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Category:
Articles » Business
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Why read daily and weekly market reviews
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Popularity: 
Views: 2843
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2009-11-29 00:49:35
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Article by Etoro Forex |
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Of the many tools and techniques that forex traders use, forex market reviews is probably one of the most indispensable things, along with forex chart data. Forex market movement is anything but random: it is affected by many factors that strengthen existing trends, reverse them or create new trends. The key idea is of course trend spotting. Without trends traders would literally have to guess which direction a currency is heading in. Economic indicators and announcements influence trends greatly, but in the end it is on the base of the trend the most traders prefer to predict currency movements.
While the forex market is not as vast and varied as some other financial markets, especially for traders who prefer to stick to the majors rather than go after exotic pairings, it can still be a rather daunting task to keep track of all the different trends in all the different time frames. This is where daily and weekly forex news market reviews come in. Both types of reviews summarize the action of the previous day or week to enable you to focus on the highlights without getting distracted by minor trends and the jerk knee reactions that the market can have sometimes.
We highly recommend going over both the daily forex reviews and the weekly forex reviews available at eToro.net. While the daily review presents you with an overview of the immediately preceding day, it is important to get a larger perspective on the daily trends by placing them in a larger context. So for example, if the USD was on an uptrend yesterday, it is extremely important to see if the strengthening of the USD is part of a general uptrend, which means that the trend is going strong, or just a downtrend hitting a support area, meaning that it's bound to reverse sooner rather than later.
Both weekly and daily reviews at eToro.net are available in several languages, making it easier for non English speakers to get their does of market news. EToro also features many expert opinion pieces that will help you get an even wider perspective on what's happening in the forex market today.
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