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Forex trading (also called Forex, FX, or currency trading) describes trading of many currencies of the world. Forex is the biggest and least regulated market providing the high liquidity to investors. Daily volume in the currency or forex markets is around $4.0 trillion per day. By comparison with NYSE daily volume averages $30 billion a day.
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EUR/USD
EUR/USD climbs further to as high as 1.3706 today and further rise might still be seen. Nevertheless, recent price actions from 1.3443 are treated as consolidation to larger decline only. Hence, upside is expected to be limited by 1.3852 resistance to conclude the consolidation and bring fall resumption. Below 1.3530 minor support will flip intraday bias back to the downside first. Further break of of 1.3435 support will confirm fall resumption and should target 161.8% projection of 1.5143 to 1.4217 from 1.4578 at 1.3076 next.
Last Updated on Friday, 12 March 2010 18:38
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USD/JPY
As noted before, while upside momentum is unconvincing, USD/JPY's rise from 88.13 is still in favor to continue with 89.62 minor support intact, towards near term falling trend line (now at 91.37). On the downside, however, break of 89.62 will argue that rebound from 88.13 is over and will flip intraday bias back to the downside for retesting this support instead.
Last Updated on Friday, 12 March 2010 18:39
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GBP/USD
GBP/USD's consolidation from 1.4783 is still in progress and stronger rise might be seen to 1.5194 and above. Nevertheless, upside should be limited by 38.2% retracement of 1.6456 to 1.4783 at 1.5422 and bring fall resumption. On the downside, break of 1.4783 will confirm that recent down trend has resumed and should target 200% projection of 1.6875 to 1.5829 from 1.6456 at 1.4364 next.
Last Updated on Friday, 12 March 2010 18:39
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USD/CHF
USD/CHF drops further to as low as 1.0662 so far today and is still falling to 1.0648 support and below. Nevertheless, note that price actions from 1.0897 are treated as consolidations to the larger rally only. Hence, we'd expect downside to be contained by 1.0608 cluster support (38.2% retracement of 1.0131 to 1.0897 at 1.0604) and bring rally resumption. On the upside, above 1.0809 minor resistance will flip intraday bias back to the upside. Decisive break of 1.0897 will confirm that whole rally from 0.9916 has resumed. Also, sustained trading above medium term trend line resistance (now at 1.0778) will pave the way to 161.8% projection of 0.9916 to 1.0506 from 1.0131 at 1.1086 next.
Last Updated on Friday, 12 March 2010 18:40
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GBP/JPY
GBP/JPY's consolidation from 132.13 is still in progress and another rise cannot be ruled out. But after all, upside is expected to be limited by 139.21 cluster resistance (38.2% retracement of 150.68 to 132.13 at 139.21, 61.8% retracement of 143.59 to 132.13 at 139.21) and bring fall resumption. Below 133.89 minor support will flip intraday bias back to the downside for retesting 132.13 low first.
Last Updated on Friday, 12 March 2010 18:40
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FX Signals
Today 12 March, 2010
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Currency
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BUY
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SELL
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TAKE PROFIT
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STOP LOSS
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POSITION
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USD/JPY
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89.35
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-
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T1=92.00
T2=93.00
T3=94.00
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87.15
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Open
Long Term
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EUR/USD
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1.3655
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-
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T1=1.3700
T2=1.3785
T3=1.3815
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1.3465
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T1=Hit
T2=Hit
Open
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GBP/USD
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-
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1.5165
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T1=1.5115
T2=1.5075
T3=1.4950
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1.5285
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T1= Hit
T2=Hit
T3=Hit
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USD/CHF
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-
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1.0720
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T1=1.0665
T2=1.0600
T3=1.0585
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1.0800
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T1=Hit
T2=Hit
T3=Hit
Close
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USD/CAD
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-
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1.0315
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T1=1.0275
T2=1.0225
T3=1.0185
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1.0385
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T1= Hit
T2=Hit
T3=Hit
Open
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AUS/USD
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0.9150
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-
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T1=O.9200
T2=0.9245
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0.9075
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Open
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EUR/JPY
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122.55
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-
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T1=123.00
T2=123.80
T3=124.65
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121.25 |
T1=Hit
T2=Hit T3=Hit
Close
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EUR/AUD
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-
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1.4948
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T1=1.4900
T2=1.4835
T3=1.4745
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1.5065
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Open
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Contributed by Praful Patat. All right reserve by ForexTradingEvo.com
* Risk Warning *
Past performance does not guarantee future results. Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading result may vary. The risk factor is high in foreign exchange market so trade only funds which you can afford to lose. You trade on your own responsibility. ForexTradingEvo offers you only to see trades and inform you about new positions. ForexTradingEvo will not accept liability for any of your loss or damage.
Last Updated on Friday, 12 March 2010 20:06
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