Canadian dollar in currency trading on the FX marketIt’s official: Canada is now in recession. On the news — not surprisingly — the loonie has fallen in forex trading against the U.S. dollar. As the global economy continues to erode demand for Canadian exports, the dollar will continue to drop in currency trading on the [...] [...more]
Trade suggestions for the next 24 hours New positions Medium term, sell USD/CHF at 1.1850 target 1.1280 with no stop loss Medium term, sell GBP/USD at 1.4590 target 1.4010 with a 1.4760 stop loss Medium term, buy AUD/USD at 0.6260 target 0.6690 with no stop loss if no long positions held already Existing positions [...] [...more]
EURUSD has broke short term support line 1.3076 and heading towards 1.2836. Euro loosing it’s strength not just against $, but British pound, Swiss frank, Japanese yen as well. And bulls should pull themselves together, otherwise EURUSD going back to 1.2300. Important support line at 1.2836 and resistance line at 1.3323 ATTACHMENT(S) day.pdf [...more]
DAILY FORECAST FOR AUDUSD Bias: Below 0.6450 would maintain losses for the 0.6417 low and probably beyond Breach of 0.6570 has caused a deeper decline as warned and while 0.6450 could cause a pullback the larger threat does look like breach for the 0.6417 low and I don’t think it will stop there either. The [...] [...more]
Bad economic news sends safe haven demand for dollar higherThe U.S. dollar is strengthening again in forex trading on the currency market. After softening yesterday on the prospect of an economic stimulus bill in the House, the greenback is gaining again in currency trading. First of all, the economic stimulus bill is not considered "enough" [...] [...more]
Trade suggestions for the next 24 hours New positions Medium term, sell USD/CHF at 1.1850 target 1.1280 with no stop loss Medium term, sell GBP/USD at 1.4590 target 1.4010 with a 1.4760 stop loss Existing positions Medium-term stay long GBP/JPY from 130.10 target 139.90 with no stop loss if no long positions are held [...] [...more]
DAILY FORECAST FOR USDCAD Bias: The 1.2215 area needs to cap to retain a directly bearish stance The 1.2331 high held and the break below 1.2224 and 1.2184 took price down into the 1.2066-94 support area which has caused a pullback. It maybe that we’ll see a consolidation before the final move lower and any [...] [...more]
Greenback lower in forex trading on Fed and economic stimulus hopesInterestingly enough, in the case of the U.S. dollar in currency trading, a stronger economy does not necessarily mean better performance on the FX market. Indeed, dollar strength lately has been hinging on the problems with the global economy, creating a safe haven demand for [...] [...more]
Trade suggestions for the next 24 hours New positions Medium term, sell USD/CHF at 1.1850 target 1.1280 with no stop loss Medium term, sell GBP/USD at 1.4590 target 1.4010 with a 1.4760 stop loss Existing positions Medium term, stay short USD/CAD from 1.2350 target 1.1890 with a 1.2286 stop loss to protect gains (stopped [...] [...more]
