Currency Futures Trading

What an amazing day in the currency futures market. Futures traders who were long today in either the British Pound, Canadian Dollar and or Euro Currency futures faired really, really well today. The Japanese Yen on the other hand was up only about 20 ticks, but did break out of a technical formation. The question for traders currency futures trading tonight is simple; do we see a pullback, or do we see futures traders continue to try and push the currency futures up. Let take a closer look at 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 futures traders were finally able to push the British Pound (6BZ1) above the 4-week moving average (red – 1.5558), which has been a significant area of technical resistance for the last few months. Also notice the isolated pivot bar, which I consider technically bullish. A few Long-term Indicators have also turned bullish, which may mean the British Pound has turned a corner.

BP daily chart for CFT on Monday October 10, 2011

The daily chart of the December 2011 British Pound Futures contract (see chart above) shows a huge three-day rally, but notice that today’s rally only added 40 ticks to the overall 500 tick bounce . Also notice that the British Pound looks poised to test a significant area of technical resistance (between 1.5706 & 1.5718). A failure to push through this area and we might see the market test the 5-day moving average (red – 1.5492).

The weekly chart of the Canadian Dollar Futures (see chart below) shows that futures traders were able to pierce the 4-week moving average (red – .9641) and might be in position for a good longer-term run. Long-term Indicators are still bearish, but are turning.

CD daily chart on Monday October 10, 2011

The daily chart of the December 2011 Canadian Dollar Futures contract (see chart above) shows an explosive move up. We not only have the market pushing above longer-term technical resistance areas, but we also see that longer-term Indicators are signaling a change from bearish to bullish. The 4-week moving average (red – .9641) will be considered a pivotal area of technical support as will the 5-day moving average (.9579). A potential upside target in the Canadian Dollar could be the area around .9834.

The weekly chart of the Euro Currency Futures (see chart below) shows a huge run up as futures traders get long the Euro Currency Futures. The question now is can the bulls hold onto the momentum, or was today’s rally a result of light volume today? Long-term Indicators are still bearish, but some Indicators are showing signs of turning.

EC daily chart on Monday October 10, 2011

The daily chart of the December 2011 Euro Currency Futures contract (see chart above) shows the strength of today’s rally. Also notice futures traders utilized the area around the 5-day moving average (red 1.3408) as a launching pad to the upside today. The question now is simple; can the bulls push through the area around 1.3684, or is this where the bears are going to make a stand?

The weekly chart of the Japanese Yen Futures (see chart below) unfortunately shows more of the same. The Japanese Yen has again pierced the top of a bull-flag formation (outlined in blue), but has yet to have any major follow through. The 13-week moving average (blue – 1.2979) continues to act as a pivotal are of technical support.

JY daily chart on Monday October 10, 2011

The daily chart of the December 2011 Japanese Yen Futures contract (see chart above) shows that futures traders were able to once push the market above a bull-flag technical formation (outlined in blue), but ran at a gas at some point today. Will this failure of the bulls to make a real push be an opportunity for bears to get aggressive?

A final thought about currency futures trading tonight. Are these big moves up a real sentimental change in the currency futures market, or was today’s rallies the result of light volume? These moves up might actually be the beginning of bull runs that take us into the end of the year, though futures traders will need to see technical confirmations (such as a low holding on retest). Remember, just because a market has maybe changed long-term direction, does not mean that you still can’t trade both side of the market. 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.

Yes, I would like up for free daily Currency Futures Trading Reports.

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: currency futures, Currency Futures Trading, Futures Traders, Futures Trading, Technical Analysis

What a week for futures traders who were currency futures trading this week. Futures traders witnessed some huge moves, to include aggressive sell-offs only to be followed by stop and go reversals. This week was like riding a roller coaster, where the coaster does nothing but go up and down and down and up over and over. The question for currency traders coming into the last day of the week is simple, can the bulls keep their new found momentum, or will currency traders look to start taking profits creating an opportunity for bears to take advantage? Let’s take a closer look at the currency futures market and see what we can deduce when applying technical analysis.

The daily chart of the December 2011 British Pound Futures contract (see chart below) shows a massive spike bar to the downside, but notice that by the close currency traders had pushed the market back to the top one-third of the daily bar. I call this an isolated pivot bar, which sometimes are identified around pivot points or pauses in trends. This isolated pivot, coupled with the Stochastic Divergence and piercing of the 5-day moving average (1.5426), leans me to speculate in a strong finish tomorrow. Though a failure to hold the market above the 5-day moving average tonight and we could see this as a technical weakness and an opportunity for the bears.

The daily chart of the December 2011 Canadian Dollar Futures contract (see chart above) clearly illustrates that the bulls were able to push the market back above the 5-day moving average (red – .9536), which has been a stubborn area of technical resistance since the sell-off began back in August 2011. Currently the weekly chart of the Canadian Dollar Futures (see chart below) shows that currency traders have plenty of room to the upside before running into technical resistance (4-week moving average .9757). So can the bulls make a strong push, while holding above the 5-day moving average tonight and tomorrow?

The weekly chart of the Euro Currency Futures (see chart below) shows that the potential isolated pivot bar is one day away from becoming a reality. Based on the current high low range of the weekly bar; futures traders could see the market fall a over 50 ticks tomorrow and the isolated pivot bar would still be intact. An isolated pivot bar in my opinion could be considered technically strong.

The daily chart of the December 2011 Euro Currency Futures contract (see chart above) shows the Euro Currency trading within another bear-flag-technical formation (outlined in red). If currency traders can push the Euro Currency through the top of the bear-flag technical formation, currency traders might see an explosive move to the upside. The 5-day moving average (red – 1.3324) will be a pivotal area of technical support tonight. A break back below this average and it’s feasible currency traders watch the market tumble.

The daily chart of the December 2011 Japanese Yen Futures contract (see chart below) shows that currency traders continue to test the top of a bull-flag technical formation (outlined in blue), but have yet to bust through the top it. Also notice that the 5-day moving average (red – 1.3049) is holding as a technical support area. This average will be a good gauge of technical momentum tonight. If currency traders can hold the area around the 5-day moving average tonight, currency traders might be able to finally bust through the top of the bull-flag technical formation. A failure to get above this area, and it’s possible that currency traders sell the markets aggressively.

A final thought about currency futures trading. Currency Futures are the most aggressive markets in the world and for some trading futures that’s a good thing, while for others not so good. In my opinion, currency future’s trading is about 90% preparation, planning and monitoring of the currency futures markets, while 10% is actual trading. So a general rule is if a currency trading is doing very little preparation, planning and monitoring; that might be an ingredient for failure. 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.

 Yes, I would like up for free daily Currency Futures Trading Reports.

 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, Euro Currency futures, Futures Traders, Futures Trading, Japanese Yen futures, Technical Analysis

Once again the currency futures market explodes with action Sunday evening. For futures traders currency futures trading the volatility is expected. Some currency futures markets have broken through significant areas of technical support, while other markets continue to test and tease traders at an all time high. The question for currency traders tonight is simple. Will the sell-offs in the British Pound, Canadian Dollar and Euro Currency continue? And will futures traders finally push the Japanese Yen above the all time high (1.3173) this week? Let’s take a closer look at 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) clearly shows that the British Pound has picked up steam to the downside and even pierced the cycle low of 1.5335. The question for currency traders trading the British Pound is how far does this market drop?

The daily chart of the December 2011 British Pound futures contract (see chart above) shows that the bulls are close to testing the 5-day moving average (red – 1.5495), which has acted as a technical resistance area since this sell-off began last month. If futures traders can push above this average, we might see a quick and steep rally. Notice the potential Divergence within the Stochastic Indicator.

The weekly chart of the Canadian Dollar futures (see chart below) looks rather scary if you are long or thinking about getting long. Notice that there is almost 300 ticks to the next cycle low (light red rectangle). If the Canadian Dollar can find support the 4-week moving average (red – .9880) might be a potential upside target.

The daily chart of the Canadian Dollar futures contract (see chart above) shows the market in a steep decline. A close today back at the top one third of the bar (isolated pivot bar) and I would consider that technically bullish, at least over the short term. If you are a futures trader wanting to jump in on the downside train, you might want to see how the market trades near the 5-day moving average.

The weekly chart of the Euro Currency futures (see chart below) shows that the 4-week moving average (red – 1.3577) was again the area to short from. Also notice that futures traders were finally able to break below the bull-flag technical formation (outlined in blue). The question now is was this move technically significant, or just a way to take out weak longs?

The daily chart of the December 2011 Euro Currency futures contract (see chart above) shows that futures traders pierced the significant low of 1.3880, but were unable to keep the market below that area. You should also notice that there is possible Divergence and a close back toward the top of today’s bar and you might see this market pop hard.

The weekly chart of the Japanese Yen futures (see chart below) shows that futures traders are once again pushing the market higher from the 4-week moving average (red – 1.3024). This move back towards the all time high (1.3173) comes weeks after the Japanese Yen held above the 13-week moving average (blue – 1.2910).

The daily chart of the December 2011 Japanese Yen futures contract (see chart above) shows the Japanese Yen trading within a bear-flag technical formation (outlined in red). If futures traders can bust through 1.3180, then how far the Japanese Yen climbs is any ones guess. If futures traders are able to push the market back below the 5-day moving average (red – 1.3086), then we might see some technical selling.

A final thought about currency futures trading. Once again, in my opinion these are the most aggressive markets the world has come to know, so don’t get complacent. Study your charts, create trading ideas based on sound technical possibilities and execute. If you don’t have the time don’t hesitate to sign up for my free daily, strategic and timely analysis. Sign up today and get your first report tonight.

Yes, I would like up for free daily Currency Futures Trading Reports.

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, Euro Currency futures, Futures Traders, Futures Trading, Japanese Yen futures, Technical Analysis

The currency futures market is off and running. Futures traders who might of thought that they could maybe ease back into the currency futures market after a long weekend have another thing coming. We have several currency markets falling pretty hard and more importantly testing pivotal technical areas. The question tonight for futures traders currency futures trading is simple, are the moves we seeing tonight technically significant or are the swings the result of light volume on Sunday and Monday? Let’s take a closer look at 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 British Pound is testing the 52-week moving average (green – 1.6070), which might be the only technical buffer between the significant technical low at 1.5768. A break below this average and it’s possible that sellers are enticed to jump in.

The daily chart of the September 2011 British Pound futures contract (see chart above) clearly illustrates the sell-off that began a few weeks back. Notice that the current push to the downside has changed the technical structure of this chart. No longer do we see higher short-term highs and lows. Will the bulls defend the area around the 52-week moving average (green – 1.6070), or are we seeing the beginning of a new leg down?

The weekly chart of the Canadian Dollar futures (see chart below) shows that futures traders who are short the Canadian Dollar have pushed the market below the 52-week moving average (green – 1.0121). Technically speaking the last time the market traded at and around the 52-week moving average was the last cycle low before the Canadian Dollar made its push to the double top high (illustrated in red). Will futures traders see a replay or the complete opposite?

The daily chart of the September 2011 Canadian Dollar futures contract (see chart above) shows that bears are in total control right now as the Canadian Dollar trades within a significant area of technical support (green rectangle). A break below this are (green rectangle) and we might see this market tumble. The question tonight is can the bulls push the market back above the 52-week moving average?

The weekly chart of the Euro Currency futures (see chart below) shows that the bears are continuing to push this market lower. Looking at this chart the next area of technical support appears to be the 52-week moving average (green – 1.3936), followed by the pivotal low of 1.3811.

The daily chart of the September 2011 Euro Currency futures contract (see chart above) shows a market that looks more like a roller coaster. Futures traders will notice that there are two levels of potential technical support. The first being the last cycle low of 1.4041, followed by the 52-week moving average (green – 1.3936). The simple question here is can the bears keep the momentum, or are we looking at bull trap?

The weekly chart of the Japanese Yen futures (see chart below) shows that the Japanese Yen has opened and held below the 4-week moving average (red – 1.3042), which could be considered technically weak. This area could be utilized as a launching pad to the short side for those brave enough to short this locomotive.

The daily chart of the September 2011 Japanese Yen futures contract (see chart above) shows that futures traders are engaged in a battle just above the 25-day moving average (blue – 1.2992). If the bulls can hold this area they may make another push upwards. A break below this average and we might see the bears get bold at least over the short-term.

A final thought about currency futures trading. Once again the currency futures markets are whipping around as futures traders try and determine direction and measure risk. Remember trading these markets not only encompasses good analysis techniques, but it requires nerves of steal. Stay focused, be prepared and if things get scary step out to trade another day. Good luck and good trading.  

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, Euro Currency futures, Futures Traders, Futures Trading, Japanese Yen futures, Technical Analysis

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

The Euro USD spiked up last night taking out yesterday’s high of 1.3549, but Commodity Traders defended last week’s high (1.3570) as well as the 25-day moving average (1.3577). You can see by looking at the 60-minute chart of the June 2010 Euro Futures contract (see chart below) that the market made a swift stop and go reversal from last night’s high (1.3562). The question for commodity traders today, specifically those who are day trading the Euro Forex is will the area in the vicinity of the 5-day moving average (1.3462) hold as support, or will commodity traders look to test this area one more time?

You will also notice on the 60-minute chart of the Euro USD (above) that the market is currently trading within a bull flag technical formation (outlined in blue), which might be a good gauge of short-term technical strength. To get my detailed strategic daily analysis in the Euro USD Futures, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Euro Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

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.

Technorati Tags: Commodity Traders, currency futures, Euro Currency futures, Euro Forex, Euro Futures, Euro USD, Futures Traders

The Euro USD is up 32 ticks in the early hours of Thursday evening and the Euro USD bulls look poised to retest the high of 1.3549. The question for currency traders tonight is will we see the bulls look to push the Euro Forex up through last week’s high (1.3570), which is also in very close proximity to the 25-day moving average (1.3574)? You can see by looking at the 60-minute chart of the June 2010 Euro Futures contract (see chart below) that above 1.3574 there isn’t much in the way of technical resistance, but back below today’s mid-morning low (1.3507) and the concentrated volume today gets a little thin. But we still have concentrated volume until 1.3494, which in my opinion makes this area a potential night market target.

Below 1.3494, I identify 1.3462, which is the top of the concentrated volume area (top of gray rectangle between 1.3323 & 1.3462) and the 5-day moving average as a pivotal area of technical support. To get my detailed strategic daily analysis in the EURO USD Futures, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Euro Currency Futures Market.

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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.

Technorati Tags: currency futures, Euro Currency futures, Euro Forex, Euro Futures, Euro USD, Futures Traders