Currency Futures Trading: Day Trading Futures Recap 2/23/10
Posted by: Richard Estrada // Category: Currency Futures Trading
If you are thinking about currency futures trading, then make sure you put on your seatbelt and get ready for a fast moving market. Once again currency traders witnessed aggressive sell-offs and explosive rallies. Currency trader’s day trading futures have to be focused, flexible and quick to the trigger in this market.
The daily chart of the March 2010 British Pound Futures contract (see chart below) shows that the market traded on both sides of the 5-day moving average (red – 1.5467) on Monday night and Tuesday. The key technical point when looking at the daily chart is that the British Pound closed and opened below the 5-day moving average, which in my opinion keeps the bulls on the defensive.
The daily chart of the March 2010 Canadian Dollar Futures contract (see chart below) shows that the bulls failed to hold the Canadian Dollar above the 5-day moving average (red – .9539) and even failed to hold the CD above the 75-day moving average (green – .9503). So now the Canadian Dollar sits at the 25-day moving average (blue- .9454), which is where I speculate if the bulls are going to try and hold the Canadian Dollar up this might be the early line to watch.
The daily chart of the March 2010 Euro Currency Futures contract (see chart below) shows a major reversal today. The Euro Currency actually fell almost 200 ticks from last night’s session high (1.3692) and might be poised to test last week’s low of 1.3442, or is it? The 5-day moving average might once again be a pivotal technical area to watch tonight.
The daily chart of the March 2010 Japanese Yen Futures contract clearly shows a strong rally from the area around the 5-day moving average (red – 1.0992). Also notice that the market rallied hard and fast, but the bulls ran into stiff technical resistance at the 75-day moving average (green – 1.1106). Can the bulls keep up the pressure, or will the area around the 75-day moving average hold as a technical resistance area?
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 Trading, day trading futures, Euro Currency futures, Japanese Yen futures
