Currency Futures Trading: Day Trading Futures Recap 2/11/10
Posted by: Richard Estrada // Category: Currency Futures Trading
Currency trader’s day trading futures once again witnessed some rather large swings in a few of the currency futures markets on Thursday February 3rd 2010. The British Pound and Japanese Yen were relatively quite compared to the Canadian Dollar and Euro Currency. The question going into Friday is where do we go from here? My favorite answer is who knows.
The March 2010 British Pound Futures contract (see daily chart below) continues to whip around the 5-day moving average (red – 1.5655), which in my opinion is a pivotal technical area. If you are looking at the long side in tonight’s session then the 5-day moving average is a pivotal support, which also means if it fails to hold then currency traders might see the market test this week’s low (1.5531).
The March 2010 Canadian Dollar Futures contract (see daily chart below) took off like a rocket today. The bulls were able to push this market right through both the 25 (blue – .9508) and 75-day (green – .9478) moving averages. You will also notice that the market even broke back through the top a bear flag technical formation. So what now? The 25 and 75-day moving averages will be good gauges of technical momentum as well as pivotal areas of technical support tonight and tomorrow.
The March 2010 Euro Currency Futures contract (see daily chart below) fell like plane that had lost it’s wings. The bears once again seized control of the market, which I speculate was based on external information related to the Euro Zone debt crisis. Because of the debt crisis in the Euro Zone currency traders have witnessed some extreme short-term volatility, which I believe may continue through the holiday weekend.
The March 2010 Japanese Yen Futures contract is trading between the 5-day moving average (red – 1.1151) and 75-day moving average (green – 1.1112). The current pullback from this week’s high (1.1220) might actually be a pause in a prevailing up trend. So, in my technical opinion the 75-day moving average will be a pivotal area of technical support tonight and tomorrow. I would always pay particular attention to the 5-day moving average. If the bulls are able to push the market pass this average then we might see the bulls make a run at this week’s high (1.1220).
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