July 4, 2009
Pound and euro pull back briefly in forex trading
Economic activity has shown signs of slowing again in Britain and in the euro zone as "economic green shoots" continue to wither. GFT’s Boris Schlossberg comments on the flagging economies on the other side of the Atlantic in FX360:
The stall in economic activity confirms our suspicion that the recovery trade is losing momentum as final demand remains lackluster. As we noted earlier the overall picture, “indicates stability, but little further improvement in both EZ and UK and does not augur well for risk currencies going forward.” The Aussie remains the one exception amongst the majors as Australia continues to benefit from Chinese demand.
On the news, the pound and the euro pulled back in forex trading slightly. The U.S. dollar is gaining some favor as a safe haven.
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July 4, 2009
EUR/USD trend: sell.
GBP/USD trend: sell.
USD/JPY trend: hold.
EUR/JPY trend: hold.
| Floor Pivot Points |
| Pair |
3rd Sup |
2nd Sup |
1st Sup |
Pivot |
1st Res |
2nd Res |
3rd Res |
| EUR/USD |
1.3597 |
1.3762 |
1.3870 |
1.4035 |
1.4144 |
1.4309 |
1.4417 |
| GBP/USD |
1.5732 |
1.6016 |
1.6174 |
1.6458 |
1.6616 |
1.6900 |
1.7058 |
| USD/JPY |
93.29 |
94.22 |
95.12 |
96.05 |
96.95 |
97.88 |
98.78 |
| EUR/JPY |
129.27 |
131.31 |
132.78 |
134.83 |
136.29 |
138.34 |
139.80 |
| Woodie’s Pivot Points |
| Pair |
2nd Sup |
1st Sup |
Pivot |
1st Res |
2nd Res |
| EUR/USD |
1.3748 |
1.3842 |
1.4021 |
1.4115 |
1.4295 |
| GBP/USD |
1.5984 |
1.6110 |
1.6427 |
1.6553 |
1.6869 |
| USD/JPY |
94.21 |
95.11 |
96.04 |
96.94 |
97.87 |
| EUR/JPY |
131.17 |
132.49 |
134.68 |
136.00 |
138.19 |
| Camarilla Pivot Points |
| Pair |
4th Sup |
3rd Sup |
2nd Sup |
1st Sup |
1st Res |
2nd Res |
3rd Res |
4th Res |
| EUR/USD |
1.3828 |
1.3903 |
1.3928 |
1.3953 |
1.4003 |
1.4028 |
1.4053 |
1.4129 |
| GBP/USD |
1.6088 |
1.6210 |
1.6250 |
1.6291 |
1.6372 |
1.6413 |
1.6453 |
1.6575 |
| USD/JPY |
95.02 |
95.53 |
95.69 |
95.86 |
96.20 |
96.36 |
96.53 |
97.04 |
| EUR/JPY |
132.31 |
133.28 |
133.60 |
133.92 |
134.57 |
134.89 |
135.21 |
136.18 |
| Fibonacci Retracement Levels |
| Pairs |
EUR/USD |
GBP/USD |
USD/JPY |
EUR/JPY |
| 100.0% |
1.4201 |
1.6743 |
96.97 |
136.87 |
| 61.8% |
1.4096 |
1.6574 |
96.27 |
135.53 |
| 50.0% |
1.4064 |
1.6522 |
96.06 |
135.12 |
| 38.2% |
1.4032 |
1.6469 |
95.84 |
134.70 |
| 23.6% |
1.3992 |
1.6405 |
95.57 |
134.19 |
| 0.0% |
1.3927 |
1.6301 |
95.14 |
133.36 |
(…)
Read the rest of Forex Technical Analysis for 07/06—07/10 Week (16 words)
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July 3, 2009
NFA’s rules designed to help customers in the U.S. but some traders are confused at the new rules and what it all means
The NFA recently imposed a rule (2-43 (b)) that will eliminate the ability of some dealers to offer stop-loss and limit orders. As a market-maker for forex, GFT is already fully compliant with this rule and will not be affected — you will still be able to place stop and limit orders with us.
Some dealers have gone as far as asking their customers to transfer their account overseas as to avoid the new NFA rule. At GFT, our customers can keep their account stateside and have full access to stop and limit orders through all DealBook® platforms.
The new rule also eliminates "hedging," which is really misunderstood when it comes trading currencies. Read the reasons why here.
Finally, some forex dealers have recently experienced a decline in net capital. As world-leading company, GFT has $80 million in net capital, which greatly exceeds the NFA’s minimum net capital requirement and is $20 million above the next largest U.S. forex dealer.
Read the facts from the NFA here.
Read the facts from GFT here.
Read other forex industry opinions here.
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July 3, 2009
You’ve probably seen the standard MetaTrader ZigZag indicator that is capable of drawing lines from one chart extremum to another. It looks good and neat but it has two disadvantages: it’s not very accurate and it also has a bad delays for detection, because it is quite linear in its nature. This new improved version of the ZigZag indicator does the same — draws the lines between the chart’s extrema, but it uses Parabolic SAR (another well-known standard indicator) to find those extrema. This makes the whole calculation a dynamic process, which manages to reduce the delay between the point of extremum and its detection point.
The resulting extrema may be used to build regression channels or the chart patterns (like triangles and wedges) as you wish. You can find more information about this indicator and also download it for free:
(…)
Read the rest of Detect Chart Extrema with Improved ZigZag Indicator (20 words)
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July 2, 2009
While a recently adopted National Futures Association (NFA) rule is forcing some forex brokers to discontinue the use of stop and limit orders to protect positions, GFTannounced today that their platform is fully compliant with all NFA regulations and, as such, customers trading with GFT will not be affected.
Click here for more information >>
Originally posted here.
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July 2, 2009
While a recently adopted National Futures Association (NFA) rule is forcing some forex brokers to discontinue the use of stop and limit orders to protect positions, GFTannounced today that their platform is fully compliant with all NFA regulations and, as such, customers trading with GFT will not be affected.
Click here for more information >>
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July 2, 2009
GFT traders not affected by rule
The NFA has enacted a new rule that will eliminate the ability of traders to hedge open trades. Many traders are nervous that they will no longer be able to place stop-loss or limit orders. As GFT has already been following this rule and will experience no changes. Customers with GFT will be able to continue to place stop-loss and limit orders.
There will be more information posted on FX360 shortly.
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July 2, 2009
EUR/USD declined past the yesterday’s open level today as the currency traders reacted on the deeper than expected drop in the U.S. nonfarm payrolls. Worsening of the employment market situation spurs speculations that the recovery from the current crisis may be quite far from now. Going into more risky currencies isn’t a good choice in this case. EUR/USD is now trading near 1.4010.
Nonfarm payrolls declined by 467k in June, following 322k drop in May. The payrolls were expected to go down by 365k according to forecasts. Overall unemployment rate increased from 9.4% to 9.5%.
Initial jobless claims were at 614k last week, down from 630k reported a week earlier. The report went out almost matching the forecast which was at 615k.
Factory orders increased by 1.2% in May, following 0.5% rise in April (revised negatively from 0.7%). The market expected a 0.9% increase.
(…)
Read the rest of Dollar Rises as Nonfarm Payrolls Drop Fast (13 words)
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July 2, 2009
Euro in forex trading
The euro is falling to the U.S. dollar in currency trading on the FX market today. The euro is gaining in forex trading as China continues to say that it supports the dollar as the global reserve currency. And China does support the dollar. For now. (What China is doing for the long term is another story altogether.) For the short-term, China’s continued use of the dollar will continue to provide limited support for the dollar in currency trading.
Another issue affecting the euro in forex trading is economic data. Even though German employment saw some improvement, overall the euro zone is looking pretty grim. Yesterday’s enthusiastic rally is being overshadowed as forex traders moderate their optimism. GFT’s Boris Schlossberg reports in FX360 on the latest euro zone unemployment issues:
EZ unemployment rose to 9.5% from 9.3% projected as conditions in southern Europe deteriorated further. As we’ve stated before the risk of EZ unemployment rolls rising into the second half of 2009 remains quite high especially if German efforts at “short work week” arrangements begin to fail. Many analysts now expect the EZ rate to climb into double digits mirroring the labor conditions in US.
This renewed concern about the economy means that the U.S. dollar is once again ascendant in currency trading as a safe haven.
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July 2, 2009
Kathy Lien quoted on Reuters discussing euro-dollar
In todays article on Market Watch, Dollar slips versus euro as equities start quarter in the green Kathy Lien was quoted:
"If Trichet suggests that he has done enough, which we expect him to do, the euro-dollar could extend its gains," said Kathy Lien, director of currency research at Global Forex Trading. "If he openly talks about extending the size and scope of program, it would be bearish for the euro."
Read full article.
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