Forex Bull

by Johan Kriek (jkriek@fxinstructor.com) Key notes: – BoJ keeps rates on hold – Equities close lower across the board Probability Studies: As long as the CHF keeps taking out highs the bullish trading condition will prevail. Expect resistance at 1.2315 No Trade Zone, bearish probability. A significant lower peak will confirm a much more active bearish 60minute trend but that will only occur once the 1 hour stochastic gives me a bearish cross

The Bank of Japan kept interest rates at 0.30% as expected.

The New Zealand dollar fell to a six-year low against the U.S.

See the original post: Identifying Trades with DailyFX 11.21.08 (Daily FX)

The weak US equity market has seen Asian equity indices opening lower and staying under the waterline. Currencies for their part continue to see technical pressure for a pullback from the hourly charts though fast approaching overbought levels among the oscillators and already showing signs of a fresh short in the 15-minute time frame

Over the past several weeks, we have monitored the US Dollar?s strengthening correlation with global stock performance as the greenback became a key destination for capital fleeing risky assets .

Fri, 21th of November, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook The EURUSD attempted to make another upside correction yesterday, topped at 1.2593 but further bullish momentum was rejected as the pair whipsawed to the downside bottomed at 1.2434 and closed at 1.2454 .

Indeed, the trade-weighted US dollar index closed above key resistance at 88 for the first time since 2006.

The euro slumped throughout the day on Thursday, but for what it?s worth, EUR/USD is still in consolidation mode.

The British pound tumbled 1.5 percent against the greenback on Thursday, despite the smaller-than-expected decline in UK retail sales, as interest rate expectations for the Bank of England continue to plummet.