The Wizetrade FOREX Blog

USD News – Ben Bernanke Testifies at 10:00 ET

STRONG

Short*                          GBP/USD                    1.6380

Short*                          EUR/USD                    1.4180

Long*                          USD/CAD                   1.1100

Long                            USD/JPY                     95.00

WEAK

Long                            EUR/USD                    1.4338

Short                            USD/CAD                   1.1000***

Short                            USD/JPY                     93.75

Long                            NZD/USD                   .6600****

* Counter long term trend

*** & **** significant levels of support or resistance.

Thursday, July 16, 2009

MB Trading wants to earn your business with great service and great pricing on trades for Stocks, Options, Currencies, and Commodities.

This morning the President of MB Trading, Steve Demarest was the special guest on “The Morning Edge” with Blake Morrow.

On the program Blake and Steve discussed the recent award to MB from Barron’s as 2009 Best for Active and Option Traders.  Additionally they discussed the low commission schedule for trading, broker support, charting and MB’s terrific trading platform, but most importantly they discussed the ease of using an integrated broker account inside the Wizetrade family of trading services to quickly execute and track your trades.

So, what are the potential advantages to opening an account with MB Trading?

• Highly ranked and award winning broker with terrific service record.
• Excellent support staff and support systems including webinar style training from the MB Website, and the MBT Navigator trade platform
• 24 hour service available for all markets
• No Deal Desk taking the other side of your trade (read more on MB site at www.mbtrading.com )
• Low commission rates for all investment types

If you don’t think you’re quite ready to open an account with MB for live trades, I would still like to encourage you to visit the MB home page and/or call and speak with one of their representatives about just how easy your broker relationship can be to help you facilitate control over your investments.

Morning Edge T Chart for Thursday 07162009

USD News 9:00 am ET TIC Foreign Investments

STRONG

Nothing again

WEAK

Long                            EUR/USD                    1.4140***

Long                            GBP/USD                    1.6470*

Both pairs moving long this morning and approaching resistance.

Eye on Exotic for Thursday 07162009

AUD/JPY

This morning we have our eye on the AUD/JPY from the 180 minute chart as we wait to see how the US equity investors feel today about taking on additional risk after big bullish moves in the global equity markets this week.

Supporting the market bulls this morning are modest gains in the Asian markets last night and a bullish start to European trading this morning.  The US Index futures are flat this morning, but JP Morgan fired the opening salvo for earnings this morning to help prop up the bulls for another run at the market.

The wild card this morning could be the TIC foreign investments out at 09:00 ET, since this can shift the momentum of the equity markets, so I’m waiting to get to the other side of the event, and look to see if the AUD will continue to strengthen, or quickly create a Head & Shoulder on the 180 minute chart to run counter to the direction from the last couple of days.

Let’s see what the charts have for us today.

So the reminder is that we are poised for opportunities in either direction after the pair retraced last night.  If the bears come out this morning, look for Active / Day trades short.  If the Bulls make another run, look for a continuation of the current trend with initial resistance at 96.00.

USD News

Strong

NOTHING

Weak

Long                            GBP/USD                    1.6430*

Long                            EUR/USD                    1.4200*

* Significant resistance in place.

It looked like the markets would try to let the bulls run this morning in advance for the open bell, but the markets have rolled flat and are drifting into bear country at 10:15 ET.

This is allowing additional selling on the GBP and buying of the JPY to continue to test support levels for the pair.

Eye on Exotics Thursday 07092009

This morning we have our eye on the USD/SEK as a possible early indicator of reversing the recent selling trend in the equity markets that could allow for some USD weakness today.

Asian Markets were lightly mixed overnight, and the European Markets and the US Index futures have taken on a little bullish tone this morning that could indicate a continuation of USD weakness today if optimism returns to Wall Street as earnings turned out a little less worse than expected yesterday.

The USD has already begun to move counter trend this morning so we will watch to see if the USD/SEK can provide us with some day trades today.

Keep in mind that the charts remain volatile and that the weekly employment data from the US could influence the direction of trade later this morning.

As long as the investors are willing to take on a little more risk today and the bulls run, we have the opportunity for the USD to weaken relative to the SEK.

USD NEWS – Weekly Employment data, equity risk appetite

STRONG

Short                            EUR/USD                    1.3900

WEAK

Long                            GBP/USD                    1.6270

Long                            EUR/USD                    1.4000 / 1.4050

The equity markets will continue to be influenced by earnings reports today as investors try to determine if economic recovery is sustainable.

Note: The values presented in the T-Chart represent the next major area of Support or Resistance, and the opportunities may be to these levels, or may provide additional trading opportunities on breakout beyond these levels.