Currency Futures Trading

Commodity traders are back after their hour respite and the battle resumes. Commodity traders day trading futures, specifically currency futures today battled hard and in the Euro Currency and Japanese Yen the bears won the day, while in the British Pound the bulls seem to have prevailed and in the Canadian Dollar the bulls were in charge early, but look to take some profits off the table as the session wound down. The question of commodity traders night trading currency futures is where are the key areas of technical support and technical resistance?

The daily chart of the June 2010 British Pound Futures contract (see chart below) shows the bulls testing the top of a bull flag formation (outlined in blue), which is within a larger bear flag formation (outlined in green). Commodity traders should also take note that the bulls are currently holding the British Pound (6B) above the 5-day moving average (red – 1.5373), which might be the launching pad for bulls tonight. The upside target that I can identify is the high of last week (1.5480), which is just below the 75-day moving average (green – 1.5502). A failure to get above today’s session high (1.5437) might be seen as weakness, and the bears could try and sieze the opportunity to counter.

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) shows that the bulls were able to push the market to a new weekly high (1.0069), but remember between .9998 and 1.0298 is a stiff area of technical resistance. It might take the bulls several attempts to run through this area and if it does watch out. The close today was back at the bottom one-third of the bar, which over the short-term could be considered technically bearish. The 5-day moving average (red – .9951) on this chart will be considered a pivotal area of technical support.

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows the bears continued to apply technical pressure and were able to install a new weekly low (1.3359). The question for commodity traders night trading the Euro Currency Futures (6E) is will the bears try and make another downward push, crushing any short-term longs fading this sell-off that began near last week’s high of 1.3694? Or can the bulls make a stand somewhere and try recover some loss ground?

The daily chart of the June 2010 Japanese Yen Futures contract (see chart above) shows that bears and bulls are battling at the bottom of the bear flag technical formation (outlined in red). The winner of this battle might determine direction for the next few days, but the question for commodity traders tonight is where can a commodity trader look to short or get long tonight? Are there other areas of technical resistance or technical support that might be seen when utilizing currency technical analysis in other time frames? For complete detailed technical analysis for currency futures trading, join me daily in our live trading room. A trading room created by professional traders for traders.

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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 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 trading futures is right for you in light of your financial condition.

Technorati Tags: 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, day trading futures, Euro Currency futures, Japanese Yen Futures B6, Technical Analysis

Commodity traders day trading futures, specifically the currency futures market now get an hour respite before commodity traders can get back to currency futures trading. Commodity traders witnessed some big moves in the currency futures market today, and the question is do we see some follow through in the currency markets like the Canadian Dollar and Japanese Yen Futures? Let’s take a closer look at the currency futures market.

The daily chart of the June 2010 British Pound Futures contract (see chart below) shows that the bulls were able to push the market through yesterday’s high (1.5831), but were then confronted with stiff technical resistance in the vicinity of the 5-day moving average (red – 1.5401). The question for commodity traders tonight is will the bulls try and make another push to the upside tonight, or are the bears in position to strike? In my technical opinion the area around the 5-day moving average might be the area to watch tonight.

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) shows an amazing move to the upside. The Canadian Dollar (6C) actually resembles the space shuttle taking off from Cape Canaveral. The question for commodity traders trading the Canadian Dollar tonight is will we see the bulls try and push through an area of significant technical resistance (between .9998 & 1.0298), which might start if the bulls can get through last week’s high (1.0047). The 5-day moving average (.9948) might be the area where the bulls will look to regroup.

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows that the bears were in control from open to close. The question for commodity traders tonight is will see the bears continue to keep the bulls on the defensive, or will the bulls look to defend the lows around 1.3417? The 24-bar moving average (1.3470) might be a good gauge of technical strength tonight.

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) shows that the Japanese Yen (6E) continued to slide after running into stiff technical resistance near the 4-week moving average (1.0956). The question for commodity traders tonight is will the bulls be willing to defend the bottom of the bear flag technical formation (outlined in red), or are the bear gaining technical steam to the downside? If you would like live daily or nightly technical recaps of the currency futures market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

For complete detailed technical analysis in the currency futures market, join me daily in our live trading room. A trading room created by professional traders for traders.

For more information on our Live Trading Room….

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the forex 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 trading futures is right for you in light of your financial condition.

Technorati Tags: 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen Futures B6, Technical Analysis

Commodity traders day trading futures, specifically currency futures are pretty active this morning. Commodity traders speculating in the Canadian Dollar Futures (6C) for example have just watched this market explode through areas of technical resistance like a tank on a mission (see chart below).The question for commodity traders now is will the bulls make a play for last week’s high (1.0047), or will we see the bulls regroup before launching another bid up?

Commodity traders day trading the Euro Futures (see chart below) are battling near the early session low (1.3451). The question for commodity traders now is who will win the day as commodity traders battle for control? Will the the bulls be able to hold the line and counter, or is this piercing of the bottom of the bear flag technical formation a prelude of what’s to come in the Euro Currency Futures (6E)?

And what about the Japanese Yen (6J)? Commodity traders day trading the Japanese Yen Futures(see chart below) are currently battling at the 4-week moving average (1.0742), but remember last night I wrote that a break below the area I identified as a pivotal area of technical support would be considered technically bearish. Therefore, this pause might just be that, a pause in a prevailing downward trend.

Commodity traders on the long side of the British Pound (6B) are currently holding the British Pound Futures (see chart below) above the 24-bar moving average (currently 1.5331), but realize that the bulls ran into stiff technical resistance in the vicinity of the 5-day moving average (1.5401). The question for commodity traders day trading the British Pound Futures, specially trading from the long side is can the bulls muster enough technical momentum to make another play at today’s session high (1.5431), or will a break below the 24-bar moving average be a good gauge of technical weakness?  If you would like live daily or nightly technical recaps of the currency futures market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

For complete detailed currency futures technical analysis, join me daily in our live trading room. A trading room created by professional traders for traders.

For more information on our Live Trading Room….

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the forex 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 trading futures is right for you in light of your financial condition.

Technorati Tags: 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen Futures B6, Technical Analysis

Currency traders were once again very active in the currency futures market. Currency traders day trading futures, specifically the currency futures saw some stop and go reversals today. Currency traders were able to find technical support in the British Pound, Canadian Dollar and Euro Currency and counter the early downside momentum. The Japanese Yen on the other hand fell after running into stiff technical resistance in the vicinity of the 13-week moving average (1.0964). What can currency traders anticipate while currency futures trading tonight?

The daily chart of the June 2010 British Pound Futures contract (see chart below) clearly shows that the bulls not only defended the British Pound (6B) in the vicinity of the 25-day moving average (blue – 1.5204), but countered. The question for currency traders tonight is will the bulls be able to hold to their technical momentum, or will the bears look to hold defend the line in the vicinity of the 5-day moving average (red – 1.5399)?

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) shows that the bears were in complete control early, but by the close of Globex the bulls had pushed the Canadian Dollar (6C) all the way back up to where currency traders started the day. The question for currency traders trading the Canadian Dollar tonight is will the bulls look to push harder, or will the area between the 25 (blue – .9886) and 5-day (red – .9915) moving averages be an area the bears look to defend?

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows the Euro Currency (6E) trading within a bear flag technical formation (outlined in green). Currency trader should take note that the 5-day moving average (red – 1.3542), 25-day moving average (blue – 1.3496) as well as the price of the Euro Currency are converging, which sometimes is like the quite before the storm. It’s plausible that we see the Euro Currency consolidate before deciding direction.

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) shows that the Japanese Yen (6J) pulled back after rallying to a session high of 1.0923. Today’s high (1.0923) was just below the 13-week moving average (1.0964), which might turn out to the high of this rally cycle. In my technical opinion the area between the 25-day moving average (blue – 1.0818) and the 5-day moving average (red – 1.0798) will be pivotal areas of technical support. If you would like live daily or nightly technical recaps of the currency futures market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like to join me in our trading room during trading hours simply sign up to have access to the Trading War Room. 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 trading futures 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: 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, currency futures, Currency Futures Trading, currency traders, Euro Currency futures, Japanese Yen Futures B6, Technical Analysis