Currency Futures Trading: Currency Futures Outlook for 3/9/10
Posted by: Richard Estrada // Category: Currency Futures Trading
Currency Traders night trading futures, specifically the currency futures are once again watching the British Pound and Euro Currency Futures tumble, while the Japanese Yen Futures rallies and the Canadian Dollar Futures sits. Will the current lows in the British Pound and Euro Currency Futures be the lows of the session, or will currency day traders seek to install new session low’s as the day breaks in the United States?
The daily chart of the March 2010 British Pound Futures contract (see chart below) shows that the bears have once again broke through the 5-day moving average (1.5054), which in my opinion was a pivotal area of technical support. The question for currency traders now is will this market continue to sell-off in today’s session or will currency traders look for a complete reversal later today?
The daily chart of the March 2010 Canadian Dollar Futures contract (see chart below) clearly illustrates the market still holding above and at the 5-day moving average (red – .9707). This area has been a pivotal area of technical support and might be the area the bulls look to launch a run at the high of .9792.
The daily chart of the March 2010 Euro Currency Futures contract (see chart below) shows that the 5-day moving average (red – 1.3624) and 25-day moving average (blue – 1.3640) are converging. A short-term average crossing above a longer-term average would be considered bullish, but if this crossover occurs it would probably occur only after a close back above the 25-day moving average. So, the question for currency traders is do you want to be in position for a potential reversal, or wait for confirmation of a bottom?
The daily chart of the March 2010 Japanese Yen Futures contract (see chart below) shows that the Japanese Yen has popped back up in the night market session, but has run right into technical resistance at the 5-day moving average (red – 1.1165). In my technical opinion the 5-day moving average may be a good gauge of technical strength in today’s session.
If you would like to talk about my strategic analysis in further detail, simply schedule a Private Presentation. And Discover the Potential of Day Trading Futures and determine for yourself if it’s worth the Financial Risk.
Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition
Tags: British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, Euro Currency futures, Japanese Yen futures