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The Calm after the Storm: Digesting this Week's Major Market Moves
It's become a bit of a tradition for investment banks and trading houses to give their "outrageous" predictions for the year ahead. Around about this time of year you see plenty of predictions that no one really expect to come true. This year I have seen everything from chocolate becoming

AUD/USD - Aussie Recovers After Sharp Losses
AUD/USD has posted moderate gains on Thursday, recovering much of the losses sustained a day earlier. The pair is trading in the high-0.81 range early in the North American session. In the US, Unemployment Claims dropped to 289 thousand, beating expectations. The Philly Fed Manufacturing Index fell to 24.5 points

EURGBP: Euro Getting Pound-ed by Rival
Even with the benefit of a full night's rest, traders are still struggling to digest the Fed's latest missive. Indeed, the only clear takeaway is that the central bank's action will, as ever, be entirely dependent on incoming economic data. For equity traders, that was clearly enough, as US equities

US Initial Jobless Claims Fell in the Week Ending December 13
US initial claims fell by 6,000 to 289,000 in the week ending December 13, 2014, thereby marking the third consecutive weekly decline, which has cumulatively retraced the unexpected 22,000 increase seen in mid-November. The latest reading was below market expectations for claims to remain roughly unchanged at 295,000.

USD/JPY Mid-Day Outlook
Intraday bias is USD/JPY is mildly on the upside for recovery back to retest 121.84 high. But break of 121.84 is needed to confirm rally resumption. Otherwise, we'd expect more corrective trading in near term first. At this point, we'd still expect strong support from 38.2% retracement of 105.19 to

Technical Outlook: Important CAD Pairs
Failure to sustain 1.4430 1.4440 resistance zone again pulled back the EURCAD towards 23.6% Fibonacci Retracement of its March November decline, coupled with the 100-day SMA and descending trend-line, near 1.4260 level. Should the pair plunges below the 1.4260 1.4250 support zone, it is more likely to

Following the formation of multiple-tops at 2014 high levels, near 1.1300 region, the pair on Wednesday, initially dropped to hit fresh 2014 low. The pair, however, managed to recover from lows, confirming the possibility of a strong support near 1.0500-1.0480 zone. From current levels the pair might continue with the

EUR/USD Mid-Day Outlook
Intraday bias in EUR/USD stays neural for the moment. With 1.2246 low intact, more corrective trading could still be seen. Break of 1.2246 will confirm resumption of whole fall from 1.3993 and will target 1.2042 key support level next. meanwhile, decisive break of 1.2599 will be the first sign of

GBP/USD Mid-Day Outlook
GBP/USD recovered ahead of 1.5540 low and stays in recent range. Intraday bias remains neutral for the moment. on the downside, break of 1.5540 will confirm resumption of whole decline from 1.7190 and will target 100% projection of 1.7190 to 1.6051 from 1.6523 at 1.5384. However, break of 1.5825 will

USD/CHF Mid-Day Outlook
USD/CHF soars today as SNB unexpectedly introduced negative rates. The break of 0.9817 resistance confirmed resumption of recent rally. Intraday bias is back on the upside and further rise should be seen to test 0.9971 key resistance level. On the downside, below 0.9721 minor support will turn bias neutral and

Mid-Day Report: Swiss Franc Spikes Lower as SNB Introduces Negative Rates
Swiss Franc tumbles sharply today as the Swiss National Bank surprised the market by introducing negative interest rates for the first time since 1970s, effective January 22 next year. The decision came after months of pressure on EUR/CHF as it's pressing SNB's 1.2 floor after ECB stepped up the stimulus.

EURCHF: after the SNB, What Next?
In a surprise move, on Thursday the SNB announced that it was cutting interest rates into negative territory. The SNB's 3-month libor target rate (basically, the interest rate) was cut to -0.25% from 0%, effective from 22nd Jan. This is a radical move, and no other major central banks have

Gold Posts Modest Gains, Shrugs off Fed Statement
Gold is showing little movement on Thursday, as the pair continues to trade close to the $1200 line. In the European session, the spot price stands at $1205.12. Later in the day, the US will release Unemployment Claims and the Philly Fed Manufacturing Index. If either of these key indicators

EUR/USD - Euro Sinks as Yellen Hints at Rate Hike in Mid-2015
EUR/USD is steady on Thursday, following the euro's sharp losses following the Federal Reserve statement on Wednesday. In the European session, the pair is trading slightly above the 1.23 line. On the release front, German Ifo Business Climate rose to 105.5 points. Later in the day, the US will release

Cable Makes a Re-Entry to 1.56
There was always an upside chance for Sterling bulls to receive a boost from Thursday's UK retail sales, and a boost they received. After commencing the European session agonizingly close to its current yearly low of 1.5548, the Cable has since charged around 80 pips higher following monthly UK Retail

Swiss National Bank Pulls Out The Rate Weapon
In a surprise action, the Swiss National Bank pulled the interest rate on sight deposits to -0.25% and reiterated its commitment to defend the 1.20 floor on EUR/CHF. The target CHF libor has been widened to -0.75%/0.25%, its usual width of 1%. While the aggressive cut in libor target lower

The Daily Wave Analysis
The EURUSD's strong fall yesterday could indicate the reemergence of the downtrend but at the moment the most likely wave count is still a wave X (blue) as an expansion of the bigger wave 4 (green) correction.

EUR/USD Plunges To Reach Weekly S1
On Wednesday, the EUR/USD experienced notable changes during the trading session, especially following hawkish news from the Fed on future interest rates. The currency pair momentarily dropped down to the monthly S1 at 1.2339, while on Thursday's morning a decline continued and the Euro is already trading below 1.23 versus

GBP/USD Hovers Around This Year's Low
GBP/USD has plummeted below the weekly S1 at 1.5586 and is hovering around this year's lows. Moreover, the risk of the pair falling even lower is increasing, despite the daily and monthly technicals being to the upside. To our mind, a dip below this year's low at 1.5542 could provoke

USD/JPY Climbs Closer To 119
On Tuesday, the price of Gold was very volatile. During some points of time the bullion managed to climb even above the weekly pivot point, which is located at $1,215. However, fundamental factors pushed it back to trade lower, which resulted in the closure just above the weekly S1 at

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