Forex Blog

Today EUR/USD retreated from its yesterday levels of 1.3630 down to 1.3600 level (with a failed try ground below 1.3600). Factory orders macroeconomic data for May came out better than expected but it still showed a decrease in this important indicator - manufacturers orders decreased by 0.5% (against 1.2% expected). But this data didn’t affect Forex at all - the major bearish bars were seen four hours before it came out. It looks like EUR/USD will remain bound in 1.3600 - 1.3650 range for some time.

A new addition to my Forex brokers section of the site - a list of WebMoney Forex brokers - those that offer WebMoney as the option to deposit or withdraw money to/from the trading accounts. Forex traders that prefer on-line payment systems, but don’t want to deal with e-gold or other browser-security system might like WebMoney e-currency system for its hi-end security and good level of service. Here is the list of all brokers that accept WebMoney:

• LiteForex
• Marketiva
• FXEgypt
• FXcast
• Alpari
• Ava FX
• Real Trade
• IFC Markets

Today Forex was a very unlucky place for U.S. dollar as the EUR/USD rallied to its two months high at 1.3630. Even good ISM index data (56% - a 1% rise - against 55% expected) couldn’t help U.S. currency after last week losses. It is almost certain now that EUR/USD has broken the down-trend and is now heading north. Probable point of strong resistance can be seen at 1.3650 level, which if broken can mean a rally to 1.3800. While, stopping at 1.3650 will probably for a double-peak pattern with a new correction wave.

Welcome to the July 1, 2007 edition of Carnival of Forex trading.

Jimmy Atkinson presents How Does Terrorism Affect Your Trading? posted at Forex Blog.

George Courtney jr presents Go Global by Investing in Foreign Currencies posted at The Authentic Bartender Blog.

Mark25 presents Forex Exchange Rate - How Does It Get Calculated? posted at HotStrategies.com.

Ralph Morgan presents Enough Wealth: Adventures in Day Trading - 12 posted at Enough Wealth.

Bryan Moore presents How to Create Synthetic FOREX Currency Pairs posted at TheFinancialWhiz.Com, saying, “This article explains the principles behind creating synthetic Forex currency pairs. The problem a lot of traders run into is that they sometimes cannot directly trade a particular currency pair from their broker, this explains how you can dissect two currency pairs to create the one you need.”

That concludes this edition. Submit your blog article to the next edition of Carnival of Forex trading using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Oh, God! Fifth Forex broker with ‘Markets’ in its name! And it doesn’t offer any other market for trading except Forex. They got to love this word to insert it the broker’s title. IFC Markets is good Forex broker if you want to start with a little money (deposits from just $1) and want to deposit it via e-gold or WebMoney. They offer their own trading software which has some professional features (like multicharting) but has nod custom indicators or expert advisors. Their site is quite informative – Forex market news, IFC Markets broker news, financial calendar – all in nine different languages.