LMAX, the popular London-based FCA-regulated multilateral trading facility for FX trading has been publishing a daily forex report called Global FX Insights since Fall 2014. So what does the report actually look like? As reported exclusively on LeapRate back in October, the report provides original research and analysis of the overall currency space from well-regarded senior FX analyst Joel Kruger.
Kruger had been a senior currency analyst for both Thomson Reuters (NYSE:TRI) and more recently FXCM (NYSE:FXCM), before setting up his own firm FirstMacro in 2013, providing a premium research product to FX brokers. He maintains a wide following among FX traders, with more than 15,000 following him on Twitter, one of the largest social media followings for an FX analyst.
Below is a preview of what the report looks like accompanied by a full download link. We will take a look at what Global FX Insights reported on EUR/USD from earlier in Tuesday’s trading day:
EURUSD – technical overview
At this point, given the intensity of the decline, there is risk for a period of corrective upside off Monday’s 1.1098, 11 year low, before the market considers the possibility of a meaningful bearish continuation. Look for a lower top to carve out in the 1.1500-1.1600 area, while ultimately, only above the 50-Day SMA negates. Next key support comes in the form of the major psychological barrier at 1.1000.
• R2 1.1374 – 23Jan high – Medium
• R1 1.1317 – 22Jan low – Medium
• S1 1.1098 – 26Jan/2015 low – Medium
• S2 1.100 – Psychological – Very Strong
EURUSD – fundamental overview
A long overdue bout of profit taking on Euro shorts is underway, after EURUSD dropped to another fresh 11 year low on Monday. It would be easy enough to attribute the bounce to healthy correction from deep oversold levels, but perhaps a better than expected German business IFO reading and diminished risk for a Grexit is also helping to drive the mild recovery. Attention now shifts to Wednesday’s FOMC, and the fate of the Euro recovery will most probably be dictated by which way the Fed leans. There has been a growing expectation the Fed will need to sound a little more dovish in light of the recent central bank action around the globe. Failure to do so will likely put an end to the Euro correction, with the Buck back in the driver’s seat.
Overall LMAX provides a solid run down of key currency action in the market with thoughtful insight and key technical points. The report is a solid read to add to any trader’s day. To make things easier, most of the information is nicely organized on the Global FX Insight portal, while allowing those who like to save, print and read reports able to download the PDF or send it over to a mobile device for later consumption.
To download the full report from Tuesday, click here.
To check out LMAX’s Global FX Insight portal, click here.