Forex Trading: The GBPUSD testing 100 hour moving average

The GBPUSD is testing the 100 hour moving average at 1.7796. Watch this level going forward.

 

Lines of trends, support and resistance
The trendline. A trendline is a main initial element for the price chart analysis. While the market moves in any direction not along a straight line but along a zigzag, the mutual placement of upper a

Forex Trading: The short covering continues in the EURUSD and GBPUSD. GBPJPY breaks above resistance.

The US dollar is coming under pressure as the shorts in EURUSD and GBPUSD are forced to cover. The GBPUSD is approaching some resistance at the 100 hour moving average at 1.7805. GBPJPY has already broken through 100 hour moving hour resistance at the 187.68 level. This is helping the GBPUSD move higher.

The EURUSD is approaching yesterdays closing level of 1.3818 (it has reached a high on this move to 1.3828). A second break above the 1.3818 level would be significant for the day traders looking for a bottom. 1.3838 is once again the midpoint of the move up from the November 2005 to the July 2007 highs.

read more

FXDD VIDEO: Daily New York Report Oct 3 2008

FXDD VIDEO: Weekly New York Wrap Report Oct 3 2008 - News on the Non-farm Payrolls and on the Wells Fargo Dealings. http://forex.fxdd.com

Forex New: The House Vote passes

The final bailout bill has passed. Step one of the process is complete.