FOREX

The Australian Dollar drifted below the $1.07 mark in quiet holiday trade during Asian hours yesterday. After reaching a session high of 1.0730 the Aussie had dropped to 1.0680 by the opening of European markets.

The crude oil markets continues to remain robust as gasoline prices rise and draw global demand.

On Wednesday, Ben Bernanke will preside over the Federal Reserve's first press conference ever, which will give him the perfect opportunity to quell any potential market volatility arising from the monetary policy statement that is to be released that morning.

Over the past two weeks, the Japanese yen has been the strongest of the major currencies.

With a stronger Aussie dollar, there a lot of ways how Australians can take advantage of forex trading, One of these ways is online shopping. In fact, Australia is fast-gaining a reputation as a global hub for online shopping which makes online shopping using the stronger Aussie dollar more practical and advantageous.

We collated more free forex tips for beginners in foreign exchange trading. Additionally, you can peruse our free forex education section to familiarize yourself forex terminologies such as Spots and Forward Trading. But before you do that, here are carefully selected tip for forex trading novices,

Wall Street continues to move steadily higher. Yesterday, the NASDAQ Composite closed higher by 57.54 points, gaining 2.10% on the day to close at 2802.51 points.

The important resistance level of 1.0600 initially held back the buyers as rumours of Asian Central banks were seen selling AUD, but the overwhelming sentiment to buy higher yielding assets and also the massive negativity surrounding the USD saw it quickly to record highs with traders now set on buying any dip back towards 1.0600/50 region calling for 1.1000

Oh what a night. The irresistible Australian Dollar has broken more records and surged through USD 1.0700 overnight.

The Australian dollar opens this morning at a rate of 1.0694 after advancing to a record high of 1.0718 against its US counterpart overnight. With Stocks rebounding and healthy local terms of trade figures being released yesterday, investors snapped up the Aussie Dollar in the local session with upper resistance around 1.06 being tested late in the afternoon.

The foreign exchange market might seem to some people very similar to other financial markets. On the surface, the forex exchange has many similarities to the stock exchange. However, there are a number of differences. Below is a breakdown of some of the major differences that might not be obvious to everyone.

The AUD fell to 1.0444 but has rebounded overnight as equity markets strengthened overnight, thanks in main to some better than expected company earning reports and solid economic data releases offshore. Base metals finished higher with copper up 1.3%, aluminium up 1.5% and zinc 0.1% higher. Gold spot hit an overnight high of US$1,499.32 and gold futures are now above US$1,500 per oz. Oil rose on the back of a weaker USD with WTUI Futures closing at USD108.20.

Yet again the surge in commodity prices to record highs helped drag the AUD off the lows as risk currencies recovered overnight. Traders are however treating this as a rally that is allowing them to get short ahead of the resistance at 1.0580/00 region. Whilst traders are bearish initially they are aware a break through 1.0600 is a significantly bullish signal.

The AUD lost ground in line with most other risk currencies overnight after S&P downgraded the US’s debt outlook. However, the AUD held up as gold and silver surged higher. Technically, we saw the AUD break below the bearish wedge formation and this is negative for the AUD in the near term. A break of 1.0455 could see further selling. Watch for RBA minutes at 11.30am

When you trade in forex, you have to understand that forex comes with a risk. But the same is true with other methods of investments. On the upside, in currency trading, you can potentially have huge gains with a comparatively less capital. Many brokerage lets you open an account with just a $100 or less.

When you first trade in forex, you might feel that currency trading is a little overwhelming. So for those who are in the process of immersing themselves in forex trading, below is an enumeration of practical forex tips to keep in mind as you trade currency.

The only thing helping keep the AUD/USD supported is the fact that Gold and other commodities are approaching record highs. This however is being offset by the fact that the risk currencies (EUR in particular) are beginning to struggle. On the open it has been sellers galore and if support at 1.0520 breaks it could be a quite bearish signal targeting 1.0400 initially

Following a very flat opening yesterday the Australian dollar came to life in the afternoon as there was a renewed appetite for currencies deemed riskier.

AUD traded the upward trend channel quite well over the past couple of days and continued to last night. We are however approaching not only the top of the channel, but also the previous post-float highs of 1.0580/90 where the sellers emerged last time. Traders are content to be short here but leaving a tight stop loss with everyone else above 1.0600/10

AUD found support on the lows yesterday as support was provided by a resurgence in commodity prices after negative sessions. Traders aren’t convinced however that the selling pressure is over and we seem to be consolidating now in a wide range waiting for the breakout to give the signal of the next direction.

After the Australian dollar opened at a rate of 1.0492 against the Greenback yesterday the A$ dollar was sold early as it received mixed leads from the Asian session. With news of further earthquakes' in Japan and softer commodity prices, investors sought relieve in the safe-haven US based currency. As the sell off continued the Japanese government upgraded the severity level of the nuclear crisis to its highest level.

The Australian Dollar experienced somewhat rare selling pressure yesterday following ongoing concerns of the Japanese nuclear crisis and European sovereign debt.

AUD took a breather as it came under increasing selling pressure on the back of commodity prices being aggressively sold. We open the Asian session right on the support level of 1.0470/80 and traders are watching keenly as a break of here could be an extremely bearish signal however traders are trusting support initially, not pre-empting the break.

After a very strong run in recent weeks, the AUD has taken a breather overnight,with a drop in commodity prices and a stronger USD pulling the AUD back belowthe USD1.0500 level.

With little in terms of significant local events yesterday the Australian dollar drifted slightly lower overnight to open this morning at a rate of 1.0497. As global equities softened, gold, silver and crude oil also pulled back some of their recent gains.

The AUD continues it’s upward march towards 1.1000 and with such a strong close towards the highs of the week it gives a bullish signal to the start of the trading week. However, many traders are starting to be a little concerned that we haven’t had a pullback and that it may drift back towards 1.0400 where support lies before heading higher again.

The Australian economy yet again continues to shine with great jobs numbers released yesterday supporting the AUD during the Asian session. It drifted lower as EUR failed to excite, but with the support confirmed at 1.0400/10 traders are still happy playing the buy the dip game and looking for new highs into next week.

The Australian unemployment rate surprised investors yesterday improving to an annualized figure of 4.9% against an expected 5% result.

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