FOREXYARD: Forex News Blog | |
- Gold Trades Near $1410 an Ounce
- Sell Signals on Silver
- Crude Oil Prices Set to Decrease
- EUR Likely to Move Up Against Swiss Franc
- USD and CHF Bullish ahead of New Year Celebration
| Gold Trades Near $1410 an Ounce Posted: 29 Dec 2010 05:38 AM PST
Gold prices rose significantly in the last week and peaked at $1408 an ounce. However, the 4 hour chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders can take advantage of this imminent upward movement by entering long positions at an excellent entry price. • Below is the 4-hour 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: Williams Percent Range also supports the downward direction.
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| Posted: 29 Dec 2010 03:19 AM PST
Silver’s sustained upward movement has finally pushed its price into the over-bought territory on the 4-hour chart’s RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.
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| Crude Oil Prices Set to Decrease Posted: 29 Dec 2010 03:15 AM PST
Crude oil prices have recorded much bullish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, the daily chart’s Stochastic Slow signals that a bearish reversal is imminent. A downward trend today is also supported by relative Strength Index. Forex traders involved with commodities like this can take advantage of this knowledge by going short on Crude Oil now, and at a great entry price!
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| EUR Likely to Move Up Against Swiss Franc Posted: 28 Dec 2010 11:32 PM PST
In a day where most currency pairs are trading flat ahead of the New Year’s holiday, traders have a unique opportunity to jump on an impending trend with the EUR/CHF pair. While the last day has seen the pair drop some 165 pips, technical indicators are now showing clear signs of an imminent upward correction. We will be looking at the 4-hour EUR/CHF chart, provided by ForexYard. The technical indicators being examined are the Relative Strength Index (RSI), Stochastic Slow and Williams Percent Range. 1. The RSI is currently right on the border of being in oversold territory. This typically means that bullish pressure exists and that an upward correction may occur in the near future. 2. As we can see, the Stochastic Slow has formed a bullish cross, meaning that a correction is likely to take place. 3. Finally, the Williams Percent Range is currently just below the -80 level. This is typically viewed as the cutoff for being in oversold territory. Traders can take this as a sign that the pair should see bullish momentum. |
| USD and CHF Bullish ahead of New Year Celebration Posted: 28 Dec 2010 10:00 PM PST
After a modest uptick against most of its currency rivals yesterday, the US dollar appears to be running favorable as low liquidity and market timidity factor into year-end trading. The Swiss franc continues to run bullish against the majors as the notion of becoming the dominant safe-haven currency from debt concerns transforms the value of the Swissie prior to the New Year celebration. Here is a roundup of today's main economic events: 9:00 GMT: EUR – M3 Money Supply The M3 report measures the change in availability of euros in circulation. An increasing money supply late in the economic cycle tends to represent inflationary growth, whereas an expanded money supply earlier in the cycle typically signifies a growth in spending and investment. With European debt concerns still looming, a positive growth factor at either point in the cycle will be bullish for the EUR. 9:30 GMT: CHF – KOF Economic Barometer The Konjunkturbarometer (KOF) report is a composite index based on 12 economic factors relating to business conditions, consumer and banking confidence, housing, and the general economic outlook. It is designed to forecast the overall direction of the Swiss economy during the 6 months immediately following. A better-than-expected reading tends to drive the Swiss franc (CHF) higher against its currency rivals. |
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