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US Dollar continues slide

Daily Forex Trading Review 03/08/2010

USD Dollar (USD) – The Dollar weakened against most major currencies as risk appetite was boosted by better than expected U.S. data on manufacturing activity which came out at 55.5 vs. 54.2 forecasts, succeeded to support risky assets instead of the dollar. Federal Reserve Chairman Ben Bernanke said rising wages would probably spur household spending in the next few quarters, even as weak job gains dragged down consumer confidence. NASDAQ and Dow Jones rose by 1.80% and 1.99% respectively, crude oil jumped by 3.0% closing at 81.34$ a barrel, Gold (XAU) strengthened by 0.1% closing at 1185.4$ an ounce. Today, Pending Home Sales are expected to become positive from -30.0% to 0.5%.

EURO (EUR) – The Euro strengthened to a three-month high versus the Dollar as a report showed U.S. manufacturing expanded for a 12th straight month. The pair has succeeded to break the resistance at 1.3110, therefore the momentum is strongly bullish, the next resistance is located at 1.3200 level. Overall, EUR/USD traded with a low of 1.3055 and with a high of 1.3195.

EUR/USD – Last: 1.3165

British Pound (GBP) – The Pound rose to the highest level in almost six months against the Dollar as a report showed U.K. manufacturing expanded for a 10th straight month in July, a sign the U.K. economy is recovering faster than some economists had forecast. As long the pair is trading above the resistance at 1.5660 on the daily chart the momentum is clearly bullish, the next support on the one hour chart is 1.5665. Overall, GBP/USD traded with a low of 1.5700 and with a high of 1.5907.

GBP/USD – Last: 1.5876

Japanese Yen (JPY) –The Yen fell against most of his major as signs the global recovery is gaining momentum fueled investor appetite for riskier assets. The main resistance of the USD/JPY on the one hour chart is 87.00 level, as long it’s trading below this level a short position is preferred and the momentum is clearly bearish, the next support is located at 85.90, the main momentum is clearly bearish. Overall, USD/JPY traded with a low of 86.32 and with a high of 86.88.

USD/JPY-Last: 86.37

Canadian dollar (CAD) – The Canadian Dollar strengthened against the Dollar, reached the strongest level since June 22, as futures on crude oil the nation’s largest export climbed 3.2 percent to $81.44 a barrel, succeeded to push the Canadian as well. As long the USD/CAD below 1.0400 levels the momentum is bearish, the next support on the daily chart is located at 1.0140. Overall, USD/CAD traded with a low of 1.0204 and with a high of 1.0290.

USD/CAD – Last: 1.0241

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Trading Tip: Sell GBP/CHF @ 1.5970

Forex Trading: Limit order 16/07/2010. Sell GBP/CHF @ 1.5970 , SL @ 1.6145 , TP1 @ 1.5875 TP2 @ 1.5810 TP3 @ 1.5740

The pair has been  trending downwards and has made a small retracement upwards.

We want to enter the main trend which is still downwards but first wait for a confirmation the trend continues.

The entrance point is located below the last bottom the pair has made on the 4 hour chart.

More aggressive traders could try and short the pair from its current location but they should be advised the retracement upwards might continue higher and a SL of above 1.6170 is recommended for such traders.

 The RSI is near 50 in neutral territory.

SL is located above the last top the pair has made yesterday and above the 100 period moving average which is likely to act as a resistance for the pair.

TP’s are located  slightly above the support levels the pair has.

All analysis is based on the 4 hours chart.

Current rate: 1.6075

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Software Projecting Forex Market Trends

The advent of software and technology has made things really easy for Forex traders as well. Now, the market offers you softwares that pinpoint market turns in Forex. Although there are very few good and affordable products that can do this work perfectly, the buyer needs to make an intelligent choice.

Usually the software projecting Forex market trends costs $97-$147 in markets. Some investors can of course come up with some less expensive ones, however their effectiveness and accuracy is in doubt. A Forex trader should have ample knowledge of the twists and turns of the platform. He has to spend a good amount of time in the Forex market and gain the idea first and then depend on the software indicating market trends.

The software projecting Forex market trends are most of the time accurate but if the Forex trader does not know the product well or its reputations, it is not a wise idea to go for a huge expense. For the first time, it is better to go with an inexpensive piece of application or system and the trader’s own intellect. However, when he is well aware of the functioning, he can purchase an expensive one. The sophisticated software projecting Forex market trends will also be difficult for an amateur to understand. Once they understand the whole process it will be easier to work on this software.

According to records, the software depicting the market trends brings in the Forex trades in a much profitable way. The Forex traders will find that this software will autopilot, provide signals and also encourage individuals to make the particular trade deal. Several robust programs are available in online stores; these are truly helpful and affordable.

If the software projecting Forex market is used correctly and when the appropriate action is taken, significantly increase your initial investment will be seen. They shorten your learning curve; this is the greatest benefit of such kind of software. An individual need not have to gain an education in foreign exchange to invest or earn any particular license to get started in the Forex market and get successful. This software is particularly designed to aid the trader in investing and reaping profits quickly.

Try to see the Forex market from a broader view, this will give you some guidance and investment insight, thus informing you about foreign currency for buying and selling decisions. Often Forex traders consider this to be the most useful type of system in the Forex market. While buying this software, remember that you are a novice and first need to know the Forex business. First try to purchase an inexpensive one; this will however give you more than enough benefits as per your time, effort and money. This particular software that pinpoints market turns in Forex has often proved to be very useful for the investors expecting big profits.

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