Currency Futures Trading

Once again currency traders were very active today as they continued to battle for position. Currency traders who are day trading futures, specifically currency futures have been confronted with large short-term volatility of late and in our opinion makes even the most experienced currency trader tighten up a little. When applying technical analysis in the currency futures market what can we discern from today’s price action? Before we answer that question let us take a closer look at the currency futures market.Remember, we are moving into a holiday weekend, which means moves might be even a little more exaggerated because of the potential thinning of currency traders. So if you are currency futures trading be vigilant and flexible s things can change very quickly.

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) shows that even though the bears were able to break below a bear flag technical formation (outlined in red) early this week, the bulls have countered and are very close to pushing the British Pound back above the 5-day moving average (red – 1.4416). This average has been a pretty stiff area of technical resistance and might be a good area to pay attention to tonight.

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the bulls were able to push the Canadian Dollar above the 5-day moving average (red – .9380) early, but by the close the bears were back in control. The area around the 5-day moving average might turn out to be a good gauge of technical momentum and if the bulls can push the Canadian Dollar back above this average we might see buyers technically enticed. A break below today’s low (.9305) and all bets to the long side are off the table at least for the night market session.

The daily chart of the June 2010 Euro Currency Futures (6E) contract (see chart below) clearly illustrates the once the bears were able to push the Euro Currency back below the 5-day moving average (red- 1.2328) it has been downhill rather quickly. The Euro Currency is currently trading within an area I consider shallow in volume, which means things can get really nasty if bears want to make a point. I would like to see the market trade back above 1.2162 for a while before even considering a long.

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bulls are testing the 5-day moving average (red – 1,1136), which I interpret as a sign of potential technical strength. If the bulls can push above this average than we might see another push at the last cycle high (1.1246).  Are there other areas of technical support and technical resistance that might be seen when utilizing technical analysis in other time frames? 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….

If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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: 6B, 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, live trading room, Technical Analysis

Another incredible week in the currency futures market. It’s never dull when currency futures trading, but it can be painful if currency traders are caught on the wrong side of some these huge moves we saw this last week. Remember, currency futures trading isn’t for the meek or garden-variety-investor, but is for those wanting to step into the fast pace world of currency futures. Let’s now take a look at the currency futures market by looking at a longer-term perspective.

The weekly chart of the British Pound Futures (6B) (see chart below) shows that the market continued to slide after breaking below a bear flag technical formation (outlined in red), but did close back at the top one third of the weekly bar. This close could be interpreted as technically bullish or at the very least a showing of technical strength. The 4-week moving average (1.4765 on Friday) will be an area to watch and might even be a good gauge of technical momentum this week.

The weekly chart of the Canadian Dollar Futures (6C) (see chart below) shows the bears probing the 52-week moving average (green – .9395), which is also the top of a pretty significant area of technical support (gray rectangle between .8987 & .9370). It’s possible that we see the Canadian Dollar trader between this area of technical support and the area of technical resistance between .9998 and 1.0298. The winner will go the spoil of longer-term direction.

The weekly chart of the Euro Currency Futures (6E) (see chart below) shows an incredible move off last week’s low (1.2140) with the next potential upside target the 4-week moving average (red – 1.2750 on last Friday). If the bulls area able to push the Euro Currency above this area, the next upside target could potentially be the 38.2% Fibonacci retracement number (1.3287).

The weekly chart of the Japanese Yen Futures (6J) (see chart above) shows an explosive move to the upside from an area I identified as a coil area. Currency traders should note the next upside technical target appears to the top of a bull flag technical formation (outlined in blue). A break through this formation and we might see a play at the high of 1.1790. Are there other areas of technical support and technical resistance that might be seen when utilizing technical analysis in other time frames? 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….

If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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

Once again the currency futures market exploded with activity today. Currency traders who are brave enough to trade the current volatility are either being rewarded or punished. Currency traders watched markets take off like rockets from launching pads, which is great if you were on the right side, but if you trading with the trend and with no stops than things may have gotten ugly quickly. For example, the Euro Currency jumped nearly 200 ticks within one hour, while within a five minute period the market jumped 84 ticks. This kind of short-term volatility is especially difficult for inexperienced traders and or traders with limited capital. Remember, currency futures trading isn’t for the faint of heart and today clearly illustrates that point. So where do currencies go from here?

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) shows that the bulls again were turned away in the vicinity of the 5-day moving average (red – 1.4429), which continues to be a stubborn area of technical resistance. You will also notice that 3 of the last 4 lows are within 23 ticks of one another. What does that mean technically speaking? A break below this area and we might see a potential new leg to the downside. If the bulls can hold this line and push the British Pound back above the 5-day moving average, we might see technical buying and notice above the 5-day moving average the British Pound has clear sailing until the last cycle high of 1.5054. 

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows a market that didn’t just fall out of bed, but more like a plane flying at 30,000 feet. At this point the market is holding above an isolated low (.9293), which is the only buffer between the more significant low of .9235. The question for currency traders tonight is can the bulls hold the Canadian Dollar above these two lows and play for a short-term bounce, or will the bears seize the moment and bust through the low of .9235?

The daily chart of the June 2010 Euro Currency Futures (6E) contract (see chart below) shows an incredible move to the upside. Yesterday we saw the bulls pierce the 5-day moving average (1.2383 yesterday) to the upside and today we saw the bulls battle around the average before taking control and launching the Euro Currency into shallow orbit. The question for currency traders now is, is this up move the beginning of a new short-term rally, or is it just a short-term short squeeze?

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows an incredible move to the upside. Notice that the bulls held above the 75-day moving average (green – 1.0907), which I considered a potential good gauge of technical momentum yesterday. The question now is will we see a short-term pull back before the bulls make another push upward?  Remember, when trading currency futures things can change very, very quickly; therefore get up to the minute analysis join me in my live trading room, where I will break down the currency futures market in unbelievable detail.

For more information on our Live Trading Room….

If you have time for our live trading room, but would like still like an opportunity to get detailed analysis of the currency futures market, then simply sign up by clicking the link for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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

Currency traders were very active today as some currency futures markets made some rather large moves today, particularly in the British Pound, Euro Currency and Japanese Yen Futures. As currency traders began to take positions this morning, at approximately 5:05AM Pacific Time the Euro Currency exploded almost 100 ticks in five minutes. This large move was a prelude to today’s currency action and for currency traders currency futures trading it was another day where short-term volatility was extreme and difficult to trade, that is if you like tight stops.

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) shows that the bulls were able to push the market back up to the 5-day moving average (red – 1.4440) after piercing this week’s early low. The question now is can currency traders carry their technical upside momentum above the 5-day moving average, which has been a pivotal area of technical resistance?

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the bears were able to push the market down from the vicinity of the 5-day moving average (red – .9625), but the bulls were able to counter and close the session back at the top one third of the bar. I consider today’s close in the Canadian Dollar as an indication of technical strength, but the real test comes in the vicinity of today’s high (.9627) and the 5-day moving average. Who will come out the victor?

The daily chart of the June 2010 Euro Currency Futures (E6) contract (see chart below) shows a huge move from today’s low (1.2140). You will notice that the bulls not only pushed the Euro Currency back to the 5-day moving average (red – 1.2383), but were able to push the Euro above this area. The Euro Currency might be poised for some short covering and technical buying, but I would like to see the 5-day moving average (1.2353) hold as a technical support area. A break back below this average and we could see a steep pull back before we see another push up.

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bulls blew right through the 75-day moving average (green – 1.0905), which I considered a pivotal area of technical resistance. In my technical opinion, this area now becomes a pivotal area to watch and good gauge of technical momentum. Remember, when trading currency futures things can change very, very quickly; therefore get up to the minute analysis join me in my live trading room, where I will break down the currency futures market in unbelievable detail.

For more information on our Live Trading Room….

If you have time for our live trading room, but would like still like an opportunity to get detailed analysis of the currency futures market, then simply sign up by clicking the link for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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

Another amazing day in the currency futures market. I have to say for inexperienced commodity traders the current technical terrain and volatility is difficult for experienced commodity traders, so don’t be discouraged if you feel a little out gunned right now. If you are day trading futures, specifically currency futures just remember that things can change quickly and this is good time to reiterate that currency futures trading is very tuff no matter what others may say. This is a very easy time for a commodity trader to find him or her self in trouble quickly and I’m speaking from experience. So, bottom line don’t feel bad if you are not making money right now, just keep the losses tight and don’t think you have to be in the currency futures market just because these markets are moving they way they are.

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) shows that the bulls failed to get above 5-day moving average (red – 1.4456), which in my opinion was a sign of technical weakness. Once bulls were repelled we saw hungry bears come into the market feasting on short-term longs. The only technical good news for longs is that the bears have not yet taken out the low of Monday (1.4250), but we might see the bears make a play at that area tonight, so don’t get to excited.

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the Canadian Dollar was able to pierce the 5-day moving average (red – .9680) today, but came running back through the average like a tiger after a meal. Once again, the bulls are on the defensive and the 75-day moving average (green – .9746) were where they were repelled, so in my opinion bulls will have to push above this area to really change the technical structure of this market.

The daily chart of the June 2010 Euro Currency Futures (6E) contract (see chart below) appears to be a submarine submerged. You will notice that the bulls were able to push above yesterday’s high (1.2417), but were repelled in the vicinity of the 5-day moving average (red – 1.2422). The question now is where is the next downside target, or where might we see some short-term technical support that holds?

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bulls pierced both yesterday’s low (1.0759) and 5-day moving average (red – 1.0795) today, but than rallied back through these areas later in the day. The question is can the bulls hold the line here, or are the bears going to try to go after the lows of today tonight? Remember, when trading currency futures things can change very, very quickly; therefore get up to the minute analysis join me in my live trading room, where I will break down the currency futures market in unbelievable detail.

For more information on our Live Trading Room….

If you have time for our live trading room, but would like still like an opportunity to get detailed analysis of the currency futures market, then simply sign up by clicking the link for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, Commodity Traders, currency futures, Currency Futures Trading, Euro Currency futures, Japanese Yen futures, live trading room, Technical Analysis

Extreme volatility continues in the currency futures market. Commodity traders trading in currency futures were confronted with early momentum to the downside, only to see a stop and go reversals in the British Pound, Canadian Dollar and Euro Currency. While the Japanese Yen pulled back to a pivotal area of technical support. The question for commodity traders currency futures trading tonight is can the bulls continue to make an upward push, and hold the line in the Japanese Yen, or are the bears going to come back with a vengeance tonight?

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) clearly illustrates that the bears were in control early, but lost control by the close. Today’s close in my technical opinion is considered technically strong, but can the bulls make a push pass the 5-day moving average (red – 1.4586), which has been a stubborn area of technical resistance?

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the bears were able to drive down the Canadian Dollar early, but were repelled by the bulls mid-morning. If the bulls are in control I would speculate that they (bulls) would be able to push the Canadian Dollar back above the 5-day moving average (red – .9731). A failure to do so might entice sellers to sell the perceived weakness.

The daily chart of the June 2010 Euro Currency Futures (6E) contract (see chart below) shows the Euro Currency trading in the technical abyss before the bulls decided to come into the market and start buying the Euro. Notice that the close today was back at the top one third of the daily bar, which I interpret as a sign of technical strength. The real test comes at today’s high (1.2417) followed by the 5-day moving average (red – 1.2461). A run through these area and it may trigger some technical buying and short covering., but we will see.

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bears countered in the vicinity of the 75-day moving average (green  - 1.0910) and pushed the Japanese Yen all the way back to the 5-day moving average (red – 1.0788). Can the bulls hold the line here, or are the bears looking to make an aggressive move to the downside? When trading currency futures things can change very, very quickly; therefore to get up to the minute analysis join me in my live trading room, where I will break down the currency futures market in unbelievable detail.

For more information on our Live Trading Room….

If you have time for our live trading room, but would like still like an opportunity to get detailed analysis of the currency futures market, then simply sign up by clicking the link for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, Commodity Traders, currency futures, Currency Futures Trading, Euro Currency futures, Japanese Yen futures, live trading room, Technical Analysis

Currency futures trading is always full of twists and turns. Commodity traders started the week pushing currency futures higher, particularly in the British Pound, Canadian Dollar and Euro Currency only to see these markets fall like a rock by week’s end. While the Japanese opened Sunday sliding back, by Friday the bulls seemed to be back in control. As a technical strategist this market has been very difficult because it seems as though fundamentals are driving markets, thus the large and wicked moves seem to be how large traders are adjusting to assumed risk. So, how can small traders navigate this kind of technical terrain? Let’s first take a closer look at the currency futures market.

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) shows that the bears were in complete control by Wednesday, but were unable to break below the significant technical low of 1.4476. Might this failure to break below this low actually turn out to be a technical set-up? I pose this strategic question, how many traders right now are thinking by Sunday and Monday the low of 1.4476 falls to the bears? So maybe the real play is to look for a short-term bounce back up?

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that after the bulls were repelled in the vicinity of the 25-day moving average (blue – .9861) the bears have seized control. The next area of real technical support I can identify is on the weekly chart, which is in the vicinity of the 52-week moving average (.9386). There might be small areas of technical support, but right now in my technical opinion the Canadian Dollar has entered the technical abyss and as I said earlier this week that the high around the 25-day moving average (.9861) might actually turn out to be a cycle high.

The daily chart of the June 2010 Euro Currency Futures (6E) contract (see chart below) shows a complete failure by the bulls to defend a significant area of technical support. The question now is will we the bears go after the next technical downside target (1.2326), which can be seen on a weekly chart? Once again, be cautious when things look to obvious that is the time to most cautious. Remember when we think that the sky is falling, it’s at that very moment the world is saved.

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that after a pull-back early in the week the bulls were able to regain control and close the Japanese Yen above a pivotal  area of technical resistance. The question now is can the bulls make another push upward, or will the bears defend the area around the 75-day moving average (green – 1.0917)? When trading currency futures things can change very, very quickly; therefore to get up to the minute analysis join me in my live trading room, where I will break down the currency futures market in unbelievable detail.

 For more information on our Live Trading Room….

If you have time for our live trading room, but would like still like an opportunity to get detailed analysis of the currency futures market, then simply sign up by clicking the link for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, Commodity Traders, currency futures, Currency Futures Trading, Euro Currency futures, Japanese Yen futures, live trading room, Technical Analysis

Once again commodity traders day trading futures, specifically currency futures were again either trying to fight the sell-offs in the British Pound, Euro Currency and late sell-off in the Canadian Dollar, or sliding down the slide with the rest of the bears. The Japanese Yen held above a key technical support area and now the question for commodity traders currency futures trading is how to interpret today’s currency price action? Are we apt to see a bounce somewhere, or just more of the same?

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) shows that the bears slammed this market hard and we’ve even opened the new session taking out yesterday’s session low (1.4594). The next technical downside target is the low of 1.4476, which if the bears are able to break below then we have entered the technical abyss. The 5-day moving average (1.4769) is still a potential upside retracement target, but the average may come down to the price rather the price pop back to the average.

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the bulls were repelled in the vicinity of the 25-day moving average (.9865) today. This morning I wrote that today’s close might be a good gauge of technical momentum. Well, the close at the bottom one-third of the daily bar, coupled with the early night market break below the 5-day moving average (.9793) and I interpret this action as technically weak, but remember a push back above the 5-day moving average and today’s sell-off could actually turn out to be a technical dip.

The daily chart of the June 2010 Euro Currency Futures (6E) contract shows the bears testing the significant technical low (1.2525), which has since given way since I began writing tonight’s recap. You will have to look at the weekly chart to see the next level of technical support, which is the lows around 1.2456. Once again tuff to want to step in front of this train, but for traders willing to take shots to the upside, the potential bounce might be a nice ride.

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bulls were in complete control today. You will also notice that the bulls were able to close the session above both the 25 (1.0735) and 5 (1.0768) day moving averages. Can the bulls keep the momentum? Are there other areas of technical support and technical resistance that might be seen when utilizing technical analysis in other time frames? 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….

If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, Commodity Traders, currency futures, Currency Futures Trading, day trading futures, Euro Currency futures, Japanese Yen futures, live trading room, Technical Analysis

Commodity traders area again battling near pivotal areas of technical support and resistance in the currency futures market. The bears seem to be in technical control in the British Pound and Euro Currency, while the bulls are holding on in the Canadian Dollar and pushing in the Japanese Yen. The question for commodity traders day trading futures, specifically currency futures is where are the key levels of technical support and resistance that are important for currency futures trading?

The daily chart of the June 2010 British Pound Futures contract (6B) shows that the bears are in complete control, but after the resignation of England’s Prime Minister the sell-off can’t be that suprising. The question for commodity traders today is will the bears look to continue to sell the market, or will the bulls look for technical support and try and counter today’s sell-off?

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the bulls pushed the market up hard early only to run into stiff technical resistance in the vicinity of the 25-day moving average (blue – .9874). The question now is today’s high (.9891) the high of this current cycle? The close will be something I pay close attention for daily momentum.

The daily chart of the June 2010 Euro Currency Futures (6E) contract (see chart below) shows that the bears continue to push, but bulls are defending in little pockets of intraday technical support. The 5-day moving average (red – 1.2682) might be a potential upside target if we can find enough technical support to launch a counter from.

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bears made a move to the downside, but were quickly overrun by the bulls. You can see that the bulls pushed hard from the low (1.0681) and are currently probing the area around the 5-day moving average (red – 1.0792). Are there other areas of technical support and technical resistance that might be seen when utilizing technical analysis in other time frames? 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….

If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, Commodity Traders, currency futures, Currency Futures Trading, day trading futures, Euro Currency futures, Japanese Yen futures, live trading room, Technical Analysis

Commodity traders who are day trading futures have seen some huge move in the last several days. So today’s rather quite currency futures market compared to the last several days might be a good opportunity to clear the mind and reassess the big picture. Commodity traders who are currency futures trading not only have to be agile, but also have to have nerves of steel. What levels of technical support and resistance are important to watch tonight and tomorrow morning?

The daily chart of the June 2010 British Pound Futures (6B) contract (see chart below) shows that the bulls were not only able to hold the British Pound above the 5-day moving average (red – 1.4884), but were also able to close the Globex session above this average. I interpret this as a sign of technical strength and in my opinion this area will be a pivotal area of technical support tonight.

The daily chart of the June 2010 Canadian Dollar Futures (6C) contract (see chart below) shows that the bulls got close to testing the 25-day moving average (blue – .9879) today, but were repelled by the bears in the late morning. The question tonight for commodity traders is will the bulls look to make another push and from where, or is there an area of technical resistance on another time frame that is technically significant?

The daily chart of the June 2010 Euro Currency Futures (6E) contract (see chart below) clearly illustrates that the bears are in complete control and appear poised to make another downward push. It’s my opinion, that the 5-day moving average (red – 1.2702) might be a good gauge of technical momentum tonight and or early tomorrow. A break above this average and we might see bulls technically enticed.

The daily chart of the June 2010 Japanese Yen Futures (6J) contract (see chart above) shows that the bulls did defend the area around the 25-day moving average (blue – 1.0733), but also ran into technical resistance in the vicinity of the 5-day moving average (red – 1.0859). It’s quite possible that we see consolidation between these two area for the next few days.  Are there other areas of technical support and technical resistance that might be seen when utilizing technical analysis in other time frames? 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….

If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

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: 6B, 6C, 6E, 6J, British Pound futures, Canadian Dollar futures, Commodity Traders, currency futures, Currency Futures Trading, Euro Currency futures, Futures Trading, Japanese Yen futures, live trading room, Technical Analysis