USD/JPY Succeeded In Touching The Awaited Resistance Level

The pair succeeded in touching the awaited resistance level which currently resides at 92.40 accompanied by Stochastic and RSI trading near overbought areas.

Therefore, we expect an intraday downside move targeting initially the channel’s support at 91.80 to open the way to the short term downside wave which target next 90.75.

Note that steady trading above 92.40 might cancel the strength of this level and might take the pair higher towards 93.60 to continue trading within this channel.

The trading range for today is among the key support at 90.75 and the key resistance at 93.60.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

Support 91.80 91.35 90.75 90.15 89.60

Resistance 92.40 92.80 93.35 93.60 94.30

GBP/USD Rushed to The Upside Steeply Yesterday

The pair rushed to the upside steeply yesterday to continue the upside correction reaching 61.8% while trading above the support level for the descending channel.

Momentum indicators are providing negative signals supporting the strength of the correction level and therefore we expect a downside intraday move today targeting initially 1.5975 and then 1.5920 and require 1.6155 to remain intact with four hour closing.

The trading range for today is among the key support at 1.5830 and the key resistance at 1.6255.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Support 1.6035 1.5975 1.5920 1.5830 1.5805

Resistance 1.6090 1.6125 1.6155 1.6235 1.6255

CAD Was Hit Hard On Wednesday

Canadian Dollar Decline Keeps USDCAD Range Bound

The Canadian dollar was hit hard on Wednesday as USDCAD bounced from a rising trendline connecting the 2007 and 2009 lows, keeping the pair within its two-month trading range of 1.0400/15-1.0746.

The currency will face key event risk next Friday, as the Canadian net employment change for the month of December may rise for the second straight month, this time by 20,000 following an increase of 79,100 in November.

However, the unemployment rate is anticipated to hold steady near the 11-year high of 8.7 percent at 8.5 percent.

Nevertheless, since the employment change tends to be a very volatile release, this should have the greater impact on the Canadian dollar, with a surprise drop likely to weigh on the currency and an unexpectedly strong result likely to push it higher.

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Can You Get Rich Trading Forex Currency

Can you get rich trading currency? The short answer is yes. Currency trading offers some of the best opportunities for profit of all markets in the world today. The currency market is very lucrative for those who know how to trade it and yes, some people do get rich.

The currency markets can develop strong trends which provide tremendous profit potential. Traders may trade currency futures or they may choose to trade the Foreign Exchange or Forex market.

The Forex market has become extremely popular for those wishing to trade currencies. In Forex traders trade currencies in pairs such as the popular Eurodollar - US Dollar pair. The symbol for this is EURUSD and may also be seen listed as EUR/USD.

To give you an idea of the profit potential the EURUSD has months where its monthly range is the equivalent to $20,000 or more. The Forex markets can make many large moves throughout the year.

The Ultimate Forex Broker

The Best Forex Broker

You might find a broker that offers great resources and information to analyze and spot trends in currency trading but can come up short on the software platform side. So it is important to do Some research at the starting so that the relationship you nurture with your broker can be a lasting and paying one. To serve you along here are Many tips on getting a great broker:

- Account types - The total of capital you are willing to invest will dictate what type of account you will open with a brokerage. Typically, virtually brokerage firms will offer a "mini" and a "standard" account. As the term involves, a mini account can be opened for as little as $200. This is suitable for the beginner looking to gain experience in trading.

-Platform - The platform is basically the program that you will use to get such information like live quotes, graphs and charts, your exposure, your profit and loss, the margin required, every your open positions with their current profit and loss status and further useful data. A good brokerage will very likely be using sophisticated technology in their platforms so be sure to find out if it is user-friendly at Every. every the buying and selling should be easily done in as little as one click.
- Leverage - Leveraged financing is a feature common in Forex trading. It basically means you can use credit in order to maximize your returns.

-Spread - Stock brokers make their money in commissioning, Forex brokers make theirs done the spread. A spread is the difference between buy and sell--the price at which a currency can be bought and the price at which they can be sold at any given time.

-Technical support - Obviously, support should be considered such as when the software becomes faulty or when questions arise regarding certain transactions.

- Demo account - Before putting any weight on any of the items mentioned above, a beginner should always look for a broker that offers a demo or trial account.

Not Every brokers offer demo accounts. A demo account will allow you to trade in "play" money so that any losses you incur do not count against your investment. Needless to say, you do not make any money either if you turn a profit in your demo account.

US Dollar Was Down Overnight

Stocks Falter but Manage to Hold on to Gains

U.S. equity futures weakened after an early session surge but managed to eke out a small gain. Overnight strength was fueled by greater demand for higher yielding assets while the early morning rally was triggered following the release of a report showing a rise in consumer confidence. Thin trading conditions and the lack of buyers were the driving forces behind this afternoon’s weakness.

Global stock prices rose overnight following a sell-off in the Dollar, signaling greater demand for higher yielding assets. The thought of a recovery in the U.S. economy also contributed to the early strength.

Treasuries finished higher following early morning weakness. March T-Bonds picked up strength late in the session when the market regained a key 50% level at 115’08. Today’s strong close has the market in a position to follow-through to the upside tomorrow. The next potential upside target is 116’05.

February Gold fell sharply as the Dollar strengthened following the release of the friendly U.S. Consumer Confidence figure. Thin, conditions due to the shortened trading week ahead of the New Year’s holiday are also helping to keep bullish traders on the sidelines. Regaining a key 50% level at $1107.40 could trigger a short-covering rally later in the day. Buyers may come in tomorrow at $1094.80 to $1090.20. The reaction at this price level all depends on the direction of the Dollar.

March Crude Oil backed off from early highs but managed to close higher. The key number that has to hold is 79.27. A break below this level will be an indication that the market is overpriced. Technical factors are indicating this market has hit overbought levels.

The U.S. Dollar managed to hold on to its gains after erasing earlier losses following the release of a friendly Consumer Confidence report. Although the reported figure of 52.9 was slightly less than estimates, it still reflected continuing strength in the economy. This morning the S&P/Case Shiller report on home prices was flat. There was almost no reaction to this report by Forex traders. Expect more of the same trading tomorrow as major players remain absent during the holiday week.

The Dollar was down overnight as traders took advantage of the thin, holiday trading by taking profits after the almost month-long rally. Demand for higher yielding assets also contributed to the weakness for the second day in a row buoyed by a rise in global equity markets. Finally, some of the selling pressure can be attributed to concerns over rising debt in the U.S.

The U.S. Retail Sales Climbed

The USD extended its gains versus the JPY for the second day and traded near a two-month high at 91.78 on speculation that the Federal Reserve may reduce emergency stimulus measures as the U.S. economy recovers.

Economists expect a U.S. report for today which may show that the consumer confidence rose this month. The U.S. retail sales climbed an estimated 3.6 percent this holiday season. Therefore the USD also strengthened against the EUR and traded during the Asia session around 1.4350.

The JPY declined for the second day against most of its 16 major counterparts on concern the Bank of Japan will be the last major central bank which begins raising interest rates. “The BoJ may have to add more monetary ease or introduce more aggressive measures to arrest deflation”, a FX-Broker said in Tokyo.

The AUD/USD traded nearly unchanged in the early Tokyo trading hours as traders pared bets that the Reserve Bank of Australia will continue hiking interest rates. Also the NZD/USD was little changed at 64.87 after the currency pair rose 0.34 percent from 64.28 to 64.96 at its highest level yesterday.

EUR/USD

During December the currency pair has been trading close to a bearish trend line and fell below the 1.4430 level.

This level points a new resistance-line which repulsed the EUR now for the third time. Now it seems that the bears take control again and pulls the EUR/USD down, close to the second Fibonacci Fan. Also the declining MA Oscillator indicates a continuing downward-trend.

USD/CAD

After the USD/CAD traded trend-less during December, the bears accelerated the downward movement at last. Today it seems that the currency pair tests its support at 1.0418.

The DMI shows still a strong bearish trend and in considering of the crossed 200 day-line we may have to allow further losses for the USD. If the support at 1.0418 would break it may boost the downward movement straight to the next support at 1.0379.