Pound Dollar Daily Candle Chart - 15th March 2009

Pound Dollar Daily Candle Chart - 15th March 2009

This morning’s price action has confirmed my market commentary from yesterday with a tentative break above the 1.4974 price point which has occurred a little earlier than I anticipated, but nevertheless a welcome move and my suggestion for today’s trading is therefore to attempt small longs with a stop loss somewhere below the previous support at 1.4600 or below.  For traders of slightly more cautious disposition I would suggest waiting until the price breaks above 1.5025 thereby providing an additional degree of security.

All the key fundamental news on the economic calendar relates to the US and I have covered and this is covered in detail on the euro to dollar site.  Of the various items of news due for release, the crucial one is the Treasury Currency Report which is expected sometime this evening UK time.  This report is only produced twice a year by the US Treasury and sets out its views on global exchange rate policies and economic conditions.  It also provides an insight into the Treasury’s view of central banks and governments, and more particularly those that are likely to manipulate their home currency for their own benefit.  In all an interesting report.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live charts by simply following the links.  I have also included details on an excellent ECN broker.