What You Absolutely Must Know...

There are two distinctions that will be made in this article. The first regards forex trading software that enables the retail forex trader to access data feeds and charts that show the current market action of major currency pairs and crosses in the forex markets.

The second regards forex trading software that either assists the trader in some way as an adjunct to their trading or claims to identify trading signals whereby the trader can enter the market using the software perhaps as a stand alone or in conjunction with their technical analysis charts.

The forex trading software that is probably most relevance to the forex trader, who participate in online forex currency trading through a forex broker, is that of a charting package which may well be provided by the broker. Many forex brokers, contrary to popular belief, provide excellent information for their clients, in order to help them.

In addition they will provide a kind of forex trading software, that incorporates a datafeed which transmits the latest market prices as given by the broker with a package that enables the trader to use charts of different timeframes, different currency pairs and a selection of technical analysis indicators, which can be used to create a technical training strategy.

A good charting package will be reliable 24 hours per day in providing up-to-date quotes and potting market action on a candlestick or bar graph. The amount of options will vary from broker to broker, from charting package to charting package.

Most will include the bid ask prices across a variety of pairs as well as the option to display one chart or multiple charts and to put on those charts indicators such as: moving averages; RSI; Fibonacci retracement levels and an ability to change the change the color scheme to the desired choice. Such a software made it to trader the opportunity to execute trades as well. Features such as one click order execution and closure are desirable. Speed of execution obviously is a major advantage for intraday trading.

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Mid−Day Forex Technical Report − Yen Surges after Poor Services and Job Data from US

Action Insight Mid-Day Report

Yen Surges after Poor Services and Job Data from US

Japanese yen strengthens across the board today after another round of poor services data from around the world. Released in US session, ISM non-manufacturing index dropped to record low of 37.3 in Nov, suggesting contraction in services section is accelerating. Price paid index dropped sharply from 53.4 while employment component also dived further in sub-50 region from 41.5 to 31.3. Also released from US, ADP employment showed largest contraction since 1991 by -250k in Nov. Challenger planned job cut rose 148% to over 181k in Nov, hitting the highest level in six years. While most major currencies, except dollar and yen, remains weak, there is another round of free Canadian selling in early US session, dragged down by crude oil's fall to below 46 level. Though, EUR/USD and AUD/USD remains in range so far. Market's focus will turn to Fed's Beige book later in US afternoon as well as RBNZ's rate decision in the comming Asian session.

UK services PMI surprised on the downside to 40.1(consensus: 41.2, Oct: 42.4), the 7th straight month of contraction and the lowest level since the index began in 1996. Readings of employment, incoming new business, outstanding business and business expectation were all at record lows. Earlier this week, the UK reported manufacturing and construction PMI whose declines were sharper than market anticipated. Poor data indicated weak economic conditions in the nation and underscored BoE's aggressive rate cut in the meeting tomorrow. Markets expect another 100bps cut but the BoE might surprise the market again by a deeper cut.

Other data saw retail sales in Eurozone shrank -0.8% in October, worse than consensus of -0.4% and 0% (revised from -0.2%) in September, amid rising unemployment and weakening consumer confidence. On annual basis, the figure came in at -2.1%, also lower than market's expectation of -1.4%. September figure was also revised upward to -1.4%. Sales of food, drinks and tobacco products fell 0.5% that of non-food products lost 0.9% in October.

Eurozone revised down the final number for November's services PMI to 42.5 from 43.3 initially. Falling from 45.8 in October, the figure marked the sharpest drop in 10 years and the 6th consecutive month that the sector is in contraction. Composite PMI for November also fell more than expected to record low at 38.9 from 43.6 in October. Moreover, the German figure was also revised to 45.1 from 46.2, compared with 48.3 in October. Readings for new business, input and output all dropped sharply.

ForexGen | Euro / US Dollar Breaks Out of Range, Aims Higher

The Euro raced higher against the US Dollar in early New York trading hours as forex markets fell in with a rebound in risk appetite fueled by the announcement that the Federal Reserve will commit up to $800 billion for a new program to bolster credit access for homebuyers, consumers and small businesses.

The news sent European stock markets and US index futures sharply higher just before the opening bell on Wall St, while forex traders dumped safe haven currencies, weighing on the greenback. The bulls retained momentum since and EURUSD has now definitively broken above the upper boundery of the range that had contained the pair since late October. This confirms our analysis from the past several weeks calling for a bullish correction in EURUSD after identifying positive divergence between price action and the RSI oscillator. A Bullish Engulfing formation seen at the end of last week's trading added further confirmation.

We will now look for the pair to rise into the 1.33-1.35 area to meet resistance established by a downward sloping trend line connecting the highs following the breakdown of the bullish trend below 1.60 in mid-July.

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