Forex Update

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.

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USD/JPY Daily Commentary for 4.20.09

The Yen is strengthening slightly against the Dollar again, but the USD/JPY is presently finding strength in our 1st tier uptrend line. Weakness in the USD/JPY reflects the selloff taking place on Wall Street premarket Monday morning.

With the bad news from Japan out of the way, the focus turns towards U. S. equities and corporate earnings, so the USD/JPY should exhibit a positive correlation with the S&P futures for the time being. As we stated previously, the USD/JPY's uptrend is young and fragile.