Currency Futures Trading A Daily Review for Tuesday 1/26/10
Posted by: Richard Estrada // Category: Currency Futures Trading
Currency Futures never disappoint, that is if you like fast pace markets. Currency Traders day trading futures were once again seemingly very active. The British Pound, Canadian Dollar and Euro Currency were on the defensive today, while the Japanese Yen once again exploded to the upside.
The daily chart of the March 2010 British Pound futures contract (see chart below) shows the bears were back in control and are once again testing the 25-day moving average (blue – 1.6118).
This area will be a pivotal area of technical support and possibly a good gauge of technical momentum. The question today is the same today as it was in the beginning of the week, can the bulls hold the bears back in the vicinity of the 25-day moving average, or are the bears prepared to crush any support?
The daily chart of the March 2010 Canadian Dollar (see chart below) shows a steep sell-off. I would also like to point that today’s session high (.9482) was only .0007 ticks above the 5-day moving average (.9475), which I consider a pivotal area of technical resistance.
The question for currency trader’s day trading currency futures, specifically the Canadian Dollar futures contract is can the bears maintain downside control, or will the bulls look to counter?
The daily chart of the March 2010 Euro Currency (see chart below) shows the market reestablished it’s downward march, but is still holding above the double bottom low at 1.4027.
The question for Euro Currency Day Traders is will this market break through the double bottom low, or is this area going to hold to only give way later (the old trap door)?
The daily chart of the March 2010 Japanese Yen futures contract (see chart below) shows that the bulls were able to utilize the area around the 5-day moving average as a launching pad. Will they (bulls) continue to utilize this average as a launching pad, or will the bears look to make a stand?
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There is significant risk of financial loss in trading futures and trading futures is not suitable for everyone. You should carefully consider whether such an investment is right for you in light of your financial condition.
