FXstreet.com

FX Weekly Report

0

0

Where Will the USD Rally End?

Mon, Aug 25 2008, 14:34 GMT
by Pierre Charlebois

Trading Metro


The current rally for the USD had been in some cases record setting. So turning trader sentiment does not happen easily but sometimes may happens suddenly.

None of the current major pairs appear to be at important technical junctures so I am hesitant to say bottoms could form here. So for the time being it's most important to be patient and wait for clear indications counter-trends have resumed. I have made reference to where support/resistance lie in the event the USD rallies further.

EURUSD_Aug_24_08

If the EURUSD breaks below 1.4630, then support lies around 1.45 - a break above 1.49 signals upside potential.

GBPUSD_Aug_24_08
The GBPUSD's support lies in the 1.85 area. The levels to watch here are 1.84 and 1.8780
EURJPY_Aug_24_08
Here to on the EURJPY we have reasonable levels to use as break out points. Such as 1.60 to the downside and 1.6350 to the upside.
USDCAD_Aug_24_08.jpg
The USDCAD is in a battle between trading with Oil or trading with it's economic indicators being tied to the US. Again, until the picture clears up waiting to trade the break-our is likely the best trade.

Good Trading,
Pierre


Archive

Trading Metro  | #310 - Dunsmuir Street. Vancouver, BC V6C 1N5
http://www.tradingmetro.com/ | admin@TradingMetro.com

Legal disclaimer and risk disclosure

High Risk Investment Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, stocks or options on the same. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price. CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. The content provided in this site is put forward in good faith and believed to be accurate, however there are no implicit guarantees of accuracy. The reader accepts that by using this information, he or she will not hold Trading Post Financial Services, Inc., ('Trading Post') responsible for decisions based on information from this site. This website may contain links to other websites. These links are provided as references to help you identify and locate other Internet resources that may be of interest. These other websites were independently developed by parties other than Trading Post Financial Services Inc. and Trading Post does not assume responsibility for the accuracy or appropriateness of the information contained at, or endorse the viewpoints expressed at, such websites. Currency trading is risky, it involves substantial risk of loss, it is not appropriate for everyone, and therefore only risk capital should be used for trading. Risk capital: money that a person can afford to lose. Past performance is no guarantee for future results. Actual trading results may vary.


Interested in forex trading? forex brokerage firms!


MG Financial Group
Contact the broker/FDM
Open a demo account
ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
GFT
Contact the broker/FDM
Open a demo account
City Credit Capital (UK) Limited
Contact the broker/FDM
Open a demo account
Capital Market Services, L.L.C.
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.