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GreenForexTrading.com
ForeX forX-tra Gr€€n
Hi everyone,
In this e-mail I am going to give you my review for the month past and view on the market for Tuesday the 14th to Wednesday the 15th of December.
NOTE FOR THOSE SUBSCRIBERS: The Live Forex Trading Room will be closed for tomorrow’s Asian/London (Dec. 15-16) session to avoid the mass of incidental reports Thursday morning and the resulting expected chop and will instead be open for the U.S. Session on December 16th.
The swing trade for yesterday’s Asian-London-U.S. session did not fill.
The USDX has carved out a very range bound by the 200-day moving average (DMA) and now 50-day M.A. and looking for the next major direction for the dollar as seen in the USD daily and weekly chart here http://www.stockcharts.com/charts/gallery.html?$USD.
The EUR moved higher into stiff resistance at the 1.3500 level but look for a test of the underside of the 50-day moving average at 1.37 now that another pullback to the 1.32 area has happened. The key 1.442, 1.495 and 1.600 areas are expected to be seen longer term (should Ireland, Portugal and Spain hold it together). The EUR chart seen here, http://www.stockcharts.com/charts/gallery.html?$XEU, is showing areas that are now on a sell signal but is close to new PPO daily BUY signal after a 38.2% retrace level has been tested. Place your trades accordingly. All charts courtesy of www.stockcharts.com.
Recent sterling strength has given way to weakness on Dollar strength. The GBP is now neutral also bound by the 50 and 200-day moving averages and a PPO daily BUY signal against a weekly SELL creating a wash and rinse scenario for the foreseeable future, as seen here, http://www.stockcharts.com/charts/gallery.html?$XBP.
Traders should continue to use caution should the JPY pairs being neutral also bound by the 50 and 200-day moving averages and a PPO daily BUY signal against a weekly SELL creating a wash and rinse scenario with a slight downward bias for the time being as seen on the chart given here http://www.stockcharts.com/charts/gallery.html?$XJY.
On the commodity currency front, the Aussie looked on the verge of collapse but then reversed the reversal and looked like it wanted to make a head and shoulder top on the daily but was invalid ... this is the currency to watch. Like the EUR, heavy, choppy consolidation, could be over as the range is broken, most likely to the upside. The AUD is seen here, http://www.stockcharts.com/charts/gallery.html?$XAD.
This week is filled with an even mix of data reports and policy/rate decisions. They are:
1. Weds. Dec. 15, 2010 - (4:30am EST) UK Claimant Count Change and (8:30am EST) US CPI.
2. Thurs. Dec. 16, 2010 - (3:30am EST) CHF SNB Libor Rate (3:00 - 4:00am EST) EU Manufacturing PMI Reports, UK MPC Speaks; (4:30am EST) UK Retail Sales; (8:30am EST) US Unemployment Claims; and (10:00am EST) US Philly Fed Manufacturing Index.
3. Fri. Dec. 17, 2010 - (4:00am EST) EU German Ifo Business Climate.
There is no swing trade for today’s Asian-London-U.S. session.
That's it for today. Remember that I trade in the Live Forex Trading Room between 1am-6am Eastern Time. I will be hosting my regular 3-4 hour session and assessing and exploiting PIP opportunities as they arise.
Enjoy trading and good luck everyone!
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Mr. Green
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