Forex Trading ResourcesResources

Market sentiments had another U turn as Greek PM Papandreous, facing strong opposition even from within his ruling party, dropped the call for referendum on EU’s bailout. While both US and Asian stocks staged strong rebound, reactions in the currency markets are relatively mildly so far. EUR/USD is capped below 1.39 for the moment as Papandreous will still need to face a confidence vote today. And even if the government could survive the vote, it’s reported that Papandreous would possibly still need to step down on a agreement with the conservation opposition. Meanwhile, failing the vote would lead to an early election. In any case, there are still much uncertainty over the Greece situation for the moment.

Focus today will also be on G20 meeting and US employment data. It’s reported that G20 leaders are considering to increase the firepower of the IMF and there are calls for a financial firewall to protect the global economy from impacts of Eurozone debt crisis. For the non-farm payroll report, markets are expecting 95k expansion in the US job markets in October with unemployment rate unchanged at 9.1%.

Full article…

USDCHF: With USDCHF breaking and holding below key support at the 0.8928/18 zone to close the week lower, further price extension is expected towards the 0.8706 level in new week. The pair has been under intense bear pressure since losing upside momentum at the 1.9316 level, its Oct’2011 high and its subsequent correction. A convincing violation of the 0.8706 level will pave the way for a run at its Sept 15’2011 low at 0.8647 where a break will aim at the 0.8537 level, its Sept 07’2011 low. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, for the pair restart its short term uptrend now on hold, a break and close above the 1.9316 level, its Oct’2011 high is required. This if seen will open the door further bullish offensive towards the 0.9400 level, its psycho level with a breach of here creating scope for further upside towards the 0.9503 level, its Feb 22’2011 high. Further out, resistance comes in at the 0.9772 level, its Feb 11’2011 high

Why Is This Event Important:

The advanced 3Q GDP report is expected to show the world’s largest economy expanding at an annual rate of 2.5%, and the faster pace of growth may instill a bullish outlook for the U.S. dollar as it curbs the risk of seeing a double-dip recession. As the economic recovery gathers pace, the Federal Reserve may preserve its current policy throughout the remainder of the year, and we may see the central bank talk down speculation for another round of quantitative easing as growth and inflation pick up. However, the FOMC may keep the door open to expand monetary policy further given the ongoing weakness within the private sector, and the central bank may carry its easing cycle into the following year in an effort to encourage a sustainable recovery.

Full article…

Well its been an excellent week for me this week. However thats nothing to do with my forex trading. Its mainly because the stock market has rallied and my stock portfolio is now in much better shape. I have banked some nice profits in the likes of BP and Rio Tinto, but Im still holding several stocks for the long term, including Tomco Energy, which is still doing very nicely.

On the forex front, it has been more frustrating. There were excellent opportunities to go long on the GBP/USD and EUR/USD pairs using my main 4 hour trading system (see right for more details). However both the upward EMA crossovers took place in the overnight trading session (when the Eurozone bailout plan was announced), so I was unable to trade them.

My breakout system didnt help generate any profits either. There was a breakout today that I missed because I was getting my breakfast (although it has moved no more than 10 points into profit so far), and the one trade I did place resulted in a 20 point loss.

Im starting to think its time to reassess my trading strategies and maybe go through my vast collection of trading strategies to try and find something different.

Full article…

The verdict is nearly in; there will be no QE3. The second round of quantitative easing (“QE2”) will expire at the end of this month, and while it will not be unwound for quite some time, the Fed has indicated that it will not be followed by yet another round. The question on the minds of forex traders, of course, is what does this mean for the Dollar?

In his most recent press conference, Ben Bernanke, himself, indicated that QE3 was unlikely. According to a survey conducted by Bloomberg News, the majority of FX analysts (65%) believe him. Simply, the circumstances don’t support further easing. To be sure, the unemployment rate remains high, and the economy is teetering on the verge of double-dip recession. However, the last two rounds did little to address either of these problems, and companies have hoarded cash rather than investing in new plant and workers.

Interest rates are still hovering around record lows, and there isn’t anything to be gained from trying to lower them further.

Full article…

The majority of business owners prefer to hire their own accountants, thinking that the services of the online companies are expensive. However, just check the prices offered by the different organizations providing accounting services online, and you will surely be convinced about the reliability of those services.

Here are the basic services offered by those companies for your accounting needs:

- The possibility to define and use predefined frames for different accounting operations

- the possibility to enter bookkeeping single entries that will correct previous entries. The financial situations will be updated at the same time, and the final result will also be adjusted accordingly

You will also have the possibility to obtain the accounting registries automatically. Here are the forms that will be generated by the program, forms that will be required by the local authorities at the end of every financial exercise. Full article…