The Wizetrade FOREX Blog http://wizetradeforexblog.com A Tips and Tricks Blog for Trading the FOREX Market Tue, 16 Feb 2010 13:55:00 +0000 http://wordpress.org/?v=2.7.1 en hourly 1 Support & Resistance for Tuesday 02.16.2010 http://wizetradeforexblog.com/2010/02/16/support-resistance-for-tuesday-02162010/ http://wizetradeforexblog.com/2010/02/16/support-resistance-for-tuesday-02162010/#comments Tue, 16 Feb 2010 13:55:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24789 Support & Resistance List
Tuesday February 16th 2010
Center Center
 
                Currency Pair Support 1 Support 2 Resist 1 Resist 2 Overnight Trend                     GBP/USD 1.5650 1.5585 1.5725 1.5750 Flat                     EUR/USD 1.3634 1.3585 1.3685 1.3700 Strong                     USD/CHF 1.0720 1.0700 1.0785 1.0800 Weak                     USD/JPY 89.60 89.30 90.06 90.20 Weak                     USD/CAD 1.0440 1.0400 1.0470 1.0500 Weak                     AUD/USD 0.8920 0.8900 0.8980 0.9000 Strong                     NZD/USD 0.7010 0.6980 0.7035 0.7075 Strong                     EUR/GBP 0.8680 0.8650 0.8725 0.8750 Strong                    
]]> Support & Resistance List
Tuesday February 16th 2010
Center Center
 
                Currency Pair Support 1 Support 2 Resist 1 Resist 2 Overnight Trend                     GBP/USD 1.5650 1.5585 1.5725 1.5750 Flat                     EUR/USD 1.3634 1.3585 1.3685 1.3700 Strong                     USD/CHF 1.0720 1.0700 1.0785 1.0800 Weak                     USD/JPY 89.60 89.30 90.06 90.20 Weak                     USD/CAD 1.0440 1.0400 1.0470 1.0500 Weak                     AUD/USD 0.8920 0.8900 0.8980 0.9000 Strong                     NZD/USD 0.7010 0.6980 0.7035 0.7075 Strong                     EUR/GBP 0.8680 0.8650 0.8725 0.8750 Strong                    
]]> http://wizetradeforexblog.com/2010/02/16/support-resistance-for-tuesday-02162010/feed/ Morning Edge T Chart Tuesday 02.16.2010 http://wizetradeforexblog.com/2010/02/16/morning-edge-t-chart-tuesday-02162010/ http://wizetradeforexblog.com/2010/02/16/morning-edge-t-chart-tuesday-02162010/#comments Tue, 16 Feb 2010 12:20:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24786 USD NEWS –08:30 Empire State Productivity, 09:00 TIC foreign investments.

 

STRONG

 

Short                            GBP/USD                    1.5650*

Long                            USD/JPY                     90.10

           

WEAK

 

Long*                          EUR/USD                    1.37****

Long*                          GBP/USD                    1.5730*

Short                            USD/JPY                     89.70

Short                            USD/CAD                   1.0400

 

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> USD NEWS –08:30 Empire State Productivity, 09:00 TIC foreign investments.

 

STRONG

 

Short                            GBP/USD                    1.5650*

Long                            USD/JPY                     90.10

           

WEAK

 

Long*                          EUR/USD                    1.37****

Long*                          GBP/USD                    1.5730*

Short                            USD/JPY                     89.70

Short                            USD/CAD                   1.0400

 

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> http://wizetradeforexblog.com/2010/02/16/morning-edge-t-chart-tuesday-02162010/feed/ Coming back from a 3-day weekend in the US http://wizetradeforexblog.com/2010/02/16/coming-back-from-a-3-day-weekend-in-the-us/ http://wizetradeforexblog.com/2010/02/16/coming-back-from-a-3-day-weekend-in-the-us/#comments Tue, 16 Feb 2010 11:58:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24785 Futures investors are liking the markets today with Gold contracts up $24 and 1114 and Oil trading higher by $1.24 this morning to trade at 75.39.  The US Index futures remain higher but are pulling back from overnight highs helped by Banking and Finance.  The USDX is a little lower but remains above $80 at $80.21 this morning.

The US dollar moved lower on the CAD but has stablized ahead of Empire State and TIC this morning.  The EUR actually found some strength late yesterday and followed through in early overnight trading with stronger markets in Asia and early european trading, but has moved back from highs, but is once again firming up on the USD ahead of the open bell for the US trading session.

Keep an eye on the market bulls today.  If the willingness to buy into additional risk in the markets continues today with good news from the New York Fed District (Empire State) and support from foreign investments in the TIC, we would look for some USD weakness, and continued strength in the commodity currencies like the AUD, NZD, and CAD.

NOTE: The USDX has formed a nice double top on the 180 minute interval chart with support at 79.75 to 79.65, a breakdown could push the US Dollar towards 78.85, this would put selling pressure on the USD in the Forex pairs, while allowing physical commodities (Futures) to see price gains with higher Gold and Oil.

]]> Futures investors are liking the markets today with Gold contracts up $24 and 1114 and Oil trading higher by $1.24 this morning to trade at 75.39.  The US Index futures remain higher but are pulling back from overnight highs helped by Banking and Finance.  The USDX is a little lower but remains above $80 at $80.21 this morning.

The US dollar moved lower on the CAD but has stablized ahead of Empire State and TIC this morning.  The EUR actually found some strength late yesterday and followed through in early overnight trading with stronger markets in Asia and early european trading, but has moved back from highs, but is once again firming up on the USD ahead of the open bell for the US trading session.

Keep an eye on the market bulls today.  If the willingness to buy into additional risk in the markets continues today with good news from the New York Fed District (Empire State) and support from foreign investments in the TIC, we would look for some USD weakness, and continued strength in the commodity currencies like the AUD, NZD, and CAD.

NOTE: The USDX has formed a nice double top on the 180 minute interval chart with support at 79.75 to 79.65, a breakdown could push the US Dollar towards 78.85, this would put selling pressure on the USD in the Forex pairs, while allowing physical commodities (Futures) to see price gains with higher Gold and Oil.

]]> http://wizetradeforexblog.com/2010/02/16/coming-back-from-a-3-day-weekend-in-the-us/feed/ Support & Resistance Thursday 02.11.2010 http://wizetradeforexblog.com/2010/02/11/support-resistance-thursday-02112010/ http://wizetradeforexblog.com/2010/02/11/support-resistance-thursday-02112010/#comments Thu, 11 Feb 2010 14:12:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24751 Support & Resistance List
Thursday February 11th 2010
Center Center
 
                Currency Pair Support 1 Support 2 Resist 1 Resist 2 Overnight Trend                     GBP/USD 1.5590 1.5535 1.5650 1.5750 Flat                     EUR/USD 1.3705 1.3675 1.3810 1.3840 Weak                     USD/CHF 1.0630 1.0610 1.0700 1.0720 Strong                     USD/JPY 89.55 89.25 89.85 90.15 Weak                     USD/CAD 1.0550 1.0500 1.0600 1.0640 Weak                     AUD/USD 0.8860 0.8840 0.8905 0.8930 Strong                     NZD/USD 0.6965 0.6920 0.7010 0.7075 Strong                     EUR/GBP 0.8760 0.8720 0.8790 0.8835 Weak                    
]]> Support & Resistance List
Thursday February 11th 2010
Center Center
 
                Currency Pair Support 1 Support 2 Resist 1 Resist 2 Overnight Trend                     GBP/USD 1.5590 1.5535 1.5650 1.5750 Flat                     EUR/USD 1.3705 1.3675 1.3810 1.3840 Weak                     USD/CHF 1.0630 1.0610 1.0700 1.0720 Strong                     USD/JPY 89.55 89.25 89.85 90.15 Weak                     USD/CAD 1.0550 1.0500 1.0600 1.0640 Weak                     AUD/USD 0.8860 0.8840 0.8905 0.8930 Strong                     NZD/USD 0.6965 0.6920 0.7010 0.7075 Strong                     EUR/GBP 0.8760 0.8720 0.8790 0.8835 Weak                    
]]> http://wizetradeforexblog.com/2010/02/11/support-resistance-thursday-02112010/feed/ Morning Edge T Chart Thursday 02112010 http://wizetradeforexblog.com/2010/02/11/morning-edge-t-chart-thursday-02112010/ http://wizetradeforexblog.com/2010/02/11/morning-edge-t-chart-thursday-02112010/#comments Thu, 11 Feb 2010 12:27:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24748 USD NEWS –08:30 Weekly New Unemployment claims, markets are looking for the number of new claims to drop.

 

STRONG

 

Short                            EUR/USD                    1.3700*

Short                            GBP/USD                    1.5500*

Short                            AUD/USD                   .8860  

Short                            NZD/USD                   .6960

           

WEAK

 

Long*                          EUR/USD                    1.3850*

Long*                          GBP/USD                    1.5650*

Long                            AUD/USD                   .8900*

 

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> USD NEWS –08:30 Weekly New Unemployment claims, markets are looking for the number of new claims to drop.

 

STRONG

 

Short                            EUR/USD                    1.3700*

Short                            GBP/USD                    1.5500*

Short                            AUD/USD                   .8860  

Short                            NZD/USD                   .6960

           

WEAK

 

Long*                          EUR/USD                    1.3850*

Long*                          GBP/USD                    1.5650*

Long                            AUD/USD                   .8900*

 

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> http://wizetradeforexblog.com/2010/02/11/morning-edge-t-chart-thursday-02112010/feed/ Morning Edge T Chart Wed 02.10.2010 http://wizetradeforexblog.com/2010/02/10/morning-edge-t-chart-wed-02102010/ http://wizetradeforexblog.com/2010/02/10/morning-edge-t-chart-wed-02102010/#comments Wed, 10 Feb 2010 12:27:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24736 USD NEWS –08:30 Trade Balance may be delayed due to weather.

 

STRONG

 

Short                            EUR/USD                    1.3730

Short                            GBP/USD                    1.5585

Long                            USD/CHF                    1.0670

Short                            AUD/USD                   .8730  

Short                            NZD/USD                   .6920

           

WEAK

 

Long*                          EUR/USD                    1.3850***

Short                            USD/CHF                    1.0600***

Long                            AUD/USD                   .8800

none                             NZD/USD                   .6970****

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> USD NEWS –08:30 Trade Balance may be delayed due to weather.

 

STRONG

 

Short                            EUR/USD                    1.3730

Short                            GBP/USD                    1.5585

Long                            USD/CHF                    1.0670

Short                            AUD/USD                   .8730  

Short                            NZD/USD                   .6920

           

WEAK

 

Long*                          EUR/USD                    1.3850***

Short                            USD/CHF                    1.0600***

Long                            AUD/USD                   .8800

none                             NZD/USD                   .6970****

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> http://wizetradeforexblog.com/2010/02/10/morning-edge-t-chart-wed-02102010/feed/ What Kind of Trader are You? Clues Abounded Today 2/9/2010 http://wizetradeforexblog.com/2010/02/09/what-kind-of-trader-are-you-clues-abounded-today-292010/ http://wizetradeforexblog.com/2010/02/09/what-kind-of-trader-are-you-clues-abounded-today-292010/#comments Tue, 09 Feb 2010 21:20:00 +0000 1WizeGuy cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24729

With the influx of unscheduled news today (bailing out Greece 2/9/2010), it really helps us figure out what kind of trader we are. Are you an aggressive or conservative trader? Chances are if you loved trading the spikes today, you are an aggressive trader. Conversely, if you saw risk everywhere, chances are you are a conservative trader. Now trade consistently as an aggressive trader or consistently as a conservative trader!  Both make PIPs, just in completely different ways!

Learn how to trade more consistently with the "Trade with Me" hosted by myself, Mark Schumacher.

http://www.wizetrade.com/Community/content/TradeWithMeWebinars.aspx?a=anonymous#Mark_Schumacher

Good trading!

Mark Schumacher

]]>

With the influx of unscheduled news today (bailing out Greece 2/9/2010), it really helps us figure out what kind of trader we are. Are you an aggressive or conservative trader? Chances are if you loved trading the spikes today, you are an aggressive trader. Conversely, if you saw risk everywhere, chances are you are a conservative trader. Now trade consistently as an aggressive trader or consistently as a conservative trader!  Both make PIPs, just in completely different ways!

Learn how to trade more consistently with the "Trade with Me" hosted by myself, Mark Schumacher.

http://www.wizetrade.com/Community/content/TradeWithMeWebinars.aspx?a=anonymous#Mark_Schumacher

Good trading!

Mark Schumacher

]]> http://wizetradeforexblog.com/2010/02/09/what-kind-of-trader-are-you-clues-abounded-today-292010/feed/ Mornign Edge T Chart Tuesday 02.09.2010 http://wizetradeforexblog.com/2010/02/09/mornign-edge-t-chart-tuesday-02092010/ http://wizetradeforexblog.com/2010/02/09/mornign-edge-t-chart-tuesday-02092010/#comments Tue, 09 Feb 2010 12:19:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24723 USD NEWS – 10:00 Low Impact Eco Opt and Wholesale Inventories, Markets are turning bullish putting some pressure on the USD.  Careful if going long the USD.

 

STRONG

 

Short                            EUR/USD                    1.3700

Short                            GBP/USD                    1.5550***

Long                            USD/CAD                   1.0750

           

WEAK

 

Long*                          EUR/USD                    1.3850

Long                            GBP/USD                    1.5660

Long                            AUD/USD                   .8740*

Long                            NZD/USD                   .6930*

Short                            USD/CAD                   1.0675

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> USD NEWS – 10:00 Low Impact Eco Opt and Wholesale Inventories, Markets are turning bullish putting some pressure on the USD.  Careful if going long the USD.

 

STRONG

 

Short                            EUR/USD                    1.3700

Short                            GBP/USD                    1.5550***

Long                            USD/CAD                   1.0750

           

WEAK

 

Long*                          EUR/USD                    1.3850

Long                            GBP/USD                    1.5660

Long                            AUD/USD                   .8740*

Long                            NZD/USD                   .6930*

Short                            USD/CAD                   1.0675

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> http://wizetradeforexblog.com/2010/02/09/mornign-edge-t-chart-tuesday-02092010/feed/ Quiet start to the trading week ahead of open bell Monday 02.08.2010 http://wizetradeforexblog.com/2010/02/08/quiet-start-to-the-trading-week-ahead-of-open-bell-monday-02082010/ http://wizetradeforexblog.com/2010/02/08/quiet-start-to-the-trading-week-ahead-of-open-bell-monday-02082010/#comments Mon, 08 Feb 2010 13:41:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24716 US Index Futures are just a little bearish as we move towards the open bell this morning.  The data calendar for the week is quiet until Wednesday morning when the Bank of England will release their inflation report.  We do have earnings this week, and after last year, everything seems to look better by comparison, so this could encourage some bullishness in the equity markets that might create a pull back against the recent USD Strength, but watch for the breakouts from the narrow ranges established overnight.

The G7 conference concluded with an agreement to keep stimulus in the markets for now, and the Euro zone was given the go ahead to work towards resolution of financial crisis in Greece, not to overlook housing in Spain and other challenges in Portugal.  The market reaction to all the goings on at the G7, not much of anything, which is better than having the bears run wild had exit strategies from stimulus been more vigorously discussed.

Watch the equity markets for the next couple of days for clues on Forex trends.

 

]]> US Index Futures are just a little bearish as we move towards the open bell this morning.  The data calendar for the week is quiet until Wednesday morning when the Bank of England will release their inflation report.  We do have earnings this week, and after last year, everything seems to look better by comparison, so this could encourage some bullishness in the equity markets that might create a pull back against the recent USD Strength, but watch for the breakouts from the narrow ranges established overnight.

The G7 conference concluded with an agreement to keep stimulus in the markets for now, and the Euro zone was given the go ahead to work towards resolution of financial crisis in Greece, not to overlook housing in Spain and other challenges in Portugal.  The market reaction to all the goings on at the G7, not much of anything, which is better than having the bears run wild had exit strategies from stimulus been more vigorously discussed.

Watch the equity markets for the next couple of days for clues on Forex trends.

 

]]> http://wizetradeforexblog.com/2010/02/08/quiet-start-to-the-trading-week-ahead-of-open-bell-monday-02082010/feed/ Morning Edge T Chart Friday 02062010 http://wizetradeforexblog.com/2010/02/05/morning-edge-t-chart-friday-02062010/ http://wizetradeforexblog.com/2010/02/05/morning-edge-t-chart-friday-02062010/#comments Fri, 05 Feb 2010 12:26:00 +0000 Introspex cd16c7e5-e4a3-47ec-9716-cb8b55ebf1a6:24699 USD NEWS-08:30 US Non-Farm Payrolls, Annual Unemployment Rate, Average Hourly Earnings.

 

Keep in mind that a worse than expected number for Non-Farm will have an initial impact of USD weakness, but it will also weaken the equity markets, which could cause the USD to whip back the other direction.  Additionally, a better than expected report would initially strengthen the USD, but then the buying pressure in the futures ahead of the open bell would push the USD back down.

 

The tendency with Non-Farm has been that we will see strong initial moves in the first 5 minutes with a retrace in the 10 to 15 minutes after the report is released, and then a follow through that will trend based on Index Futures and Equity markets into the afternoon.

 

STRONG

 

Short                            EUR/USD                    1.3650*

Short                            GBP/USD                    1.5650

Long                            USD/JPY                     .8980**

Long                            USD/CAD                   1.0780

WEAK

 

Long*                          EUR/USD                    1.3850

Long                            GBP/USD                    1.5850

Short                            USD/JPY                     .8930

Short                            USD/CAD                   1.0700

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> USD NEWS-08:30 US Non-Farm Payrolls, Annual Unemployment Rate, Average Hourly Earnings.

 

Keep in mind that a worse than expected number for Non-Farm will have an initial impact of USD weakness, but it will also weaken the equity markets, which could cause the USD to whip back the other direction.  Additionally, a better than expected report would initially strengthen the USD, but then the buying pressure in the futures ahead of the open bell would push the USD back down.

 

The tendency with Non-Farm has been that we will see strong initial moves in the first 5 minutes with a retrace in the 10 to 15 minutes after the report is released, and then a follow through that will trend based on Index Futures and Equity markets into the afternoon.

 

STRONG

 

Short                            EUR/USD                    1.3650*

Short                            GBP/USD                    1.5650

Long                            USD/JPY                     .8980**

Long                            USD/CAD                   1.0780

WEAK

 

Long*                          EUR/USD                    1.3850

Long                            GBP/USD                    1.5850

Short                            USD/JPY                     .8930

Short                            USD/CAD                   1.0700

 

 

The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.

]]> http://wizetradeforexblog.com/2010/02/05/morning-edge-t-chart-friday-02062010/feed/