Forex Trading For Beginners 2021

Daily Pivots: (S1) 109.77; (P) 109.86; (R1) 110.03; More… Intraday bias in USD/JPY remains neutral as range trading continues. On the downside, break of 109.10 will target 108.71 support first. Firm break there will resume the decline from 111.65 and target 38.2% retracement of 102.58 to 111.65 at 108.18 next. On the upside, break of 110.79 will resume the rebound from 108.71 to retest 111.65 high. In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. The pattern from 101.18 could still extend with another falling leg. Sustained trading below 55 day EMA will bring deeper fall to 107.47 support and below. Nevertheless, strong break of 111.71 resistance will confirm completion of the corrective decline from 118.65 (2016 high). Further rise should then be seen to 114.54 and then 118.65 resistance. September 01, 2021 at 01:12AM ActionForex.com https://ift.tt/3kLgoEa

Daily Pivots: (S1) 0.9122; (P) 0.9154; (R1) 0.9205; More …. Range trading continues in USD/CHF and intraday bias remains neutral first. On the downside, break of 0.9098 will target 0.9017 support first. Further break there will likely resume the decline from 0.9471 through 0.8925 low. On the upside, break of 0.9241 resistance should resume the rise from 0.8925 through 0.927. In the bigger picture, the failure to sustain above 55 week EMA (now at 0.9176) retains medium term bearishness in USD/CHF. Break of 0.8925 support should resume the whole decline form 1.0342 (2016 high) through 0.8756 low. However, break of 0.9273 resistance and sustained trading above 55 week EMA will be an early sign of bullish trend reversal. Focus will then turn to 0.9471 resistance for confirmation. September 01, 2021 at 01:10AM ActionForex.com https://ift.tt/3mMQiTH

Daily Pivots: (S1) 1.3736; (P) 1.3755; (R1) 1.3777; More … Intraday bias in GBP/USD remains mildly on the upside at this point. Rebound form 1.3601 short term bottom would target 1.3982 resistance first. Decisive break there will pave the way back to retest 1.4248 high. On the downside, break of 1.3678 will turn bias back to the downside for 1.3570 low, and possibly further to 1.3482 key resistance turned support. In the bigger picture, current development argues that rise from 1.1409 (2020 low) has completed at 1.4248, after failing 1.4376 resistance. Fall from there could either be correcting the rise from 1.1409, or starting another falling leg inside long term sideway pattern. In either case, sustained break of 1.3482 resistance turned support will target 38.2% retracement of 1.1409 to 1.4248 at 1.3164 first. Break there will pave the way to 61.8% retracement at 1.2493. September 01, 2021 at 01:07AM ActionForex.com https://ift.tt/3gLYEXQ

Daily Pivots: (S1) 1.1783; (P) 1.1797; (R1) 1.1810; More … Intraday bias in EUR/USD stays on the upside at this point. Rebound from 1.1663 short term bottom is on track to 1.1907 resistance. Decisive break there will indicate that fall from 1.2265, as well as the consolidation pattern from 1.2348, have completed. Near term outlook will be turned bullish for 1.2265/2348 resistance. On the downside, break of 1.1782 minor support will mix up the near term outlook and turn intraday bias neutral first. In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally remains in favors long as 1.1602 support holds, to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289 and below. September 01, 2021 at ...

Expectations 91.4vs 108.4 prior (revised to 103.8) Present situation 147.3 vs 160.3 prior (revised to 157.2) Jobs hard to get 11.8 vs 10.5 prior 1 year inflation expectations % vs 6.6% prior "Consumer confidence retreated in August to its lowest level since February 2021(95.2)," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "Concerns about the Delta variant-and, to a lesser degree, rising gas and food prices-resulted in a less favorable view of current economic conditions and short-term growth prospects. Spending intentions for homes, autos, and major appliances all cooled somewhat; however, the percentage of consumers intending to take a vacation in the next six months continued to climb. While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead." I worry there's going to...

The shock drop in the UMich survey could be repeated I think the market is sleeping on the risks around an ongoing pullback from the US consumer. US total consumer spending on goods way overshot during the pandemic and just to normalize would be a contraction. Add in delta, evictions and the end of supplementary employment benefits next week and there are far larger risks than almost anyone is talking about. So far, we've had two big disappointing readings in the latest retail sales numbers and the shocking fall in the UMich consumer sentiment report to below the worst of the pandemic. Today, we get another view on the consumer, this time in the Conference Boards' consumer confidence data for August. The consensus is a fall to 123.0 or 124.0 (depending on the survey) from 129.1, but if it tracks the UMich survey it could be much worse. Ashraf Laidi talks about the potential for a disappointing reading here and some trades around it. [embedded content] I agree that ris...

WTI down $1 to $68.16 The combination of some dollar strength, a bit more caution on risk and tomorrow's OPEC+ meeting is weighing on oil today. WTI is down $1 to $68.16 but I want to highlight the monthly chart. This looked like it would be the worst month since the start of the pandemic but is now only the worst month since October (and only the second negative month since then). Importantly, oil looks to be holding above the old 2019 highs and hasn't confirmed a possible reversal signal over three months. The main hurdle remains the October 2018 high of $76.90, which was broken by a few cents last month but will need to be truly busted before the bulls can seriously start talking about $100. Overall though, this is a constructive looking chart and a reminder of the insane price action in April 2020. Meanwhile, OPEC's joint monitoring committee's documents are leaking at the moment and see an oil supply deficit of 1.0 mbpd in September, which will fall to 400k ...

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context o...

US June home price data from Case-Shiller Prior was +17.0% Consensus range 15.0-19.0% +1.8% m/m vs +1.8% expected The year-over-year gain now exceeds the peak of the housing bubble. Invest in yourself. See our forex education hub. September 01, 2021 at 01:00AM Adam Button https://ift.tt/3mVr2dQ

US stocks open lower Doubt down for the third time in four trading days The US stocks have open lower. The Dow is down for the third time in four trading days The S&P and NASDAQ open lower after closing at a record levels yesterday The stock market gave up earlier premarket gains The S&P closed at a new record high for the 53rd time in 2021 yesterday The NASDAQ index closed at a new record high for the 32nd time in 2021 yesterday A snapshot of the market seven minutes into the opening currently shows: Dow Jones -37 points or -0.10% at 35363 S&P index -6.31 points or -0.14% at 4522.5 NASDAQ index -29 points or -0.19% at 15236 a look at other markets shows: Spot gold up $3.82 or 0.2% at $1812.87. Spot silver is up $0.15 or 0.63% $24.12 WTI crude oil futures are down $0.51 at $68.70 the price of bitcoin is trading up about $800 at 47,800 In the US debt market, yields are modestly higher/little changed. In the forex, the NZD remains the strong...

Sellers leaned ahead of the 200 day moving average The GBPUSD moved higher in the Asian session and reached up to test a key swing area between 1.3790 and 1.38022.  Within that area sits the 50% midpoint of the range since the July 30 high at 1.37921, and the key 200 day moving average a little higher at 1.38023.  The high price reached 1.38007 - just below the 200 day moving average level.  Sellers were waiting against the level as risk could be defined and limited. The price moved lower and the swing area solidified itself as resistance. The price has since moved back down toward the close from yesterday. The close from yesterday was 1.3757. The low price just reached 1.3756 and bounced. The current price is trading at 1.3770. Buyers are trying to keep the price in the black. Should the price move into negative territory, the rising 100 hour moving average comes in at 1.3743. Recall from yesterday, the low...

It is month end.. The USDJPY saw a quick move lower over the last hour of trading. The move saw the price tumble to the downside - breaking the 200 hour MA in the process (again) and running to test the 100 day moving average at 109.651 ( see post from late yesterday outlining the key level ).  The low price reached 109.64. Buyers leaned against the key moving average level. The price has snapback higher. The move back to the upside has reached the 200 hour moving average at 109.853 (green line in the chart above). The question now for traders is "Can the sellers keep the rebound in check against that 200 hour moving average level?". Earlier in the Asian session, the buyers were able to push above its 100 hour moving average and 50% retracement near the 109.93 to 109.95 area. The price reached 109.977 before rotating back to the downside. The London morning session high price moved back toward that 50% level and 100 hour moving average at 109.95, but...

The latest data revealed that China’s economy continued to lose momentum. The PMI report from the National Bureau of Statistics (NBS) showed disappointment in both manufacturing and services activities. Stability of the renminbi (a.k.a. Yuan, CNY) is mainly due to government’s control and is not reflective of the headwind the economy is facing. We expect the People’s Bank of China (PBOC) would lower the reserve requirement ratio later this year, possibly followed by rate cut. Policy divergence from the Fed suggests further downside for the country’s currency. The NBS manufacturing PMI slipped -0.3 point to 50.1 in August, slightly worse than consensus of consensus of 50.2. Concerning the sub-indexes, “production” was down -0.1 point to 50.9, while “new orders” was down -1.3 point to 49.6. “New exports” dropped to 46.7, lowest since June 2020, from 47.7 a month ago, while “imports” was down -1.1 pt to 48.3. The broad-based decline in these readings signals that demand was weak both at...

Euro jumps notably today, as supported by highest inflation reading in a decade, and hawkish comments from an ECB official, as well as rise in German yields. Though, it’s slightly outshone by Kiwi, Aussie and Swiss Franc for now. On the other hand, Dollar’s selloff continues to pick up momentum and even dips against Yen. Canadian Dollar also stays weak, getting little support from GDP data that matched expectations. Technically, EUR/GBP’s break of 0.8592 minor resistance suggests resumption of the rebound from 0.8448. That’s affirming Euro’s underlying strength. But as EUR/CHF appears to be rejected by 1.0839 resistance, Euro’s rally is somewhat capped elsewhere. We’ll keep on monitoring European crosses to gauge the potential of more upside acceleration in EUR/USD and EUR/JPY. In Europe, at the time of writing, FTSE is down -0.62%. DAX is down -0.37%. CAC is down -0.41%. Germany 10-year yield is up 0.0209 at -0.396, back above -0.4 handle. Earlier in Asia, Nikkei rose 1.08%. Hong Ko...

Two people were killed and at least 10 others were injured when their vehicles plunged into a deep hole where a highway collapsed after Hurricane Ida blew through Mississippi . Torrential rain may have caused the collapse, and the drivers may not have seen that the roadway in front of them had disappeared Monday night, Mississippi Highway Patrol Cp. Cal Robertson said. HURRICANE IDA FORCES DOGS AND CATS TO BE AIRLIFTED FROM LOUISIANA TO SHELTERS ACROSS US "Some of these cars are stacked on top of each other," he said . Seven vehicles were involved, including a motorcycle. A crane was brought in to lift them out of the hole. WDSU-TV reports that state troopers, emergency workers and rescue teams responded to Highway 26 west of Lucedale, about 60 miles (96 kilometers) northeast of Biloxi, to find both the east and westbound lanes collapsed. Robertson said the hole is around 50 to 60 feet (15 to 18 meters) long and 20 to 30 feet (6 to 9 meters) deep. The identities and...

Worst Performing Major Currency Might Finally Get a Lifeline Forex 52 minutes ago (Aug 31, 2021 08:54AM ET) © Reuters. Worst Performing Major Currency Might Finally Get a Lifeline (Bloomberg) -- Chile’s peso , the worst performing major currency this month, is about to get some uncharacteristic help from the central bank. The currency has tumbled 3% in August ahead of presidential elections in November -- the biggest decline among 32 peers tracked by Bloomberg. That has brought its drop in the past four months to 9.5% -- more than double any other major Latin American currency except Peru’s sol . In the next month however, economics may trump politics. Policy makers are expected to raise the key rate by a half-point late on Tuesday, the biggest increase in a decade. And with a retail sales boom at fever pitch, some are even contemplating a 75 basis-point increase, something that hasn’t been seen in Chile since 2001. Add in falling Covid cases, and the currency’s worst days m...

Moves away from the 1.1800 area as well The EURUSD has made a run to the upside after basing near the 50% midpoint or the trading range since July 30 during yesterday's trade. Recall that the up-and-down price action yesterday saw the pair move up to a high over the 1.1800 – 1.18044 swing area, but fell back down toward its midpoint level near the start of the New York session. Although the price decline moved to a low of 1.1782 below the 50% midpoint of 1.17857, that selling could not be maintained and the prices started to move back toward the 1.1800 - 1.18044 level by the close of trading ( see post from yesterday ). In the Asian session today, the price was able to break above the 1.1800 – 1.18044 area and push toward the next key target at the 61.8% retracement.  Getting above that level had traders looking toward the 1.18243 to 1.1830 area (see green numbered circles).  Ultimately that swing area was also broken. We now trade ...