Author: Editorial Team

ForexPromos Editorial Team is comprised of a selection of hand picked editors that bring you the latest breaking news from the financial markets. We also provide forex educative articles as well as comprehensive fx broker reviews.

Trading with Donchian Channels

Trading with Donchian Channels

Trading Indicators
The Donchian channels, also referred to as Donchian Bands, is one of the famous channel indicators besides the more popular Bollinger Bands. It is a trend following channel indicator and has given rise to many different trading strategies including the famed 'Turtle Trading Strategy' as well. The Donchian Band is primarily used to gauge the volatility of the markets (similar to Bollinger Bands) and can also be used as a break out indicator as well as a horizontal support and resistance indicator. This means that when prices are stable, the Donchian channels tend to contract or narrow and when volatility picks up, the Donchian channels widen. The Donchian Channel was developed by Richard Donchian a futures and commodities trader. Richard Donchian is also known within the trading f
What is the ECB’s Emergency Liquidity Assistance or ELA Program

What is the ECB’s Emergency Liquidity Assistance or ELA Program

Financial Markets Explained
Ever since the recent Greece crisis hit the news headlines, a constant abbreviation "ELA" has been mentioned in the same breathe. For most investors and traders alike, the ELA might initially come across as yet another 'complex financial jargon' (think: EFSF, ESM, etc) put together by the technocrats in the EU Commission and the ECB. The ELA has grown to become an increasingly important tool in the Greece crisis. More importantly, it (the ELA) has allowed Greek banks to remain solvent while an agreement is chalked out by Greece and its lenders. So what is the Emergency Liquidity Assistance or ELA for short? The ELA is one of the many programs run by the European Central Bank and is described as financial support offered by the ECB in 'exceptional circumstances or on a case-to-case basis'...
Weekly Currency Indices Update: 04 – 08 May 2015

Weekly Currency Indices Update: 04 – 08 May 2015

Technical Analysis
Candlestick Patterns (Daily, Weekly) Index Daily Weekly AUD Bearish DCC 3 days ago. No specific pattern identified on Friday’s close Bearish with a shooting star like candlestick. No specific pattern identified CAD Bearish since the last 3 candles. No specific pattern identified Doji, one candle ago with a bearish candlestick GBP Bearish engulfing on body one day ago, followed by a large bearish candlestick on Friday’s close Bearish candlestick. No specific pattern identified JPY Bullish since past 5 daily candles after a bullish engulfing on 27/04. No specific pattern identified Bullish for the past 3 weeks after a bullish engulfing on 12/04 NZD Bearish for the past 3 candles after a bearish engulfing pattern formed on 29/04 Second week of beari
AUDNZD – A potentially juicy trade setting up

AUDNZD – A potentially juicy trade setting up

Technical Analysis
The Aussie dollar has been prone to some wild swings this week. It all started off few weeks ago with the RBA Governor Glenn Stevens giving a speech to the Australian American Association in New York. In his comments, the RBA Chief made indirect reference to the 'high exchange rate' of the Australian Dollar and that further rate cuts were on the table and something which the Australian Central Bank could dig into if need be. These remarks sent the Aussie plummeting sharply and once again arousing speculation of May rate cuts. You can read The World Economy and Australia from the RBA website. Then a couple of days, sentiment in the US soured and with the GDP numbers disappointing for the quarter (they weren't really, if you consider the bigger picture, but that's a different story), t...
Weekly Currency Index Technical Analysis – 16 March

Weekly Currency Index Technical Analysis – 16 March

Technical Analysis
Currency Index Notes: From last week's analysis, we had recommended to sell NZDUSD, targeting 0.72 from 0.74/0.75 levels, short GBPAUD, GBPCAD, AUDUSD, NZDCAD and to buy USDJPY. As of market close on Friday, 13th March the recommendations performed as follows: NZDUSD: Rallied to 0.74 and dipped lower below 0.72, +2.7% Profit GBPAUD: +1.18% Profit on Short GBPCAD: +0.83% Profit on Short AUDUSD: +1.04% Profit on Short NZDCAD: -0.87% Loss on Short USDJPY: +0.49% Profit on Long AUDNZD: +0.61% Gain since 2nd March on Long Continue to remain holding AUDNZD and exit half the position at 1.05 and exit towards 1.07 Continue to hold AUDUSD, NZDUSD shorts Australian Dollar Index The Aussie Dollar managed to reach/retrace back to the support/resistance region between 1.542...