DailyFX Forum - FXKnight

Crude Oil: A Key Level to Watch

Posted 11-20-2008 at 01:31 PM by fxKnight.com (FXKnight)

One of the factors which has been center stage throughout this crisis is the price of crude. High oil prices were initially blamed for the fall of the US stock market. And yet, with oil trading at $52 a barrel, we find the Dow still hovering right around 7900. The question on everyone’s mind… is what happens to the economy if oil should start to go back up?

Oil affects the cost of doing business for almost every company out there - whether they use plastics, or have to ship their product. And it can also affect the movement of many currencies, especially the Japanese Yen (JPY) - since the island nation has extremely limited domestic production - and the Canadian Dollar (CAD), which has the world's second-largest reserves....

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Has the Aussie Found Bottom?

Posted 10-22-2008 at 05:16 PM by fxKnight.com (FXKnight)

Has the Aussie Found Bottom?

The AUD/USD pair has shed over 3500 pips in a dramatic sell-off which has lasted since July. Have we finally found a bottom?

Currently, the Aussie is ranging between the 161% Fibonacci level at 0.6537 and the 138% Fib level at 0.7019 - what happens next very much depends upon which side of this range price eventually chooses.

If we break above 0.7019 and successfully re-test that level as support, then we may eventually see price rise to 0.7801

If, on the other hand, 0.6537 fails to hold as support, and we successfully re-test that level from below as resistance, then we could well see price drop further -perhaps as far as 0.5755, or if that level breaks,...

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The Long−term Outlook for Gold

Posted 10-15-2008 at 04:26 PM by fxKnight.com (FXKnight)

The Long−term Outlook for Gold

Traditionally thought of as a safe-haven during periods of high inflation or market uncertainly, this shiny yellow metal has been moving by over $100 per ounce on some recent days. But there's more to the story than just the recent market panics.

The day prior to the first "no" vote on the US bail-out package, gold made it's bottom at 736.18, a level projected nearly 2 months in advance by Fibonacci studies. But besides the technical indicators, there is a genuine fundamental supply and demand issue unfolding. The truth is most every bank, bullion, and coin dealer out there is out of stock. And some have even ceased accepting waiting lists and back orders. Try it yourself...

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Next Levels to Watch for the EUR/USD

Posted 10-09-2008 at 03:05 PM by fxKnight.com (FXKnight)

Next Levels to Watch for the EUR/USD

The Euro has fallen sharply against the US Dollar in recent weeks, finally finding a bottom a few days ago at 1.3332, which corresponds with a 61.8% Fibonacci retracement from the all-time high of 1.6037

Where do we go next from here?

Currently, price is in the process of moving up to test the next Fib level at 1.3848, meanwhile the daily 21 exponential moving average is gradually working its way down from 1.4081 - what price does when it reaches that level will give some clues as to further direction.

A break above, followed by a re-test of support, means we will most likely go on to test 1.4365 next (perhaps eventually 1.5004). If, on the other...

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Andrei Pehar, Sr. Currency Strategist, fxKnight.com

Andrei is a private fund manager, consultant to management, and a sought-after speaker and coach for professional traders and individual investors alike. At a young age he was already playing in professional chess tournaments, and went on to further hone his strategic skills through years spent studying Japanese martial arts. From both worlds, he brings with him a unique perspective to the financial markets.

His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts.

Andrei is a regular contributor to BabyPips, DailyFX, and FXStreet. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques. His site fxKnight.com provides free tools and strategies for professional traders and individual investors (including live chat, strategy forums, training videos, worldwide market news, and streaming ForexTV).

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