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Forex News

The Spot, Cash or Money market is the biggest market. You probably heard about futures, options and forwards which are derivatives of the main Cash Market.

The word FOREX is derived from Foreign Exchange and is the most largest financial market in the world. Unlike many markets the FX market is open 24 hours per day and has an estimated $2.0 Trillion in turnover every day. This tremendous turnover is more than the combined turnover of all the wordls' stock markets on any given day. This tends to lead to the most liquid market and thus makes it a very interesting market to trade. The Forex Market is an OTC Market (Over The Counter), meaning it doesn't have to be traded on an exchange.

The FX market does not have a fixed exchange. Nobody can claim having the right price but the high liquidity of this market makes it autoregulated. It is primarily traded through banks, brokers, dealers, financial institutions and private individuals. Trades are still executed through phone and increasingly through the Internet as the Internet penetration is growing drastically. It is only in the last few years that the smaller investor has been able to gain access to this market, around year 2000. Previously the large amounts of deposits required precluded the smaller investors and the monopoly of the big institution enabled a lot of cheating. With the advent of the Internet and growing competition it is now easily in the reach of most investors and the margin of the institution reduced automatically.

Today's market comments

(See News for historical data)

July 29, 2010.


EUR-USD
It looks more likely that it would rise to 1.3036 - 1.3076 from 1.2981 or 1.2960. After which a downside move is expected.
USD-CHF
There are initial signs of a good corrective recovery towards 1.0595 or even 1.0614. Supports at 1.0552 and 1.0528 zone.
GBP-USD
While below 1.5619 - 1.5643 it is more likely to fall further towards 1.5573 or 1.5551. Premature rise above 1.5643 could see it rising above 1.5687 zone.
USD-JPY
There are initial signs of a good corrective recovery towards 87.79 or even 87.96. Supports at 87.37 and 87.12 zone.
USD-CAD
It should trade higher to 1.0420 while 1.0360 or 1.0344 offers support. Stop loss below 1.0328 zone.
NZD-USD
Support at 0.7264 or 0.7239 should hold the downside for a correction to above 0.7321 zone.
AUD-USD
Market should pop up towards 0.8979 or 0.9002 this bullish scenario would be damaged if 0.8920 - 0.8884 zone is broken, a severe break down could then occur.
EUR-JPY
It looks more likely that it would rise to 114.53 - 115.39 from 113.45 or 113.02. After which a downside move is expected.
EUR-CHF
Preferred view is for a fall to 1.3724 - 1.3692 while 1.3775 - 1.3794 area resists. A clear break of 1.3857 would be bullish.
EUR-GBP
Current fall is near an end of wave around 0.8308 zone, a rally should then procede to above 0.8360. Fall below 0.8285 would cancel this scenario.
EUR-CAD
It should try higher up to 1.3504 - 1.3543. Entry point 1.3466 or 1.3444. After this rise, a correction is expected.
EUR-NZD
Current upmove should be ended around 1.7900 - 1.7960. Any correction consolidation should find support in 1.7795 - 1.7751 zone.
EUR-AUD
Uptrend is still intact in a triangle configuration. It should continue to rally to 1.4632 or 1.4640 if support around 1.4510 hold. After which a pullback to 1.4510 - 1.4464 zone is possible.
GBP-CHF
A corrective rise should ideally test 1.6544 or even higher than 1.6605. Supports are at 1.6425. Stop loss below 1.6397 zone.
GBP-JPY
There are initial signs of a good corrective recovery towards 136.99 or even 137.35. Supports at 136.17 and 135.71 zone.
GBP-CAD
Uptrend is still intact in a triangle configuration. It should continue to rally to 1.6221 or 1.6261 if support around 1.6149 hold. After which a pullback to 1.6149 - 1.6120 zone is possible.
GBP-AUD
Current rise should end around 1.7576. Objectives of this downmove are 1.7301 or 1.7138. A rise above 1.7688 is again bullish.
CAD-JPY
It looks more likely that it would rise to 85.13 - 86.07 from 84.10 or 83.63. After which a downside move is expected.
NZD-JPY
There is bearish potential for a fall to 63.18 while 63.86 - 64.07 resist. After this fall a recovery up to 64.07 or 64.28 is expected.
XAG-USD
It may meet resistance in 17.50 - 17.52 zone for a drift down to 17.31 zone, after which bounce to 17.71 is anticipated.
XAU-USD
It should try higher up to 1164.96 - 1167.60. Entry point 1162.32 or 1160.31. After this rise, a correction is expected.


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