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.
Current rise seems to be over near 75.91 or 76.69 for a retracement towards 75.12 - 74.68 area.
EUR-USD
Uptrend is still intact in a triangle configuration. It should continue to rally to 1.2655 or 1.2683 if support around 1.2619 hold. After which a pullback to 1.2619 - 1.2596 zone is possible.
USD-CHF
Market should not go lower than 1.0513 - 1.0472. After this move down it should go up to 1.0578 - 1.0601 area.
GBP-USD
It should trade higher to 1.5245 while 1.5135 or 1.5107 offers support. Stop loss below 1.5025 zone.
USD-JPY
Market should hold major support at 87.18 before rising towards 87.98 or even 88.26 limit.
USD-CAD
Market should not go lower than 1.0464 - 1.0417. After this move down it should go up to 1.0535 - 1.0559 area.
NZD-USD
Current rise seems to be over near 0.7042 or 0.7093 for a retracement towards 0.6990 - 0.6959 area.
AUD-USD
Uptrend is still intact in a triangle configuration. It should continue to rally to 0.8715 or 0.8721 if support around 0.8586 hold. After which a pullback to 0.8586 - 0.8546 zone is possible.
EUR-JPY
It looks set for gains to 111.42. Supports at 110.07 and 109.78. A break of 108.73 will damage this bullish structure.
EUR-CHF
Market should not go lower than 1.3278 - 1.3239. After this move down it should go up to 1.3342 - 1.3368 area.
EUR-GBP
It should find support in 0.8270 area for a rally to 0.8390. Unexpected fall below 0.8248 will dent this bullish view.
EUR-CAD
Market should not go lower than 1.3225 - 1.3189. After this move down it should go up to 1.3279 - 1.3297 area.
EUR-NZD
Market should not go lower than 1.7957 - 1.7860. After this move down it should go up to 1.8110 - 1.8167 area.
EUR-AUD
Market should not go lower than 1.4510. After this move down it should go up to 1.4798 area.
GBP-CHF
Market should not go lower than 1.5971 - 1.5931. After this move down it should go up to 1.6033 - 1.6056 area.
GBP-JPY
It may attempt a test higher to 133.28 - 133.96 after which weakness may set it to a drift down to 131.86 limit.
GBP-CAD
Market should not go lower than 1.5832. After this move down it should go up to 1.5981 area.
GBP-AUD
Support at 1.7556 or 1.7450 should hold the downside for a correction to above 1.7783 zone.
CAD-JPY
It should trade higher to 84.39 while 83.24 or 82.95 offers support. Stop loss below 82.66 zone.
NZD-JPY
It should trade higher to 62.34 while 61.15 or 60.81 offers support. Stop loss below 60.47 zone.
XAG-USD
It looks set for gains to 18.22. Supports at 17.80 and 17.71. A break of 17.38 will damage this bullish structure.
XAU-USD
It should test 1219.35 area after which a sell off down to 1190.47 or extended to 1178.13 area is expected.
