Peter Bain Forex Trading Commentary for Wednesday February 22, 2006
Forexmentor.com Currency Trading Price Action:
The trend is still up on the daily chart for the euro, further bolstered by the commercials' COT sentiment (read, bullish) on the pound. The ~1880 level seems to find support at all chart levels. Certain key times of the day (read, London close, Tokyo open, etc.) continue to offer good swing trades, from a day trading perspective. Of course, position traders will pay more attention to the COT data, which comes out at 3:30 pm ET every Friday at the site I reference in my course. Coming into today's session, price 'knocked for the third time' just shy of the ~1930 level - at M3 (the expected high for the day), read, M1/M3 day. A trendline break, just after the London open, supported by good angle and separation on MACD, facilitated a continuation of the swoon in price, which saw a reversal in the form of a hammer at the S2 pivot support level - just below the expected low (M1).
See today's chart at: http://www.forexmentor.com/campaign/feb2206.html
See sample AM Review at: http://www.forexmentor.com/sampler/feb1706.html
Forexmentor.com Forex Trading News:
Commodity-related currencies like the Canadian, Australian and New Zealand dollars are getting a lift from a spike in oil prices - this in response to the turmoil in Nigeria's oil-producing Niger Delta region. Nigerian militants attacked a major tanker terminal, and blew up a pipeline over the weekend, shutting down 20% of the country's oil exports.
European stocks advanced to a 4 year high on Monday, as oil markets gained on the rise in crude prices, and with takeover speculation continuing to buoy the mining sector.
Gold is the benefactor of a surge in oil prices, as speculation abounds that inflation will gather momentum, and erode the value of assets. Gold has been mimicking oil price moves lately.
The trend is still up on the daily chart for the euro, further bolstered by the commercials' COT sentiment (read, bullish) on the pound. The ~1880 level seems to find support at all chart levels. Certain key times of the day (read, London close, Tokyo open, etc.) continue to offer good swing trades, from a day trading perspective. Of course, position traders will pay more attention to the COT data, which comes out at 3:30 pm ET every Friday at the site I reference in my course. Coming into today's session, price 'knocked for the third time' just shy of the ~1930 level - at M3 (the expected high for the day), read, M1/M3 day. A trendline break, just after the London open, supported by good angle and separation on MACD, facilitated a continuation of the swoon in price, which saw a reversal in the form of a hammer at the S2 pivot support level - just below the expected low (M1).
See today's chart at: http://www.forexmentor.com/campaign/feb2206.html
See sample AM Review at: http://www.forexmentor.com/sampler/feb1706.html
Forexmentor.com Forex Trading News:
Commodity-related currencies like the Canadian, Australian and New Zealand dollars are getting a lift from a spike in oil prices - this in response to the turmoil in Nigeria's oil-producing Niger Delta region. Nigerian militants attacked a major tanker terminal, and blew up a pipeline over the weekend, shutting down 20% of the country's oil exports.
European stocks advanced to a 4 year high on Monday, as oil markets gained on the rise in crude prices, and with takeover speculation continuing to buoy the mining sector.
Gold is the benefactor of a surge in oil prices, as speculation abounds that inflation will gather momentum, and erode the value of assets. Gold has been mimicking oil price moves lately.
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