Currency Futures Trading: Day Trading Futures: Recap 2/8/10
Posted by: Richard Estrada // Category: Currency Futures Trading
Today was somewhat of a respite for day traders day trading futures, specifically those day traders day trading in the currency futures markets. The British Pound Futures once again made a new low (1.5531), while the Canadian Dollar and Euro Currency held above last Friday’s lows. The Japanese Yen Futures consolidated today and now the question is where do we go from here?
As for the British Pound Futures (see daily chart below) you can see that the 5-day moving average has been a pivotal area of technical resistance and might be a good gauge of short-term technical momentum in the coming days. The weekly chart of the British Pound shows that this market has broken below a pivotal area of technical support (last cycle low 1.5702), which in my opinion puts this market on the defensive.
The March 2010 Canadian Dollar Futures contract (see chart below) shows a break below a now so definitive bear flag formation (outlined by black trendlines. The 5-day moving average (red – .9331) will be a pivotal area of technical resistance and like the 5-day moving average in the British Pound a potential good gauge of technical momentum.
The Euro Currency Futures contract (see daily chart below) shows that market was able to hold above Friday’s low (1.3584), but slid over 65 ticks going into the close. Can the bulls make another run at the 5-day moving average (red – 1.3718), or was today’s high another area that the bears were shorting looking for the low of 1.3584?
The March 2010 Japanese Yen Futures contract (see chart below) shows a market that look like paint drying. Why would I say that, because this market had a range of 53 ticks today, that’s why? Is this a pause in a prevailing upward trend, or are the bears getting ready to strike?
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Tags: British Pound futures, CAD USD Futures, Canadian Dollar futures, Currency Futures Trading, currency market, currency traders, day traders, day trading futures, Euro Currency futures, Japanese Yen futures, live trading room
