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Weekly Gold and Forex Trading News — May 17th 2012

May 17, 2012

This is a video from Martin Smith with the daily outlook from UFXMarkets. Wall street declines all around with the NASDAQ falling by 1.00%, DOW by 0.43% and S&P by 0.67%. The US Dollar however gained against the most of the majors as talks to form a Governement in Greece failed. In commodities, Gold fell by 0.18% closing at $1,540 an ounce. Crude also fell by 0.54% to close at $92.77 a barell, the lowest in 5 months. Trading below resistance of 1.2780 is keeping the momentum of EUR/USD negative with the pair positively testing the 1.2625 again. The RSI points to trend remaining bearish. Overall the pair traded with the low of 1.2680 and high of 1.2758. GBP/USD pair is maintaining resistance at 1.6060 pointing to bearish trend eventhough it might test the 1.5876 again. If the pair breaks down below this it may even reach 1.58 level. The AUD/USD pair will also continue its bearish trend if it maintains resistance at 0.9980 level. Breaking this level to cause it to test the support level at 0.9865.

May 17th, 2012 | Posted in Forex Tutorial | No Comments

Weekly Gold and Forex Trading News — May 16th 2012

May 16, 2012

This is a video from Martin Smith with the daily outlook from UFXMarkets. Wall street closed the trading day negative as NASDAQ fell by -0.30%, the DOW lost by 0.50% and the S&P by -0.57%. US Stocks declined sending the S&P 500 index falling for the third day as the Commodity shares tumbled and Greece struggled to form a Government offset better than estimates economic data. US Dollar gained versus most of the majors, TRC long term purchases came out at 36.2 billion this month compared with the net purchases of 10.1 billion in February. Gold by -0.65% closing at $1,544 an ounce. Crude Oil also fell by -0.1% to its lowest level in 5 months and closing at $93 a barrel. Trading below the resistance level of 1.2820 will keep the momentum of EUR/USD pair negative and the pair may again test the support level at 1.2700. If the pair doesn’t break below this, it may rise to 1.2850 again. GBP/USD pair maintains its resistance level of 1.6060 and the trend remains bearish and the Bank of England inflation report is expected for release. The trend for the AUD/USD pair continues to be bearish, maintaining its resistance level above 0.9980, breaking the strong support level at 0.9920 to cause it to test the next support level at 0.9840.

May 16th, 2012 | Posted in Forex Tutorial | No Comments

Forex Trading Indicators — Parabolic SAR

May 15, 2012

Parabolic SAR is an indicator used by traders to find the direction of the pair’s most recent and significant momentum and more importantly larger than usual chances of reversing. The system itself is a stop and reversal system. It was developed by J. Welles Wilder. The dots above shows resistance and we will be selling and dots below is support and we will be buying. Its an indicator that gets chopped up in sideways market, so it definitely needs to trend and hence it is a trend following indicator.

May 15th, 2012 | Posted in Forex Tutorial | No Comments

EURUSD Daily Forecast: May 15

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EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, bottomed at 1.2814 and closed at 1.2829. The bias remains bearish in nearest term testing 1.2800 – 1.2750/33 region before testing 1.2625 area as a part of the bearish scenario since broke below the descending triangle. Immediate resistance is seen around 1.2880 – 1.2905 area. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.3000 my overall intraday bias remains to the downside.

May 15th, 2012 | Posted in Forex News | No Comments

Daily Forecast for Crosses: May 15

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EURJPY Forecast
The EURJPY continued its bearish momentum yesterday, bottomed at 102.21 and closed at 102.46. The bias remains bearish in nearest term especially if price able to make another clear break below 102.20 testing 101.00 – 101.50 support area. Immediate resistance is seen around 102.75. A clear break above that area could lead price to neutral zone in nearest term testing 103.50 but as long as stays below 104.44 my overall intraday bias remains to the downside and I still prefer to sell on rallies.

GBPJPY  Forecast
The GBPJPY was volatile but indecisive yesterday made a Doji on daily chart. There are no changes in my technical outlook. The bias remains neutral in nearest term and price is still consolidating inside the triangle formation in medium term. Potential daily range remains between 127.80 – 129.37. I will stand aside for now.

AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday, bottomed at 0.9954 and hit 0.9943 earlier today. There are no changes in my technical outlook. Although the bearish momentum was not as strong as I had expected, nearest term bias remains to the downside still testing 0.9910 region. Immediate resistance is seen around 1.0020/43 area. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.0200 I still prefer to sell on rallies.

May 15th, 2012 | Posted in Forex News | No Comments

Weekly Gold and Forex Trading News — May 14th 2012

May 14, 2012

This is a video from Martin Smith with the daily outlook from UFXMarkets. Stock markets finshed the trading week mixed as the S&P and NASDAQ gained  0.01% and 0.01% respectively, while the Dow declined by -0.33%. The US Dollar gained versus most of the majors as the European officials began to weigh the prospect of Greece withdrawing from the currency union. Gold fell by 0.88% to close at $1,579 an ounce and crude by 0.90% to close at $95 a barrel. Trading below the resistance level of 1.30 will keep the momentum of EUR/USD pair negative and the pair may test its strong support level of 1.2850 level. However it may retrace to 1.2950 level again. Trend for the GBP/USD pair remains bearish to maintain its resistance level at 
1.6080 and in addition the moving average points to trend remaining bearish. Commodity linked currencies such as the Australian Dollar continue to fall and may test the phsycological support level at 1.00 and if this pair fails to break the support level, then it may return to 1.0080 level.

May 14th, 2012 | Posted in Forex Tutorial | No Comments

EURUSD Daily Forecast: May 14

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EURUSD Forecast
The EURUSD attempted to push higher last week, topped at 1.3064 but whipsawed to the downside, closed at 1.2914 and hit 1.2878 earlier today. The bias remains bearish in nearest term especially if price able to make another clear break and daily close below 1.2880 testing 1.2800 – 1.2750 region before testing 1.2625 as a part of the major bearish scenario after broke below the descending triangle. Immediate resistance is seen around 1.2950. A clear break above that area could lead price to neutral zone in nearest term testing 1.3000 region. The falling wedge bullish pullback scenario should remain intact especially if price able to break above 1.2950 but any upside momentum now should be seen as a normal corrective movement and overall I remain bearish.

May 14th, 2012 | Posted in Forex News | No Comments

USDJPY Daily Forecast: May 14

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USDJPY Forecast
The USDJPY bearish momentum was stopped last week. Volatility remains low and 79.52/35 key support area still hold so far. There are no changes in my technical outlook and 79.52/35 region remains a good place to buy with stop loss below 79.35. Immediate support is seen around 79.70. A clear break below that area could trigger further bearish pressure retesting 79.52/35. Immediate resistance is seen around 80.23. A clear break and daily close above that area could trigger further bullish pressure testing 81.00 – 81.80.

May 14th, 2012 | Posted in Forex News | No Comments

USDCHF Daily Forecast: May 14

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USDCHF Forecast
The USDCHF continued its bullish momentum last week and now struggling around 0.9320 area. The bias is bullish in nearest term especially if price able to make a clear break and daily close above 0.9320 testing 0.9400 or higher. Immediate support is seen around 0.9250. A clear break back below that area could lead price to neutral zone in nearest term testing 0.9200 and keep price inside the range area a little bit longer.

May 14th, 2012 | Posted in Forex News | No Comments

EUR/USD Forex Forecast Review 14 May 12

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Good day forex traders.
In the previous weekly EUR/USD forecast, we noted a possible bearish target of 1.3. Sentiments were  mainly …

May 13th, 2012 | Posted in Forex News | No Comments

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