US Dollar Gains on Currency Trading

February 8 2012 by Spencer McKay in Forex Online |No Comments | Tags: Currency Trading, Trading

US dollar is gaining in currency trading right now, thanks to worries about what’s next for the eurozone. Confidence in the euro is being shaken a bit by the fact that Greek debt talks have been put off — again.

Risk aversion is high, and that means that many forex traders are looking for safe haven. The US dollar has been serving as a safe haven, since it is backed by what many consider to be the most stable taxpayer base in the world.

High beta currencies are pulling back against the US dollar for now, with the euro, pound and loonie all lower. High beta currencies are not in demand right now as forex traders look for safety, rather than yields.

EUR/USD Breaks Resistance

February 7 2012 by Milla Schmidt in Forex Tips |No Comments | Tags: Resistance

By: Colin Jessup

The EUR/USD has finally broken through the weekly resistance zone of 1.3233 with a close above at 1.3259, just north of the zone. This was key for the EUROs advance as this level has been hindering the Bulls process , and might still continue to as there is significant traffic to the left on a daily chart. There will be heavy resistance again at 1.3405 with levels such as 1.3280 and 1.3350 providing intra-day resistance on the way up. Breaking above 1.3400 could signal a run up to 1.3650 or higher, but this will most likely take several days, if it happens at all right now. The RSI is approaching the 70 level, which is an indication that we are approaching overbought territory, but we have a way to go before we get there.

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FOREX: Euro May Not Rise on Greek Accord, Pound Braces for More QE

February 5 2012 by Aidan Creal in Forex Release |No Comments

As we noted yesterday, this makes some sense. EU banks borrowed just shy of €500 billion via the ECB 3-year LTRO in late December while Greece’s has close to €300billion in outstanding bonds, meaning a market-wide credit crunch (akin to the one sparked by the 2008 collapse of Lehman Brothers) is now relatively unlikely even in the case of an outright default. Greek politicians no doubt understand this means their ability to hold the EU hostage with the threat of region-wide meltdown has been diminished, so officials from the so-called “troika” (the EU, ECB and the IMF) are likely to be less accommodative of their demands than previously. From that

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GBPUSD Daily Forecast: January 24

January 22 2012 by Aidan Creal in Forex Release |No Comments | Tags: Forecast, Forecast January

GBPUSD  Forecast The GBPUSD attempted to push higher yesterday, topped at 1.5601 but closed a little bit lower at 1.5576 and hit 1.5536 earlier today. The bias is neutral in nearest term but as long as stays above 1.5400 my overall intraday bias remains to the upside since the rejection to move consistently below 1.5270 support area, testing the trend line resistance (red) and 1.5650 – 1.5700 key resistance area.  A clear break above that area and a movement above the trend line resistance could trigger further bullish scenario, challenging the major bearish outlook since the fall from 1.6616 six months ago.

A Review Of The Forex Markets In 2011

January 21 2012 by Milla Schmidt in Forex Tips |No Comments | Tags: Forex, Forex Markets

Another year is coming to an end and I think its fair to say that in general its been a really tough one for a lot of forex traders. I have certainly found it quite hard to make money in recent months. Indeed I havent traded at all for several weeks now as Im taking an extended break from forex trading at the moment.
 
So lets look back at three of the most important currency pairs – the GBP/USD, EUR/USD and USD/JPY pairs – and I will try and explain why these pairs have been so hard to trade this year.
 
GBP/USD:
 
If you look back at the price action for the GBP/USD pair, you will see that it is now pretty much back where it started back in January. The pr

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