by James Chen
on 05. Sep, 2010
in Technical Analysis
Here are some key forex support and resistance levels for the upcoming trading week. These technical levels are price areas/regions that forex traders should be paying close attention to, and around which significant technical trading events could likely occur:
by James Chen
on 04. Sep, 2010
in Technical Analysis
Many forex traders think of the Relative Strength Index (RSI) as just a simple chart oscillator that gives momentum readings of overbought/oversold conditions during trading ranges, as well as price-oscillator divergence indications. Actually, the RSI is somewhat more than that. During trending...
by James Chen
on 03. Sep, 2010
in Technical Analysis
Here are the strongest and weakest major currencies for the past week (August 30 – September 03, 2010), based upon relative percentage price change against each other from the beginning of this past trading week to the end of the week. This information can be used to identify possible trends and...
by James Chen
on 02. Sep, 2010
in Technical Analysis
USD/JPY (a 4-hour chart of which is shown) as of Thursday (9/02/2010) has formed an approximate double-bottom low in the 83.60 price region. This occurs within the context of a strong and continuing downtrend extending from the early June high. This downtrend is currently still valid, despite the...
by James Chen
on 02. Sep, 2010
in Technical Analysis
USD/CAD (a 4-hour chart of which is shown) as of Thursday (9/02/2010) has settled above 1.0470 support once again after having just descended from a key resistance re-test in the 1.0670 price region, which formed a double-top high. This all occurs within the context of a short-term parallel uptrend...
by James Chen
on 02. Sep, 2010
in Market Insights
Canada’s currency depreciated versus the greenback after the biggest one-day rally in three months on concern U.S. job losses will stall the global economic recovery.
“Risk sentiment has not repeated yesterday’s orgy of risk appetite,” David Watt, senior currency strategist in Toronto at Royal B...
by James Chen
on 02. Sep, 2010
in Market Insights
Japan needs to drive down the value of the yen against the dollar to stop the country’s exporters from losing out to competitors in South Korea, according to Standard Life Investments.
The Japanese economy grew an annualized 0.4 percent in the three months ended June 30, while South Korea’s gros...
by James Chen
on 01. Sep, 2010
in Technical Analysis
AUD/USD (a 4-hour chart of which is shown) as of Wednesday (9/01/2010) has broken out above several resistance levels, establishing a new 3-week high in the process. This occurs after price action broke out above an important parallel downtrend channel last week, corrected back down to re-test key 0...
by James Chen
on 01. Sep, 2010
in Market Insights
(Reuters) - The dollar extended losses on Wednesday, pushing the euro up 1 percent on the day, as upbeat data from China and Australia revived shaky equity markets and gave a boost to risk sentiment, denting the U.S. currency.
by James Chen
on 01. Sep, 2010
in Market Insights
The dollar and yen fell against most of their major counterparts as China’s manufacturing accelerated, spurring demand for higher-yielding assets.
The Aussie advanced to a two-week high against the greenback as Australia’s economy expanded last quarter at the fastest pace in three years. The gre...