ForexGen To Consider

Before you can master any system or method you must have some kind of mastery of self.If you don’t have control of your emotions, then you will have no control over your trading.
You will come to realize that trading is a business just like any other.
It may be fun and more interesting than most businesses but it is still a business.
You would never consider betting your business on one throw of the dice, yet many traders lose control and trade like mad men.
Take your time –the markets will be there next year and the year after.Get used to the method first by paper trading (using imaginary money) first.
You will find a list of brokers who will give you a free account to practice with in the next section.

ForexGen | EURUSD Outlook

After hit the 6 month low on Tuesday, EURUSD was sharply corrected to the upside yesterday. The pair topped at 1.4776, closed lower at 1.4715 and traded higher early today in Asian market at 1.4770 at the time wrote this comment. We have a bullish channel on hourly and 4h chart. CCI just cross 100 line up on 4h chart suggesting a another potential minor bullish correction. My model goes mixed with neutral bias in nearest term, but we still on bearish outlook in longer term. Immediate resistance is seen at 1.4835 followed by 1.4870. Initial support at 1.4690.

EURUSD Daily Supports and Resistances:
S1= 1.4640

S2= 1.4565

S3= 1.4497

R1= 1.4783

R2= 1.4851

R3= 1.4926

Financial Market | ForexGen

Foreign Exchange as a Financial Market
Currency exchange is very gorgeous for both the corporate and individual traders who make money on the Forex - a special financial market assigned for the foreign exchange. The following features make this market different in compare to all other sectors of the world financial system:• heightened sensibility to a large and continuously changing number of factors;• Accessibility to all traders in the major currencies;• guaranteed quantity and liquidity of the major currencies;• increased consideration for several currencies, round-the clock business hours which enable traders to deal after normal hours or during national holidays in their country finding Forex trading markets abroad open and extremely high efficiency relative to other financial markets.This goal of this manual is to introduce beginning traders to all the essential aspects of foreign exchange in a practical manner and to be a source of best answers on the typical questions as why are currencies being traded, who are the traders, what currencies do they trade, what makes rates move, what instruments are used for the trade, how a currency behavior can be forecasted and where the pertinent information may be obtained from. Mastering the content of an appropriate section the user will be able to make his/her own decisions, test them, and ultimately use recommended tools and approaches for his/her own benefit.

Daily Technical Analysis With ForexGen

GBPUSD Outlook

The GBPUSD upside correctional momentum was limited yesterday. The pair topped at 1.8488 before whipsawed to the downside and hit the bottomed at 1.8284 and closed at 1.8342. We are still in bearish scenario in longer term, but we might have another upside correction in nearest term. My model is mixed with neutral bias. Immediate resistance is seen at 1.8405 followed by 1.8455. Initial support at 1.8315. CCI just cross -100 line up on 4h chart suggesting another potential bullish correction.

USDJPY Outlook

Yesterday the USDJPY attempted to move lower, bottomed at 108.70 before whipsawed to the upside, topped at 109.89 and closed at 109.53. My model goes mixed with neutral bias. Immediate support is seen at 109.20. Initial resistance at 109.92. CCI in neutral area in all 3 time frames (hourly, 4h, daily).

Dollar Starting To Weaken | ForexGen

Overall, currency pairs have been quite during the Asian session, with a slight lean toward dollar weakness continuing the trend seen during yesterday’s U.S. session. Currency pairs will probably in tight ranges until the European session gets underway and economic reports are released.

The Pound (Gbp/Usd) traded flat during the Asian session and enters the European session trying to hold above 1.8350. Movement in the pair will be limited until 02:00 when the Nationwide house price index is released. Economic releases related to the housing market in the U.K. typically cause a volatile reaction. The pair dropped approximately 40 pips yesterday as there still seems to be no down side support for the pair.

The Aussie (Aud/Usd) is starting to show of strengthening, as the Australian dollar benefits from gold prices appreciating. The pair gained a modest 30 pips yesterday but has continued to strengthen during the Asian session adding 70 pips and breaking above the 0.8650 level and yesterday’s high.

The Cad (Usd/Cad) has moved lower during the Asian session adding to 2 days of overall lower movements. The Canadian dollar is strengthening as oil prices start to move higher on speculation oil rigs in the Gulf of Mexico will have be evacuated in the face of the latest tropical storm which is predicted to become a strong hurricane. The pair has dropped about 20 pips since the start of the Asian session.The Swissy (Usd/Chf) As the dollar weakens in the broad market, the swissy, which is a good indicator of dollar strength/weakness, has dropped 35 pips since the new trading day began. A break below 1.0900 could see a move to the next support level at 1.0840, just above the 20 day simple moving average. Switzerland will release employment data

Our Views For Today's Market | ForexGen

Hawkish ECB commentary knocked USD lower in London before the dollar was rescued by a stronger than expected read on US July durable goods orders, which saw DXY gain as much as 0.7% from its lows before cooling slightly in late NY. DGOs rose firmly in July plus June was revised higher. US equities took heart from this report too, along with Pimco's plans for a $5bn distressed debt fund and reports of improved profitability on new loans at the GSEs. Oil prices were volatile but clearly higher near the NY close. The New Zealand dollar was little changed overall, gyrating in a 0.6970 - 0.7047 range, drifting into the local session around 0.7010.
AUD/USD followed the broad USD trend, grinding up to a high of 0.8639 in London, reversing to as low as 0.8533 and bouncing once more to the 0.8585 area.

ECB hawk Weber declared that it is premature to talk of lower interest rates in the Eurozone and judged rates to be still on the accommodative side. EUR/USD rose about 50 pips to its 1.4777 high before the US data knocked it lower.

Firmer equities put a bid tone under USD/JPY from a London low of 108.70 to 109.50/60 in late NY, with about 50 pips of the gains coming on the durable goods data.

US durable goods orders surged 1.3% in July, bucking expectations of a reversal of the 0.8% June gain (which was revised even higher to 1.3%). The highlights were a continued rise in vehicle assemblies following the end of the auto workers' strike in late May and a rise in plane orders for Boeing, but the ex-transport measure also recorded a solid 0.7% gain following a 2.4% rise in June. These figures are consistent with our view that the second estimate of Q2 GDP (published tonight) will be revised from 1.9% to 3.0% annualised.