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EURUSD Forecast

The EURUSD attempted to push lower yesterday, bottomed at 1.4272 but closed higher at 1.4338. The pair is still consolidating in range area. I think we are in no trading zone now as direction is not clear in nearest term. Another way to trade in this kind of market is to short around 1.4420/50 or long around 1.4250 with a tight stop loss. We need a break from the range area to see clearer direction. Break above 1.4420/50 area should be seen as bearish failure and trigger further bullish momentum towards 1.4600 even 1.4800 area. Break below 1.4250 should trigger further bearish momentum targeting 1.4170 – 1.4130 before testing 1.4000 area.


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Welcome to the FXReturn.com London Forex Market Call for December 31st, 2009. GBP/USD: May have found support from its steep decline from its November high. A close above above 1.6150 will suggest a double bottom, however, a close below 1.5768 would signal more downside longer term with a price objective of 1.5000. Don't miss the FREE webinar: The January Outlook for the British Pound hosted by Technical Analyst, David Ratkowski on 1/4/10. GOLD: The market had a stellar rally in 2009. For the market to continue up to all times highs consecutive closes above 1100 need to be achieved. If the market fails at the 1100 area watch down below. 1020 is the next downside objective. The Staff at FXReturn.com wishes you continued success and a happy holiday ...

What are some things I should be doing to prepare for the new trading year?

The first thing to do is look at what you did in the last year. What things improved and what things did not work for you? Are the reason things improved because you gained a better understanding or put in the effort required to become good? Why did things not work? Is it because they really do not work or you did not have the time to commit to the subject to acquire the skill or you may have jumped in before you knew what you were doing? Whatever the answeris to those questions take the time to answer them honestly.

The second thing to do is pick two things that you would like to achieve over the next year. Notice that we said year ...

2009 was a golden year with bullion making a $340 upwards move (+35%) from January 3rd to the December 1226 highs. In the same time the Usd was the one of weakest currencies in global trade. However, since the 3th of December, and since the last U.S. Non-farm Payroll release, gold has already declined by more than $150 (-12%) in just three weeks, as shown on the chart below.


TheLFB Charting: Gold weekly view

The three week gold move has fed off very strong down-side momentum, and a freshly broken trend-line suggests that this may be a near-term, first leg, of something larger to follow. The Elliott Wave team at the TheLFB.com ...