Nov 30, 2011
Here is a video on Forex trading for beginners. This is the first video in a series which teaches you the basics of all about trading. Forex is one of the largest financial markets in the world — trading over 1.9 trillion in daily volume.
Nov 30, 2011
This is a video on basics of Money management. Money management is a way Forex traders control their money flow. It’s simply the knowledge and skills on managing your own Forex account. Money management rules will not only protect you, but they will bring you great profit in the long run.
Nov 30, 2011
Watch the latest analysis of the EUR/USD, EUR/GBP Forex pairs for November 30th in this video. EUR/USD — Initially spiked on Tuesday session and even made a run to 1.34 level and attempted to run to 1.35 level. This pair looks destined to retest the low of 1.31 level. However this pair is looking bearish at the moment and we like selling on rallies for this pair. EUR/GBP — This pair is also looking bearish. The 0.8500 level is supportive. However if we get a daily close below this level will be very bearish. If we dont, then we will continue with the consolidation between 0.8500 and 0.8550 levels.
Nov 30, 2011
Watch the latest analysis of the USD/CAD, EUR/CAD Forex pairs for November 30th in this video.USD/CAD — We saw this pair initially fall on Tuesday session. As Oil found resistance, this pair did bounce later part of the day and we have a bullish hammer candle in the daily chart at 1.03 level. Hence this pair is looking bullish at this moment. EUR/CAD — We have been in a range for quite sometime and in a downward sloping channel as seen in the Weekly chart. We have broken the support level of 1.38 as seen in the daily chart. Any bounce on this pair and retest of 1.38 level and a failure is seen as a sell signal and this pair will be falling towards the bottom of the channel.
EURUSD Forecast
The EURUSD had another volatile but indecisive movement yesterday. Similar to what happened on Monday, price attempted to push higher on Asian and European session, slipped above 1.3420 but whipsawed to the downside on US session and closed lower at 1.3313. As you can see on my hourly chart below price slipped below the bearish flag suggests potential bearish continuation testing 1.3211 – 1.3145 especially if price able to make a clear break below 1.3270 area which has been a respected intraday support this week. On the upside, unless we have a clear break and daily close above 1.3420, my intraday bias remains strongly to the downside. A clear break and daily close above 1.3420 would postpone the bearish scenario but only a clear break above 1.3613 would stop the bearish outlook, probably turn my intraday bias to a bullish mode.
EURJPY Forecast
The EURJPY was indecisive yesterday, made a Doji on daily chart. There are no changes in my technical outlook. The bias remains neutral in nearest term but as long as stays below 104.95 I still prefer a bearish scenario at this phase, still testing 102.20 – 100.74. On the upside, a clear break and daily close above 104.95 would turn my intraday bias to a bullish view testing the trend line resistance (white).
GBPJPY Forecast
The GBPJPY still able to maintain its bullish intraday bias yesterday topped at 121.83 and closed at 121.58. The bias is bullish in nearest term testing 122.62 but unless we have a clear break and daily close above 122.62 I still prefer a bearish intraday scenario at this phase with short on rallies strategy still testing 119.00. On the upside, the double bottom bullish reversal scenario remains intact and a clear movement above 122.62 could be an early confirmation to the bullish continuation scenario testing 125.50 even higher.
AUDUSD Forecast
The AUDUSD continued its bullish momentum yesterday, topped at 1.0076 but closed a little bit lower at 1.0014. The bias remains bullish in nearest term testing 1.0200 area as a part of the double bottom bullish reversal scenario as you can see on my h4 chart below. Immediate support is seen around 0.9925 (former resistance). A clear break below that area could lead price to neutral zone in nearest term testing 0.9800. On the downside, key support is seen at the double bottom formation around 0.9662. A clear break below that area could create further bearish scenario at least targeting 0.9400 region.
GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.5654 and closed at 1.5594. The bias is bullish in nearest term but I think this is a normal correction and as long as stays below 1.5700 (38.2% Fibo retracement of 1.6165 – 1.5422, see my h4 chart below) my overall technical bias remains to the downside. A clear break and daily close above 1.5700 would turn my overall technical bias to a neutral zone but probably turn my intraday bias to a bullish mode testing 1.5875/80 (61.8% Fibo retracement). Immediate support is seen around 1.5570 (former resistance). A clear break below that area could trigger further bearish pressure testing 1.5500 – 1.5422 and keep the bearish scenario remains strong.
USDJPY Forecast
The USDJPY was volatile but indecisive yesterday, but still able to maintain position above 77.80 so far. There are no changes in my technical outlook. I think rather than thinking about short term/intraday forecast, better to look from a broader perspective at this phase and see a buy zone above the record low 75.65. Nearest bullish target remains around 79.00/52. Above that the next bullish target is seen around 81.00 region.
USDCHF Forecast
The USDCHF was volatile but indecisive yesterday. Price attempted to push lower, slipped below the trend line support and 0.9150 but closed higher at 0.9210. The bias remains neutral in nearest term. As you can see on my h4 chart below price is now struggling around the trend line support. A clear break and daily close below the trend line support and 0.9150 could trigger further bearish pullback testing 0.9050 but only a movement back below 0.8915 could postpone the bullish scenario. On the upside, we need a clear break and daily close above 0.9320 to continue the bullish scenario and reactivate my bullish mode in the next few weeks as a part of the hammer formation bullish reversal scenario on the weekly chart.
Nov 29, 2011
This is the second part of the video on central bank intervention. One of the additional tools a central bank has access to are its foreign currency reserves. Most central banks use these reserves to back their currency and other liabilities and some will use those reserve accounts to interfere in the FX market.
