Month: January 2010

After touching 0.9325 resistance, AUDUSD pulled back to 0.9174. A double top pattern is being formed on 4-hour chart and neck line is located at 0.9170, a break below this level will indicate that a short term cycle top has been formed and the uptrend from 0.8734 has completed, then deeper decline could be seen to 0.9000 or even 0.8850. resistance area is around 0.9325, only a clear break above this area will indicate that the uptrend from 0.8734 has resumed, then further rally could be seen to re-test 0.9404 (Nov 16, 2009 high) resistance.

Daily Forex Analysis

EURUSD might be forming a cycle top at 1.4579 level on daily chart. Fall to test 1.4218 support is expected next week, a breakdown below this level will confirm the cycle top and indicate that the downtrend from 1.5144 has resumed, then next target would be at 1.4000 zone. Resistance is at 1.4579, only rise above this level will suggest lengthier consolidation of downtrend is underway.

For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Fall towards 1.4000 area to reach next cycle bottom is expected in next several weeks.

Weekly Forex Analysis

By CountingPips.com

The U.S. dollar and Japanese yen surged higher in forex trading against most of the other major currencies on Friday as risk aversion dictated the direction of the markets. The dollar made gains against the euro, British pound, Canadian dollar, Australian dollar, New Zealand dollar and the Swiss franc while the American currency declined against the Japanese yen. The Japanese yen, meanwhile, gained ground versus the euro, US dollar, British pound, Canadian dollar, Australian dollar, New Zealand dollar and the Swiss franc.

The U.S. stock markets had a negative session on Friday with the Dow registering its first 100-point losing day of 2010 by falling 100.90 points. The Nasdaq decreased by 28.75 points while the S&P 500 dropped by 12.43 points.  Friday’s losses brought all three stock markets into negative territory for the week.

On the week as a whole in the forex markets, Friday’s dollar strength helped the currency finish mixed against the other majors. The dollar gained versus the euro for the week despite the EUR/USD making a more than three week high at the 1.4579 level before retreating.  The dollar also increased for the week versus the Swiss franc and Australian dollar while falling versus the Japanese yen, British pound, Canadian dollar and New Zealand dollar (see chart).

Friday’s economic news releases showed that U.S. consumer prices edged up by 0.1 percent in December following a 0.4 percent rise in November. This release was just below the forecasts expecting a 0.2 percent uptick.  The core reading, minus volatile food and energy prices, also rose by just 0.1 percent in December to match forecasts and follows a flat reading in November.

Manufacturing data out of New York increased more than expected to show that manufacturing conditions improved for the sixth straight month. The Empire Manufacturing Survey for January increased by 11 points to 15.9 from December’s revised 4.50 score. This release beat expectations of an approximate 12.00 reading.

The joint consumer sentiment survey from the University of Michigan and Reuters edged up in January to 72.8 from a score of 72.5 in December. This index, which according to Bloomberg news averaged a 66.3 score last year, failed to surpass expectations which were calling for a 74.0 reading.

Next week’s economic releases include the Canadian interest rate decision, the Bank of England Policy Meeting Minutes, US housing data and retail sales data from the U.K., Canada and New Zealand.

See our economic calendar for a full listing.

By GCI Forex Research

Fundamental Outlook at 1500 GMT (EDT + 0500)

€

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4365 level and was capped around the $1.4510 level.  The common currency was pressured overnight on rumours that German Chancellor Merkel may resign following a media report that she was losing the support of her coalition partners.  Merkel dismissed this talk as “absurd” and pledged to move forward with her pledge to reduce taxes.  Data released in the eurozone saw the November trade surplus print at €4.8 billion, down from €6.6 billion in October, while EMU-16 consumer price inflation rose 0.3% m/m and 0.9% y/y.  The common currency has also been pressured this week following ongoing concerns that Greece’s fiscal position may require drastic intervention from the European Union.  European Central Bank President spoke after the ECB’s decision to keep rates unchanged yesterday and provided a mixed assessment of the eurozone economy.  Trichet also talked up the U.S. dollar, an ongoing dialog he has had with the market that is designed to limit the amount of upside potential for euro appreciation.  In U.S. news, data released today saw December consumer price inflation up a smaller-than-expected +0.1% m/m and 2.8% y/y at the headline level and 0.1% m/m and 1.8% y/y at the core level.  Also, the January Empire State manufacturing index improved to 15.92 from a revised prior reading of 4.50.  Additionally, December industrial production printed at 0.6% and capacity utilization improved to 72.8%.  Finally, the mid-January University of Michigan consumer sentiment index receded to 72.8 from the prior reading of 72.5.   Data to be released on Tuesday include net long-term TIC flows and the NAHB housing market index.  Most Federal Reserve officials – but not all – have talked up the U.S. economy’s recent strengthening and Fed officials are said to be reviewing ways to drain upwards of US$ 1 trillion in excess cash from the financial system.  Euro bids are cited around the US$ 1.3885 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥90.60 level and was capped around the ¥91.30 level.  Bank of Japan Chief Economist Momma reported “the pace of Japan’s economic growth may slow temporarily because of decreasing public works spending…but overall, the Japanese economy is likely to continue to pick up.  Momma said the rate of deflation will ease in one to two years because “the huge output gap has to be erased.”  This week, finance minister Kan reported Bank of Japan can enact more measures to ease monetary policy and it is likely the government will increase pressure on the central bank to expand monetary policy further.  New finance minister Kan reported he plans to address the yuan at the Group of Seven meeting in February and indicated “there are still various policy measures that could be taken” by Bank of Japan to relax monetary conditions further.  The Nikkei 225 stock index gained 0.68% to close at ¥10,982.10.  U.S. dollar offers are cited around the ¥94.75 level.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥130.30 level and was capped around the ¥132.40 level.  The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥147.40 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥88.20 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8269 in the over-the-counter market, down from CNY 6.8272.  Data released in China overnight confirmed China’s foreign reserves raced higher to a new record level in December, up 23% to US$ 2.4 trillion.  At the same time, banks provided CNY 379.8 billion in new loans, lifting the 2009 total to a record CNY 9.59 trillion.  This huge growth in loan demand evidences the risk of additional overheating in the Chinese economy and the pressure People’s Bank of China faces to restrict additional monetary growth this year.  PBoC this week decided to lift reserve requirements at commercial banks by 50bps from 15.50% to 16.00%, effective from 18 January.  China Investment Corporation executive Peng moved the markets this week when he said “I think the dollar is at its bottom now. There will be very limited space for the dollar to drop further.  The yen is what, I think, has the worst outlook. The yen will continue to drop, unlike the dollar, which will not serve for long as a source of funding carry trades.”

₤

The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6270 level and was capped around the $1.6355 level.  Data released in the U.K. today saw the November leading indicator index decline 0.9%.  Bank of England Monetary Policy Committee member this Posen called for additional business lending while MPC member Barker said she does not expect the economy to gather steam in the first six months of the year.  Barker also indicated she sees first half growth prospects as “patchy.”  MPC member Sentance moved the markets this week when he said “At some point you have to say we have increased the amount of stimulus enough.  It doesn’t mean you are going to withdraw it but you don’t have to keep adding to it.  The Bank is approaching the point where we need to hold back and wait and see how that’s flowing into the recovery.”  Data released in the U.K. this week saw November manufacturing production flat m/m and off 5.4% y/y while November industrial production was up 0.4% m/m and off 6% y/y.  Cable bids are cited around the US$ 1.5730 level. The euro lost ground vis-à-vis the British pound as the single currency tested bids around the ₤0.8810 level and was capped around the ₤0.8880 level.

CHF

The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0285 level and was supported around the CHF 1.0180 level.  Data released in Switzerland today saw December producer price inflation up 0.1% m/m and decline 2.5% y/y.  The OECD today called on Switzerland to keep interest rates unchanged until the economic recovery takes hold.  U.S. dollar offers are cited around the CHF 1.0420 level.  The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4750 level while the British pound gained ground vis-à-vis the Swiss franc and tested offers around the CHF 1.6750 level.

Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

By Fast Brokers – Gold is drifting lower today as the Dollar rallies across the board amid risk-aversion.  The Dollar’s rally began during the Asia trading session after the EU released more bleak statements in regards to the state of Greece’s economy.  Furthermore, the AUD/USD dropped as reality sunk in that China is tightening liquidity, cooling down the globe’s hottest economy.  Additional hawkish monetary measures from China could decreases demand for Australia’s commodities and this realization dragged the Aussie lower.  Meanwhile, the U.S. released sluggish Industrial Production and UoM Consumer Sentiment data.  Investors reacted by sending the Cable and AUD/USD lower, a negative development for gold considering their positive correlation.  However, gold is holding up relatively well despite a retreat from the risk trade today.  Gold is trading above intraday lows and has bounced off our 4th tier uptrend line.  However, gold could be dragged lower should the Dollar continue to rally and the S&P futures extend their intraday losses.  That being said, gold still has a solid support system in place.

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 1/13, 1/8, 1/5 lows.  We recognize that gold has built a neckline along our 4th tier uptrend line.  Hence, a movement below our 4th tier could result in a large step lower.  Meanwhile, gold’s psychological $1150/oz area should continue to play a role for the near-term.  As for the topside, gold faces technical barriers in the form of 1/7 and 11/18, 11/23, and 11/27 highs along with the psychological $1175/oz level.

Present Price: $1131.75/oz

Resistances: $1136.38, $1138.89/oz, $1141.39/oz, $1145.47/oz, $1148.91/oz, $1153.61/oz

Supports: $1130.43/oz, $1127.30/oz, $1124.48/oz, $1120.41/oz, $1117.27/oz, $1114.45/oz

Psychological: $1150/oz, $1100/oz, January and December highs, January lows

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The USD/JPY reacted negatively to disappointing U.S. UoM Consumer Sentiment data as the Dollar appreciated across the board.  Today’s disappointing wave of data coupled with cautionary language regarding Greece’s economy and hawkish behavior in China spurred risk-averse movements in currencies which has carried over into the U.S. session.  However, data from Japan hasn’t been too encouraging either and Finance Minister Kan has exhibited a more dovish monetary stance since taking office.  Therefore, the USD/JPY is being pulled back and forth as investors debate which currency to favor for the time being, resulting in consolidation around 1/12 lows and what is now our 2nd tier uptrend line.  That being said, the USD/JPY appears to be exhibiting somewhat of a positive correlation with gold and the Cable.  Therefore, investors should monitor the Dollar for further broad-based appreciation since the USD/JPY may apt to participate more should more supports be taken out in the Cable and/or gold.  Shirakawa will address the general public during Monday’s Asia trading session and investors will be paying close attention to see whether recent dovish statements from Kan have carried over to the BoJ.  However, the wire will be quiet in the West on Monday, meaning activity may not pick up until Tuesday.

Technically speaking, the USD/JPY has our 1st and 2nd tier uptrend lines serving as technical cushions along with intraday lows and the highly psychological 90 level should it be tested.  As for the topside, the USD/JPY faces multiple downtrend lines along with 1/14 and 1/12 highs.

Present Price: 90.79

Resistances: 90.75, 90.91, 91.15, 91.38, 91.55, 91.82

Supports: 90.54, 90.37, 90.24, 90.05, 89.86, 89.72

Psychological: 90, January highs and lows

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The Cable is finally giving into intraday risk-aversion following weaker than expected Prelim UoM Consumer Sentiment and Industrial Production data.  The AUD/USD and S&P futures also pulled back in reaction to the release, signaling investors are becoming a bit cautious in regards to the health of the global economy.  The risk trade was hit by a few developments earlier today, most notably more cautionary words from the EU in regards to the health of Greece’s economy.  The EUR/USD proceeded to sell-off aggressively while the Cable held its ground highlighted by a huge leg down in the EUR/GBP.  Furthermore, the AUD/USD weakened as investors reacted to signs that China is tightening liquidity in fear that this will decrease demand for Australia’s commodities.  The reality that China is trying to cool down its economy could have a negative global impact since China has been the engine to the economic recovery.  Hence, today’s risk-aversion has both fundamental and psychological backing, enticing the Cable to follow suit despite recent resilience.  The UK will light up the wires again next Tuesday with the release of CPI.  The BoE monitors prices closely while making decisions regarding monetary policy.  Hence, sluggish CPI could deliver a blow to the Pound’s recent relative strength.  On the other hand, a positive CPI number could help the Cable stabilize and maintain its solid uptrend.

Technically speaking, we recognize the Cable’s trend lines are approaching inflection points, a signal that heightened volatility could be approaching.  Meanwhile, the Cable is still trading above 1/04 highs with multiple uptrend lines serving as technical cushions.  As for the topside, the Cable faces multiple downtrend lines along with 1/15 and 12/16 highs.  Therefore, the Cable has solid technical levels on either side.

Present Price: 1.6265

Resistances: 1.6262, 1.6238, 1.6214, 1.6184, 1.6161, 1.6133

Supports: 1.6318, 1.6340, 1.6360, 1.6379, 1.6407, 1.6431

Psychological: 1.60, 1.65, January highs and lows

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The Euro logged large losses today as Merkel and Trichet continue to emit words of caution concerning the state of Greece’s troubled economy.  Meanwhile, we noticed signs of tighter liquidity in China dragged the AUD/USD lower as investors speculated that a slowdown in China could decrease demand for Australia’s exports.  Furthermore, U.S. economic data printed poorly today, adding onto the risk-aversion we witnessed earlier in the trading session.  We recognize declines in gold and the S&P futures as well.  Hence, today’s pullback in risk-oriented investment vehicles is wide spread and the Euro is leading the way.  The extent of the Euro’s weakness is highlighted by a huge leg down in the EUR/GBP.  Data wise, although EU Core CPI printed a basis point hotter than analyst expectations, the EU Trade Balance came in surprisingly weak.  Therefore, it seems demand for EU exports is waning, certainly not a helpful fundamental development considering the downward pressure on the Euro today.  On the other hand, a pickup in Core CPI could hold the ECB off from increasing liquidity since EU prices are stabilizing.  However, Trichet’s comments at this week’s ECB press conference were a bit more dovish than last month.  Hence, investors are beginning to speculate that the ECB may hold off on tightening liquidity until 2H.  Although the data wire is relatively empty on Monday, the EU will release its German ZEW Economic Sentiment figure on Tuesday.  Hence, volatility could continue next week.

Technically speaking, the EUR/USD has been driven beneath our 2nd tier uptrend line, a negative technical development.  However, the currency pair does have our 1st tier uptrend line waiting below.  Our 1st tier uptrend line could prove to be a key test for the EUR/USD should it be reached since the line runs through previous January lows.  As for the topside, the EUR/USD faces multiple downtrend lines along with 1/5 and 1/11 highs along with the psychological 1.45 level.

Present Price: 1.4367

Resistances: 1.4400, 1.4427, 1.4460, 1.4474, 1.4499, 1.4520

Supports:  1.4351, 1.4328, 1.4310, 1.4289, 1.4264, 1.444

Psychological: 1.45, December highs and January lows

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Anton Eljwizat – The EUR/CAD has recorded much bearish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the 8-hour chart signals that a bullish reversal is imminent, and it might have the potential of reaching towards 1.4900 in the coming days. Forex traders can take advantage of this imminent upward movement by entering long positions at an excellent entry price.

• The technical indicators used are the Slow Stochastic, MACD, and Williams Percent Ranges.

• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.

• Point 2: The Slow Stochastic indicates an impeding bullish cross, signaling that the next move may be in an upward direction.

• Point 3: There appear to be a number of bullish crosses on the MACD which signals an impending upward move.

• Point 4: The Williams Percent Ranges is showing that this pair is heavily over-sold and may be experiencing strong upward pressure.

EUR/CAD 8-Hour Chart

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Source: ForexYard

The Dollar fell broadly on Thursday amid negative news reports that all but dashed hopes of an interest rate hike in the near future. Today, investors will be looking at two reports that could impact USD. The Core CPI report as well as a consumer sentiment report could give the Dollar a much needed boost in afternoon trading.

Economic News

USD – Dollar Still Low after Retail Sales Report

After falling broadly against most of its major counterparts in trading yesterday, the Dollar is still low as we start off the day. A disappointing retail sales report yesterday caused the greenback to fall to a two month low against the Australian Dollar and a three month low against the Canadian Dollar. The poor economic news all but dashed hopes that the Fed would raise U.S. interest rates in the near future.

Today, traders will want to pay attention to the Core CPI Report as well as the Prelim UoM Consumer Sentiment Report. Set to be released at 13:00 and 14:55 GMT respectively, the reports are likely to create volatility in the marketplace, as they are a key indicator of both consumer spending and sentiment. Both reports directly weigh in on any decision to raise interest rates.

Analysts are not predicting any drastic figures from either report, but traders will want to watch out for surprises later today. If the Core CPI comes in above 0.1%, or the Consumer Sentiment is above 73, the Dollar could see some gains against both the Euro and Sterling. That being said, the U.S. economy has not been kind to the Dollar lately. If figures for both of these reports come in below the predicted results, the Dollar’s recent downturn could become prolonged.

EUR – ECB Chief Trichet’s Comments Weigh Down on Euro

The Euro fell against the U.S. Dollar in recent trading, following comments by the European Central Bank Chief highlighting the importance of the U.S. currency. Currently the pair is trading around the 1.4428 level, a decline from 1.4500 several hours ago. Still, most analysts are quick to say that any Dollar gains are likely to be minimal following yesterday’s U.S. retail sales news.

The ECB’s decision to keep European interest rates at their current levels also caused the Euro to go down. Low inflation and uneven economic growth throughout the E.U. have prevented interest rates from moving away from their record lows.

Today, traders will likely want to pay attention to the American Core CPI Report. A worse then expected figure will likely give a boost to the Euro in afternoon trading. Additionally, the European Core CPI figures are set to be released at 10:00 GMT today. A positive number may cause the Euro to move up against its other counterparts.

JPY – Yen Maintains Gains Following Chinese News

Investors, who appear to be turning away from riskier currencies, have been giving JPY a big boost against its major counterparts in recent trading. The Chinese decision to tighten its monetary policy has led to big gains for the safe-haven Yen. After rising to 131.11 against the Euro yesterday, the EUR/JPY pair is currently trading around the 131.45 level.

If the major economic news out of the U.S. comes in as expected today, the Yen is likely to see more gains. Analysts are not forecasting that the American economy is any closer to raising its interest rates in the near future. Providing this is true, investors are likely to continue to turn to the Yen as a source of stability in the Forex market

Crude Oil – Crude Prices Fall Based on U.S. Data

Weak American Retail Sales figures have caused Crude Oil to fall below $80.00 a barrel in recent trading. Additionally, the most recent U.S. Unemployment figures have contributed to a drop in American oil demand, further contributing to the fall in prices

At the moment, it appears that high American Oil stockpiles combined with low demand, should keep prices down for the time being. Looking ahead, most analysts are seeing at least marginal gains in the U.S. economy. This could mean that Oil prices could make gains providing American economic indicators begin to improve.

Technical News

EUR/USD

Yesterday’s correction of the pair to the 1.4405 price level may have left it oversold. The daily chart shows the pair is currently trading just under its 10-day moving average. A crossing above this line may indicate further appreciation is in store for the pair. Traders may want to watch for the break and enter into a long position with the 1.4550 price as the next resistance line.

GBP/USD

The daily chart’s MACD histogram confirms the strong bullish correction the pair has displayed since the previous week. The short term correction may have a bit more room to rise as the price approaches both the downward sloping long term trend line and a major resistance level of 1.6410. Traders may want take profit at this price. An entry limit sell order at the price level may also be a strategy as the pair could reverse back down at trend line.

USD/JPY

The strong downtrend trend continues for the pair. This may be confirmed by Relative Strength Index for both the weekly chart and the daily chart. Both show the RSI slope trending lower with the pair failing to break the trend line. There is also a strong downward trending MACD histogram on the daily chart, potentially signaling the downtrend has room to run. We may see the pair approach the resistance line of 90.75 today.

USD/CHF

The pair halted a slight bullish correction yesterday near the 4-hour chart’s resistance line of 1.0245. The chart also shows the momentum almost reached the maximum of its upper limit and is now trending down. Now may be a good time to go short as
we could see this pair fall back in line with its long term downward sloping trend line.

The Wild Card

Oil

The price of crude oil has broken its most recent bullish trend line on the daily chart and has dropped below the 10-day moving average. This could signal an end to the bullish run. The price has also crossed the middle line of the Bollinger Band, signaling the potential for the price to fall to its lower limit. Forex and commodity traders may also notice the bearish cross and the downward sloping histogram on the MACD. This may give traders the reason to short crude oil.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.