For traders who are new to currency trading, it can be quite a confusing experience, not least because everything seems to be FREE!! If you have come from a stock or share trading background, you will be very familiar with all the costs associated with each trade. Firstly there is the cost of receiving the data via a data feed. For realtime data this can be expensive, then there is the brokerage cost of each trade both to open and close, then there is a spread, and finally stamp duty ( a UK evil!!) Anyone trying to day trade is on a hiding to nothing! In the world of Forex, few of these costs exist. Realtime data is provided free of charge, either by the brokerage, or by one of the many good sites such as fxstreet.
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Forex and Dow Jones recommended levels
EUR/USD
Today’s support: – 1.5465 and 1.5432(main), where correction is possible. Break would give 1.5413, where correction also may be. Then follows 1.5389. Break of the latter would result in 1.5364. If a strong impulse, we would see 1.5322. Continuation will give 1.5305 and 1.5284.
Today’s resistance: – 1.5548 and 1.5573(main). Break would give 1.5596, where a correction is possible. Then goes 1.5617. Break of the latter would result in 1.5650. If a strong impulse, we’d see 1.5664. Continuation will give 1.5692.
USD/JPY
Today’s support: – 105.02, 104.85, 104.62 and 104.40(main). Break would bring 104.29, where correction is possible. Then 104.15. If a strong impulse, we would see 103.84. Continuation would give 103.52.
Today’s resistance: – 106.08 and 106.31(main), where a correction may happen. Break would bring 106.58, where also a correction may be. Then 106.98. If a strong impulse, we would see 107.14. Continuation will give 107.33.
DOW JONES INDEX
Today’s support: – 12 610.00 and 12 577.46(main), where a delay and correction may happen. Break of the latter will give 12 552.19, where correction also can be. Then follows 12 535.30. Be there a strong impulse, we would see 12 495.23. Continuation will bring 12 452.34.
Today’s resistance: – 12 735.17, 12 768.77 and 12 784.92(main), where a delay and correction may happen. Break would bring 12 813.81, where a correction may happen. Then follows 12 836.25, where a delay and correction could also be. Be there a strong impulse, we’d see 12 853.47. Continuation would bring 12 868.59.
