The Forex market is becoming the fastest growing industry on the internet. The secret is out; and a lot of people are making money on Forex currency trading. And these are people like you and me, average people. This is because the government has recently relaxed rules to make the access to the Forex market more easy for the average Joe investor and the advent of the internet into all our homes has given us a currency trading platform. For small investors, Forex trading has become a lucrative source of income and everybody is trying to jump on the bandwagon.Before you get started, it is useful to learn and understand a little bit about currency trading. There is plenty of information out there to help you learn, but remember that a lot of this supposed information and free Forex currency strategy advise is bogus. But don't let this bias you against seeking real, quality Forex education, because this will be critical to your success as a Forex trader. The second piece of advice that one should keep in mind is to start small. If you do well as a Forex trader, increase your budget slowly, but make sure you do not bet your life's savings on your trades.Further, seek a good Forex training course in currency trading. There are plenty of these online or find out where you can attend workshops locally. They will provide a lot of information on buzzwords, background material, historical data on currencies and a glossary of terms used in Forex trading. Also, you can ask questions, which will be answered by experts on chat, message boards and forums. There are courses on Forex trading that give you access to their library where you can see historical trends and all types of useful literature. Financial gurus run these Forex training courses and offer videos with their own Forex trading systems explained in detail.
Thursday, 28 August 2008
ForexGen | Learn to Trade Forex Online
The Forex market is becoming the fastest growing industry on the internet. The secret is out; and a lot of people are making money on Forex currency trading. And these are people like you and me, average people. This is because the government has recently relaxed rules to make the access to the Forex market more easy for the average Joe investor and the advent of the internet into all our homes has given us a currency trading platform. For small investors, Forex trading has become a lucrative source of income and everybody is trying to jump on the bandwagon.Before you get started, it is useful to learn and understand a little bit about currency trading. There is plenty of information out there to help you learn, but remember that a lot of this supposed information and free Forex currency strategy advise is bogus. But don't let this bias you against seeking real, quality Forex education, because this will be critical to your success as a Forex trader. The second piece of advice that one should keep in mind is to start small. If you do well as a Forex trader, increase your budget slowly, but make sure you do not bet your life's savings on your trades.Further, seek a good Forex training course in currency trading. There are plenty of these online or find out where you can attend workshops locally. They will provide a lot of information on buzzwords, background material, historical data on currencies and a glossary of terms used in Forex trading. Also, you can ask questions, which will be answered by experts on chat, message boards and forums. There are courses on Forex trading that give you access to their library where you can see historical trends and all types of useful literature. Financial gurus run these Forex training courses and offer videos with their own Forex trading systems explained in detail.
Thursday, 21 August 2008
Some Major Currencies Outlook With ForexGen
(GBP) had a volatile trading day but ended substantially higher on USD weakness but UK data was mixed. July Retails Sales bounced back from a -3.9% fall last month to a surprisingly strong +0.8%. Initial Pound gains were tempered though as Preliminary Business Investment look set for a -1.9% drop Q/Q. Overall the GDP/USD traded with a low of 1.8608 and a high of 1.8782 before closing the day at 1.8760 in the New York session. Looking Ahead, Q2 GDP is forecast at 0.1% Q/Q, 1.5% Y/Y.
The Australian Dollar
(AUD) made good gains on the back of broad commodity strength and USD weakness. AUD/JPY was under pressure early before AUD/USD finally overcame resistance in the low .8700 area to provide some support. Overall the AUD/USD traded with a low of 0.8650 and a high of 0.8798 before closing the US session at 0.8730.
Dollar Under Pressure | ForexGen
U.S. Dollar
Trading (USD) Economic data and Equities took a backseat to the Oil show yesterday.
Geopolitical Concerns stemming from Russia/US sabre rattling sent Oil through the roof up over $6 a barrel at one stage. Initial Dollar weakness was seen in the Asian session as US banking concerns sent the Yen surging. Weekly Jobless Claims eased slightly to 432K from 445K previous and Leading Indicators dropped to -0.7% in July vs. expectations of -0.2%. The August Philly Fed Manufacturing Index recovered to -12.7 from -16.3 in July. In the U.S. share markets, the NASDAQ was down 8 points (-0.36%) and the Dow Jones was up 12 points (0.11%). Crude Oil closed up $5.62 ending the New York session at $121.18 per barrel. Looking ahead, Fed Chief Ben Bernanke speaks tonight on Financial Stability.
Trading (USD) Economic data and Equities took a backseat to the Oil show yesterday.
Geopolitical Concerns stemming from Russia/US sabre rattling sent Oil through the roof up over $6 a barrel at one stage. Initial Dollar weakness was seen in the Asian session as US banking concerns sent the Yen surging. Weekly Jobless Claims eased slightly to 432K from 445K previous and Leading Indicators dropped to -0.7% in July vs. expectations of -0.2%. The August Philly Fed Manufacturing Index recovered to -12.7 from -16.3 in July. In the U.S. share markets, the NASDAQ was down 8 points (-0.36%) and the Dow Jones was up 12 points (0.11%). Crude Oil closed up $5.62 ending the New York session at $121.18 per barrel. Looking ahead, Fed Chief Ben Bernanke speaks tonight on Financial Stability.
The Euro (EUR) had an initial foray into the 1.48’s early in the European session which was sharply repelled by mixed European data. August German Manufacturing PMI slipped below 50 to 49.9 from 50.9 in July. German Services PMI also slipped to 50.6 from 53.1. Eurozone PMI data surprised to the topside though, ticking higher to 47.5 in August vs. 47.4 in July. The surge in Oil provided the stimulus for the second 1.48 attempt which proved successful with spot settling just below 1.4900. Overall the EUR/USD traded with a low of 1.4731 and a high of 1.4897 before closing the day at 1.4890 in the New York session. Looking ahead, Eurozone June Current account forecasted at -2Billion and June Industrial Orders are expected at -1.1%.
The Japanese Yen
(JPY) broke through 109.50 as stock losses mounted and the Dollar weakened. Downside Momentum into the European Session saw support at 109 and 108.50 broken before some heavy cross buying finally brought the decent to a halt. Overall the USDJPY traded with a low of 108.13 and a high of 109.86 before closing the day around 108.50 in the New York session.
(JPY) broke through 109.50 as stock losses mounted and the Dollar weakened. Downside Momentum into the European Session saw support at 109 and 108.50 broken before some heavy cross buying finally brought the decent to a halt. Overall the USDJPY traded with a low of 108.13 and a high of 109.86 before closing the day around 108.50 in the New York session.
Trade Desk Thoughts - Japanese Monetary Policy Meeting Minutes | ForexGen
Release Explanation: The Bank of Japan is releasing their monetary policy meeting minutes. They are a detailed record of the banks interest rate meeting. This can give valuable clues to traders as to what may be coming from the Bank of Japan.
Trade Desk Thoughts: The Bank of Japan has stated that it sees U.S. economic slowdown and market instability as an increased risk to the Japanese economy. The minutes also said that attention needs to be paid to the degree of deceleration in overseas growth as it left the benchmark rate unchanged at 0.5 percent for the twenty first month in a row. A number of members expressed concerns regarding the risks of the nation’s loose monetary policy and that those risks need to be monitored more closely.
They are also concerned about the global economic slowdown and what that means for the nation’s exports.
Forex Technical Reaction: The Japanese yen is holding just below the crucial 108.50 area after falling below its 20 day SMA earlier in the day.
Forex Technical Reaction: The Japanese yen is holding just below the crucial 108.50 area after falling below its 20 day SMA earlier in the day.
Forex Recommended Levels With ForexGen
Today's support: - 1.4838 and 1.4808 (main), where correction is possible. Break would give 1.4782, where correction also may be. Then follows 1.4758. Break of the latter would result in 1.4734. If a strong impulse, we would see 1.4713. Continuation will give 1.4702.
Today's resistance: - 1.4906 and 1.4920(main). Break would give 1.4940, where a correction is possible. Then goes 1.4958. Break of the latter would result in 1.4983. If a strong impulse, we'd see 1.5008. Continuation will give 1.5026.
Today's support: - 108.78 and 108.55(main). Break would bring 108.38, where correction is possible. Then 108.21. If a strong impulse, we would see 108.08. Continuation would give 107.89.
Today's resistance: - 109.38, 109.66 and 109.84(main), where a correction may happen. Break would bring 110.01, where also a correction may be. Then 110.14. If a strong impulse, we would see 110.36. Continuation will give 110.57 and 110.72.
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