Currency Futures Trading Currency Futures Review 1/20/2010
Posted by: Richard Estrada // Category: Currency Futures Tradingow! That is the word of the day when talking about the currency futures market. Both the Canadian Dollar and Euro Currency fell like weights in water, while the British Pound and Japanese Yen fell in a more orderly fashion.
You can see by looking at the daily chart of the March 2010 British Pound futures contract (see chart below) that the bears were able to push the market through the 5-day moving average (red – 1.6300), which has been a pivotal area of technical support since January 10th 2010. Can the bears now make further headway, or will the bulls counter?
The Canadian Dollar fell fairly hard in Wednesday’s session. You can see by looking at the March 2010 Canadian Dollar futures contract (see chart below) that the market only crashed through the 5-day moving average (red – .9656), but also broke through the 25-day moving average (blue- .9583). The question now is will the bulls make a stand in the vicinity of the 75-day moving average (green – .9511), or will the bears blow right through this area of technical support like a knife through warm butter?
The March 2010 Euro Currency futures contract (see chart below) shows that the bears broke through the bottom of a bear flag formation and is currently .0007 ticks above the 2.5% weekly volatility range. What makes this area so technically significant?
The Japanese Yen like the British Pound fell, but did so in a less dramatic fashion then both the Canadian Dollar and Euro Currency. By looking at the daily chart of the March 2010 Japanese Yen futures contract (see chart below) you can see that the 25-day moving average (blue – 1.0925) might be a pivotal area of technical support in tonight and tomorrow’s session.
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