Forex Market Updates & Commentary |  |
- Talking Technicals with James Chen – Webinar on Tuesday, July 5 at 12:30 PM U.S. ET
- The NY Afternoon Forex Commentary and Webinar Rebroadcasts
- Forex Trading Course Tuesday July 5th at 4:00pm
- Gold Extends Bearish Correction to Key Support
| Talking Technicals with James Chen – Webinar on Tuesday, July 5 at 12:30 PM U.S. ET Posted: 01 Jul 2011 12:55 PM PDT
Please join us on Tuesday, July 5 at 12:30 PM U.S. ET for FXDD’s Talking Technicals with James Chen. This free webinar will feature a high-probability technical approach to trading in the Forex market. Please click here to register: https://www1.gotomeeting.com/register/391015936 . |
| The NY Afternoon Forex Commentary and Webinar Rebroadcasts Posted: 01 Jul 2011 11:11 AM PDT Rebroadcast of Traders Education Webinars on Fibonacci Retracements and the Forex Wrap Tuesday: The Effective Use of Fibonacci Retracements Part 1 https://www1.gotomeeting.com/register/376616536 |
| Forex Trading Course Tuesday July 5th at 4:00pm Posted: 01 Jul 2011 10:58 AM PDT  Join FXDD for the power hour of Forex. Click here to register Greg Michalowski and Shawn Powell teach the FXDD Forex Trading Course Tuesday July 5th at 4:00pm. Register now |
| Gold Extends Bearish Correction to Key Support Posted: 01 Jul 2011 08:35 AM PDT
Gold (daily chart) as of Friday (7/01/2011) has extended its bearish correction after breaking down below a steep uptrend support line extending from the January low, and then breaking down below key previous support around the 1512 price region. This bearish correction then retraced back up to that 1512 region, now as resistance, before falling further to extend the bearish correction. This all occurs within the context of a long-term bullish trend for gold. The current bearish correction has fallen to approach a key confluence support target around the 1475 price region, which is also around the important 100-period simple moving average as well as the 38.2% Fibonacci retracement of the bullish trend run from the noted January low to the all-time high hit in late April. In the event of an even further extension of the current correction that breaks down below the current support, the immediate downside support target resides around the 1445 support/resistance region, which is also the 50% Fibonacci retracement of the noted bullish trend run. This further correction could potentially occur before ultimately resuming the overall bullish trend. (Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.) James Chen, CTA, CMT |
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