Currency Futures Trading: Day Trading Futures Recap 3/5/10
Posted by: Richard Estrada // Category: Currency Futures Trading
Currency Traders trading currency futures today watched the British Pound Futures explode through the 5-day moving average, whilel the Japanese Yen Futures tumbled from the same 5-day moving average. The Canadian Dollar was once again was rather quiet, well the Euro Currency again tested the 25-day moving average. What did technical cues can we get from today’s action that traders day trading currency futures might be able to use Sunday and or Monday of next week?
The weekly chart of the British Pound Futures (see chart below) clearly shows today’s close is back towards the top one-third of the bar, which in my opinion is technically bullish. Though, the 4-week moving average (red – 1.5378) is still a formidable area of technical resistance.
The weekly chart of the Canadian Dollar Futures (see chart below) shows that the bulls were able to push this market higher this week, but failed to take out the next cycle high of .9798. Thinking strategically, what looks like a certainty is almost never a certainty especially when talking about currency futures trading, of course this is just an opinion of mine? Will the bulls look to make a play for .9798 on Sunday night or Monday, or will some bold bears look for a potential market reversal?
The weekly chart of the Euro Currency Futures (see chart below) shows that the bulls were able to close the Euro Currency above the 4-week moving average (red – 1.3620), which might be considered somewhat of bullish indication. You also notice that the lows around .13433 are very close the .618% fibonacci retracement line (1.34820). An open above the 4-week moving average on Sunday might encourage some technical upside momentum, which could lead to an aggressive up being that there might be a lot of weak shorts in late.
The weekly chart of the Japanese Yen Futures (see chart below) shows that the bears were able to push this market down over 150 ticks from its’ weekly high (1.1346). This market is trading back at the 4 (red – 1.1089) and 13-week (blue – 1.1042)-moving averages, which in my opinion makes this area a pivotal technical area on Sunday night. A break below this area and the bears might me in position to make a technical move, well a hold in this puts the bears on the defensive.
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, currency futures, Currency Futures Trading, day trading futures, Euro Currency futures, Japaneese Yen Futures