Forex Update

GBP USD Technical Forex Analysis for Forex Traders

Rate extends briefly into the 1.4400 handle and rallies out as shorts cover; stops over the 1.4620 area are large lifting the rate to new highs. Holding firm into the close more upside is likely overnight. Stops said to be building above the 1.4720 area after rate clears close-in stops.

Tests of the psychological 1.5000 area now complete with the pullback likely about over. Rate likely to find buyers on any dip to the 1.4500 area as this was the breakout area. Rate is still holding the 100 day MA nicely and aggressive traders can look to buy dips.

USD Technical Forex Analysis for Forex Traders

The USD ends mixed today after reaching critical S/R numbers after the open and ahead of the London fix. The BOC announced a 25 BP cut in interest rates lifting the USD/CAD sharply higher as stops over the 1.2400 area fired off topping the rate at 1.2509 before cooler heads prevailed. The rate fell back as late buyers were disappointed finding sell-stops in-range bringing the rate back under the 1.2400 handle eventually making a new low on the day at 1.2324; traders now feel the rate has completed a retracement against the recent weakness and with an inverted hammer formation on the daily charts more losses are likely.

S&P Daily Commentary for 4.21.09

The S&P futures have really taken a turn for the worst due to the combination of the realization of nationalization combined with disappointing earnings from corporate bell weathers.

The words `credit crisis' are re-entering headlines sans the word `solution'. The futures are struggling with our 2nd tier downtrend line as investors search the market for positives. Though it's safe to say the uptrend isn't lost with April 8 lows and 800 intact, the S&P is certainly flirting with dangerous territory.

USD Technical Forex Analysis for Forex Traders

GBP USD Technical Forex Analysis for Forex Traders

EURO USD Forex Trading Tips and Analysis for Day Traders

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