Posted by admin on July 5, 2010 under daily forex analysis, Daily Forex review, daily technical anlysis, forex market, Forex Trader Review, Online Forex Review, Uncategorized | 
USD Dollar (USD) – The Dollar weakened against most of the major currencies after the NFP report showed worse than expected data while job losses came out -125k vs. expected -100k. The Unemployment Rate came out 9.5% better than expected 9.8%. Stocks in the US fell with NASDAQ and Dow Jones falling by -0.46% and -0.47% respectively. Crude oil fell for a fifth day in a row hardly managing to close at 72.2$ a barrel. Gold (XAU) recovered a little from its previous losses and closed at 1211$an ounce. Today, US banks will be closed in observance of Independence Day, low liquidity might cause to irregular volatility in the market.
Euro (EUR) – The Euro rose further against the Dollar after the release of the US employment report hitting a 6 week high and extending its rally. The Unemployment Rate came out 10% better than expected 10.1%. The PPI came out unchanged at 0.3% as expected. Trading above the support level of 1.2470 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2480 and with a high of 1.22610. Today, the Retail Sales are expected at -0.1% vs. -1.5% previously.
EUR/USD – Last: 1.2544
| Resistance |
1.26 |
|
|
| Support |
1.2480 |
1.24 |
1.2350 |
British Pound (GBP) – After the NFP data came out in US the Sterling has reached 8 week fresh high at 1.5228 but shortly fell below the 1.52 zone. The Construction PMI came out 58.4 worse than expected 58.6. Trading above the support level of 1.5120 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5148 and with a high of 1.5228. Today, the Service PMI is expected at 55.2 vs. 55.4 previously.
GBP/USD – Last: 1.5179
| Resistance |
1.5220 |
|
|
| Support |
1.5120 |
1.5070 |
1.5 |
Japanese Yen (JPY) – The Dollar recovered versus the Yen after the NFP data came out while attempting to rise back above the 88 zone. Breaching the 87.8 level will turn the momentum to positive for the pair. Overall, USD/JPY traded with a low of 87.31 and with a high of 88.20. No economic data is expected today.
USD/JPY-Last: 87.90
| Resistance |
88.3 |
88.9 |
89.4 |
| Support |
87.5 |
87 |
|
Canadian dollar (CAD) – The US Dollar rose in Forex Trading versus the Canada’s Dollar as investors observed contrarian figures in the US Labor sector. The loss on jobs but decrease in unemployment rate added upside momentum to the pair. Trading above the support level of 1.0530 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0554 and with a high of 1.0666. No economic data is expected today.
USD/CAD-Last: 1.0606
| Resistance |
1.0670 |
|
|
| Support |
1.0580 |
1.0530 |
|
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Posted by TomShort on September 8, 2009 under Online Forex Review |
Want to gain huge profits in Forex trading? Don’t know what the exact way is to fulfill your ambitions? Here we are to guide you. We will discuss about the basics of Forex trading in this article to make you understand the ways through which you can earn huge money from Forex market. Anyone can learn Forex trading and make money, but it needs specific knowledge to increase the volume of your profit. You should be careful to avoid the mistakes most people commit while trading in Forex market.
Most of the Forex traders commit a major mistake by thinking that they will earn money from the market by doing nothing. Many novice Forex traders blindly rely upon the Forex Robot or Expert Advisor and often end up with disastrous results. Though these systems promise high gains for life, they cannot and you should not believe on them if you want success in Forex trading. You should avoid them completely.
If you are interested in becoming a currency trader from home, it is necessary for you to learn specific skills. You can learn the skills easily and quickly, as the simple systems yield best results in Forex trading. There are many Forex traders who believe that they can earn more money by working hard and being clever. However, this is not the right thinking. The method of working hard and making money is not really applicable for Forex trading, as you are only rewarded for results here. You should follow a nice and simple strategy that can work in your favor.
There is another thing you should take note of, if you want to make money from Forex market. You should know that trading with strict money management rules and discipline is the key to success in Forex trading. You should also try to be fair in Forex trading. You may face losses sometimes and may go through period of drawdown, while trading in Forex market. You may also find it difficult to keep your discipline, as the Forex market is taking your money. However, you should stay calm and composed. You should take small losses sportingly and should never be tempted. If you are tempted or excited, there is a huge possibility for you to deviate from your system and continue losing your money in the Forex market.
If you don’t have earlier trade experience, you may find it quite difficult to get success in Forex trading. However, you should hold your nerves during difficult times when you lose continuously and should patiently wait until you gain profits again. If you have the right attitude and a simple system, you can start making great profits within a few days.
