Forex Bull

By Johan Kriek (jkriek@fxinstructor.com) Key notes: – Japan’s recession deepens – US and Eurozone equities see a substantial rise – US Carmakers bailout still a probability Key events: – 9:30       GMT     U.K. Trade balance – 9:30       GMT     U.K

The US Dollar and Japanese Yen look poised to extend overnight gains with stock index futures down close to 1% ahead of the opening bell in Europe, pointing to receding risk appetite.

The Bank of Canada is expected to cut its benchmark rate by 50 bps at its upcoming policy meeting.

Double tops have been triggered in EURUSD, EURJPY, AUDUSD, and AUDJPY while Cable pairs are still nibbling around the edge of their own break. With Asian equity markets more mixed to bearish than seeing across the board selloffs this now all boils down to the charts on just how much of a downside is there still available. As of writing we are seeing lower time frames starting to come off oversold levels suggesting a bottom may have been reached while hourly candles are more undecided than calling for a resumption of the rally.

Tue, 09th of December, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook After break the triangle formation on 4h chart to the upside and 1.2850 key resistance level, the EURUSD gain some bullish momentum yesterday. The pair topped at 1.2966 and closed at 1.2937 .

Economic data scheduled for release during European trading hours on Tuesday, December 9th:

On the basis of technical factors, the Australian Dollar had halted its precipitous decline against most major currencies. As a result of an unbelievable 100 basis point interest rate cut, however, the currency has resumed its fall.

New video for tonight – main points include: Great move today and certainly lots of bullish signs, but a little overbought here so be careful. Most stocks moving today are beaten-down types – will wait for a pullback rather than chase here and get caught in a reversal

- US Dollar And Japanese Yen Pull Back As Confidence In And Expectations For Bailouts Rise – Euro Rallies Against the World?s Most Heavily Traded Currencies. But Will It Last

Hi there fellow traders! Herewith is my daily video recap for December 8, 2008, in which I discuss what happened on the market today, in our Live Forex Trading Room . http://www.youtube.com/watch?v=O2XRQnLoUHU To learn more about the Live Trading Room , please click here .