We always recommend to new traders taking one of our FX Power Courses to use support and resistance as one method to help time their entries and exits. One of the best tools for determining support and resistance is a trend line. A test of a trend li
The Bank of Englands latest Inflation Report was one of the gloomiest documents it has produced in the 10 years since it became independent. We also think it is realistic in seeing the most likely outcome that growth next year slows sharply in the U
Carry trade continues to dance according to the latest news on the impact of the subprime market meltdown on the financial system. Even so, last week the DailyFX Dynamic Carry Trade Portfolio was up by 321 pips and accumulated an additional $87 per
CAPE TOWN, South Africa (AP) -- Increasing prices for oil, food and other commodities are a risk, but the outlook for global economic growth remains encouraging, the president of the European Central Bank said Monday. "Global growth continues at an e
Commentary: The Kiwi is a similar position. The rally from .7435-.7675 was in 3 waves, which suggests that the path is to the downside. However, a more complex correction is possible and even seems likely given the structure in the EURUSD (suggests
Commentary: We wrote Friday that the best strategy would be to buy dips. It looks like the rally from 109.12-111.76 is in 5 waves. The decline to 109.77 would be a small a wave under this interpretation. Expectations are for this rally to exceed 111
Commentary: The decline from 2.1160-2.0522 is either wave 1 in a 5 wave bearish cycle or wave A in an A-B-C correction. The rally to 2.0844 is wave 2 or B and the decline from 2.0844 is wave 3 or C. The decline from 2.0844 would equal the 2.1160-2.0
Commentary: Wewrote Friday that the EURUSD is headed higher in wave 5 within the 5 wave bull cycle from 1.4015. The current rally could be wave 3 within wave 5 and a push above 1.4725 confirms that wave 3 of 5 is underway. An objective is the 161.8%
Commentary: The decline from 1.1894 appears to be in a 5th wave, which is unfolding as a diagonal. Under this interpretation, price is likely to fall a bit more, but in a choppy manner before a bottom and reversal. Worth noting is that the pair is at
Commentary: We wrote Friday that it looks like the USDCAD will extend above .9800. A pullback is expected soon though. The form of that pullback will alert us as to whether or not the USDCAD has put in a multi-month bottom or is headed lower. After r
Commentary: A complex W-X-Y correction may be unfolding, with wave Y underway now. The rally from .8753-.9068 and decline from .9068-.8815 suggest that either a large flat is unfolding (W-X-Y) or that a triangle is unfolding. In the former case, pri
Euro In 5th Towards 1.5000 Japanese Yen Larger Correction British Pound Bounces Swiss Franc Long Term Resistance (USDCHF Support) Canadian Dollar Correcting Australian Dollar Towards .91 New Zealand Towards .7700 Commentary: Wewrote Friday that the
Fundamental Headlines NZDUSD The New Zealand Performance of Services Index for the month of October eased back slightly to 58.4 from 59.0, suggesting that the services sector continues to expand, albeit at a slower pace. AUDUSD Australian merchandis
TOKYO (AP) -- Japanese benchmark Nikkei index fell to a 15-month low Monday as traders sold steel and trading house shares amid lingering concerns about the outlook for the U.S. economy. The Nikkei 225 average fell 112.05 points, or 0.74 percent, to
·Dollar Falls Versus Yen
·Dollar - Will Housing Contin
·Japanese Shares Fall
·Ahead of the Bell: Aging Air
·US Dollar Mixed, Gold Steady
·Treasury Prices Get Late-Ses
·FOREX News: Australian Infla
·Money Market Funds Get Fresh
·Coca-Cola Enterprises profit
·Kennametal 1st-Quarter Profi
·Canada Minister: Shrink Pric
·Moody's 3Q Earnings Fall 13
·Dollar - Will Housing Contin
·Japanese Shares Fall
·Ahead of the Bell: Aging Air
·US Dollar Mixed, Gold Steady
·Treasury Prices Get Late-Ses
·FOREX News: Australian Infla
·Money Market Funds Get Fresh
·Coca-Cola Enterprises profit
·Kennametal 1st-Quarter Profi
·Canada Minister: Shrink Pric
·Moody's 3Q Earnings Fall 13
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