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Here is a collection of Forex News Updates, Other Forex Trading System Resources and Information.GBPJPY Fills black candle while creating another Todays pop higher, filled a black candle from 15 days ago even as it created another one. This calls for a short position to a low of 153.83 A nice far target to be sure. EURJPY holding below resistance After all the EUR strength seen


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GBPJPY Fills black candle while creating another

Todays pop higher, filled a black candle from 15 days ago even as it created another one. This calls for a short position to a low of 153.83 A nice far target to be sure.

EURJPY holding below resistance

After all the EUR strength seen over the US session yesterday, this pair has settled in below resistance. I don’t think the top side is quite done. Even though there was bad news from the Microsoft, AmEx and Amazon fronts, investors may not be willing to give up equities that easily. Tomorrow will be key day moving forward. The Europran session will show it’s hand first. Should the FTSE give up it’s gains the US stock market should follow suit. Wait on this pair for trades. A close below 134.00 may send me short. A close above the resistance line may send me long.

EURGBP Trade executed

I entered the following position. I will keep everyone updated on it’s success failure.

USDINX Crosses back above 79.00
It was interesting to see the USDINX recover like it did this afternoon with such a strong close in the equities market. I am wondering if it can have anything to do with poor reports from Microsoft and Amazon. What’s that you say, people aren’t buying anything, but the necessities? I consider housing to be a necessity. It’s also apparent that the release from AmEx didn’t help matters any when they released poor numbers. Maybe this is a little taste of the losses that banks, which had better than expected numbers on trading profits, will experience later in the year as they have to fully recognize losses in mortgages and credit cards. We’ll have to see how this plays out over the next few months. I am not a dollar bull, I couldn’t care less which way the market goes my trades don’t last long enough to matter, but for that last several months, I have speculated that any growth seen now is fictitious.

USD Prospects Looking Grim
Now that the support line has been pierced, what’s in store of the index? Plainly, a killer fall to the red support line and further. We will need a close below the shorter black support line, and there will almost certainly be a little retracement before a bigger fall ensues. Dollar bulls may be running for the doors, or dollar bears may load on and get pinched. Though the picture is still unclear, the prospects for the Buck look grim indeed!

GBPJPY Testing top side
This morning’s move seems to first concentrate on CAD buying, then on JPY selling, all the while working its way around to USD selling. AUD still hasn’t broken daily highs, AUD is off of them just a tad, and the USDCAD has ever so slightly bounced above 1.0850. The GBPJPY mean while started taking on this resistance line, which also happen to be the daily R3 right at 157.00. I’ll have to check but I think I mentioned this level the other day. I’ll start looking for opportunities to short a failure or buy a break at these levels.

DJIA Finally reaches critical 9000 point
It finally happened. I have been saying that the 9000 area is going to be the most important level on the road to recovery. A failure at 9000 would be disastrous and the bottom of the V would be seen again. I still have black candles further below, and be sure that the index will retrace some of it’s gains as folks lock in profit on pull backs. The 9000 level is the area form early January before the sell off took us to the low 6900’s.

USDCAD begins falling
Yesterday I expressed reservations over the pair creating a fifth day of lower lows and highs. It looks as though indeed it will. In fact it looks so much so that I entered short around 1.0980 targeting 1.0800 the low so far is 1.0937. AUD and NZD did damage yesterday as the CAD sat around, so today it is the CAD turn. NZD is still off daily highs, AUD barley creating new highs. The USDINX just turned negative and will soon be testing the support line mentioned in the previous post.

The Buck has found a little support mid morning US Session. Althogh the NY Cut has yet to drop and the equities market is barley open, I don’t expect the strength to continue through out the day as resistance comes in around 79.00. Infact as of this writting, the index is already off it’s highs.