Forex Bot Ripoffs

Market Commentary The US Dollar traded mixed wherein mild correction was seen in the Euro and the Cable; where as the Aussie Dollar posted mild gains and the Swiss Franc traded flat. Key equity index, Dow Jones Industrials (DJIA) finds support again in the ranges of 11900 to gain smartly beyond 12200 to currently trade at 12665. Immediate resistance is seen in the zone of 12700-12800 which is historical congestion zone; consistently trading above 12450 reinitiate long-term rally in DJIA.

http://www.fxstreet.com/technical/forex-strategy/forex-commentary-and-strategy-report/2011-07-07.html

Moody’s became the first ratings agency to cut Portugal’s credit standing to junk, warning the country may need a second round of rescue funds before it can return to capital markets. Moody’s said its decision was based on three reasons, specifically that there was a growing concern that Portugal would need a second bailout package, that the country would not be able to meet its target of reducing its deficit and that the Portuguese state would not be able to finance itself on the market at

http://www.fxstreet.com/technical/forex-strategy/forex-technical-comments/2011-07-07.html

Trading Setups / Chart in Focus: NZDUSD The NZDUSD consolidated today forming an inside bar in the process. The mother bar high of this inside bar setup is also the all-time high in the NZDUSD, so a break of this high would be significant. Also, given that we are at this significant resistance level, we could also see price break lower from this inside bar, and so we will keep a close eye on this inside bar setup for the near-term. AUDUSD The AUDUSD moved lower early in today’s session but the

http://www.fxstreet.com/technical/forex-strategy/forex-trade-setups-commentary/2011-07-06.html

AUD/USD – The AUD/USD is attempting a correction in the short-term. So far this has taken shape of a head and shoulder with a declining neckline, so it will be hard to determine a breakout below the pattern. – Often head and shoulder patterns fail to provide topping except for the very short-term, in which the pattern develops and gives only an initial breakout swing. – Observing the AUD/USD in the 4H chart, we see that the bearish scenario should be limited after such a bullish setup. The RSI

http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2011-07-06.v05.html

GBP/USD – The rising wedge had a wave (e) failure before falling below the wedge support. – Price action attempted cleared out the 1.61 resistance before the market rejected the rally attempt. – GBP/USD remains bearish as the RSI reading in the 4H chart failed to sustain the break above 60. With the RSI breaking back below 40, and heading towards 30, bearish momentum is being re-established. – The daily chart shows the breaking below the 200SMA after breaking below a projected support. There

http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2011-07-06.v04.html

EUR/GBP – The EUR/GBP is seen breaking below a rising channel support in the 4H chart. It has also provided a pullback that respected the broken channel support as resistance. – The RSI reading is falling below 40, reflecting a loss of bullish momentum. – The decline is cracking a pivot at 0.8950, and testing 61.8% retracement level near 0.8938. If the market clears these lows, and a subsequent rally fails to break above the recent consolidation (staying below 0.90 preferably), the bearish

http://www.fxstreet.com/technical/forex-strategy/daily-technical-update/2011-07-06.v03.html

Pound remains limited below the ascendant trend line coming from 1.5911, broken earlier today and currently around 1.6015: despite a couple attempts to overcome the level, the pair has been unable to open a candle above it, and is now back losing the 1.6000 area: with a strong bearish tone coming from indicators in the 4 hours chart, pair needs now to lose 1.5960 to confirm a continuation towards 1.5900 area in the short term. Next bearish target comes at 1.5770 strong long term static support.

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011-07-06.v02.html

The EURNZD traded in between two important levels since May: 1.7964 and 1.7419, but earlier this morning it broke the support level triggering a bearish market condition: This breakout triggered a bearish market condition and now it is likely to continue its way down until it reaches the next LT support level at 1.6941. When looking at the short term charts, it’s clear that the EURNZD still has a long way to go before reaching the next LT support level, it is also trading below every important

http://www.fxstreet.com/technical/forex-strategy/where-are-the-pips-today/2011-07-06.html

EURGBP: Selling Off On Correction EURGBP – The cross is now weakening for a third day in a row after failing at the 0.9083 level the past week.With the 0.8976 level, its Jun 20’2011 low being violated, risk of further declines towards the 0.8720 level, its Jun 16’2011 low is now looming. A breather may occur here but if it fails, it will create scope for further declines towards the 0.8610 level, its May 26’2011 low. Its daily RSI is bearish and pointing lower supporting this view.

http://www.fxstreet.com/technical/forex-strategy/daily-technical-strategist/2011-07-06.html

Moody’s, the credit ratings agency, has followed through on earlier threats and downgraded Portuguese debt to junk status. The reverberations were immediately felt in the financial markets as fear of contagion spread.http://www.dailyforex.com/forex-news/2011/07/Euro-Struggles-to-Regain-Losses-After-Portuguese-Downgrade/8266