Today's Forex Trading Signals

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Today's Forex Trading Signals

Stocks in Europe and the US gained once again yesterday, the S & P pushing past the 1000 barrier, a figure that hasn't been seen since November of last year. The Dow rallied to new highs also, up by 1.25% at 9286 as earnings reports from the likes of HSBC and Barclay came in better than expected along with UK manufacturing expanding to figures not seen since March 2008 at 50.8 against last months figure of 47.4 indicating bullish tones for the pound. Cable overnight through Asian trading squeezing over the 1.70 level, eurodollar reaching highs of 1.4445/50. European stocks this morning predominantly trading lower at time of writing, giving back some of the gains from yesterday. ACfx's daily report yesterday talked of the 2 year 50% fibonacci retracement level of 1.7330 being the next major resistance to break, a level which seems very much in view should we continue to see the gains throughout this week onto Friday, where our attention will turn towards the US non farm payrolls. Expect an element of pullback from the risks before the next drive forward, oil and gold this morning trading lower only assisting the moves.

Cable trading for today coming off its highs through Asian trading at 1.7006 (having broke the level twice and faltered) now trading at 1.6920/25 at time of writing. Should the European stocks continue to fall along with oil and gold, expect a move back towards 1.69 ahead of 1.6880 and 1.6850. Resistance back up at 1.6930 ahead of 1.6980 and 1.70. Should the 1.70 break and hold, expect further gains towards the 1.7050 level ahead of the major resistance at 1.7330. Favouring a corrective pullback towards 1.6850 ahead of the 38.2% fib ret level of 1.6750 before the next move northwards.

Eurodollar today coming off the highs of 1.4430/35 now trading at 1.4390 at time of writing. Should stocks and oil continue to correct, expect a move back towards 1.4330/35 ahead of 1.4310. Beyond here, the 38.2% fib ret level foe the week at 1.4270 seen as the next major support ahead of 1.4220. Resistance at 1.44 ahead of the Asian highs of 1.4430.

The Yen currently trading at the 50% ret level for the weeks trading at 94.95/00 against the dollar at time of writing having reached 95.45 during the Asian session. Further support at 94.75 ahead of 94.50/60. Resistance at 95.44 ahead of 95.80/90.

Overall consensus is further gains for the risks, not before a corrective pullback.