Currency Futures Trading

As currency traders come back from their weekend we have a mixed market for traders currency futures trading Sunday night. The British Pound and Euro Currency are both down slightly, while the Canadian Dollar is up over 30 ticks and the Japanese Yen is up 9 ticks. The question for currency traders going into the new week is, will we see a continuation of the strong rallies that currency traders have seen in the British Pound, Canadian Dollar and Euro Currency? Let’s take a closer at the weekly charts of the currency futures market and see what we can deduce when applying technical analysis.

The weekly chart of the British Pound Futures (see chart below) shows that the British Pound looks like a rocket headed deep space. It appears that the bulls have the 13-week moving average (blue – 1.5991) as well as the 52-week moving average (green – 1.6049) in their crosshairs. In my opinion this area will be the technical area to watch this week.

British Pound Futures weekly chart

Canadian Dollar Futures weekly chart 10/17/11

The weekly chart of the Canadian Dollar Futures (see chart above) also shows a market in the mist of very strong bounce from just above the last cycle low (light red rectangle), The 4-week moving average (red .9740) will be a pivotal area of technical support, while the 13-week moving average (blue – .9999) will be a pivotal area of technical resistance. It’s feasible we see the Canadian Dollar futures vacillate between these two averages this week.

The weekly chart of the Euro Currency Futures (see chart below) clearly shows that futures traders are very close to testing the 52-week moving average (green 1.3922), which will be a significant area of technical resistance this week. If futures traders can push the market above this area, we might futures traders enticed to buy the market. A failure to get above this area and the 4-week moving average (red – 1.3635) might be a potential downside target.

Japanese Yen Futures weekly chart 10/17/11

The weekly chart of the Japanese Yen Futures (see chart above) shows that the 4-week moving average (red – 1.2988) has crossed below the 13-week moving average (blue – 1.2989), which is considered technically bearish. Couple this technical signal with the fact the Japanese Yen is trading below both averages, we might have a market ripe for a very a aggressive short-term pullback.

A final thought about currency futures trading tonight and later today. These markets are the most aggressive in the world and can change directions on a dime. So my suggestion; test the waters, gauge the temperature and if you start off strong, than that might be a time to get aggressive. If you start off weak just remember not to turn a bad start into a stream of bad decisions because your chasing money. Good luck and good trading. If you don’t have the time to do the detailed analysis, planning and monitoring of the currency futures market, than don’t hesitate to sign up for my free daily, strategic and timely analysis. Sign up today and get your first report tonight.

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Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen futures

Currency Futures Trading is always an exciting environment and is where some of the best futures traders meet for an opportunity to make money. Some come away with the gold, while others come home never to come back. Today the currency traders seem to be taking a breather as the currency futures markets seem rather quite today. Let’s take a closer look at the currency futures market and see what futures traders might be thinking or planning.

The weekly chart of the British Pound futures (see chart below) shows that the British Pound is still finding technical support and around the 4-bar moving average (red – 1.6393). Also notice that futures traders are still holding the market within a significant area of technical resistance (outlined by blue rectangle). Therefore I would pay particular technical attention to the 4-bar moving average, because a break below this area and we might see futures traders technically enticed to sell this market.

The daily chart of the September 2011 British Pound futures contract (see chart above) shows that futures traders have broken through the 5-day moving average (red – 1.6491), which I considered a pivotal area of technical support. This might be an indication of bulls losing some technical steam, though a close below the 5-day moving average would be a little more technically significant.

The weekly chart of the Canadian Dollar futures (see chart below) clearly shows the Canadian Dollar under selling pressure. A close below the 52-week moving average (green – 1.0101) could trigger or entice technical selling.

The daily chart of the September 2011 Canadian Dollar futures market (see chart above) clearly illustrates a market under selling pressure. If the bears are able to break below .9985, then we might see the bulls run for cover. A run above 1.1076 and we might see futures traders take a shot at the 25-day moving average (blue – 1.0308).

The weekly chart of the Euro Currency futures (see chart below) shows that futures traders continue to test the top of a bull-flag technical formation (outline in blue). Also notice that the 5-day moving average (red – 1.4312) appears poised to run above the 13-week moving average (blue – 1.4314), which may trigger technical upside momentum.

The daily chart of the September 2011 Euro Currency futures contract (see chart above) shows a little different picture then the weekly chart. Notice that the bulls have failed to push above the last cycle high of 1.4547 twice in the last month. Will the area above the last cycle high of 1.4547 be an area that is laced with stops protecting shorts fading the failed rallies? Will this area turn into a trap for weak shorts?

The weekly chart of the Japanese Yen futures (see chart below) clearly shows the bulls on a steady upward march. The 4-week moving average (red – 1.2973) will be considered a pivotal area of technical support and in my opinion if a futures trader wants to stay with the trend may look at this area as a launching pad to the upside. But remember, if this market falls it could fall hard and fast.

The daily chart of the September 2011 Japanese Yen futures contract (see chart above) clearly illustrates a break below a pivotal area of technical support (5-day moving average (red – 1.3058). A close below this average today and we might see some bears test the waters.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: British Pound futures, Canadian Dollar futures, Commodities traders, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Futures Traders, Japanese Yen futures

Currency futures trading is never dull. Futures traders from around the world converge on the electronic futures market to bet their opinions and for some the bets are good and for others the bets are not so good. Futures traders who are long either the British Pound, Canadian Dollar and or Euro Currency today are taking somewhat of a beating. The Japanese Yen on the other hand is holding its’ own in the mist of strong dollar and collapsing equities markets. Let’s take a closer look at the currency futures market and see where the pivotal technical areas might be.

The weekly chart of the British Pound futures (see chart below) shows traders now well inside an area I consider a significant area of technical resistance (blue rectangle). Notice that the low of this week (1.6251) was also at the 13-week moving average (blue – 1.6251), which makes this average a good indication of technical strength.

The daily chart of the September 2011 British Pound futures contract (see chart above) clearly illustrates two technical points. The first is the run by the bulls through a significant area of technical resistance (blue rectangle). The second technical point is that the British Pound futures has fallen back down to the 5-day moving avearage (red – 1.6249, which in my technical opinion will be a pivotal area of technical support and good indication of technical strength.  So the question is who will come out on top, the bulls or bears?

The weekly chart of the Canadian Dollar futures (see chart below) shows currency futures traders trading between the 4-week moving average (red – 1.0207) and the 52-week moving average (green – 1.0090). Also notice that the Canadian Dollar has been trading above the 52-week moving average since last September 2010, making this area in my opinion a significant area of technical support. 

The daily chart of the September 2011 Canadian Dollar futures contract clearly illustrates a technical break through below a descending triangle (outlined in red). But remember, we still are within a significant area of technical support (green rectangle); therefore the break below the descending triangle might not be as technically significant as a break below .9985.

The weekly chart of the Euro Currency futures (see chart below) shows a reversal back below the bull-flag technical formation (outlined in blue). Once again, currency traders are battling for position and right now I see no clear winner, technically speaking. Notice that the Euro Futures are trading in very close proximity to both the 5-day (red – 1.4289) and 25-day (blue – 1.4301) moving averages. This area might be a good gauge of technical strength.

The daily chart of the September 2011 Euro Currency futures contract (see chart below) shows that the bulls have once again lost the momentum. Notice that the Euro Futures are trading near both the 25-day (blue – 1.4272) and 75-day (green – 1.4277) moving averages, which I have indicated (green eclipse on the right) as pivotal technical area. A break below this area and we might see traders enticed to sell this market. If traders hold this area today might mean just a regrouping by bears and not necessarily a place to launch a long from.

The weekly chart of the Japanese Yen futures (see chart below) shows currency traders pushing the market higher and higher. Notice that the Japanese Yen looks to be finding technical support at and around the 25-day moving average (blue – 1.2635), which in my technical opinion makes this area a pivotal area of technical support.

The daily chart of the September 2011 Japanese Yen futures contract (see chart above) clearly illustrates that futures traders have broken out of a pennant technical formation (outlined in blue). The next technical target or stop looks to be the double top high (green eclipse 1.3127).

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: British Pound futures, Canadian Dollar futures, Commodities traders, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Futures Traders, Japanese Yen futures

Futures traders are once again battling for position as currency markets run, pullback and tighten, all this in one futures trading day. The British Pound continued its’ climb, while the Japanese Yen tightened up. The Euro Currency pulled back from yesterday’s explosive move up, while the Canadian Dollar looks for footing. Where will currency futures traders be enticed into selling or buying currency markets? Let’s take a closer look at the individual currency futures markets.

The weekly chart of the British Pound futures market (see chart below) show’s that futures traders are testing a significant area of technical resistance (outlined by blue rectangle). You will also notice that the current upward channel (outlined in red) is still technically intact and could feasibly test the top of the channel without breaking through the significant area of technical resistance.

The daily chart of the September 2011 British Pound futures contract (see chart above) clearly illustrates commodities traders engaged in a tuff battle near in area of significant technical resistance (see blue rectangle above). A run through this area and we might see currency traders enticed to buy the BP futures, while a failure to run through this area and we could see currency traders look to counter this current up move.

The weekly chart of the Canadian Dollar futures market (see chart below) shows that the bears were able to pierce the bottom of a pivotal area of technical support (see green eclipse below), but were stopped dean in their tracks. The question now is can the bulls hold the Canadian Dollar above the 52-week moving average (green – 1.0091), or will a break below this average trigger some selling?

The daily chart of the September 2011 Canadian Dollar futures market (see chart above) clearly shows the significant t technical support that the Canadian Dollar is trading within (green rectangle). In my technical opinion, the 5-day moving average (red – 1.0145) will be a good gauge of technical strength in tonight and tomorrow’s trading session.

The weekly chart of the Euro Currency futures market (see chart below) shows that the bulls continue to test the top of a bull-flag technical formation (outlined in blue), but so far have been repelled by the bears. A run through this area and we might see a quick and hard spike to the upside.

The daily chart of the September 2011 Euro Currency futures contract (see chart above) illustrates that the Euro Futures is now trading within a bear-flag formation (outlined in red). You will also notice that there was a failed rally (see green eclipse “failed rally”) a few weeks back, which may indicate a run back at this area could be trouble for the bears.

The weekly chart of the Japanese Yen futures market (see chart below) shows that currency futures traders are testing the top of an upward channel (outlined in red). The 4-week moving average (red – 1.2949) will be considered a pivotal area of technical support. A break below this average and we might see bears enticed to sell the market for a quick pullback.

The daily chart of the September 2011 Japanese Yen futures contract (see chart above) illustrates that the Japanese Yen futures contract is tightening. This technical tightening sometimes is the quite before the storm. So traders beware, because a break or run could be fast and furious.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: British Pound futures, Canadian Dollar futures, Commodities traders, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Futures Traders, Japanese Yen futures

Commodities traders are witnessing some very significant technical moves in the early hours of the night market session. For example, futures traders who are currently long the Euro Futures have been able to run right through last week’s high of 1.4414, which is a significant technical high for several reasons. The question now is will futures traders currency futures trading in the euro futures market be able to sustain the early momentum? Let us take a closer technical look at the currency futures market.

Currency traders who are currently long in the British Pound futures have been able to maintain the technical structure of the current upward cycle (outlined in red see weekly chart below). You will also notice commodities traders who are currently long are walking right into a very significant area of technical resistance (blue rectangle),

The daily chart of the September 2011 British Pound futures contract shows currency traders were able to blow through the top of a bull flag technical formation (see chart above) and now appear poised to strike at the next level of technical resistance. I will consider the 5-day moving average (red – 1.6275) as a potential gauge of technical strength over the coming days.

The weekly chart of the Canadian Dollar Futures contract (see chart below) clearly illustrates currency trader’s who are speculating higher prices in the Canadian Dollar futures are testing a significant technical high (1.5078) If currency trader’s are able to break through this area, then the next technical upside target looks to be the all-time of 1.1043.

The daily chart of the Canadian Dollar futures contract (see chart above) shows that the 5-day moving average (red – 1.0559) has been a great area of technical support over the last few weeks, which will be a great barometer of technical strength.

Futures traders who are long the Euro Futures (see chart below) have been able to run right through last week’s high (1.4414), which I had warned about in an article I had written earlier this evening (see Day Trading Futures: Euro Currency Futures Technical Update Monday Night July 25, 2011). The question now is was this technical spike authentic momentum or will it turn out to be the top of a downward move?

The daily chart of the September 2011 Euro Currency Futures contract (see chart above) shows commodities traders have run pass the top of a bull-flag technical formation (outlined in blue), but until the last cycle high is pierced the current downward stays intact.

The weekly chart of the Japanese Yen Futures (see chart below) shows that the bulls continue to push this market higher, while utilizing the 13-week moving average (blue – 1.2484) as a pivotal area of technical support. Futures traders trading currency futures, particularly Japanese Yen futures appear poised to test the all-time of 1.2957. The all time high also intersects with the top of an upward channel (outlined in red), which may or may not be a technical target that screams short.

The daily chart of the September 2011 Japanes Yen Futures contract (see chart above) clearly illustrates currency traders have beem able to run through and hold above an upward channel (outlined in red). The question now is will this top be the top of this cycle, or will we see currency traders push hard?

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: British Pound futures, Canadian Dollar futures, Commodities traders, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Futures Traders, Japanese Yen futures

As commodity traders wait for the FOMC announcement, the currency futures markets are really swinging around. The question for commodity traders is this because of something commodty traders are anticipating, or is the intra-day volaitilty because the currency futures markets are a little thin and volatility tends to be exaggerated when liquidity is shallow? Let’s take a step back and look at weekly charts of the currency futures markets. Remember currency futures trading is not an exact science and as a commodity trader you can only speculate on direction; there are no “holy grail” secrets when applying technical analysis to the commodities markets.

The weekly chart of the British Pound Futures (6B) contract (see chart below) shows that the bulls were able to blow through three key technical areas. These areas in my opinion were pivotal areas of technical resistance and indicate that the rally in the British Pound Futures is technically credible. You will notice that the technical structure of the British Pound weekly chart has changed from lower lows and lower highs. The question for commodity traders now is can the bulls hold the line in the vicinity of the 4-week moving average (red – 1.5708), or will we see a bigger pullback that could even be considered a long-squeeze?

The weekly chart of the Canadian Dollar Futures (6C) contract (see chart below) shows that the bulls failed to onto the technical momentum after breaking out of a technical pennant formation (outlined in blue). You can see that the 3-moving averages I illustrate have all converged back within the pennant formation and are in very close proximity to the price of the Canadian Dollar. What does this mean? Technically I interpret this kind of technical structure as the quiet before the storm. A breakout either way may be an indication of direction over the next few months.

The weekly chart of the Euro Currency Futures (6E) contract (see chart below) shows that the bulls pushed through the 38.2% fibonacci level last week, but are now back at this level. You can see that the 4-week moving average (red – 1.3084) has been a pivotal area of technical support and might be and area to watch if you are looking for technical weakness.

The weekly chart of the Japanese Yen Futures (6J) contract (see chart above) shows that the bulls are getting close to testing a significant technical high (1.1817), while holding the Japanese Yen above the 5-day moving average (red – 1.1590). The question going forward is will we continue to see this, or will the 5-day moving average give way and technically entice sellers to jump in for a quick ride? Are there other areas of technical support and resistance that might be seen when utilizing technical analysis in other time frames? For a complete technical review of the currency futures market utilizing some of the most advanced analytical software, please join me and other professional traders for detailed technical analysis in the currency futures market.

Join us on The Futures Trading Network

If you are unable join us in the daytime, then join us for our nightly technical recap, update and outlook of the currency futures market. Simply click on the link below and get immediate access to our trading room.

Join me for Nightly Technical Recaps, Updates and Outlooks for Currency Futures

Opinions Expressed are subject to change without notice. I make no promises or guarantees implied of otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen futures, Technical Analysis

Commodity traders continue to hold currency futures markets above key areas of technical support, but bulls seem to be taking a break or potentially taking some risk off the table as we get closer to Friday and the employment numbers. The question for commodity traders currency futures trading is, will the bulls make another push upward, or will we continue to see these currency futures markets pullback?

The daily chart of the September 2010 British Pound Futures (6B) contract (see chart below) shows that this market looks almost vertical with no technical resistance above. You can see that the 5-day moving average (red – 1.5808) has been an area of pivotal technical support over the last several weeks and might turn out to today’s downside target. In my technical opinion, if the British Pound Futures fell through the 5-day moving average this would be a technical indication that the bulls might be losing some technical momentum and might even entice sellers.

The daily chart of the September 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the market continues to hold above the top of a pennant technical formation (outlined in green). The top of pennant formation  is also in very close proximity to the 5-day moving average (red – .9734), which in my opinion makes this area an area to pay particular attention to, espeically if you are long or thinking about getting short.

The daily chart of the September 2010 Euro Currency Futures (6E) contract (see chart below) looks very similar to the British Pound Futures. You can see that the bulls have been in complete control and that the 5-day moving average (red – 1.3140) has been a pivotal area of technical support. The question today is can the bulls again hold the Euro Currency above this average, or are the bears in position to strike?

The daily chart of the September 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bulls today seem to be running to the exit doors. After making a strong upward push today, the bears seem to have countered or maybe the bulls are just taking some profits off the table. Either situation has created a quick and steep intra-day sell-off. Are there other areas of technical support and resistance that might be seen when utilizing technical analysis in other time frames? For a complete technical review of the currency futures market utilizing some of the most advanced analytical software, please join me and other professional traders for detailed technical analysis in the currency futures market.

Join us on The Futures Trading Network

If you are unable join us in the daytime, then join us for our nightly technical recap, update and outlook of the currency futures market. Simply click on the link below and get immediate access to our trading room.

 Join me for Nightly Technical Recaps, Updates and Outlooks for Currency Futures

Opinions Expressed are subject to change without notice. I make no promises or guarantees implied of otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen futures, Technical Analysis

Another active day in the currency futures market. Commodity traders witnessed some big moves today, which we’ve come to expect when currency futures trading. The question for commodity traders now is will we see some currency markets continue to rally, or was today’s rallies a set-up for longer term bears. Let’s take a closer look at the currency futures market and see what clues we can get from today’s currency action.

The daily chart of the September 2010 British Pound Futures (6B) contract (see chart below) shows a market that is now almost vertical. I thought if the bears were going to make a stand it would have been in the vicinity of the 52-week moving average (green – 1.5685), but that gave way like melted butter to a warm knife. So, will commodity traders playing the long side look to take some profits off the table after such an explosive move, or are they (bulls) looking to punish any currency trader wanting to fade this rally?

The daily chart of the September 2010 Canadian Dollar Futures (6C) contract (see chart below) clearly shows that the bulls were able to breakout out of a pennant technical formation (outlined in green), which is considered technically bullish. The question now is will the bulls be able to hold the Canadian Dollar above the 5-day moving average (red – .9702) tonight and tomorrow, or will today’s spike bar turn out to be the high of this current rally?

The daily chart of the September 2010 Euro Currency Futures (6E) contract (see chart below) shows that the bulls are in complete control and appear to have clear sailing above. The question for currency traders trading in the Euro Currency Futures is, can the bulls hold onto the technical momentum, or is this market ripe for a steep and rapid pullback?

The daily chart of the September 2010 Japanese Yen Futures (6J) contract (see chart above) show that the market consolidated today between the high of Friday (1.1640) and the 5-day moving average (red – 1.1538). The question now is can the bulls hold the Japanese Yen Futures above this area, or will a break below this average entice sellers technically to want to sell this market? Are there other areas of technical support and resistance that might be seen when utilizing technical analysis in other time frames? For a complete technical review of the currency futures market utilizing some of the most advanced analytical software, please join me and other professional traders for detailed technical analysis in the currency futures market.

Join us on The Futures Trading Network

If you are unable join us in the daytime, then join us for our nightly technical recap, update and outlook of the currency futures market. Simply click on the link below and get immediate access to our trading room.

Join me for Nightly Technical Recaps, Updates and Outlooks for Currency Futures

Opinions Expressed are subject to change without notice. I make no promises or guarantees implied of otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen futures, Technical Analysis

As commodity traders prepare for battle this week in the currency futures market, what clues can we get from last week’s closes? Remember, currency futures trading isn’t for the meek or garden-variety-investor and things can change very, very quickly. So remember, stay focused, be flexible and always be prepared to get the heck out of the way if things start to get bad. Now lets take a step back and look at the big picture of the currency futures market and try to determine where the pivotal battle are going to be fought this week.

The weekly chart of the British Pound (6B) Futures (see chart below) shows that the bulls broke out of a downward channel (outlined in blue), which also could be considered a bull flag formation. You will also notice that they (bulls) blew through the last cycle high (1.5470). The move above the last cycle high (1.5470) actually changes the technical structure of this weekly chart and may indicate real technical strength. You can also see by looking at the weekly chart that the bull are currently testing the 52-week moving average (green – 1.5686), which in my opinion may turn out to a great gauge of technical momentum this week.

The weekly chart of the Canadian Dollar (6C) Futures (see chart below) shows that the Canadian Dollar continues to consolidate within a pennant technical formation (outline in blue). You will also notice that the 3 different moving averages have also converged within this technical formation, which in my opinion is sometime the quite before the storm. A breakout above or below this pennant formation may dictate short-term direction.

The weekly chart of the Euro Currency (6E) Futures (see chart below) shows that the bulls are currently testing the 38.2% fibonacci retracement level. Being that this level is the only area of technical resistance that I can identify on this chart, this might turn out to be a short-term battleground between the bears and bulls with the winner determinng the next leg of the next move.

The weekly chart of the Japanese Yen (6J) Futures (see chart above) shows that the bulls ended last week strong and now appear poised to test the last weekly cycle high of 1.1817. You will also notice that the 4-week moving average (red – 1.1464) has been an area the bulls have defended over the last several weeks, which will make this area a pivotal area of technical support (in my opinion). Are there other areas of technical support and resistance that might be seen when utilizing technical analysis in other time frames? For a complete technical review of the currency futures market utilizing some of the most advanced analytical software, please join me and other professional traders for detailed technical analysis in the currency futures market.

Join us on The Futures Trading Network

If you are unable join us in the daytime, then join us for our nightly technical recap, update and outlook of the currency futures market. Simply click on the link below and get immediate access to our trading room.

Join me for Nightly Technical Recaps, Updates and Outlooks for Currency Futures

Opinions Expressed are subject to change without notice. I make no promises or guarantees implied of otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures, therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen futures, Technical Analysis

Commodity traders were again battling for position in the currency futures market. Today we watched markets like the British Pound Futures continue its’ voyage into outer space, while the Canadian Dollar fell from the top of a mountain peak. The question for commodity traders currency futures trading is, can the bulls defend pivotal technical areas in markets like the Canadian Dollar, or are bears getting ready to jump into markets like the British Pound Futures? Let’s take a closer look at the currency future market and see what we can deduce from today’s currency futures trading action.

The daily chart of the September 2010 British Pound Futures (6B) contract (see chart below) shows that the bulls continue to be in control and appear poised to test a significant area of technical resistance (52-week moving average 1.5486). A failure to push through this area and we might see bulls take some profits off the table as well as bears come into the market looking for a short-tem pullback.

The daily chart of the September 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the bulls lost some technical steam, but are holding the line in the vicinity of the 5 (red – .9646) and 75-day (green – .9649) moving averages. Technically speaking, because the bears were able to close the market below this area today, then I consider that technically weak and or bearish. The question is can the bears defend the area around the 5 and 75-day moving averages tonight, or will the bulls make a stand and another push?

The daily chart of the September 2010 Euro Currency Futures (6E) contract (see chart below) shows that Euro Currency appears to be consolidating between this week’s high (1.3046) and the 5-day moving average (red – 1.2976). The winner of this battle might be determined by which side gives way first, or maybe the market spikes through both areas taking out stops on both sides before deciding on a direction.

The daily chart of the September 2010 Japanese Yen Futures (6J) contract (see chart above) shows the bears are testing the bottom a modified bear flag technical formation (outlined in blue), which is also in close proximity to the 25-day moving average (blue – 1.1394). This average (25-day) might turn out to be a good gauge of technical momentum and a good indication of direction next week.  Are there other areas of technical support and resistance that might be seen when utilizing technical analysis in other time frames? For a complete technical review of the currency futures market utilizing some of the most advanced analytical software, please join me and other professional traders for detailed technical analysis in the currency futures market.

For more information on The Futures Trading Network

If you are unable join us in the daytime, then join us for our nightly technical recap, update and outlook of the currency futures market. Simply click on the link below and get immediate access to our trading room.

Nightly Technical Recaps, Updates and Outlooks for Currency Futures

Opinions Expressed are subject to change without notice. I make no promises or guarantees implied of otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures, therefore you should carefully consider whether such an investment is right for you in light of your financial position.

Technorati Tags: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen futures, Technical Analysis