GBP/USD: Trading the Bank of England Interest Rate Decision (Daily FX via Yahoo! Finance)

The Bank of England is widely expected to hold the benchmark interest rate at 0.50% and is likely to maintain its GBP 175B asset purchase program as the board anticipates economic activity to improve throughout the second-half of the year, and the central bank may adopt a neutral policy stance going forward as the extraordinary efforts work their way... Read more...

Chart Of The Day: EUR/USD

After breaking out yesterday above the last major high of 1.4445 within the current uptrend, price action on EUR/USD has hit its initial upside resistance target at the top of a parallel uptrend channel that the pair has been traversing since early June. In the process, this currency pair has… Read more….  Read More →

Usd/Cad Target at 1.0480, Oil Approaching $74.90

The cad is currently in a pull-back mode after wave III) found the bottom, after the break through the support line and just above the 1.0630, wave III lows. If the wave count is correct, wave IV) is now in process, which means that another push down to previous lows… Read more….  Read More →

EURUSD: Calm After The Storm

Having rallied strongly on Tuesday breaking above its key resistance at the 1.4446 level to resume its medium term uptrend, EUR was seen digesting those gains in early trading today. The immediate challenge for the pair is to maintain above the 1.4446 level and keep its break higher valid thereby… Read more….  Read More →

GBPUSD: Still Targeting 1.6622 Level & Beyond

As EUR and AUD continue to lead the G10 currency block having resumed their medium term uptrends, GBP looks to follow while targeting its Aug 21’09 high at 1.6622. Successfully breaking and holding above the latter will clear the way for further upside towards the 1.7041 level, its Aug 05’09… Read more….  Read More →

Currency Technical Report

Euro rose yesterday towards 1.4530-40, forming new highs for this year. These levels were slightly higher from our targets, regarding the triangle formation scenario. Technically, euro has tested the ranges of the triangle formation as you can see in the daily chart, but the upper part of the short… Read more….  Read More →

Prechter 1 hour interview on Inflation/Deflation

http://www.netcastdaily.com/broadcast/fsn2009-0905-3a.m3u No matter if you are in the inflation camp or deflation camp, taking one hour to listen to this interview of Robert Prechter (Founder of Elliott Wave International and co-author of The Elliott Wave Principle) is well worth it. This crisply paced (even at 1 solid hour) covers a very broad range... Read more...

Financial Charts

(EDIT:7:15 pm: Ignore the degree markings on the $DJUSFN chart, I was too lazy to adjust them downward – they’ve been like that for a while.) The more I look, the more I see scary situations for longs. Take my Apple Chart (whats it doing in the financial update section Dan? – its just a bonus chart) The financials look done. All... Read more...

Dollar Update

Looks like the ending diagonal is perhaps in the making as I suggested a few weeks back. It may be ending but somehow I think we’ll have a drumbeat of “dollar is doomed” stories for the next few weeks for the final waves. Read more….  Read More →

Elliott Wave Update ~ 8 September

My eyes are on the qqqq’s like I said this weekend. The qqqq’s were lowish volume again. Overall the indexes are all forming a very nice head and shoulders pattern has setup on just about everything with a right shoulder forming. Total volume picked up a bit today as expected but advancing volume was much lower than on Thursday/Friday. Today... Read more...

E-minis (UPDATE 5:40a.m.)

UPDATE (5:40a.m.) Futures keep on chugging. They now sport a wee bit more negative divergence than they did last night. Somehow I think a huge gap up at this stage strangely seems more bearish a market move than if it did not. (i.e.-exhaustion gap?) Well still 4 hours from open so lots of time left. Must go to work. Channeling upward. One thing... Read more...

EUR/USD Current Price: 1.4498 (The Forex Market)

FXstreet.com (Buenos Aires) – EUR/USD Current Price: 1.4498. Pair remains strongly bullish despite overbought, with downside capped by the 1.4470 area 20 SMA in the hourly with a strong bullish slope; hourly charts point for a downside correction, favored by Nikkei opening to the downside 0.5%, although any downside movements should remain short lived... Read more...

Forex: EUR/USD rebounds at 1.4485 and back above 1.4500 (The Forex Market)

FXstreet.com (Córdoba) – The recovery of the Dollar against the Euro found support at 1.4485. EUR/USD rebounded and now is back above 1.4500. The pair rose early to 1.4532 posting a fresh high for the year.  Read More →