Currency Futures Trading: Day Trading Futures Recap 3/11/10
Posted by: Richard Estrada // Category: Currency Futures Trading
Currency Traders trading in the currency futures market be advised I have changed my charts from the March to the June 2010 Futures contracts. Now let’s move on and get to what went on technically in the currency futures market today. Traders trading currency futures witnessed two big reversals today, one in the British Pound and the other in the Canadian Dollar, while the Euro Currency held just above a pivotal area of technical support. The Japanese Yen continues to consolidate just below the 5-day moving average (1.1071). So where do the currency markets go from here? Who knows, but let’s get a closer look at the currency futures market.
The June 2010 British Pound Futures contract (see chart below) shows that the British Pound Futures broke through the bottom of a descending triangle (outlined by green trend lines), but has since reversed and is now testing the bottom of that technical formation. The question for currency traders tonight was this downside breakout a bluff to the downside, or just another opportunity for the bears to get short?
The June 2010 Canadian Dollar Futures contract (see chart below) shows that the market spiked hard to the downside even breaking through the 5-day moving average (red – .9742), which has been a pivotal area of technical support. You will also notice even the Canadian Dollar spiked down the bulls were able to regain control and push the market back above the 5-day moving average. The question for currency futures traders now is will the bulls be able to make another big push up, or will the bears look to counter in tonight’s night market session?
The June 2010 Euro Currency Futures contract (see chart below) shows that the Euro Currency Futures is still holding above both the 5 (red – 1.3649) and 25 (blue – 1.3626) moving averages, which I considered technically bullish. You will also notice that the Euro Currency is testing the top of a technical pennant formation (outlined by green trend lines), which may trigger more technical upside momentum if in fact the Euro Currency run pass the top of this technical formation.
The June 2010 Japanese Yen Futures contract (see chart below) is still again holding below the 5-day moving average (red – 1.1077), which I will consider a pivotal area of technical resistance. The question for currency traders tonight is will the bulls look to defend the bottom of a bear flag technical formation, or will the bears try and push this market down hard?
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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, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures