Japanese Yen (JPY) –The Yen strengthened against the Dollar, following the Federal Reserve’s announcement of a second round of quantitative easing, also the Unemployment Claims data support a weaker Dollar during the session. moreover, the interest rate remain unchanged at 0.10%. The USD/JPY has been trading around 80.00-81.00 area in the last few days, the main support line on the daily chart is still located at 80.00, the momentum is still bearish as long it‘s trading below the 10 moving average and the 82.00 level. Overall, USD/JPY traded with a low of 80.58 and with a high of 81.22. No economic data expected today.

USD/JPY-Last: 80.82

Resistance

81.15

81.60

Support

80.55

80.20

Canadian dollar (CAD) – The Canadian Dollar continued to rise versus the Dollar as oil jumped and stocks increased, drifting the Canadian as well. Ivey PMI came out at 56.7 vs. 65.8 forecast. The support level of the USD/CAD on the daily chart is located at 1.0000, if the USD/CAD breakdown this level a short position is preferred and the momentum continues to be positive for the Canadian Dollar Overall, USD/CAD traded with a low of 1.0010 and with a high of 1.0097. Today, Employment Change is expected to rise from -6.6K to 10.0K, Unemployment Rate is expected to remain at 8.0%,Building Permits is expected at 3.40% vs. -9.20% prior.

USD/CAD - Last: 1.0030

Resistance

1.0050

1.0110

1.0160

Support

1.0010

 

 

 

Published in Forex Articles

USD Dollar (USD) – The Dollar fell against most major currencies in Forex trading as the Fed said it would buy $600 billion of Treasuries under a policy know as quantitative easing. This statement succeeded to drift the stock markets and higher yielding assets. In addition, Interest Rate remained at 0.25%, ADP Non Farm Employment Change came out better than expected at 43K vs. 21K forecast, and the ISM Non-Manufacturing PMI came out beating expectations at 54.3 vs. 53.5 forecast. The NASDAQ and Dow Jones advanced by 0.27% and 0.24% respectively. Crude oil strengthened by 1.0%, closing at $84.69 a barrel, Gold (XAU) decreased by 1.4%, closing at $1337.60 an ounce. Today, Unemployment Claims are expected at  437K vs. 434K prior, Nonfarm Productivity  is expected to become positive from -1.80% to 0.60%.

Euro (EUR) – The Euro rose to a nine month high versus the Dollar after the Federal Reserve said it will pump more money into the economy by boosting asset purchases to spur inflation and employment. The EUR/USD has a strong resistance at the 1.4050 - 1.4100 levels if it stays above this price, the momentum continues to be bullish. Overall, EUR/USD traded with a low of 1.3992 and with a high of 1.4191. Today, the Interest Rate Decision is expected to remain at 1.00%, and the ECB Press Conference will happen today.

EUR/USD – Last:

Resistance

Support

British Pound (GBP) – The Pound gained versus the Dollar and the Euro after a report showed that U.K. services growth unexpectedly accelerated in October (53.2 vs. 52.4 forecast), bolstering the view that the Bank of England will keep its policy unchanged tomorrow. The resistance of the GBP/USD on the daily chart is 1.6080, and as long as the pair is trading above this level, the momentum is bullish for the pound. Overall, GBP/USD traded with a low of 1.6007 and with a high of 1.6176. Today, the Interest Rate Decision is expected to remain at 0.50%, and Halifax HPI is expected to rise from -3.6% to 0.4%.

GBP/USD - Last:

Resistance

Support

Japanese Yen (JPY) –The Yen weakened from a near 15 year high against the Dollar as signs the worldwide economic recovery is gathering momentum boosted Asian shares, sapping demand for the Japanese currency as a refuge.  The USD/JPY has been trading around 80.00-81.00 area in the last few days. The main support line on the daily chart is located at 80.00, and the momentum is still bearish as long as it‘s trading below the 10 moving average and the 82.00 level. Overall, USD/JPY traded with a low of 80.60 and with a high of 81.58. No economic data is expected today.

USD/JPY-Last:

Resistance

Support

Canadian dollar (CAD) – The Canadian Dollar advanced for a fifth day as stocks rose following the Federal Reserve’s announcement of debt purchases, encouraging demand for assets related to economic growth. The support level of the USD/CAD on the daily chart is located at 1.0000, if the USD/CAD breakdown below this level, a short position is preferred and the momentum continues to be negative for the Dollar. Overall, USD/CAD traded with a low of 1.0045 and with a high of 1.0157. Today, Ivey PMI is expected at 69.70 vs. 70.30 prior.

USD/CAD - Last:

Resistance

Support

 

 

 

Published in Forex Articles
Wednesday, 03 November 2010 09:09

UFXBank Forex Outlook: GBP Down vs USD on PMI Data

USD Dollar (USD) – The Dollar traded mixed against the major currencies in Forex trading today. Investors are still waiting for the Interest Rate Decision today in the U.S, which is expected unchanged. The momentum is still bearish for the Dollar against most of the major currencies .The Stock Markets in the U.S. closed with the Dow Jones rising by 0.58% and the NASDAQ advancing by 1.14%. Crude Oil advanced by 1.2% against the dollar and closed at $83.90 a barrel, breaking a 6 month high. Gold (XAU) rose by 0.2% and closed at $1353.20 an ounce. Today, the Interest Rate Decision is expected unchanged at 0.25%, the ADP Nonfarm Employment Change (MoM) is expected at 25.00K vs. -39.00k previously, and the FOMC Statement is expected today.

Euro (EUR) – The Euro strengthened against the green back today after the German Manufacturing PMI came out at 56.60, better than the expected 56.10, and the Manufacturing PMI (MoM) came out at 54.60, better than the expected 54.10. Holding above the support level of 1.4000 will keep the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3881 and with a high of 1.4058. Today, no economic data is expected for the Euro.

EUR/USD – Last: 1.4010

Resistance

1.4050

1.4100


Support

1.3989

1.3938

1.3883

British Pound (GBP) – The Pound fell against the dollar after the Construction PMI came out at 51.60, worse than the expected 53.00, which means that construction growth slowed more than forecast in October. Holding the rate above 1.6000 will keep the momentum bullish for the pound. Overall, GBP/USD traded with a low of 1.5961 and with a high of 1.6080. Today, the Halifax House Price Index (MoM) is expected at 0.40% vs. -3.60% last time.

GBP/USD - Last: 1.6036

Resistance

1.6074


Support

1.5969

1.5885

1.5749

Japanese Yen (JPY) – The Japanese Yen fell against the Dollar and almost reached the 81.00 resistance level.  Traders may use the combination of the American vote and the holiday in Japan in order to push the pair below 80.00 Yen per Dollar. Overall, USD/JPY traded with a low of 80.46 and with a high of 80.96. No economic data is expected today.

USD/JPY-Last: 80.65

Resistance

80.96

81.35

81.60

Support

80.26

80.00


Canadian dollar (CAD) Canada’s dollar gained for the fourth day against the US Dollar and had the longest stretch for the last 5 months. Trading below 1.0094 will keep the momentum bearish for the pair. Overall, USD/CAD traded with a low of 1.0079 and with a high of 1.0135. Today, no economic data is expected.

USD/CAD - Last: 1.0083

Resistance

1.0121

1.0171

1.0259

Support

1.0000


 

Published in Forex Articles
Tuesday, 02 November 2010 08:44

UFXBank Forex Outlook: Pound Rises on PMI Info

USD Dollar (USD) – The Dollar traded mixed against the major currencies in Forex trading. The market will be unpredictable this week and we will see big movements at times, in very short periods, because we are still waiting for the FED meeting, the interest rate this decision, and the nonfarm pay rolls on Friday. The ISM Manufacturing Index came out at 56.90, better than the expected 53.60. The Stock Markets in the U.S. closed mixed with the Dow Jones rising 0.06% and the NASDAQ falling -0.10%. Crude Oil advanced by 1.9% against the dollar and closed at $82.95 a barrel. Gold (XAU) fell by 0.5% and closed at $1340 an ounce. Today, the Washington Post Consumer Confidence report is expected.

Euro (EUR) – The Euro weakened against the green back today after the ISM manufacturing Index came out at 56.90, better than the expected 53.60. Holding above the support level of 1.3930 keeps the momentum positive for the pair, and if the pair crosses the major resistance at 1.4004, it might reach the 1.4400 level in the next few days. Overall, EUR/USD traded with a low of 1.3864 and with a high of 1.4011. Today, German Manufacturing is expected unchanged at 56.10 and the Manufacturing PMI is also expected unchanged at 54.10.

EUR/USD – Last: 1.3933

Resistance

1.3990

1.4077


Support

1.3876

1.3808

British Pound (GBP) – The Pound gained against the dollar and was trading around the 1.6050 resistance level .The Manufacturing PMI came out at 54.90, better than the expected 53.00. Holding the rate above 1.6050 will keep the momentum bullish for the pound. Overall, GBP/USD traded with a low of 1.5989 and with a high of 1.6089. Today, the Construction PMI is expected at 53.00 vs. 53.80 previously.

GBP/USD - Last: 1.6061

Resistance

1.6088


Support

1.6044

1.5963

1.5885

Japanese Yen (JPY) – The Japanese Yen fell against the Dollar with the opening of the market early today in Asia.  The Monetary Base came out at 6.40%, better than the expected 5.60%. Trading above 80.50 will keep the momentum bullish for the Dollar. Overall, USD/JPY traded with a low of 80.33 and with a high of 81.43. No economic data is expected today.

USD/JPY-Last: 80.56

Resistance

80.68

81.06

81.34

Support

80.27



Canadian dollar (CAD) Canada’s dollar rose against the US Dollar  for a two week high, as the greenback is oversold before the meeting of the Fed this week. Trading below 1.0150 will keep the momentum bearish for the pair. Overall, USD/CAD traded with a low of 1.0125 and with a high of 1.0197. Today, no economic data is expected.

USD/CAD - Last: 1.0111

Resistance

1.0165

1.0204

1.0249

Support

1.0000


 

Published in Forex Articles

USD Dollar (USD) – The Dollar traded mixed with the majors currencies today. The GDP came out as expected at 2.00% and the Chicago PMI came out at 60.60, better than the expected 57.50. The Stock Markets in the U.S. closed mixed with the Dow Jones rising 0.04% and the NASDAQ unchanged. Crude Oil fell against the dollar and closed below $82 a barrel. Gold (XAU) advanced by $19.87 and closed at $1362 an ounce as investors chose to turn back to a safe haven, gold. Today, the price index is expected unchanged at 0.10% and the ISM Manufacturing Index is expected at 53.60 vs. 54.40 previously.

Euro (EUR) – The dollar fell for a third day against the euro in Forex trading on speculation that the Federal Reserve will take more credit-easing measures amid signs of a stagnant recovery in the world’s largest economy. The Dollar did, however, strengthen to 1.3900 with the opening of the Asian market at 08:03 Tokyo time. Holding above the support level of 1.3930 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3957 and with a high of 1.3983. Today, no economic data is expected.

EUR/USD – Last: 1.3993

Resistance

1.4036

1.4077


Support

1.3934

1.3798

British Pound (GBP) – The Pound closed at almost the same rate as it had opened (last Friday). However, during the night it fell below the support level of 1.6000 and returned to trade around 1.6050 levels. Holding the rate above 1.6050 will keep the momentum bullish for the pound. The net lending to individuals came out 0.40B, worse than the expected 0.90B. Overall, GBP/USD traded with a low of 1.6022 and with a high of 1.6060. Today, the Manufacturing PMI is expected at 53.00 vs. 53.40 previously.

GBP/USD - Last: 1.6055

Resistance

1.6070


Support

1.5996

1.5750

1.5660

Japanese Yen (JPY) – The Japanese Yen weakened versus the Dollar with the opening of the market in Asia, earlier today. The Yen declined 0.8 percent reaching 81.40 per Dollar. Trading above 80.50 will keep the momentum bullish for the Dollar. Overall, USD/JPY traded with a low of 80.23 and with a high of 81.43. No economic data is expected today.

USD/JPY-Last: 80.52 

Resistance

80.86

81.08

81.44

Support

80.23



Canadian dollar (CAD) Canada’s dollar gained for a second consecutive month after the   Federal Reserve said that it  will spur global growth. The GDP came out at 0.30%, as expected.  Overall, USD/CAD traded with a low of 1.0180 and with a high of 1.0197. Today, no economic data is expected.

USD/CAD - Last: 1.0166

Resistance

1.0204

1.0243

1.0299

Support

1.0156


 

Published in UFX Bank Daily Review
Friday, 29 October 2010 13:13

UFXBank Forex Outlook: Euro at 1.39...for now

USD Dollar (USD) – The Dollar lost gains across the board in Forex Trading as investors preferred to invest in higher yielding assets in a volatile trading session as traders expect to FED's monetary policy meeting next week. The Initial Jobless Claims came out 434k better than expected 455k. The Stock Markets in U.S. closed mixed with Dow Jones losing -0.11% and the NASDAQ advanced by 0.16%. Crude Oil closed with no significant change from yesterday at 82$ a barrel. Gold (XAU) gained and jumped back to 1343$ an ounce as investors choose to turn back to safe haven gold. Today, the GDP is expected at 2% vs. 1.7% previously. Chicago PMI is expected at 57.5 vs. 60.40 previously. The Michigan Consumer Sentiment Index is expected at 68 vs. 67.9 previously.

Euro (EUR) – The Euro jumped up again to the 1.39 zone, covering previous 2 days loses. The fluctuation is still valid till some fresh news will cause the pair to break through to new prices. Holding above the support level of 1.3880 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3763 and with a high of 1.3944. Today, the CPI is expected at 1.7% vs. 1.8% previously. The Unemployment Rate is expected unchanged at 10.10%.

EUR/USD – Last: 1.3900

Resistance

1.3980

1.4040


Support

1.3880

1.3840

1.3740

British Pound (GBP) – The Pound gained versus the dollar and attempting once again to approach the 1.6 area. More optimism was seen for the Sterling as speculations that BOE will delay another round of asset purchases. The Nationwide HPI came out -0.7% worse than expected -0.3%. The CBI Realized Sales came out 36 worse than expected 40. Holding above the support level of 1.59 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5760 and with a high of 1.5977. Today, the net lending to individuals is expected at 0.9B vs. 1.5B previously.

GBP/USD - Last: 1.5945

Resistance

1.5980

1.6070

Support

1.5900

1.5820

1.5760

Japanese Yen (JPY) – The Japanese Yen gained versus the Dollar and the pair fell again to the 81 area from 82 on speculation that the FED will keep supporting the stimulus and by that reducing the demand for U.S. assets. The Interest Rate Decision came out unchanged as expected at 0.1%. The Tokyo Core CPI came out -0.5% better than expected -0.8%. Breaking the support level of 80.40 might push the pair to new lows. Overall, USD/JPY traded with a low of 80.82 and with a high of 81.76. No economic data is expected today.

USD/JPY-Last: 80.58

Resistance

80.90

82.00

82.30

Support

80.40



Canadian dollar (CAD) – Canada's dollar gained versus the U.S. dollar as weakness of the greenback was seen across the board but still the pair is supported by the 1.02 zone. Holding above the 1.0160 support level might rebound the pair back to 1.03 zones and push it higher. Overall, USD/CAD traded with a low of 1.0180 and with a high of 1.0285. Today, the GDP is expected at 0.3% vs. -0.1% previously.

USD/CAD - Last: 1.0212

Resistance

1.0220

1.0340

Support

1.0160

1.0080

 

Published in Forex Articles

One might regard forex as being somewhat simple: you just need to know which pair to trade, when to get in, and when to get out. (An exception to this is with carry trading, where you also need to pay attention to a few other factors). Here we discuss some of the major signals for knowing when to exit a trade.

The basic set of tools, provided for free by most forex brokers, are almost identical to the entry signals. With entry, you look for a trend and jump in just before it starts. With exits, you simply look for the end of a trend or the beginning of a new one, and jump out before it’s too late.

The big difference is that you are not usually looking for a new trend. By the time you can identify that a new trend has begun and is measurably significant, it’s already too late—you’re losing money. Instead, you should exit the market as soon as it is clear that the trend you bought on has ended. Trend following is just one of several ways to become successful in the forex market.

So you could start with crossovers in the moving average. If you used that to identify an uptrend, now you’re looking for a reversal with crossover from above. But hopefully you won’t get that far. Instead, you should watch the percentage of change in the short term moving average. If the short term average remains unchanged over a period of time, the trend has probably ended.

Of course, this means that the average directional index (ADX) or moving average convergence/divergence (MACD) both become more significant for you. Look for stabilization or stagnation in these indicators as a signal for the end of a trend. Some of the most helpful forex exit signals are the momentum indicators such as TRIX, smoothed rate of change, or relative strength.

It is also easy to draw a trend line based on Fibonacci pivot points. When prices begin to fall below the original trend line and you see a new pattern of pivot points, the trend has ended. Look for resistance or support that offers any type of pattern. You can also rely on exponential moving average (200 EMA). The problem here is that it is often hard to know if you are dealing with a new trend or just with retracement. This is where price candles can be helpful in some cases. Since the end of a trend is often more analytically complex than the beginning, knowing your analysis well is very important.

News shocks are generally a bad way to make exit decisions, since your response will be too late, anyway. However, if you do have reason to suspect an event and you are more accurate than the market, this might be useful. Generally, your stop loss order will kick in before you can.

And this is where the most important exit signal comes in. You should always have stop-losses in place for every trade you make. Quite simply, you’ve found an exit signal when your stop-loss kicks in and ends the trade for you!

This also relates to the biggest value in automated systems: rely on your software to free you from a position before you lose too much. You can set this up in complex ways to help you even with profitable trades. If more traders relied on their own analysis to get them into the market and software as one of several signals to get them out, they would significantly improve their profits.

Published in Forex Guides

USD Dollar (USD) – The Dollar was mixed against other major currencies in Forex Trading after worse than expected U.S. data on durable goods orders that came at -0.6% vs. 0.6% forecast, leaving traders clueless of the market direction. The NASDAQ and Dow Jones declined by 1.04% and 0.38% respectively. Crude oil weakened by 0.7% closing at $77 a barrel. Gold (XAU) strengthened by 0.2% closing at $1160.4 an ounce. Today, Unemployment Claims are expected to weaken from 464K to 457K.

EURO (EUR) – The Euro traded on a narrow range versus the Dollar for the second consecutive day as traders continued to digest the recent stress tests results. The main resistance of the EUR/USD on the daily chart is 1.3050. If the pair trades above this level, the momentum continues to be bullish. The main support on the daily chart is located at 1.2700. Overall, EUR/USD traded with a low of 1.2966 and with a high of 1.3042. Today, German Unemployment Change is expected at -18K vs. -21K prior.

EUR/USD – Last: 1.2998

Resistance

1.3017

1.3045

 

Support

1.2952

1.2877

1.2793

 

British Pound (GBP) – The Pound closed almost unchanged versus the Dollar after touching the highest rate in 5 months during the session due to bad economic data like the durable goods orders in the US which fell more than expected. The main support of the GBP/USD on the one hour chart is 1.5430, if the price trades below this level the momentum will be bearish, the next resistance on the daily chart is 1.5675. Overall, GBP/USD traded with a low of 1.5544 and with a high of 1.5638. Today, Nationwide HPI is expected at -0.2% vs. 0.1% prior.

GBP/USD - Last: 1.5603

Resistance

1.5638

 

 

Support

1.5544

1.5442

1.5348

 

Japanese Yen (JPY) –The Yen strengthened versus the Dollar as orders for U.S. durable goods unexpectedly fell last month and the Federal Reserve said economic growth slowed in some areas. Retail Sales came out at 3.2% vs. 3.3% forecast. The main resistance of the USD/JPY on the daily chart is 89.20 level ,as long it's trading below this level a short position is preferred, the next support is located at 86.20. Overall, USD/JPY traded with a low of 87.25 and with a high of 88.11.

USD/JPY-Last: 87.15

Resistance

87.71

88.11

 

Support

86.82

86.34

 

 

Canadian dollar (CAD) – The Canadian Dollar weakened against the Dollar after a drop in crude oil prices increased speculation that demand will wane for currencies of nations that are dependent on commodities for growth. As long the USD/CAD is below 1.0450 levels, the momentum is bearish. The next support is located at 1.0240. Overall, USD/CAD traded with a low of 1.0298 and with a high of 1.0390.

USD/CAD - Last: 1.0363

Resistance

1.0395

1.0440

1.0505

Support

1.0300

1.0255

 

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Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex


1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

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