Forex Crunch Forex Weekly Outlook – September 27 October 1 |
- Forex Weekly Outlook – September 27 October 1
- Forex Reads for the Weekend September 25
- EUR/USD Broke Above Significant Barrier on US Weakness
- CFTC Babysitting Traders
Forex Weekly Outlook – September 27 October 1 Posted: 25 Sep 2010 02:00 AM PDT A variety of important events awaits forex traders – GDP in the US, Canada and the UK, an appearance by Bernanke, a first hint for the upcoming NFP and more important events from all over the world. Here’s an outlook for the major market moving events. We’ve seen a terrible week for the US dollar in the past week, although the FOMC meeting wasn’t as dramatic and bad for the US as the previous one. Choppy trading is expected in the last week of Q3. Let’s start:
Let’s review the events. All times are GMT. That’s it for the major events. Stay tuned for coverages on specific currencies, including technical analysis. Further reading:
Want to see what other traders are doing in real accounts? Check out Currensee. It's free.. |
Forex Reads for the Weekend September 25 Posted: 24 Sep 2010 03:00 PM PDT After a long week of forex trading in the busy markets, its time to sit back and enjoy some long term articles before the new week starts. Here are my favorites from all over the web:
That’s it for now. Have a great weekend! Want to see what other traders are doing in real accounts? Check out Currensee. It's free.. |
EUR/USD Broke Above Significant Barrier on US Weakness Posted: 24 Sep 2010 06:59 AM PDT EUR/USD reached a fresh 5 month high, and more importantly broke an important resistance line. This comes on top of weak US data and good European data. Euro/Dollar broke above the important barrier of 1.3435 – this was a stubborn support line back in February. The Euro didn’t fall below this point and it happened only at the end of March. After a struggle, this line was finally broken to the upside. EUR/USD trades at 1.3465, up from 1.3320 earlier in the day. An attempt to break this line on Wednesday failed. This is the highest level since April 21st. The next level on the upside is 1.3530, followed by 1.37. Looking down, 1.3267 and 1.3110 will support the pair if it loses ground. The Euro enjoyed a better-than-expected report from Germany – the Ifo Business Climate rose to 106.8 instead of falling. In the US, Durable Goods Orders fell by 1.3%, more than expected, but the core figure rose by 2%, higher than expected. American New Home Sales came out almost as expected – an annual rate of 288K, just under 292K that was predicted, and close to last month’s 276K. This is a weak figure, but expectations were low. EUR/USD enjoys risk appetite trading. The market prefers “risky” currencies such as the Euro over the “safe haven” dollar. The markets are currently disregarding the European debt problems, which haven’t gone away. Bond yield spreads between Ireland and Portugal over the benchmark German counterparts reached new highs, meaning that there still are worries about whether these countries can pay their debt. Nevertheless, the Euro enjoys a very strong rally. Will it last? Want to see what other traders are doing in real accounts? Check out Currensee. It's free.. |
Posted: 24 Sep 2010 05:57 AM PDT Regulating US forex brokers is one thing. But preventing traders from opening offshore accounts is already another thing. This is already significant “baby-sitting” and over “protection” opinion. Some brokers are already bringing clients back home. Will US traders be blocked from opening accounts with offshore brokers? The talk about the new CFTC rules created a lot of angry reactions. Here’s a more creative one – a hip hop song by R.S. featuring L~Reece. The musical production is serious and the words are quite funny. Thanks Francesc for the song. And now let’s get more serious.I believe that the 50:1 leverage that was finally ruled is a plausible compromise from the original 10:1 limit that would have created serious damage to the US forex industry. The industry is growing up. The worries come from the accompanying act – the Dodd-Frank act. It might force US traders to trade only with US brokers. Michael Greenberg reports that FXCM UK will be repatriating forex accounts of US citizens back to the US by October 18th – the day which the new CFTC rules take effect. Here’s a quote:
Well, FXCM is a big and serious broker that complies to US rules. You may think that traders might just open accounts with offshore companies. It’s still uncertain if this option will remain in the near future, as foreign forex brokers might be blocked – if they get the same credit card classification as online gambling sites, trading with offshore brokers will be quite impossible for US clients. Many things are still unclear. Want to see what other traders are doing in real accounts? Check out Currensee. It's free.. |
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