Today is Sat, May 19, 2012 16:29:34 GMT
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Friday’s Session Kicks Off in Apocalyptic Fashion; Where is the Bottom?

By Joel Kruger, Technical Strategist for DailyFX.com Panic, fear and uncertainty take hold of markets Euro looking to establish below 2012 lows from January Yen starts to find renewed bids on flight to safety status Eurozone political turmoil fuels intensified risk off trade Rating agency downgrades and Greek political developments weigh The risk liquidation continues [...]

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Breaking News

Europe’s debt crisis joins governments and banks at the hip

…Last fall, it had become so difficult for banks in the 17-nation Eurozone to get commercial financing that “we were very close [to] having a collapse in the banking system in the euro area, which … would have also led to a collapse in the economy and to deflation,”…

Chart of the Day

US Dollar Index Classical Technical Report 05.18

The market has now taken out some major resistance by 10,100 to open the door for fresh upside and a bullish continuation over the coming weeks. Next key resistance comes in by the 10,300 area, although, with daily studies now overbought, look for opportunities to buy on dips back towards 10,000 where a fresh higher low is now sought out.

Daily Forex Analysis – May 18, 2012

by forexcycle.com USDJPY Analysis. After consolidation, USDJPY breaks below 79.43 previous low support, and continues its downward movement from 84.17 (Mar 15 high). Further decline could be expected over the next several days, and next target would be at 78.00 area. Resistance is at 79.70, only break above this level could indicate that lengthier consolidation of the downtrend is underway, then another rise to test 80.61 resistance could be seen.

Question and Answer of the Day

Learning the Lingo: Spot Rate

Spot Rate is the current exchange rate at which a currency pair can be bought or sold. The spot forex rate differs from the forward rate in that it prices the value of currencies compared to foreign currencies today, rather than at some time in the future. The spot rate in forex currency trading, is the rate that most traders use when trading with an online retail forex broker.

Although the forex spot rate calls for delivery within two days, this rarely occurs. Traders that hold a position for longer than two days will have their trades “reset” by the broker, i.e. closed and reopened at the same price, just prior to the two-day deadline.

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