Currency Futures Trading Day Trading Review for Wed. 1/27/10
Posted by: Richard Estrada // Category: Currency Futures Trading
The Currency Futures market is never dull. Currency Day Trader’s day trading currency futures saw some explosive action after the FOMC announcement, but that was expected. The British Pound and Canadian Dollar seem to be trying to hold the current lows, while the Euro Currency broke through a significant area of technical support. The Japanese Yen once again made a new session high, but then sold-off rather quickly after the FOMC announcement.
The daily chart of the March 2010 British Pound futures contract (see chart below) shows that the bulls area holding the line in the vicinity of the 25-day moving average (blue – 1.6128). The question is can the bulls continue to hold this area, or are the bears eyeing the potential stops that could be under this current support area?
The March 2010 Canadian Dollar futures contract (see chart below) continues to trade below the 5-day moving average (red – .9423), which I consider a pivotal area of technical resistance. The question is will the bears continue to utilize the 5-day moving average as a jumping off point to the downside, or can the bulls push the market back above this area possibly creating some technical upside momentum?
The March 2010 Euro Currency futures contract (see chart below) shows the bears were able to break below both the double bottom low (1.4027) and the 52-week moving average (green – 1.4036). Can the bears keep up the pressure, or was today’s push really just a squeeze play?
The March 2010 Japanese Yen futures contract (see chart below) shows a new cycle high (1.1221), but also notice that after making this high the bears were able to seize control and push this market back down over .0100 ticks. You will also notice that in the early hours of the night market the bears have been able to keep the bulls on the defensive, and in my techniocal opiniont the 75-day moving average (green – 1.1212) will be a pivotal technical area and a good gauge of technical momentun tonight.
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There is significant risk of financial loss in trading futures and trading futures is not suitable for everyone. You should carefully consider whether such an investment is right for you in light of your financial condition.
