Forex and Trading News

The program reviews intraday support and resistance levels for four major currency pairs.
Broadcast is available every day starting from 6:00 GMT. The bulletin is created for currency traders who prefer to trade on the basis of technical analysis.
The levels are generated by the Dukascopy proprietary model comparing different approaches.
Support and resistance points are calculated using popular technical analysis methods such as:
Pivots, Highs and Lows, Fibonacci Retracements, Demark, Tirone, Ichimoku, Moving Averages, Price Channels and Bollinger Band indicators. Levels that can be calculated using a high number of different methods are considered strong enough to affect the forex market.

The Midday Snapshot reviews and analyzes the trading activity in relation to the actual market movement.
The overview is provided for the five most popular currency pairs — EUR/USD, GBP/USD, USD/JPY, GBP/JPY and EUR/JPY for the period starting at 0:00 and ending at 12:00 GMT. The bulletin will contrast the traders sentiment with actual market movement, as well as providing information on the volatility, given in pips, and traded volume. The Dukascopy Forex News Team completes the daily broadcast right before the start of the US trading session, giving Forex traders a useful overview of the 
morning trading.

This video is 47th lesson in a series on technical analysis for  active traders of forex markets. A lesson on the Consumer Confidence Index and what it means to traders and investors in the foreign exchange markets.

This is part 2 of the series. In this video you will learn about a mindset that many trader struggle to develop and the majority never master. Marc explains that it is possible to determine the probability of a trading strategy working over time by back testing and doing your due diligence. However, he states it is impossible to determine if an individual trade will work or not. He uses this randomness principles to explain why so many retail traders can not sustain success in the market.

The US Dollar strengthened versus most major currencies as risk aversion grew following S&P’s downgrade of Italian banks, and in spite of Greece passing the package of cuts needed to complete the next step towards securing the second bailout. Wall Street closed negative as the Dow declined by 0.69% and the NASDAQ by 0.80%. Crude oil fell by 0.90% to close at $99.00 a barrel. Gold (XAU) fell by 0.60%, to close at $1721.00 an ounce. No economic data is expected today.

EURUSD Forecast
The EURUSD was indecisive last week. Price attempted to push higher on Thursday, topped at 1.3320 but closed lower on Friday at 1.3194 after bottomed at 1.3154. There were some upside pressures earlier today hit 1.3258. The bias is neutral in nearest term. The overall bullish bias since bounced from 1.2625 remains intact and I still prefer a bullish intraday scenario at this phase but market remains volatile with disappointing bullish run in the last two weeks, moving in a sideways condition. On the upside, immediate resistance which is also the nearest bullish target remains around 1.3375. On the downside, a clear break and daily close below 1.3150 could trigger further bearish pressure testing key support around 1.3085 and the trend line support as you can see on my h4 chart below. Only a clear break below the trend line support and 1.3085 would stop the bullish outlook and activate my bearish mode.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

EURJPY Forecast
The EURJPY failed to continue the bullish momentum on Friday, closed back below 102.48 but overall we had a bullish condition last week. There were some upside pressure earlier today hit 102.91. The bias is neutral in nearest term but overall price is still in a bullish phase since the bounced from 97.02 with nearest bullish target around 103.85. On the downside, another movement back below 102.48 could trigger further bearish pullback testing 102.00 – 101.50 but as long as stays above 100.74 and the trend line support (see my h4 chart below) I still prefer a bullish intraday scenario at this phase.

GBPJPY  Forecast
The GBPJPY continued its bullish momentum last week, topped at 123.15 but closed a little bit lower on Friday at 122.25. The bias is neutral in nearest term. Remember what I said before that 123.20 area is the 200-daily-EMA which so far still provide good resistance, but overall I still prefer a bullish intraday scenario at this phase as a part of the bullish phase since the breakout above the trend line resistance as you can see on my daily chart below. A clear break and daily close above 123.20 could trigger further bullish scenario testing 125.50. Immediate support is seen around 122.00 followed by 121.50. I don’t expect any movement below 121.50 today as it could postpone the bullish scenario.

AUDUSD Forecast
The AUDUSD was volatile but indecisive last week. The bias is neutral in nearest term but as long as moves above the trend line support and 1.0600 support area as you can see on my h4 chart below my overall intraday outlook remains to the upside with nearest bullish target around 1.0850 – 1.0900. Immediate support is seen around 1.0700 followed by 1.0650.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

GBPUSD  Forecast
The GBPUSD was volatile but indecisive last week. Overall I still prefer a bullish intraday scenario at this phase after the breakout above the trend line resistance as you can see on my daily chart below but the bullish run remains disappointing in the last two weeks, although weekly chart still shows higher low and high. In general, we can say that price is still struggling around 1.5780 support area. A tricky situation but unless we have a clear break and daily close at least below 1.5700 I still prefer a bullish intraday scenario at this phase still testing 1.5900 and 1.6000 area.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

USDJPY Forecast
The USDJPY had a bullish momentum last week, topped at 77.79 and closed at 77.59. The bias remains bullish in nearest term still testing 78.27 area. Immediate support is seen around 77.50. A clear break below that area could lead price to neutral zone in nearest term testing 77.00. Overall I still prefer to have a long term perspective seeing area above record low 75.56 as a buy zone expecting huge bullish reversal scenario. Volatility remains relatively low in the last six/seven month.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

USDCHF Forecast
The USDCHF had another insignificant movement last week and market remains sideways. The bias remains neutral in nearest term. There are no changes in my technical outlook. As long as stays below 0.9320, I still prefer a bearish intraday scenario as a part of the bearish phase since the failure to break above 0.9600. On the downside, immediate support remains around 0.9100 followed by 0.9050 which is also the nearest bearish target. Immediate resistance is seen around 0.9200. A clear break and daily close above that area could trigger further bullish pullback testing 0.9320.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.