FOREXYARD: Forex News Blog | |
- EUR Likely to See Upward Movement Against NOK
- Scandinavian Kroner Continues to Make Gains on Dollar and Euro
- EUR Lower as European ECOFIN Meeting Kicks Off
- Has Gold Reached Its Peak
- In-Depth Analysis on Gold Trading Available Now!
| EUR Likely to See Upward Movement Against NOK Posted: 07 Dec 2010 08:12 AM PST
Beginning just over a week ago, the euro entered a bearish trend against the Norwegian krone. While the EUR/NOK pair has tumbled over 1800 pips since the 29th of November, there is considerable technical evidence that an upward correction may take place in the near future. We will be examining the daily EUR/NOK chart, provided by Forexyard. The technical indicators being analyzed are the Relative Strength Index (RSI), Stochastic Slow and Williams Percent Range. 1. The RSI has been falling for some time, and has gone into oversold territory. Currently right around the 20 level, traders can take this is a sign that a bullish correction is likely to take place. 2. The Stochastic Slow, which has formed a cross below the lower support line, is currently indicating a reversal is likely to take place. 3. Finally, the Williams Percent Range has been trading below the -80 level for some time. This is typically seen as a sign that the pair is trading in oversold territory. Traders would be wise to take advantage of this data and enter into long positions in order to capitalize on the impending upward correction. |
| Scandinavian Kroner Continues to Make Gains on Dollar and Euro Posted: 07 Dec 2010 06:53 AM PST
The Scandinavian kroner saw an overwhelmingly positive week, as the combination of poor US employment data and euro-zone debt worries drove up the currencies. The latest US Non-Farm Employment Change figure, which came in well below expectations when it was released last Friday, continues to affect the already weak dollar. In addition, Irish debt concerns are weighing down on the euro. Meanwhile, Scandinavian countries like Sweden and Norway, which have economies that are largely export based, have consistently been seen as having solid economies that are safe for investors to go to. The EUR/SEK pair has fallen over 1500 pips since November 29th, and is currently trading around the 9.1048 level. The greenback has fared considerably worse against the Swedish currency, dropping close to 2400 pips in the same amount of time. The NOK has seen similar gains, moving up 2500 pips against the USD and 1800 pips against the euro. As for the week ahead, traders will want to pay careful attention to any news out of the euro-zone regarding Irish debt relief. The ECB is frantically working on a set of austerity measures for Ireland, which if passed, are likely to provide some relief for the currency. The USD on the other hand will likely only see gains, if the US employment situation improves. |
| EUR Lower as European ECOFIN Meeting Kicks Off Posted: 06 Dec 2010 11:36 PM PST
As debt concerns reemerge in Europe, the euro appears to have dipped against its primary currency rivals in trading this morning. The euro zone's Economic and Financial Affairs (ECOFIN) Council is due to meet today to discuss euro support mechanisms and government finances throughout the region today. Various leaks from the meeting will emerge throughout the day, but most investors appear to be assuming a rise in risk aversion throughout the day as the EUR is priced lower. Here are today's leading events: 9:30 GMT: GBP – Manufacturing Production m/m 14:00 GMT: CAD – Overnight Rate and BOC Rate Statement |
| Posted: 06 Dec 2010 11:27 PM PST
Gold prices rose significantly in the last week and peaked at $1427 an ounce. However, the daily chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders involved with commodities like this can take advantage of this knowledge by going short on gold now, and at a great entry price! • Below is the daily chart for gold by ForexYard. • The technical indicators used are the Slow Stochastic, RSI and Williams Percent Range. • Point 1: There is a "doji" candlestick formed in the chart, indicating that a reversal should take place. • Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction. • Point 3: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure. • Point 4: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure. Gold Daily Chart |
| In-Depth Analysis on Gold Trading Available Now! Posted: 06 Dec 2010 12:42 PM PST
Most traders know that gold is one of the more volatile instruments in the forex marketplace. Large price shifts for seemingly no reason are practically common place, and can often confuse the inexperienced trader. It is for this reason, that Forexyard has recently published its latest in-depth analysis: The Impact of Gold Trading. This article will provide you, the trader, with some of the most important tools necessary to become knowledgeable in all things gold. The Impact of Gold Trading provides a brief history of gold, as well as an analysis of some of the more significant events that have given shape to the precious metal’s rise in value. Furthermore, a detailed examination of the most recent global economic crisis and its impact on gold will help shed light on the direction the commodity is going, and how you can profit from this knowledge. This article is ideal for standard account holders who have been hesitant to trade in gold, as well as supermini account holders who are considering an upgrade. So log onto forexyard’s website, and read The Impact of Gold Trading today! |
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