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Wednesday, 7 Oct 2009
Attention Turns to Crude Oil Before Inventory Data
With the US Dollar's future feeling uncertain, attention seems to have turned towards Crude Oil following speculation that the Gulf States recently discussed dropping the USD for oil trading in exchange for a basket of currencies. While the rumor was denied later by Gulf State leaders and foreign ministers, the impact created a moment for pause in the market. As a result, many are now focusing their attention on today's Crude Oil Inventories report to find out where the relative level of demand for the commodity currently stands to gauge if these rumors have any substance behind them.
The recent upward movement of this commodity's price has pushed its technical indicators into a corrective posture. The 4-hour and daily Slow Stochastic are showing bearish crosses and the 4-hour RSI has the price floating near the highest level of the over-bought territory, suggesting very strong downward pressure. Forex traders involved in the commodities market will not want to miss out on the apparently obvious downward movement that this commodity is expecting! http://forexqs.blogspot.com
Dollar Falls on Fed Official's Rate Comments And The Wild Card Gold 19 Nov 2009
Dollar Falls on Fed Official's Rate Comments And The Wild Card Gold 19 Nov 2009
Thursday, 19 Nov 2009
Dollar Falls on Fed Official's Rate Comments
The EUR advanced on the U.S dollar Wednesday, but failed to reach the $1.50 mark as investors zeroed in on a Fed official's comment suggesting key interest rates could remain low until 2012. Federal Reserve officials were quoted saying that the Fed could keep short-term fed funds rates at near-zero until early 2012. The ultra-low rates weigh on the U.S dollar, as investors use the buck to fund investments in higher-yielding assets.
The Wild Card
Gold
Gold prices rose significantly in the last month and peaked at $1141.25 for an ounce. However, the daily chart's RSI is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage. forex|forex trading|learn forex|forex trading software
Gold Continues to Climb And The Wild Card EUR/GBP 23 Nov 2009
Gold Continues to Climb And The Wild Card EUR/GBP 23 Nov 2009
While all the major currencies continue to provide mix results, there is still one extremely strong in the market - the bullish Gold. During last night gold reached over$1,163 an ounce, making another all time high. However, a recovery of the Dollar, if indeed takes place, has the potential to put an end to Gold's uptrend.
The Wild Card
EUR/GBP
There is a very accurate bullish channel forming on the 4 hour chart, as the pair has consecutively appreciated for the past 4 days. Currently, as the RSI on the daily chart is floating above the 50 line and the Slow Stochastic is pointing up, the pair might extend its bullish trend. This might be a great opportunity for forex traders to join a very popular trend. forex|forex trading|learn forex|forex trading software
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