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EUR/USD Classical Technical Report 01.30

EUR/USD: The market has finally managed to find some bids and although the broader underlying trend remains intensely bearish, the risks from here are for additional corrective gains back towards the 100-Day SMA in the 1.3400 area before the next lower top carves out. Some falling trend-line resistance has already been broken on the daily chart and the 10-Day SMA has now crossed back above the 20-Day SMA to provide added confirmation for short-term bullish structural shift. Setbacks should now be well supported ahead of 1.2900, while only a daily close back under this figure would negate short-term bull bias

Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News

Talking Points Crude Oil Holding in Familiar Range, Focus on Iran as UN Inspectors Arrive Gold, Silver and Copper Looking to EU Leaders’ Summit Outcome for Direction WTI Crude Oil (NY Close): $99.59 // -0.14 // -0.14% Crude oil prices have somewhat decoupled from wider market trends, with the WTI contract stuck in a familiar range for the past two weeks. The standstill likely owes to a geopolitical situation in flux as Iran and the West continue to exchange barbs. UN nuclear experts arrived in the country over the weekend and markets will look closely at their findings, although the rhetoric in Tehran seems to be heating up already as the administration says it will cut off exports to “some” countries despite having initially postponed a halt to crude sales pending the inspectors’ report.

Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

Euro could still push higher but additional upside limited Greece talks still of key importance; EU Summit could offer resolution China remains at risk for a more aggressive slowdown Australian Dollar could start to underperform as equities look top heavy Fitch places four Aussie banks on negative rating watch We enter the new week with a market that is still long currencies and broadly short the US Dollar. While our core views are aggressively bullish on the US Dollar over the medium-term, over the past few weeks we have also been calling for the current USD decline. From here, we still see the possibility for additional currency gains, with the Euro potentially extending into the 1.3400 area before finally stalling out.

FOREX: US Dollar Soars in Asia as All Eyes Turn to EU Leaders’ Summit

Talking Points US Dollar Soars as Risk Aversion Returns Ahead of EU Leaders’ Summit European Officials Must Convince Markets Budget Rules to be Enforced German Inflation to Hit 1-Year Low in January, Italy to Hold Bond Sale The US Dollar soared in overnight trade, bolstered by safe-haven demand as Asian equity exchanges and S&P 500 stock index futures plunged amid anxiety ahead of the much-anticipated EU leaders’ summit set to begin in Brussels at 14:00 GMT. A press conference with the results of the sit-down is loosely expected at 18:00 GMT according to the news wires. The stocks-linked Australian Dollar underperformed, down nearly a full percentage point against its US namesake.

EU Morning Report-Euro retreats, eyes on EU summit

The euro opened lower against most of its major counterparts as the EU summit on Sunday, provided no solid indication of any agreement among the eurozone members. A number of officials, including Merkel and Sarcozy, pointed to Wednesday as the – next – key date for the ongoing debt crisis. Versus the US dollar , the single currency, opened at 1.3842 from the 1.3895, Friday’s close

EUR/USD Classical Technical Report 01.30

January 30th, 2012

|EUR/USD Classical Technical Report 01.30|

EUR/USD: The market has finally managed to find some bids and although the broader underlying trend remains intensely bearish, the risks from here are for additional corrective gains back towards the 100-Day SMA in the 1.3400 area before the next lower top carves out. Some falling trend-line resistance has already been broken on the daily chart and the 10-Day SMA has now crossed back above the 20-Day SMA to provide added confirmation for short-term bullish structural shift. Setbacks should now be well supported ahead of 1.2900, while only a daily close back under this figure would negate short-term bull bias.

— Written by Joel Kruger, Technical Currency Strategist

. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

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EUR/USD Classical Technical Report 01.30

Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News

January 30th, 2012

|Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News|

Talking Points

Crude Oil Holding in Familiar Range, Focus on Iran as UN Inspectors Arrive
Gold, Silver and Copper Looking to EU Leaders’ Summit Outcome for Direction

WTI Crude Oil (NY Close): $99.59 // -0.14 // -0.14%

Crude oil prices have somewhat decoupled from wider market trends, with the WTI contract stuck in a familiar range for the past two weeks. The standstill likely owes to a geopolitical situation in flux as Iran and the West continue to exchange barbs. UN nuclear experts arrived in the country over the weekend and markets will look closely at their findings, although the rhetoric in Tehran seems to be heating up already as the administration says it will cut off exports to “some” countries despite having initially postponed a halt to crude sales pending the inspectors’ report.

Prices continue to consolidate above support at 97.70, with the first layer of resistance still at 101.28. A break lower exposes resistance-turned-support at the top of a falling channel set from mid-November, now at 96.11. Alternatively, a push higher initially targets the mid-November high at 103.35.

Metals_Looking_to_EU_Summit_for_Direction_Crude_Oil_Awaits_Iran_News_body_Picture_3.png, Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News

Daily Chart – Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1739.07 // +18.42 // +1.07%

Gold is pulling back to start the week as the US Dollar soars amid anxiety ahead of the EU leaders’ summit, putting de-facto downward pressure on prices. The outcome of the sit-down will be critical to establish the near-term directional bias, with a failure of regional officials to mollify jittery investors likely to translate into further downside as the safe haven flows propel the greenback higher.

Sizing up the chart setup, pricesare recoiling from resistance at 1746.10, with a correction lower seeing initial support at 1704.03 marked by the top for a rising channel that previously acted as resistance. Alternatively, a break higher exposes the early November swing top at 1802.80.

Metals_Looking_to_EU_Summit_for_Direction_Crude_Oil_Awaits_Iran_News_body_Picture_4.png, Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News

Daily Chart – Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $33.92 // +0.45 // +1.35%

As with gold, silver is looking to EU leaders’ summit and its implications for the US Dollar as the primary driver of directional momentum over the near term. Prices are putting back from resistance at 34.03, with initial support lining up in the 32.78-33.30 area. A break below that targets a rising trend line now at 31.34.

Metals_Looking_to_EU_Summit_for_Direction_Crude_Oil_Awaits_Iran_News_body_Picture_5.png, Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News

Daily Chart – Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.890 // -0.012 // -0.31%

Copper is swiftly sinking after putting in a Shooting Star candlestick below support-turned-resistance at 3.895 amid the broad-based selloff across the spectrum of risky assets before the outcome of the EU leaders’ summit. Initial support lines up at 3.721, with a break below that exposing 3.591.

Metals_Looking_to_EU_Summit_for_Direction_Crude_Oil_Awaits_Iran_News_body_Picture_6.png, Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at

To be added to Ilya’s e-mail distribution list, send a note with subject line “Distribution List” to ispivak@dailyfx.com

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.

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Metals Looking to EU Summit for Direction, Crude Oil Awaits Iran News

Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

January 30th, 2012

|Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend|

Euro could still push higher but additional upside limited
Greece talks still of key importance; EU Summit could offer resolution
China remains at risk for a more aggressive slowdown
Australian Dollar could start to underperform as equities look top heavy
Fitch places four Aussie banks on negative rating watch

We enter the new week with a market that is still long currencies and broadly short the US Dollar. While our core views are aggressively bullish on the US Dollar over the medium-term, over the past few weeks we have also been calling for the current USD decline. From here, we still see the possibility for additional currency gains, with the Euro potentially extending into the 1.3400 area before finally stalling out. The rally in the currency markets that we have seen in early 2012 has therefore been nothing more than a necessary technical correction in the Greenback and we see any additional currency strength from here as limited.

Fundamentally, a combination of some more encouraging data out of the Eurozone and a dovish Fed policy have been driving the Euro move, but ultimately, there is still a lot of work that needs to get done in the Eurozone in order to restore any lasting confidence in the region. There has been a lot of talk about the need for a unified Eurozone push to get through the crisis, and the first order of business right now is certainly some form of an official agreement on Greece. Today’s EU Summit will be closely watched and it will be interesting to see if there is in fact any progress on the Greek front.

Moreover, we see a weaker fundamental outlook for China going forward which should weigh more heavily on the highly correlated Australian Dollar. We are seeing more and more concerning headlines out of China, and the implication would be that the fastest growing economy in the world could be on the verge of a major cool down. We see this cool down in China as representative of phase three of the global recession and look for underperformance in the commodity bloc and emerging markets.

Also seen weighing on the Australian Dollar going forward could be a potential shift in the construct of the global equity markets, with a good deal of evidence now supporting the possibility of a bearish reversal and downside pressures over the coming weeks. Aussie is also highly correlated to risk appetite and any reversal in equities could weigh more heavily in this currency. Finally, Fitch has come out placing four Australian banks on a negative rating watch, and this could add to the pressure on the higher yielding currency.

ECONOMIC CALENDAR

Euro_Gains_Still_Classified_As_Corrective_Dollar_to_Resume_Broader_Uptrend_body_Picture_5.png, Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

TECHNICAL OUTLOOK

Euro_Gains_Still_Classified_As_Corrective_Dollar_to_Resume_Broader_Uptrend_body_eur.png, Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

EUR/USD: Although gains in this market have been quite impressive in recent days, the price action is still classified as corrective with the market locked in a broader underlying downtrend. From here we would still leave the door open for additional upside to test the 100-Day SMA by 1.3400, but any additional gains should be well capped below 1.3500 on a daily close basis in favor of the formation of the next major lower top ahead of bearish resumption. Ultimately we see risks for a move back below the 2012 lows at 1.2620 and towards the 1.2000 area over the coming months.

Euro_Gains_Still_Classified_As_Corrective_Dollar_to_Resume_Broader_Uptrend_body_jpy2.png, Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

USD/JPY:Despite the latest pullbacks, we continue to hold onto our constructive outlook while the market holds above 76.55 on a daily close basis. We believe that any setbacks from here should be limited in favor of a fresh upside extension back towards 79.55 over the coming weeks. Look for a break above 78.30 to confirm and accelerate, while only a daily close below 76.55 negates and gives reason for pause.

Euro_Gains_Still_Classified_As_Corrective_Dollar_to_Resume_Broader_Uptrend_body_gbp2.png, Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

GBP/USD: The market has mostly been locked in some sideways chop over the past few weeks with any rallies very well capped ahead of 1.5800 and setbacks supported on dips below 1.5300. Until either side is convincingly broken, we would expect to see additional range trade. Therefore the preferred strategy is to look to buy range dips and sell by range highs. Only a weekly close above 1.5800 or below 1.5250 would give reason for outlook shift.

Euro_Gains_Still_Classified_As_Corrective_Dollar_to_Resume_Broader_Uptrend_body_swiss1.png, Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

USD/CHF: Although our overall outlook remains intensely bullish, the market is in the process of some interday consolidation before the next major upside extension beyond 0.9600 and towards parity. However, with the latest consolidative declines now finally testing the 100-Day SMA, any additional downside should be limited in favor of a fresh upside extension. Ultimately, only a daily close back below 0.9000 would give reason for concern. Alternatively, a close back above 0.9230 would alleviate immediate downside pressures and reaffirm outlook.

— Written by Joel Kruger, Technical Currency Strategist

. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.

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Euro Gains Still Classified As Corrective; Dollar to Resume Broader Uptrend

FOREX: US Dollar Soars in Asia as All Eyes Turn to EU Leaders’ Summit

January 30th, 2012

|FOREX: US Dollar Soars in Asia as All Eyes Turn to EU Leaders’ Summit|

Talking Points

US Dollar Soars as Risk Aversion Returns Ahead of EU Leaders’ Summit
European Officials Must Convince Markets Budget Rules to be Enforced
German Inflation to Hit 1-Year Low in January, Italy to Hold Bond Sale

The US Dollar soared in overnight trade, bolstered by safe-haven demand as Asian equity exchanges and S&P 500 stock index futures plunged amid anxiety ahead of the much-anticipated EU leaders’ summit set to begin in Brussels at 14:00 GMT. A press conference with the results of the sit-down is loosely expected at 18:00 GMT according to the news wires. The stocks-linked Australian Dollar underperformed, down nearly a full percentage point against its US namesake.

Policymakers are attempting to complete the dual objectives of sorting out the now almost-mythical “fiscal compact” meant to institutionalize budget discipline the region and securing agreement on private-sector involvement (PSI) in the second Greek bailout, where the government and the banks have locked horns over a variety of technical details including the coupon rate on new longer-dated bonds to be swapped in for outstanding ones.

To call the outing a success, officials will need to convince the markets they’ve established a framework that can be implemented swiftly while still being sufficiently tough on offenders to be credible. Indeed, budget deficit limits have long been a part of EU governance as part of the Stability and Growth Pact, only to be roundly ignored even by the likes of Germany. With that in mind, whatever treaty emerges now will have to put to rest fears of a similar problem going forward.

Against this backdrop, Italy will hold a bond auction to sell debt spread out across 2016-2022 maturities. Average yield and bid-to-cover readings will prove of interest, but the auction’s outcome is unlikely to generate much interest in the near term with the EU summit clearly the larger bit of event risk. On the data front, the preliminary set of German CPI figures is expected to put headline inflation at 2 percent, the lowest in a year.

Asia Session: What Happened

GMT	CCY	EVENT	ACT	EXP	PREV
21:30	NZD	Performance Services Index (DEC)	50.6	-	56.2 (R-)
0:01	GBP	Hometrack Housing Survey (MoM) (JAN)	0.0%	-	-0.2%
0:01	GBP	Hometrack Housing Survey (YoY) (JAN)	-1.6%	-	-2.1%

Euro Session: What to Expect

GMT	CCY	EVENT	EXP	PREV	IMPACT
-	EUR	German CPI (MoM) (JAN P)	-0.4%	0.7%	Medium
-	EUR	German CPI (YoY) (JAN P)	2.0%	2.1%	High
-	EUR	German CPI – EU Harmonized (MoM) (JAN)	-0.4%	0.7%	Medium
-	EUR	German CPI – EU Harmonized (YoY) (JAN)	2.4%	2.3%	High
9:00	EUR	Italian Business Confidence (JAN)	92.3	92.5	Low
10:00	EUR	Euro-Zone Business Climate Indicator (JAN)	-0.25	-0.31	Medium
10:00	EUR	Euro-Zone Consumer Confidence (JAN F)	-20.6	-20.6	Medium
10:00	EUR	Euro-Zone Economic Confidence (JAN)	93.8	93.3	Low
10:00	EUR	Euro-Zone Industrial Confidence (JAN)	-6.8	-7.1	Low
10:00	EUR	Euro-Zone Services Confidence (JAN)	-1.6	-2.1	Low
10:00	EUR	Italy to Sell 2016-2022 Bonds	-	-	Medium
14:00	EUR	EU Leaders Hold Summit in Brussels	-	-	High

Critical Levels

CCY	SUPPORT	RESISTANCE
EURUSD	1.3021	1.3277
GBPUSD	1.5606	1.5766

— Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at

To be added to Ilya’s e-mail distribution list, send a note with subject line “Distribution List” to ispivak@dailyfx.com

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.

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FOREX: US Dollar Soars in Asia as All Eyes Turn to EU Leaders’ Summit

EU Morning Report-Euro retreats, eyes on EU summit

January 30th, 2012

|EU Morning Report-Euro retreats, eyes on EU summit|

The euro opened lower against most of its major counterparts as the EU summit on Sunday, provided no solid indication of any agreement among the eurozone members. A number of officials, including Merkel and Sarcozy, pointed to Wednesday as the – next – key date for the ongoing debt crisis. Versus the US dollar, the single currency, opened at 1.3842 from the 1.3895, Friday’s close. Against the Swiss Franc, the euro dropped to 1.2215 from 1.2261. Against the Japanese yen, the euro remained almost unchanged opening at 105.93 from 105.99.

The US dollar rose against a basket of currencies as headlines from Europe left investors wondering for yet another market opening. Against the Swiss franc, the US dollar advanced to 0.8837, from 0.8805. Against the Japanese yen, the greenback dropped to 76.22 from 76.28. On Friday, the yen momentarily plunged to a record low at 75.82. A sequential triggering of stop losses was held responsible, in the absence of any fundamental reason. This development forced the Japanese Minister of Finance, to repeat their pledge in weakening the yen, to protect their economy’s post-earthquake recovery.

The Australian dollar opened lower at 1.0320 from 1.0375 against the US dollar. The British pound dropped to 1.5917 from 1.5752 against the US dollar. Investors are expected to focus on the speech of Bank of England Deputy Governor, Paul Tucker.

Oil prices advanced to 88.39 dollars a barrel from 87.48. Gold also rose higher to 1650.91 dollars an ounce from 1641.90. Silver almost unchanged, opened at 31.33 dollars an ounce from 31.3475.

Outlook		Pivot	Preference1	Sentiment2
	EURUSD	1.3125	LONG @ 1.3125	36% of deals buy EUR
	USDJPY	77.10	SHORT @ 77.10	85% of deals buy USD
	GBPUSD	1.5655	LONG @ 1.5655	33% of deals buy GBP
	AUDUSD	1.0565	LONG @ 1.0565	46% of deals buy AUD
	GOLD	1713.00	LONG @ 1713.00	66% of deals buy GOLD
	OIL	99.75	LONG @ 99.75	51% of deals buy OIL

1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™

Calendar	Currency	Time (GMT)	Event	Forecast
	USD	13:30	Personal Consumption Expenditure	0.1%
	USD	13:30	Personal Income	0.4%
	NZD	21:45	Building Permits	8%

Equities	EUROPE			US			ASIA3
	FTSE 100	-1.07%	▼	S&P 500	-0.16%	▼	NIKKEI	-0.54%	▼
	DAX	-0.43%	▼	DJIA	-0.58%	▼	HIS	-0.89%	▼
	CAC	-1.32%	▼	NASDAQ	0.40%	▼	CSI 300	-1.10%	▼

3 at the time of writing

Please note that Forex trading (OTC Trading) involves substantial risk of loss, and may not be suitable for everyone. In no way is it a recommendation by easy-forex® for you to engage in any trade. The information provided is based on data generated by third party investment research providers. easy-forex® does not assume any liability as to the accuracy of such information. This information shall be used for reference only and it is not binding on easy-forex®. This is not an advertisement or a recommendation in engaging / binding you in any forex transactions.

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EU Morning Report-Euro retreats, eyes on EU summit

Weekly Gold & Currency Trading News Update

January 30th, 2012

Daniel

The Euro increased against the U.S. dollar for the fifth day which is the longest streak in 3-months, after it was reported that Greece is close to coming into agreement with its creditors. Greece and its private creditors indicated that it expects to accomplish a debt swap agreement in the coming week. The Euro was also supported after Italy sold bills strengthening assets of the European Central Bank to fight the debt crisis by shoring-up banks. The market is focused on whether Greece would secure its next A-package.

Last Friday, the Euro was trading at the level of 1.3217, an increase in 0.83%. The British pound rose against the United States Dollar on speculation that Greece is closer to a debt swap deal and with a weaker than anticipated data about the American GDP. Data indicated that the economy of the USA grew by 2.8% during the 4^th quarter of 2011, lower than the estimated 3%. The British Pound was last seen trading at 1.5721, an increase of 0.21%.

The Canadian dollar climbed for a third week against the United States dollar on gains in commodities after a Fed undertook to extend its free zone U.S. Interest Rates. The Canadian dollar was last seen trading at 1.0017, an increase of 0.01%.

Gold traders have been bullish for a fourth consecutive week on speculations that the pledge from the Federal Reserve to keep Interest Rate low until late 2014 would extend gains in the precious metal. Lower Interest Rate can lead to an increase in the appeal of gold bullion, because it generally earns only through price gains. Gold was last seen trading at $1,738.32/ounce, which is an increase of 1.05%.

Oil prices climbed this week on signs that Greece is nearing an accord with its creditors and on uncertainty whether tension with Iran might disrupt oil supplies. Iran threatens to close the Strait of Hormuz after European Union announces that it would enforce an Oil embargo on the 1^st of July to increase pressure over its nuclear programme. Crude oil was last seen trading at $99.56, which is a decrease of -0.14%.

|Weekly Gold & Currency Trading News Update|The Euro increased against the U.S. dollar for the fifth day which is the longest streak in 3-months, after it was reported that Greece is close to coming into agreement with its creditors. Greece and its private creditors indicated that it expects to accomplish a debt swap agreement in the coming week. The Euro was [...]|

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Weekly Gold & Currency Trading News Update

Daily Outlook – Euro Rally Continues into Weekend

January 30th, 2012

|Daily Outlook – Euro Rally Continues into Weekend|

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U.S. Dollar Trading (USD) the Dollar selling continued on Friday from the surprise FOMC statement to extend Interest rates at near record lows until 2014. Q4 GDP was weaker than expected 2.8% vs. 3.0% forecast and added to the profit taking in US stocks seen in New York. In US stocks, DJIA -22 points closing at 12734, S&P -7 points closing at 1318 and NASDAQ -13 points closing at 2805. Looking ahead, December Personal Income forecast at 0.4% vs. 0.1% previously.

The Euro (EUR) the Euro broke above 1.3200 as the short squeeze pushed higher into the weekend with many traders caught short below 1.3000 from earlier in the week. The market could still go back to selling mode if the Greece debt deal falls apart but most are confident that a successful outcome is likely be announced as early as today. Looking ahead, EU January Consumer Sentiment forecast at -20.6 vs. -21.1 previously.

The Japanese Yen (JPY) the USD selling overflowed onto the USD/JPY which broke below Y77 and back into more familiar levels seen in late December and early January. The rally has disappointed the bulls who failed to generate sustain Yen selling interest. EUR/JPY fell but is well supported on dips towards the key Y100 level.

The Sterling (GBP) the GBP/USD rallied towards 1.5700 and closed above the figure. Gains have not matched the Euro which is gaining ground and testing 0.8400 on the EUR/GBP cross. Cable traders are looking forward to the MPC rate meeting next week with some expectations the UK central bank may increase its own form of Quantitative easing.

Australian Dollar (AUD) the AUD/USD posted a double top near 1.00680 and has come under heavy profit taking pressure so far in Asia on Monday morning. The market has built up substantial long positions across the AUD market with EUR/AUD still near record lows and this is hampering the topside in the short term. Little data this week means the AUD/USD will take its cue from Global stock markets.

Oil & Gold (XAU) Gold extended the rally to $1740 before topping out and pulling back into the weekend on mild profit taking. Oil struggled to hold above $100 on Friday and this prompted a fall back to lower $99 into the weekend.

Pairs to watch

EUR/USD Greece Deal Done?

EUR/CHF close to SNB 1.2000 Floor, Market to test?

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.2839	1.2931	1.3175	1.3244	1.3386
USD/JPY	76.00	76.58	76.65	77.49	77.82
GBP/USD	1.5416	1.5517	1.5715	1.5780	1.5889
AUD/USD	1.0428	1.0573	1.0585	1.0765	1.0753
XAU/USD	1681.00	1700	1730	1763	1790
OIL/USD	97.00	98.50	99.00	100.00	101.00

Euro – 1.3175

Initial support at 1.2931 (Jan 25 low) followed by 1.2839 (Jan 19 low). Initial resistance is now located at 1.3244 (38.2% retrace of 1.4247-1.2624) followed by 1.3386 (Dec 12 high)

Yen – 76.65

Initial support is located at 76.58 (Nov 18 low) followed by 76.00 (Big Figure). Initial resistance is now at 77.49 (Jan 27) followed by 77.82 (Jan 26 high).

Pound – 1.5715

Initial support at 1.5517 (Jan 23 low) followed by 1.5416 (Jan 19). Initial resistance is now at 1.5780 (Nov 30 high) followed by 1.5889 (Nov 18 high).

Australian Dollar – 1.0585

Initial support at 1.0573 (Jan 23 high) followed by the 1.0428 (Jan 4 low). Initial resistance is now at 1.0765 (Sept 1 high) followed by 1.1007 (Aug 2 high).

Gold – 1730

Initial support at 1700 (Big figure resistance) followed by 1681 (Jan 23 high). Initial resistance is now at 1763 (Dec 2 high) followed by 1790 (former trendline support drawn off Oct 20 low).

Oil – 99.00

Initial support at 98.50 (Intraday Support) followed by 97.00 (Intraday Support). Initial resistance is now at 100.00 (Intraday resistance) followed by 101.00 (Intraday Resistance).

Written by Anthony Darvall

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Daily Outlook – Euro Rally Continues into Weekend

Best Forex Signal Service

January 29th, 2012

Hilary Basile

Find Best Forex Signal Service at Amazon

A dependable Forex entry signal ordinarily involves a combining of components which all come together at the same time.

No single indicator may provide the idealisti entry level and the new Forex dealer has to grapple with this stark reality. Many find this hard to receive and spend innumerable weeks and months and hard earned cash in search of what could be termed the ‘holy grail.’

Learning to trade the Forex is hard work and needs to be treated like a business, the same as any other business. It requires a big investment of time, energy, mental discipline, and a cautious investment of cash until the necessary achievements are acquired.

Trendlines are just one of the tools seasoned traders use along with other indicators to provide a authenti Forex entry signal.

Here we spell out two distinct ways in which trendlines may be employed safely. Using a higher time frame candlestick chart such as a 60 minute, 4 hour, or even every day chart, a trendline is drawn along the most substantial lows in an uptrend or all over the most significant highs in a downtrend.

1. Momentum Combo

As price moves upward in an uptrend or downward in a downtrend, it will retrace and bounce off the trendline at sure times. However, using a trendline bounce by itself as a Forex entry signal is too risky. There have to be other factors.

Once you have drawn the trendline you now have a graphical representation of price motion and you will be capable to see where price has to retrace to test the trendline once again.

Now use other indicators to see if that level where price would need to retrace to test the trendline combines with other factors.

Calculate your every day pivot points and draw horizontal lines on your chart to mark them.

Run your eyes left on the chart and note if there were any substantial highs or lows that formed support or resistance within the last few days. Support and resistance on higher time frames normally provide more significant reference points.

Use the Fibonacci tool on your charting software and mark retracement and/or extension levels on a potpourri of swing highs and lows and see if any intersect the trendline.

Also make sure you have the 200 EMA (Exponential Moving Average) line shown on your charts and note whether this also intersects near or at the trendline.

Now if you have a combining of two or three of the above indicators meeting at the same place you have now identified a Forex entry signal that may be regarded as high probability.

Put in your entry order to be take in long at this point where the trendline intersects with the other indicators and set a reasonable target limit for what probably will be a profitable trade.

For a downtrend, merely use the above indicators going the other way.

2. Break Combo

The second way to discern a dependable Forex entry signal using trendlines is to watch for a break of a trendline on a higher time frame such as the 60 minute, 4 hour, or daily chart.

Some traders sent an entry order to go long or short once price has broken the trendline by a few pips. That works for some.

There is notwithstanding a safer way to trade a trendline break.

It will be observed that often times (not always, not one thing is perfectly sure when retail the Forex) once price has broken a trendline and moved 15-30 pips, it will come back, retrace, and test the backside of that trendline.

This is where again you use the combining of constituents cited in the former strategy.

Look to see if the point at which price may come back to test the backside of the trendline coincides or combines with constituents such as:

Pivot points
Previous swing highs or lows marking aid and resistance
Fibonacci retracement or extension levels
200 EMA

Now when you place an entry order to be taken in at that level you are doing so on the basis of a distinctly specified Forex entry signal.

For a graphical example of the above, see the resource box below.

Be conscious that marketing trendline signals on lower time frames such as 30 minute, 15 minute, or even 5 minute charts are very high peril trades. Price will break these short term time frames often times for the duration of the course of a day and catch a new merchant often by luring them into a trade they later regret.

Be patient and wait for things to setup as described in the two methods above for high probability trades triggered by a combining Forex entry signal.

Best Forex Signal Service Pic

Best Forex Signal Service Picture

Best Forex Signal Service Photo

Best Forex Signal Service Picture

Best Forex Signal Service Photo

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Best Forex Signal Service

Best Broker?

January 29th, 2012

enghow

Hi team,
i am new here, if you are currently trading with any broker in the Market welcome to recommend or suggest.
Currently there are so many scam company outside, just need to make sure we can get a right one with more
reliable trading company, honest, low spread and most importantly not a scam.

|Best Broker?|Hi team,
i am new here, if you are currently trading with any broker in the Market welcome to recommend or suggest.
Currently there are so many…|

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Best Broker?

The Benefits of Currency Trading Broker Trading-Point.com

January 29th, 2012

Meta4forexbroker.com

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