Guest forexpros Posted November 30, 2009 Report Share Posted November 30, 2009 Forexpros Daily Analysis Nov 30, 2009 Free webinar - Strategic & Tactical FOREX Trading Expert: Wayne McDonell When: Thu, Dec 3, 2009, 11:00 EST In this educational presentation you will learn how to use technical analysis to align market and price forces for better trading opportunities with potentially less risk. Trade planning, with the use of moving average entries and pivot point exits, will be discussed in an easy to understand "how to" manner. Click here to join the webinar. --- ISM Manufacturing Index The U.S. Institute of Supply Management (ISM) will publish its monthly Manufacturing Index tomorrow (Dec 1). The ISM index is the result of a monthly survey of over 400 companies in 20 industries throughout the 50 states, which tracks the amount of manufacturing activity that occurred in the previous month. The Index is considered a very important and trusted economic measure. An index value of below 50 usually indicates a decrease in activity, and points to an economic recession, especially if the trend continues over several months. A value substantially above 50 likely indicates a time of economic growth. The ISM's leading quality has been proven over time. During a recession, the ISM's bottom may precede the turning point for the economic cycle by some months. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict last month's value of 55.70 to decrease slightly to 54.80. Stay updated with the latest announcements by world Central Banks on Forexpros. --- Euro Dollar The Euro broke the resistance 1.4897 and reached the two suggested targets 1.4948 & 1.4985 successfully on Friday. And This morning it jumped even more, reaching 1.5082. A return to these levels means that last week’s drop was limited, and is probably over with what happened at the kick-off of this week. This seems to be what the odds favor, especially if we take notice of where did Friday’s drop stop (as it is shown on the chart): we stopped only pips above the rising trendline on the 4-hour chart, which is the line that protects the rising trend. Thus, the rising trend did not suffer damage but with small portions only. We should pay attention to the nearby support & resistance levels 1.5043 & 1.5082, because breaking any of them is what is going to set the direction for the next few hours. Breaking 1.5082 means that this rising move has more to offer, and will target 1.5144 & 1.5200. Breaking 1.5043 would initiate a falling correction that would typically target 1.4955-1.4924 and if broken 1.4867. Support: • 1.5043: intraday support. • 1.4924-4955: a support area that contains both Fibonacci 50% & 61.8% for the short-term. • 1.4867: important intraday support from last week. Resistance: • 1.5082: today’s high until the moment of preparing this report, and a well known previous resistance. • 1.5144: resistance area from 2008. • 1.5200: resistance area from 2008. --- USD/JPY Dollar-Yen broke the resistance 86.40 & reached the first suggested target 87.01 with great accuracy (Friday’s high was 87.00). Such an accurate stop at a Fibonacci resistance means that we are still in a down road. We will take Friday’s high as resistance of the day, especially that now it’s not only a Fibonacci level but also a daily high. Today’s resistance is 86.99 and staying below this level means more downside activity. While breaking it would target short-term Fibonacci 61.8% at 87.50, which is an important resistance, and if broken, the Dollar will rise towards the bottom of the supposed wedge formation at 88.33. Short-term support is at 86.16 and is provided by Fibonacci 38.2% and breaking it would mean a continuation of the drop towards the eldest Fibonacci sister (61.8%) at 85.65 first. And since this is the last line of defense before last week’s bottom, breaking it would lead to a test of the last 15 years low 84.81. Support: • 86.16: Fibonacci 38.2% for the short-term. • 85.65: Fibonacci 61.8% for the short-term. • 84.81: yesterday’s low. Resistance: • 86.99: Fibonacci 50% short-term. • 87.50: Fibonacci 61.8% short-term. • 88.33: the bottom of the supposed wedge formation. --- Forex Trading Analysis by Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 2, 2009 Report Share Posted December 2, 2009 Forexpros Daily Analysis Dec 2, 2009 Special Event Tomorrow on Forexpros.com: Strategic & Tactical FOREX Trading with Wayne McDonell Start: Thu, Dec 3, 2009, 11:00 EST/ 16:00 GMT Forexpros is proud to host a Webinar featuring Wayne McDonell, one of today's top experts on Forex Trading, who will be speaking on our website this Thursday (Dec 3). In his educational presentation, Wayne will teach how to use technical analysis to align market and price forces for better trading opportunities with potentially less risk. Trade planning, with the use of moving average entries and pivot point exits, will be discussed in an easy to understand "how to" manner. Click here to join this exciting lecture. Attendance is FREE. About Wayne: Mr.McDonell is the Chief Currency Coach at FX Bootcamp, a live forex training organization that teaches traders how to develop conservative trade plans based on technical and fundamental analysis, as well as addressing the psychological aspects of being a trader; all in real-time. --- Interest Rate Decision The EU Central Bank will announce the new monthly short term interest rate tomorrow (Dec 2nd). The decision on where to set interest rates depends mostly on growth outlook and inflation. The primary objective of the central bank is to achieve price stability. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency. A higher than expected rate is positive/bullish for the EUR, while a lower than expected rate is negative/bearish for the EUR. Analysts expect tomorrow's interest rate to remain stable at 1.00%. For more on interest rates see Forexpros. --- Euro Dollar The Euro broke the resistance 1.5050 but settled for 1.5116 only, without reaching the first suggested target 1.5144. This morning it started to fall and get closer little by little to the first important trendline which is currently at 1.5058. We believe that testing this line is only a matter of time. And if the Dollar succeeds in breaking this line, it would put the Euro under pressure, because that break would mean that we are already in a correction for the whole move from 1.4827. Such a correction would take this pair to Fibonacci 50% for the short-term at 1.4972 as a first target, and may be Fibonacci 61.8% at 1.4937 as a second target & an important support. On the other hand, short-term resistance is at 1.5101, and only breaking it would improve the “exhausted” technical outlook. If this break happens, it will target 1.5200 first, and may be 1.5260 later. But, as long as we are below 1.5101 exhaustion will lead this pair downwards to test several support levels and important trendlines. Support: • 1.5058: the rising trendline from 1.4827 on the hourly chart. • 1.4972: Fibonacci 50% for the short-term. • 1.4937: Fibonacci 61.8% for the short-term. Resistance: • 1.5101: important intraday resistance from yesterday. • 1.5200: resistance area from 2008. • 1.5260: resistance area from 2008. --- USD/JPY Dollar-Yen stopped with astonishing accuracy at Fibonacci 61.8% at 87.50, as yesterday’s high was 87.51! Stopping at Fibonacci resistance levels indicates that the trend is still down. This makes us expect that the whole up-move from 84.81 is only a correction, that will ends once we break the rising trend channel, and then the downtrend will come back to search for new lows. Fibonacci 61.8% at 87.50 is still the most important resistance, and if price succeeds in breaking it, then a test of the bottom of the supposed wedge formation at 88.28 is to be expected, and if this important resistance is also broken, the next target will be the top of that formation which is currently at 88.72. today’s support is yesterday’s 86.84, and breaking it would mean a continuation of the downtrend after some rising bounces. That would target the bottom of the rising trend channel from last week’s bottom on the hourly chart, which is currently at 85.84, and if broken we will test 84.81. Fibonacci says the trend is down, and the Yen strength is still expected, but we should be aware of the possibility of interventions by the Japanese government that would left this pair many steps up! Support: • 86.84: short-term support. • 85.84: the bottom of the rising trend channel from last weeks bottom. • 86.44: last week’s low. Resistance: • 87.50: Fibonacci 61.8% short-term (for the move from 89.17 to 84.81). • 88.28: the bottom of the supposed wedge formation. • 88.72: the top of the supposed wedge formation. --- Forex Trading Analysis by Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved http://www.forexpros.com/technical/technical-studies'>Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 3, 2009 Report Share Posted December 3, 2009 Forexpros Daily Analysis Dec 3, 2009 Special Event Today on Forexpros.com: Strategic & Tactical FOREX Trading with Wayne McDonell Start: Thu, Dec 3, 2009, 11:00 EST/ 16:00 GMT Forexpros is proud to host a Webinar featuring Wayne McDonell, one of today's top experts on Forex Trading, who will be speaking on our website this Thursday (Dec 3). In his educational presentation, Wayne will teach how to use technical analysis to align market and price forces for better trading opportunities with potentially less risk. Trade planning, with the use of moving average entries and pivot point exits, will be discussed in an easy to understand "how to" manner. Click here to join this exciting lecture. Attendance is FREE. About Wayne: Mr.McDonell is the Chief Currency Coach at FX Bootcamp, a live forex training organization that teaches traders how to develop conservative trade plans based on technical and fundamental analysis, as well as addressing the psychological aspects of being a trader; all in real-time. --- Unemployment Rate Report The US Bureau of Labor Statistics will publish its monthly Unemployment Rate report tomorrow (Dec 4). The report is a measure of the percentage of the total labor force that is unemployed but actively seeking employment and willing to work in the US. A high percentage indicates weakness in the labor market. A low percentage is a positive indicator for the labor market in the US and should be taken as positive for the USD. Analysts predict tomorrow’s rate to remain stable at 10.20%. --- Euro Dollar The Euro moved in a tight range without any meaningful moves technically. That kept the Euro above the rising trendline from 1.4827. We believe that testing this line is only a matter of time. And if the Dollar succeeds in breaking this line, it would put the Euro under pressure, because that break would mean that we are already in a correction for the whole move from 1.4827. Such a correction would take this pair to Fibonacci 50% for the short-term at 1.4972 as a first target, and may be Fibonacci 61.8% at 1.4937 as a second target & an important support. On the other hand, short-term resistance is at 1.5143, and only breaking it would improve the “exhausted” technical outlook. If this break happens, it will target 1.5200 first, and may be 1.5260 later. But, as long as we are below 1.5143 exhaustion will lead this pair downwards to test several support levels and important trendlines. Support: • 1.5072: the rising trendline from 1.4827 on the hourly chart. • 1.4972: Fibonacci 50% for the short-term. • 1.4937: Fibonacci 61.8% for the short-term. Resistance: • 1.5143: November 25th top. • 1.5200: resistance area from 2008. • 1.5260: resistance area from 2008. --- USD/JPY In spite of dropping 100 pips from Fibonacci resistance at 87.50, the price came back to break it, and it is approaching 88 this morning. We might hear later that this rise was caused by a series of small or “mild” interventions, in order to weaken the Yen. The matter of intervention continue to be important in these areas, and since the Japanese government do not announce that they did for w a while after the intervention, there is no way to predict when and where they are going to do it. Technically speaking, the price is heading now towards the top of the channel that is rising from last week’s bottom. This top is at 88.18, and it is resistance of the day. If broken the Dollar will continue to show strength, and will target the top of the supposed wedge formation at 88.58, and may be then we will see a test of November 23rd top 89.17. Support is provided by the rising trendline from this week’s low, which is currently at 87.29, breaking it would target 86.72 & 86.28. Support: • 87.29: the rising trendline from Monday’s low. • 86.72: intraday top from last week. • 86.28: the bottom of the rising trend channel from last weeks bottom. Resistance: • 88.18: the top of the rising trend channel from last weeks bottom. • 88.72: the top of the supposed wedge formation. • 89.17: Nov 23rd high. --- Forex Trading Analysis by Forexpros. For more Forex news go to Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 8, 2009 Report Share Posted December 8, 2009 Forexpros Daily Analysis Dec 8, 2009 Free Webinar On Forexpros: Using Time and Patterns to Pinpoint Entry and Exit Points Hosted by: Raghee Horner of Auto Chartist Thu, Dec 10, 2009, 08:00 EST/13:00 GMT Where are the currency markets headed? How can I take advantage of time and expected pip movement to identify opportunities? How to filter out and confirm set ups? What strategies can I employ to limit risk? Join Raghee Horner, a best-selling author and professional trader with over 15 years experience, as she applies unique trading methodology to helping you trade your views in the forex market. Raghee will also help you to identify the market cycle and learn to set up and use her 34ema Wave allowing you to effectively position yourself in the markets. Click Here To Join Free --- Fundamental Analysis: Interest Rate Decision The Reserve Bank of New Zealand (RBNZ) will release its decision on short term interest rate Tomorrow (Dec 9). The decision on where to set interest rates depends mostly on growth outlook and inflation. The primary objective of the central bank is to achieve price stability. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency. A higher than expected rate is positive/bullish for the NZD, while a lower than expected rate is negative/bearish for the NZD. Analysts forecast Tomorrow's rate to remain stable at 2.50%. --- Euro Dollar – Falling 5 waves & an awaited upward correction The Euro broke the support 1.4850 and successfully reached the first target 1.4760, stopping just 5 pips below it, and bouncing back more than 130 pips. We can see a very clear set of 5 waves falling from 1.5139 (as illustrated on the attached chart), that match all of Elliott waves rules. And if our wave count is correct, that means 2 things: first the first phase of the falling trend from 1.5139 is over, and that calls for an upward correction. And the second is that after that upward correction that matches the falling move, the falling trend will resume to new lows below 1.4755! Short-term support is Fibonacci 61.8% at 1.4806, and if broken the odds of falling below yesterday’s low will be enormous. Our targets for such a drop are 1.4724 & 1.4649. Whereas the resistance is at 1.4844, and breaking it would mean launching an upward correction that ideally targets 1.4947 & 1.4992. Support: • 1.4806: Fibonacci 61.8% for the short-term. • 1.4724: Fibonacci 38.2% for the whole rise from 1.4045. • 1.4649: Oct 7th low. Resistance: • 1.4896: intraday resistance. • 1.4947: Fibonacci 50% for the drop from 1.5139 • 1.4992: Fibonacci 61.8% for the drop from 1.5139 --- USDJPY – Standing on the edge! As we expected in yesterday’s report when we said “ a falling correction is the most logical expectation after a move of the size we seen on Friday”, Dollar-Yen broke the support 89.52 and fell to reach 88.75 this morning. It seems that we are standing on an important support, because we have actually touched the trendline rising from 85.07. That is why we will consider this line as the most important support of the day, which is currently at 88.75, and we are just pips above it. If this line is broken, the falling correction will go on and target 88.33 first, and then the important Fibonacci 50% support for the whole rise from 84.81at 87.78. But, if price manage to survive the touch of this line, it will be ready for another jump that is expected to break short-term resistance 89.13 and target 89.75 first, and then November 12th top 90.59. Support: • 88.75: the rising trendline from 85.07 on the hourly chart. • 88.33: previous well known support/resistance area. • 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75. Resistance: • 89.13: intraday resistance on the hourly chart. • 89.75: Fibonacci 50% for short-term. • 90.59: Nov 12th high. Forex Trading Analysis written by Munther Marji for Forexpros --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 8, 2009 Report Share Posted December 8, 2009 Forexpros Fundamental Weekly Outlook, Dec 08-Dec 11,2009 EU: • Monday: Euro-Zone Sentix Investor Confidence (Previous -7, Forecast N/A). Germany Factory Orders MoM (Previous 0.9%, Forecast 0.8%). & YoY (Previous -13.1%, Forecast -6.2%). • Tuesday: Bank of France Business Sentiment (Previous 95.0, Forecast N/A). Germany Industrial Production MoM (Previous 2.7%, Forecast 1.0%) & YoY (Previous -12.9%, Forecast -10.2%). • Wednesday: Germany Trade Balance (Previous 10.6B, Forecast 10.7B). Germany Current Account (Previous 9.4B, Forecast 9.4B). Germany Consumer Price Index (CPI) MoM (Previous -0.2%, Forecast -0.2%) & YoY (Previous 0.3%, Forecast 0.3%). • Thursday: France Industrial Production MoM (Previous -1.5%, Forecast 0.6%) & YoY (Previous -10.4%, Forecast -6.7%) US: • Wednesday: Wholesale Inventories (Previous -0.9%, Forecast -0.5%). • Thursday: Trade Balance (Previous -36.5B, Forecast -37.0B), Initial Jobless Claims (Previous 457K, Forecast 465K). • Friday: Retail Sales (Previous 1.4%, Forecast 0.6%), Retail Sales Less Autos (Previous 0.2%, Forecast 0.5%). University of Michigan Confidence (Previous 67.4, Forecast 68.5). Business Inventories (Previous -0.4%, Forecast -0.2%). JP: • Monday: Official Reserve Assets (Previous 1056.88B, Forecast N/A), Current Account (Previous 1567.9B, Forecast 1483.2B). • Tuesday: Trade Balance (Previous 599.2B, Forecast 862.3B). Bank Lending (Previous -1.5%, Forecast N/A), Eco Watchers Survey: Current (Previous 40.9, Forecast 40.0) & Outlook (Previous 42.8, Forecast N/A). • Wednesday: Gross Domestic Product (GDP) QoQ (Previous 1.2%, Forecast 0.7%A), & YoY (Previous 4.8%, Forecast 2.8%). • Thursday: Machine Orders MoM (Previous 10.5%, Forecast -4.5%) & YoY (Previous -22.0%, Forecast -21.0%). • Friday: Consumer Confidence (Previous 40.8, Forecast N/A). UK: • Tuesday: Industrial Production MoM (Previous 1.6%, Forecast 0.5%) & YoY (Previous -10.3%, Forecast -7.6%). • Wednesday: Trade Balance (Previous -3469M, Forecast -3175M). • Thursday: Bank of England Interest Rate Decision (Previous 0.50%, Forecast 0.50%) • Friday: PPI Output MoM (Previous 0.2%, Forecast 0.3%) & YoY (Previous 1.7%, Forecast 2.9%). AU: • Monday: AiG Perf of Construction Index (Previous 50.9, Forecast N/A). • Tuesday: Current Account (Previous -13347M, Forecast -16650M). • Wednesday: Westpac Consumer Confidence (Previous -2.5%, Forecast N/A). Trade Balance (Previous -1849M, Forecast -1805M). • Thursday: Unemployment Rate (Previous 5.8%, Forecast 5.9%). Employment Change (Previous 24.5K, Forecast 5.0K). CA: • Monday: Building Permits (Previous 1.6%, Forecast 1.0%). • Tuesday: Bank of Canada Rate (Previous 0.25%, Forecast 0.25%). • Thursday: Trade Balance (Previous -0.9B, Forecast -0.7B) Fundamental Forex Weekly Outlook by Forexpros Stay updated with all events relevant to trading with the Forexpros Economic Calendar --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 9, 2009 Report Share Posted December 9, 2009 Forexpros Daily Analysis Dec 9, 2009 Free Webinar On Forexpros: Using Time and Patterns to Pinpoint Entry and Exit Points Hosted by: Raghee Horner of Auto Chartist Thu, Dec 10, 2009, 08:00 EST/13:00 GMT Where are the currency markets headed? How can I take advantage of time and expected pip movement to identify opportunities? How to filter out and confirm set ups? What strategies can I employ to limit risk? Join Raghee Horner, a best-selling author and professional trader with over 15 years experience, as she applies unique trading methodology to helping you trade your views in the forex market. Raghee will also help you to identify the market cycle and learn to set up and use her 34ema Wave allowing you to effectively position yourself in the markets. Click Here To Join Free --- Fundamental Analysis: Trade Balance Index The US Bureau of Economic Analysis will release the Trade Balance index report Tomorrow (Dec 10), which measures the difference in worth between exported and imported goods (exports minus imports). This is the largest component of the US's balance of payments. Export data gives a reflection on the US growth. Imports provide an indication of domestic demand. Because foreigners must buy the domestic currency to pay for the nation's exports, it may have sizable affect on the USD. Analysts expect tomorrow's Index to remain stable since last month, indicating a defacit of 36.50 Billions Dollars. --- Euro Dollar The Euro slightly surpassed the resistance 1.4844 before completely surrendering to the downtrend. It dropped and successfully reached the first target 1.4724, and came somehow close to the second target 1.4649 (the low until this very moment is 1.4667). In spite of this big drop, we still have not made it yet to Fibonacci 38.2% for the long term (for the rise from 1.3747) at 1.4610. Short-term support is at 1.4649, and breaking it would mean we will be targeting the above mentioned Fibonacci level first at 1.4610, and then the support area 1.4510/1.4518 that includes several daily bottoms. Short-term resistance is at the Asian session high 1.4734, breaking it would mean that the Euro will have a chance to catch a breath after this big drop. Breaking this resistance will target at least 1.4847, and may be 1.4903 as well. Support: • 1.4649: Oct 7th low. • 1.4610: Fibonacci 38.2% for the long-term (for the rise from 1.374). • 1.4510: previous support area that includes several daily lows. Resistance: • 1.4734: Asian session high. • 1.4847: Fibonacci 38.2% for the drop from 1.5139 • 1.4903: Fibonacci 50% for the drop from 1.5139 --- USD/JPY Dollar-Yen broke the rising trendline from 85.07 at 88.75 and successfully reached the first target 88.33. Breaking this line indicates there is a continuation of the downside pressures, that emerged after Friday’s top, and if it continues, we will break today’s support which is yesterday’s low 88.16, and would target Fibonacci 50% at 87.78 first, and may be the most important support for the time being : Fibonacci 61.8% for the whole up-move from 84.81 at 87.08. But as we can see from the attached chart, the drop stopped at the moving average SMA100, which could provide a chance for a bounce back up, in what could be (at least) a correction for the drop from Friday’s top. In this case the price will break intraday resistance at 88.48, and would ideally target the area that is bordered by Fibonacci 38.2% for the short-term at 89.15 & Fibonacci 61.8% at 89.76. Support: • 88.16: yesterday’s low. • 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75. • 87.08: Fibonacci 61.8% for the whole move from 84.81 to 90.75. Resistance: • 88.48: intraday resistance. • 89.15: Fibonacci 38.2% for short-term. • 89.76: Fibonacci 38.2% for short-term. --- Forex Trading Analysis written by Munther Marji for Forexpros. For a comprehensive directory of Forex brokers see Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 10, 2009 Report Share Posted December 10, 2009 Forexpros Daily Analysis Dec 10, 2009 Free Webinar On Forexpros TODAY: Using Time and Patterns to Pinpoint Entry and Exit Points Hosted by: Raghee Horner of Auto Chartist Thu, Dec 10, 2009, 08:00 EST/13:00 GMT Where are the currency markets headed? How can I take advantage of time and expected pip movement to identify opportunities? How to filter out and confirm set ups? What strategies can I employ to limit risk? Join Raghee Horner, a best-selling author and professional trader with over 15 years experience, as she applies unique trading methodology to helping you trade your views in the forex market. Raghee will also help you to identify the market cycle and learn to set up and use her 34ema Wave allowing you to effectively position yourself in the markets. Click Here To Join Free --- Fundamental Analysis: US Census Bureau The US Census Bureau will release the Core Retail Sales report tomorrow (Dec 11). The report is a monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes in the US, excluding auto. It is an important indicator of consumer spending and also correlated to consumer confidence and considered as a pace indicator of the US economy . Analysts predict tomorrow's report to indicate a rate of 0.60%, an increase form last month's rate of 0.20%. --- Euro Dollar The Euro surpassed the resistance 1.4734 without being able to advance, but at the same time, it did not break or approach the support 1.4649. It seems that the fluctuation we have seen has started building a small triangle pattern, with its limits at 1.4734 & 1.4681, and breaking any of these limits is what will set the direction for the short-term. If we break support at 1.4681 we will target Fibonacci 38.2% (for the rise from 1.3747) which is now closer than ever at 1.4610, and then the support area 1.4510/1.4518 that includes several daily bottoms. Short-term resistance is at the supposed triangle pattern limit 1.4734, breaking it would mean that the Euro will have a chance to catch a breath after this big drop. Breaking this resistance will target at least 1.4847, and may be 1.4903 as well. Support: • 1.4681: the lower limit for the supposed triangle pattern. • 1.4610: Fibonacci 38.2% for the long-term (for the rise from 1.374). • 1.4510: previous support area that includes several daily lows. Resistance: • 1.4734: the upper limit for the supposed triangle pattern. • 1.4847: Fibonacci 38.2% for the drop from 1.5139. • 1.4903: Fibonacci 50% for the drop from 1.5139. --- USD/JPY Dollar-Yen broke the support 88.16 and successfully reached the first suggested target 87.78, but stayed relatively far from the second target, and the most important support for now 87.08. The importance of 87.08 will carry on for the rest of the week, since it is Fibonacci 61.8% support for the rise from 84.81. As we can see from the attached chart, the rising move during the Asian session has bumped into the previously broken trendline. And for the technical outlook for the Dollar, we should surpass this line which is currently at 88.25. Therefore, we should wait for a break of the support or resistance before we can predict the direction of short-term. If we break the resistance 88.25 this pair can surprise some by reaching areas above 89 such as 89.17 or 89.70. on the other hand, if the most important support for now 87.08 is broken, the downtrend will continue with confidence, and the next set of targets will be 86.29 & 85.71. Support: • 87.08: Fibonacci 61.8% for the whole move from 84.81 to 90.75. • 86.29: important intraday level on hourly chart. • 85.71: important intraday level on hourly chart. Resistance: • 88.25: broken trendline. • 89.17: important intraday level on hourly chart. • 89.70: important intraday level on hourly chart. --- Forex Trading Analysis written by Munther Marji for Forexpros. For real time Forex charts see Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 10, 2009 Report Share Posted December 10, 2009 Dollar Rally Continue? We went right to the point on Tuesday where resistance would kick in, 1.4770-1.4780, and it went right to 1.4780 but could not get above. This has set up a bearish formation on the short term charts. Unless that resistance area is taken out, and ultimately 1.4900, the eur/usd is in correction. That of course does not mean there can't be a move higher...there can, and it may still fall short of 1.4900. Movement above 1.4780 is likely to target 1.4820, 1.4840 (both of these are minor resistance points) and if it continues then 1.4860. Movement above this point will run at the former swing highs at 1.4890-1.4900. Short-term trend is down and first minor support comes in at 1.4720 with a drop below targeting 1.4700. No real confirmation of a further decline comes until the rate moves below 1.4660. This would target 1.4625 followed by 1.4600-1.4580. 1.4560 and 1.4530 provide support beyond if the pair continues to fall. Trade Balance and Unemployment Claims due of the US at 13:30 GMT. Forex trading analysis written by Cory Mitchell, CMT for Forexpros. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 14, 2009 Report Share Posted December 14, 2009 Forexpros Daily Analysis Dec 14, 2009 Free webinar on Forexpros - Trading Platforms- Why do they Matter? Expert: Amy Walsh When: Tue, Dec 15, 2009, 10:00 EST This webinar takes a look at the UFX Bank trading platform with special emphasis on how to execute trades simply and immediately. After all a trader is only as good as the trading platform he's using. Amy will discuss how UFX Bank's support and training resources will suit every client from the very beginner to the practiced professional. Click here to join free. --- Fundamental Analysis: ZEW Economic Sentiment Report German traders await publication of the ZEW Economic Sentiment Report, which will be released tomorrow (Dec 14). The report determines sentiment among German institutional investors, with analysts expecting a slight increase from last month's 50.10 to 50.20. The Economic Sentiment Report is a leading indicator of business conditions. The reading is concluded from survey of about 350 German institutional investors and analysts. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR. --- Euro Dollar The Euro surpassed the resistance 1.4734 but stopped very close to Wednesday’s high, before reversing, and breaking the support 1.4692, and then reaching the first suggested target 1.4610. The rising trendline from Tuesday’s low (and the lower limit for the supposed triangle pattern) is currently very close to Fibonacci 61.8% for the short-term at 1.4701. This makes this double resistance the most important, and only breaking it would improve the technical outlook for the Euro. If broken, we will enter a correction for the whole drop from 1.5139, which will target 1.4796 at least, and probably 1.4826. As for the support it is at 1.4656 and breaking it would mean that the rising correction from Friday’s low is probably over, and that would target 1.4597 and then 1.4510. Support: • 1.4656: rising trendline on the intraday charts. • 1.4597: important intraday low from Friday. • 1.4510: previous support area that includes several daily lows. Resistance: • 1.4701: Fibonacci 61.8% for the short-term, and the lower trendline in the supposed triangle formation that was broken on Friday. • 1.4796: Fibonacci 38.2% for the drop from 1.5139. • 1.4826: Fibonacci 50% for the drop from 1.5139. --- USD/JPY Dollar-Yen broke the resistance 89.05 and successfully reached the first target 89.45, then came close to 90, settling for 89.79. this morning the price dropped to 88.36 again, to find the trendline that we introduced in the past few days providing it with support. That was the 4th time the price encountered this line, which clearly means it deserves our attention. That is why we will consider it as support of the day, and it is currently running at 88.43. If it’s broken, the drop from 89.79 will continue and the next pair of targets will be Fibonacci support levels at 87.78 & 87.08. As for the resistance, it is provided by the falling trendline from 89.79 on the intraday charts, which is currently at 88.87. And if broken, another 89.45 visit will be expected, and if this is also broken, we will jump to 90.08 at least. Support: • 88.43: a trendline that touched price 4 times. • 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75. • 87.08: Fibonacci 61.8% for the whole move from 84.81 to 90.75. Resistance: • 88.87: the falling trendline from Friday’s top on the intraday charts. • 89.45: Fibonacci 61.8% for the short-term. • 90.08: hourly resistance. --- Forex trading analysis by Munther Marji for Forexpros. See our new commodities section on Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 15, 2009 Report Share Posted December 15, 2009 Forexpros Daily Analysis Dec 15, 2009 Free webinar TODAY on Forexpros - Trading Platforms- Why do they Matter? Expert: Amy Walsh When: Tue, Dec 15, 2009, 10:00 EST This webinar takes a look at the UFX Bank trading platform with special emphasis on how to execute trades simply and immediately. After all a trader is only as good as the trading platform he's using. Amy will discuss how UFX Bank's support and training resources will suit every client from the very beginner to the practiced professional. Click here to join free. --- Fundamental Analysis: Interest Rate Decision The Federal Open Market Committee (FOMC) decision on short term interest rate is due out tommorow (Dec 16) in the US. The decision on where to set interest rates depends mostly on growth outlook and inflation. The primary objective of the central bank is to achieve price stability. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency. A higher than expected rate is positive/bullish for the USD, while a lower than expected rate is negative/bearish for the USD. Analysts forecast that the interest rate will remain at 0.25%. --- Euro Dollar The Euro surpassed the support 1.4656, and settled for 1.4616, but it did nopt test or even come close to the most important resistance 1.4701. The rising trend line from Tuesday’s low (and the lower limit for the supposed triangle pattern) is currently very close to Fibonacci 61.8% for the short-term at 1.4701. This makes this double resistance the most important, and only breaking it would improve the technical outlook for the Euro. If broken, we will enter a correction for the whole drop from 1.5139, which will target 1.4796 at least, and probably 1.4862. As for the support it is at 1.4621 and breaking it would mean that the rising correction from Friday’s low is probably over, and that would target 1.4566 and then 1.4510. Support: • 1.4621: intraday support from last week. • 1.4597: a previous well known support/resistance area. • 1.4510: previous support area that includes several daily lows. Resistance: • 1.4701: Fibonacci 61.8% for the short-term, and the lower trendline in the supposed triangle formation that was broken on Friday. • 1.4796: Fibonacci 38.2% for the drop from 1.5139. • 1.4862: Fibonacci 50% for the drop from 1.5139. --- USD/JPY Dollar-Yen slightly pierced through both the support & resistance specified in yesterday’s reports, with a few points in both cases, without being able to generate a real break. Currently we see USDJPY between two lines: the falling trend line from 90.75 (which is currently at 89.28), and the rising trend line from 84.81 (which is currently at 88.59). And since we have two descending tops at 90.75 & 89.79, and two ascending bottoms at 84.81 & 87.35 (which means lack of direction), it is recommended that we do not adopt any direction prior to a break, and it is wise to wait for one of them to break. If we break the support 88.59 , the drop coming from 89.79 will resume & the next set of targets would be Fibonacci support levels 87.78 & 87.08. As for the resistance 89.28, a new visit to areas above 90 would be expected, where the targets 90.08 & 90.90 will await. Support: • 88.59: the rising trend line from 84.81. • 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75. • 87.08: Fibonacci 61.8% for the whole move from 84.81 to 90.75. Resistance: • 89.28: the falling trend line from 90.75 on the hourly chart. • 90.08: hourly resistance. • 90.90: previous well known support/resistance area. --- Forex trading analysis by Munther Marji for Forexpros. See our new commodities section on Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 21, 2009 Report Share Posted December 21, 2009 Forexpros Daily Analysis Dec 21, 2009 Free webinar on Forexpros TODAY - Identifying Market Turning Points With an Objective Set of Rules Expert: Sam Seiden When: Mon, Dec 21, 2009, 12:00 EST The movement of price in the Forex markets is a function of an ongoing supply and demand equation. Opportunity exists when this simple and straight forward equation is out of balance. During this session, we will cover the basic yet important rules for identifying market turning points based on a rule strategy that quantifies real supply and demand in the Forex markets. This webinar is the first of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Fundamental Analysis: GDP Tomorrow, Dec 22, the Gross Domestic Product will be published in the UK, USA and New Zealand. The Gross Domestic Product (GDP) is the broadest measure of economic activity and is a key indicator for the economy's health. The quarterly percent changes in GDP shows the growth rate of the economy as a whole. A higher than expected reading should be taken as positive/bullish for the currency, while a lower than expected reading should be taken as negative/bearish for the currency. Analysts forecast a reading of -0.30% for the GDP, up from -0.10% and a reading of 2.80% for the USD, representing no change. The NZD is expected to read 0.10%, down from 0.40%. --- Euro Dollar The Euro broke the support specified in Friday’s report 1.4346, and successfully reached the first target 1.4280. It looks from the channel drawn on the attached chart that 1.4410 is the limit the separates the continuation of the downtrend from its reversal, since it combines the top of the channel with the moving average SMA100. As long as the price is below this level, the downtrend will continue, looking for fresh lows below Friday’s low 1.4260. Short-term support is at 1.4303 and breaking it would increase confidence in the downtrend, and would target 1.4205 and then the bottom of the channel which is currently at 1.4140. A break of today’s most important resistance 1.4410 would cause a jump to 1.4502, and may be later to 1.4584. Support: • 1.4303: Thursday’s low. • 1.4205: Aug 26th low. • 1.4140: the bottom of the descending channel on the hourly chart. Resistance: • 1.4410: the most important resistance for today, which combines the top of the channel with the moving average SMA100. • 1.4502: Dec 15th low. • 1.4584: Dec 11th low. --- USD/JPY Dollar-Yen broke the specified resistance in Friday’s report 89.80, and successfully reached both targets 90.40 & 90.90 with amazing accuracy (Friday’s high 90.89). We see that the drop that followed to 90.22 is just a short-term correction, and that the advance will carry on after we are done with it to areas above 90.90. We build this opinion on our wave count for the short-term which shows that we are in wave 4 of 5 rising waves that started at 88.91 on Thursday. If our wave count turns out to be right, we will not break the support 89.86, the price will start rising breaking short-term resistance 90.46, and targeting 91.30 first, and may be 91.93 afterwards. If a surprise happens and we break 89.86 the suggested wave count will be invalid, and the price will drop targeting the rising trend line from 85.84 which is currently at 89.17, and may be 88.70. Support: • 89.86: Fibonacci 61.8% for wave 3 according to our short-term wave count. • 89.17: the rising trend line from 85.84. • 88.70: Fibonacci 61.8% for the whole move from 84.81 to 90.89. Resistance: • 90.46: the falling trend line from Friday’s top on intraday charts. • 91.30: Nov 4th high. • 91.93: Sep 3rd low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for more Forex Quotes. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 22, 2009 Report Share Posted December 22, 2009 Forexpros Daily Analysis Dec 22, 2009 Free webinar on Forexpros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II Expert: Dan Cook When: Tue, Dec 29, 2009, 11:00 EST In the second installment of the Webinar ‘Mapping Out the Banking System & Foreign Exchange Dealing Process’, Dan Cook will take a deeper dive into the Foreign Exchange Market. Cook will start by discussing the interbank system and how it differs in form and functionality to the centralized exchange models used for trading stocks and commodities. From there, he will focus on broker-level dealing and discuss how retail brokers, whether ECN's or Dealing Desk models, make money. Cook will also take an inside look at dealing desks and speak frankly about the roles and responsibilities of a retail dealing desk, which will include an overview of how brokers hedge currency exposure. The goal of this Webinar is to help traders understand the nuances of the Forex market by shedding light on many of the aspects of currency trading that have previously been shrouded in mystery. Click here to join free. --- Fundamental Analysis: Monetary Policy Committee The Bank of England (BOE) Monetary Policy Committee (MPC) Meeting Minutes will be published tomorrow (Dec 23). The minutes are a detailed record of the committee's interest rate meeting held about two weeks earlier. It gives a picture of economic conditions in the UK. It also records the votes of the individual members of the Committee If the BoE is hawkish about the inflationary outlook, it should be taken as positive/bullish for the GBP. --- Euro Dollar The Euro broke the support specified in yesterday’s report 1.4303, but it stopped half way between the support & the target, and settled for closing on Friday’s low 1.4260, as yesterday’s low was 1.4264. It looks from the channel drawn on the attached chart that 1.4357 is the limit the separates the continuation of the downtrend from its reversal, since it combines the top of the channel with the moving average SMA100. As long as the price is below this level, the downtrend will continue, looking for fresh lows below Friday’s low 1.4260. Short-term support is at 1.4260 and breaking it would increase confidence in the downtrend, and would target 1.4176 and then the bottom of the channel which is currently at 1.4085. A break of today’s most important resistance 1.4357 would cause a jump to 1.4502, and may be later to 1.4596. Support: • 1.4260: Friday’s low. • 1.4176: Sep 1st low. • 1.4085: the bottom of the descending channel on the hourly chart. Resistance: • 1.4357: the most important resistance for today, which combines the top of the channel with the moving average SMA100. • 1.4502: Dec 15th low. • 1.4596: Fibonacci 38.2% for the whole drop from 1.5139 to 1.4260. --- USD/JPY Exactly as we have expected, the drop to 90.22 was just a short-term corrective drop, and the price resumed rising short after, to areas above 90.90 as we said in yesterday’s report. Dollar-Yen broke the specified resistance in yesterday’s report 90.46 and successfully reached the first suggested target 91.30. But, has trouble started for this rising move? We can see on the attached chart that the price hardly reached any area above the moving average SMA100, and stopped close to the trend line. Thus, we expect the Dollar to settle for the previously harvested gains, and to start going down from the current levels. Short-term resistance is 91.30, and breaking it would target 91.93 first, and then the important 92.31. But what is expected is the opposite of that: the resistance should hold, and the price should start dropping toward short-term support 90.99, and if we break it we will head towards 90.32 and then 89.50. Support: • 90.99: intraday support. • 90.32: previous important intraday top. • 89.50: Fibonacci 61.8% for the whole move from 88.91 to 91.46. Resistance: • 91.30: Nov 4th high. • 91.93: Sep 3rd low. • 92.31: Oct 27th high. --- Forex trading by Munther Marji for Forexpros. See Forexpros for Forex charts and other trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 22, 2009 Report Share Posted December 22, 2009 Fundamental Weekly Outlook, Dec 21-24 EU: • Tuesday: Germany GfK Consumer Confidence Survey (Previous 3.7, Forecast 3.5), France Producer Prices MoM (Previous 0.8%, Forecast 0.1%) & YoY (Previous -6.6%, Forecast -4.7%). • Wednesday: Germany Import Price Index MoM (Previous 0.5%, Forecast 0.3%) & YoY (Previous -8.1%, Forecast -5.2%), France Consumer Spending MoM (Previous 1.1%, Forecast 0.5%) & YoY (Previous 3.5%, Forecast 3.3%) US: • Monday: Chicago Fed (Previous -1.08, Forecast N/A). • Tuesday: GDP QoQ (Previous -0.3%, Forecast -0.1%), Personal Consumption (Previous 2.9%, Forecast 2.9%), Richmond Fed Manufacturing Index (Previous 1, Forecast 4), House Price Index MoM (Previous 0.0%, Forecast N/A), Existing Home Sales MoM (Previous 10.1%, Forecast 2.5%). • Wednesday: Personal Income (Previous 0.2%, Forecast 0.5%), Personal Spending (Previous 0.7%, Forecast 0.7%), University of Michigan Confidence (Previous 73.4, Forecast 74.0), New Home Sales MoM (Previous 6.2%, Forecast 1.9%). • Thursday: Durable Goods Orders (Previous -0.6%, Forecast 0.5%), Durables Ex Transportation (Previous -1.3%, Forecast 1.0%), Initial Jobless Claims (Previous 480K, Forecast 470K). JP: • Monday: Trade Balance (Previous 807.1B, Forecast 300.0B), All Industry Activity Index MoM (Previous -0.6%, Forecast 1.0%), • Tuesday: Small Business Confidence (Previous 43, Forecast N/A). • Thursday: BOJ Minutes (Text report). • Friday: Jobless Rate (Previous 5.1%, Forecast 5.2%), Tokyo CPI YoY (Previous -2.2%, Forecast -2.0%), Tokyo CPI Ex Food & Energy YoY (Previous -1.3%, Forecast -1.4%), National CPI YoY (Previous -2.5%, Forecast -2.0%), National CPI Ex Food & Energy YoY (Previous -1.1%, Forecast -1.1%), Housing Starts YoY (Previous -27.1%, Forecast -23.0%). UK: • Tuesday: GDP QoQ (Previous -0.3%, Forecast -0.1%) & YoY (Previous -5.1%, Forecast -4.9%), Current Account (Previous -11.4B, Forecast -8.2B). • Wednesday: Bank of England Minutes (Text report). AU: • Tuesday: Conference Board Leading Index (Previous 0.3%, Forecast N/A). CA: • Monday: Retail Sales MoM (Previous 1.0%, Forecast 0.7%), Retail Sales Less Autos MoM (Previous 1.1%, Forecast 0.2%). • Wednesday: GDP MoM (Previous 0.4%, Forecast 0.3%). --- Forex trading by Munther Marji for Forexpros. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 23, 2009 Report Share Posted December 23, 2009 Forexpros Daily Analysis Dec 23, 2009 Free webinar on Forexpros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II Expert: Dan Cook When: Tue, Dec 29, 2009, 11:00 EST In the second installment of the Webinar ‘Mapping Out the Banking System & Foreign Exchange Dealing Process’, Dan Cook will take a deeper dive into the Foreign Exchange Market. Cook will start by discussing the interbank system and how it differs in form and functionality to the centralized exchange models used for trading stocks and commodities. From there, he will focus on broker-level dealing and discuss how retail brokers, whether ECN's or Dealing Desk models, make money. Cook will also take an inside look at dealing desks and speak frankly about the roles and responsibilities of a retail dealing desk, which will include an overview of how brokers hedge currency exposure. The goal of this Webinar is to help traders understand the nuances of the Forex market by shedding light on many of the aspects of currency trading that have previously been shrouded in mystery. Click here to join free. --- Fundamental Analysis: Core Durable Goods Orders Traders await the announcement of the Core Durable Goods Orders tomorrow (Dec. 24). The Core Durable Goods Orders measures the change in the total value of new orders for durable goods, excluding transportation. Because aircraft orders are very volatile, the core number gives a better gauge of orders trends. Higher reading indicates activity increase by manufacturers. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts forecast a reading of 1.00%, up from the previous reading of -1.30%. --- Euro Dollar The Euro broke the support specified in yesterday’s report 1.4260, but it stopped half way between the support & the target, as yesterday’s low was 1.4216. It looks from the channel drawn on the attached chart that 1.4298 is the limit the separates the continuation of the downtrend from its reversal, since it combines the top of the channel with the moving average SMA100. As long as the price is below this level, the downtrend will continue, looking for fresh lows below Friday’s low 1.4260. Short-term support is at 1.4238 and breaking it would increase confidence in the downtrend, and would target 1.4153 and then the bottom of the channel which is currently at 1.4030. A break of today’s most important resistance 1.4298 would cause a jump to 1.4446, and then to 1.4502, and later to Fibonacci 38.2% for the medium-term 1.4596. Support: • 1.4238: Fibonacci 38.2% for the micro-term. • 1.4153: Jul 2nd high. • 1.4030: the bottom of the descending channel on the hourly chart, and Aug 18th low. Resistance: • 1.4298: the most important resistance for today, which combines the top of the channel with the moving average SMA100. • 1.4446: Aug 5th high. • 1.4502: Dec 15th low. --- USD/JPY In opposition to our expectations, Dollar-Yen broke 91.30, penetrating through the moving average SMA100, and breaking the top of the channel that we introduced. This break, even though it is in an opposite direction of our short-term technical outlook, should not be ignored. The price is invited to show strength against the resistance 91.78 (currently trading pips below it), and if broken, a test of the area that caught our attention 92.31-92.52 will be only a matter of time. And if this area is broken, the Dollar will take off, towards March 19th low 93.53. On the other hand, if the price fails to create a sustained break of 91.78, a drop towards 90.90 where the moving average SMA100 is waiting, will follow. And if this level is broken, the price will drop towards the important 90.03, and if broken we are to see 89.55. Support: • 90.90: intraday support. • 90.03: Fibonacci 61.8% for the whole move from 88.91 to 91.85. • 89.55: previous important intraday low. Resistance: • 91.78: Jul 8th low. • 92.31-92.52: resistance area created between Oct 27th & Sep 21st tops. • 93.53: Mar 19h low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for Forex education and trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 24, 2009 Report Share Posted December 24, 2009 Forexpros Daily Analysis Dec 24, 2009 Free webinar on Forexpros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II Expert: Dan Cook When: Tue, Dec 29, 2009, 11:00 EST In the second installment of the Webinar ‘Mapping Out the Banking System & Foreign Exchange Dealing Process’, Dan Cook will take a deeper dive into the Foreign Exchange Market. Cook will start by discussing the interbank system and how it differs in form and functionality to the centralized exchange models used for trading stocks and commodities. From there, he will focus on broker-level dealing and discuss how retail brokers, whether ECN's or Dealing Desk models, make money. Cook will also take an inside look at dealing desks and speak frankly about the roles and responsibilities of a retail dealing desk, which will include an overview of how brokers hedge currency exposure. The goal of this Webinar is to help traders understand the nuances of the Forex market by shedding light on many of the aspects of currency trading that have previously been shrouded in mystery. Click here to join free. --- A New Real Time Interest Rates and Bonds Section Want to know what is happening now with Bonds around the globe? Stay on top of Interest Rates and Bonds with a new Free Real Time Streaming Financial Futures Rates section. The quotes are available for U.S. Treasury Notes and Bonds and government bonds from the U.K., Germany, Japan and Australia. They are all organized in a user friendly layout in a real time streamer. --- Euro Dollar The Euro broke the resistance specified in yesterday’s report 1.4298, but it stopped half way between the support & the target, as the high in the past 24 hours was 1.4365, a few pips below short term resistance 1.4371. This morning the price came back close to this resistance that we consider as resistance of the day, and breaking it would confirm the upward direction that started by breaking the descending channel. Short-term support is at 1.4238 and breaking it is not expected after the radical change in the technical outlook that happened after breaking 1.4298. But if it happens it would target 1.4153 and then 1.4030. A break of today’s most important resistance 1.4371 would cause a jump to 1.4502, and later to Fibonacci 38.2% for the medium-term 1.4596. Support: • 1.4238: Fibonacci 38.2% for the micro-term. • 1.4153: Jul 2nd high. • 1.4030: the bottom of the descending channel on the hourly chart, and Aug 18th low. Resistance: • 1.4371: Monday’s high, and the resistance that the price tried to break twice in the past 24 hours. • 1.4502: Dec 15th low. • 1.4596: Fibonacci 38.2% for the medium term (for the whole move from 1.5139 to 1.4260). --- USD/JPY Though it tried more than once, the Dollar-Yen could not break 91.78, and that is why there is almost no change to the technical outlook we spoke about yesterday. The price is invited to show strength against the resistance 91.78 (currently trading pips below it), and if broken, a test of the area that caught our attention 92.31-92.52 will be only a matter of time. And if this area is broken, the Dollar will take off, towards March 19th low 93.53. On the other hand, if the price fails to create a sustained break of 91.78, a drop towards 91.06 where the moving average SMA100 & the retest level for the broken channel are waiting, will follow. And if this level is broken, the price will drop towards the important 90.03, and if broken we are to see 89.55. Support: • 91.06: the moving average SMA100 on the hourly chart, and the retest level for the broken channel. • 90.03: Fibonacci 61.8% for the whole move from 88.91 to 91.85. • 89.55: previous important intraday low. Resistance: • 91.78: Jul 8th low. • 92.31-92.52: resistance area created between Oct 27th & Sep 21st tops. • 93.53: Mar 19h low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for Forex software and trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 28, 2009 Report Share Posted December 28, 2009 Forexpros Daily Analysis Dec 28, 2009 Free webinar on Forexpros tomorrow - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II Expert: Dan Cook When: Tue, Dec 29, 2009, 11:00 EST In the second installment of the Webinar ‘Mapping Out the Banking System & Foreign Exchange Dealing Process’, Dan Cook will take a deeper dive into the Foreign Exchange Market. Cook will start by discussing the interbank system and how it differs in form and functionality to the centralized exchange models used for trading stocks and commodities. From there, he will focus on broker-level dealing and discuss how retail brokers, whether ECN's or Dealing Desk models, make money. Cook will also take an inside look at dealing desks and speak frankly about the roles and responsibilities of a retail dealing desk, which will include an overview of how brokers hedge currency exposure. The goal of this Webinar is to help traders understand the nuances of the Forex market by shedding light on many of the aspects of currency trading that have previously been shrouded in mystery. Click here to join free. --- Fundamental Analysis: CB Consumer Confidence The CB Consumer Confidence report will be published tomorrow (Dec 29). The Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict the consumer spending, which is a major part in the total economic activity. Higher readings point to higher consumer optimism. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a reading of 49.50, down from the previous 53.00. --- Euro Dollar The Euro broke the resistance specified in Thursday’s report 1.4371, but settled for a test of the resistance 1.4410 (Thursday’s high was 1.4416). The technical outlook is still gaining positivity after breaking the falling channel that we talked about all last week, but failure at 1.4410 might be the first signal indicating a new wave of weakness. And since it is an important resistance, we will consider as resistance of the day, and breaking it would confirm the upward direction that started by breaking the descending channel. Short-term support is Thursday’s resistance 1.4371, and if this important level is broken, this pair would target the important 1.4292 (important for short term and may be medium term as well), and then 1.4233. A break of today’s most important resistance 1.4410 would cause a jump to 1.4502, and later to Fibonacci 38.2% for the medium-term 1.4596. Support: • 1.4371: Thursday’s resistance that became today’s short term support. • 1.4292: Fibonacci 61.8% short term and it is close to the rising trend line from last week’s low on intraday charts. • 1.4233: important intraday support from last week. Resistance: • 1.4410: previous well known resistance, price stopped near it on Thursday. • 1.4502: Dec 15th low. • 1.4596: Fibonacci 38.2% for the medium term (for the whole move from 1.5139 to 1.4260). --- USD/JPY Though it tried more than once, the Dollar-Yen could not break 91.78, and that is why there is almost no change to the technical outlook we spoke about yesterday. The price is invited to show strength against the resistance 91.78 (currently trading pips below it), and if broken, a test of the area that caught our attention 92.31-92.52 will be only a matter of time. And if this area is broken, the Dollar will take off, towards March 19th low 93.53. On the other hand, if the price fails to create a sustained break of 91.78, a drop towards 90.90 where the retest level for the broken channel is waiting, will follow. And if this level is broken, the price will drop towards the important 90.03, and if broken we are to see 89.55. Support: • 90.90: the retest level for the broken channel. • 90.03: Fibonacci 61.8% for the whole move from 88.91 to 91.85. • 89.55: previous important intraday low. Resistance: • 91.78: Jul 8th low. • 92.31-92.52: resistance area created between Oct 27th & Sep 21st tops. • 93.53: Mar 19h low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for information on Central Banks and trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 29, 2009 Report Share Posted December 29, 2009 Forexpros Daily Analysis Dec 29, 2009 Free webinar on Forexpros TODAY - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II Expert: Dan Cook When: Tue, Dec 29, 2009, 11:00 EST In the second installment of the Webinar ‘Mapping Out the Banking System & Foreign Exchange Dealing Process’, Dan Cook will take a deeper dive into the Foreign Exchange Market. Cook will start by discussing the interbank system and how it differs in form and functionality to the centralized exchange models used for trading stocks and commodities. From there, he will focus on broker-level dealing and discuss how retail brokers, whether ECN's or Dealing Desk models, make money. Cook will also take an inside look at dealing desks and speak frankly about the roles and responsibilities of a retail dealing desk, which will include an overview of how brokers hedge currency exposure. The goal of this Webinar is to help traders understand the nuances of the Forex market by shedding light on many of the aspects of currency trading that have previously been shrouded in mystery. Click here to join free. --- Fundamental Analysis: KOF Leading Indicators Traders of CHF await the publication of the KOF Leading Indicators tomorrow (Dec 30). The KoF Leading Indicators Index determines overall economic health by combining 12 indicators related to consumer confidence, banking confidence, production, new orders and housing. It indicates the economic trend and the movement of GDP growth in Switzerland. A higher than expected reading should be taken as positive/bullish for the CHF, while a lower than expected reading should be taken as negative/bearish for the CHF. Analysts predict a reading of 1.62, down from the previous 1.80. --- Euro Dollar The Euro came back to test the resistance specified in yesterday’s report 1.4410 for the second time, after testing it previously on Thursday. But it stopped accurately at this level (yesterday’s high was 1.4412). The technical outlook is still gaining positivity after breaking the falling channel that we talked about all last week, but failure at 1.4410 might be the first signal indicating a new wave of weakness. And since it is an important resistance, we will consider as resistance of the day, and breaking it would confirm the upward direction that started by breaking the descending channel. Short-term support is Thursday’s resistance 1.4371, and if this important level is broken, this pair would target the important 1.4292 (important for short term and may be medium term as well), and then 1.4233. A break of today’s most important resistance 1.4410 would cause a jump to 1.4502, and later to Fibonacci 38.2% for the medium-term 1.4596. Support: • 1.4371: Thursday’s resistance that became today’s short term support. • 1.4292: Fibonacci 61.8% short term and it is close to the rising trend line from last week’s low on intraday charts. • 1.4233: important intraday support from last week. Resistance: • 1.4410: previous well known resistance, price stopped near it twice on Thursday, and then again yesterday. • 1.4502: Dec 15th low. • 1.4596: Fibonacci 38.2% for the medium term (for the whole move from 1.5139 to 1.4260). --- USD/JPY Though it tried more than once, the Dollar-Yen could not break 91.78, and that is why there is almost no change to the technical outlook we spoke about yesterday. The price is invited to show strength against the resistance 91.78 (the high until the moment of preparing the report is 91.76), and if broken, a test of the area that caught our attention 92.31-92.52 will be only a matter of time. And if this area is broken, the Dollar will take off, towards March 19th low 93.53. On the other hand, if the price fails to create a sustained break of 91.78, a drop towards 90.90 where the rising trend line from 84.81, will follow. And if this level is broken, the price will drop towards the important 90.03, and if broken we are to see 89.55. Support: • 90.90: the rising trend line from 84.81. • 90.03: Fibonacci 61.8% for the whole move from 88.91 to 91.85. • 89.55: previous important intraday low. Resistance: • 91.78: Jul 8th low. • 92.31-92.52: resistance area created between Oct 27th & Sep 21st tops. • 93.53: Mar 19h low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for Forex fund managers and trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 30, 2009 Report Share Posted December 30, 2009 Forexpros Daily Analysis Dec 30, 2009 Free webinar on Forexpros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities For Short Term Forex Traders. Expert: Sam Seiden When: Thu, Jan 7, 2010, 12:00 EST During this session, we will apply what we learned during session one to the world of active short term trading in the Forex markets. We will walk through the trade selection process, applying our rule based strategy to identify price levels where demand and supply are out of balance and where profit margins are large offering us significant risk/reward opportunities. This webinar is the second of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Fundamental Analysis: Chicago PMI The Chicago PMI will be published tomorrow (Dec 31). The Chicago Purchasing Managers Index determines the economic health of the manufacturing sector in Chicago region. Any reading above 50 indicates expansion of the manufacturing sector, while a reading below 50 indicates contraction. The Chicago PMI can be of some help in forecasting the US ISM and usually has an impressive correlation with it. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a reading of 56.10, up from the previous 55.20. --- Euro Dollar Although it surpassed 1.4410, the Euro was unable to maintain its gains, and gave them up, returning to 1.43, where there is a critical support at 1.4308. The price reached 1.4304 before bouncing more than 50 pips until this moment. The importance of 1.4308 is that it is Fibonacci 61.8% for the whole rise from 1.4216 to yesterday’s top at 1.4456, and breaking it would mean that the price will come back to test the falling channel that was broken last week (which is currently below 1.41) at a later time. But the targets for the upcoming hours for this break will be 1.4233 & 1.4176. Short-term resistance is at 1.4380, and breaking it would mean that the technical outlook for the short-term would be positive and the targets for this break would be 1.4480 & 1.4536. Support: • 1.4308: Fibonacci 61.8% for the rise from 1.4216 to 1.4456. • 1.4233: important intraday support from last week. • 1.4176: Sep 1st low. Resistance: • 1.4380: Fibonacci 50% for the short-term & a well known previous resistance. • 1.4480: Oct 2nd low. • 1.4536: a well known previous support/resistance area. --- USD/JPY Finally, the Dollar-Yen is trading above 91.78! As it reached 92 this morning, and stopped at 92.24. Thus, we think that a test of the area that caught our attention 92.31-92.52 is only a matter of time. And if this area is broken, the Dollar will take off, towards March 19th low 93.53, with a possibility to stop at 93.08, where there is a resistance that cannot be ignored. On the other hand, if the price fails to capitalize on the break of 91.78, a drop towards 91.12 where the rising trend line from 84.81, will follow. And if this level is broken, the price will drop towards the important 90.18, and if broken we are to see 89.55. Support: • 91.12: the rising trend line from 84.81. • 90.18: Fibonacci 61.8% for the whole move from 88.91 to 92.24. • 89.55: previous important intraday low. Resistance: • 92.31-92.52: resistance area created between Oct 27th & Sep 21st tops. • 93.08: Jul 22nd low. • 93.53: Mar 19h low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for Forex software and trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted December 31, 2009 Report Share Posted December 31, 2009 Forexpros Daily Analysis Dec 31, 2009 Free webinar on Forexpros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities For Short Term Forex Traders. Expert: Sam Seiden When: Thu, Jan 7, 2010, 12:00 EST During this session, we will apply what we learned during session one to the world of active short term trading in the Forex markets. We will walk through the trade selection process, applying our rule based strategy to identify price levels where demand and supply are out of balance and where profit margins are large offering us significant risk/reward opportunities. This webinar is the second of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Euro Dollar The Euro fluctuated, breaking 1.4308 first, then breaking 1.4380 and flying above 1.44. And as we can see, the price is currently trading inside a falling channel on the hourly chart, with the top of the channel at 1.4449. Thus, we will consider this level as resistance of the day. If broken, we will see 1.45 since the targets for such a break are 1.4502 first, and then the first Fibonacci retracement level for medium-term (38.2%) at 1.4596. To keep a positive outlook for the short-term, it is preferred that we don’t break the support 1.4391, holding above it would improve the chances for more upside movement. But if it is broken, we expect the price to drop to 1.4330 first, and then test the support area that was obvious during the second half of this month 1.4264. Support: • 1.4391: Fibonacci 61.8% for the short-term. • 1.4330: important intraday support from Tuesday. • 1.4264: Dec 21st low. Resistance: • 1.4449: the top of the falling channel on the hourly chart. • 1.4502: Oct 2nd low. • 1.4596: Fibonacci 38.2% for the medium-term. --- USD/JPY The Dollar-Yen broke the resistance area that caught our attention 92.31-92.52. Short-term resistance is provided by the falling trend line from yesterday’s high, currently at 92.50. And if this area is broken, the Dollar will take off, towards March 19th low 93.53, with a possibility to stop at 93.08, where there is a resistance that cannot be ignored. On the other hand, if the price fails to capitalize on the break of 92.31-92.52, a drop towards 91.30 where the rising trend line from 84.81, will follow. And if this level is broken, the price will drop towards the important 90.30, the most important support for the time being. Support: • 91.85: the moving average SMA100 on the hourly chart. • 91.30: the rising trend line from 84.81. • 90.38: Fibonacci 61.8% for the whole move from 88.91 to 92.24. Resistance: • 92.50: the falling trend line from yesterday’s high. • 93.08: Jul 22nd low. • 93.53: Mar 19h low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for World Indices charts and other trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved http://www.forexpros.com/technical/technical-studies'>Technical Studies Section. Link to comment Share on other sites More sharing options...
Guest forexpros Posted January 6, 2010 Report Share Posted January 6, 2010 Forexpros Daily Analysis Jan 6, 2009 Free webinar TOMORROW on Forexpros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities For Short Term Forex Traders. Expert: Sam Seiden When: Thu, Jan 7, 2010, 12:00 EST During this session, we will apply what we learned during session one to the world of active short term trading in the Forex markets. We will walk through the trade selection process, applying our rule based strategy to identify price levels where demand and supply are out of balance and where profit margins are large offering us significant risk/reward opportunities. This webinar is the second of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Fundamental Analysis: Interest Rate Decision The Bank of England (BOE) decision on short term interest rate is due to be published tomorrow (Jan 7). The decision on where to set interest rates depends mostly on growth outlook and inflation. The primary objective of the central bank is to achieve price stability. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency. A higher than expected rate is positive/bullish for the GBP, while a lower than expected rate is negative/bearish for the GBP. Analysts predict that the rate will remain at 0.50%. --- Euro Dollar With astonishing accuracy, the Euro stopped at the suggested reversal point 1.4485 (yesterday’s high was 1.4482), and exactly as we expected, started a big drop that reached 200 pips, passing by and breaking the support 1.4454, and reaching both suggested targets 1.4369 & 1.4303 successfully. And with coming back to areas below 1.43, we once again assure the importance of 1.4264, and we will consider it support of the day, and the borderline between a continuation of the drop from 1.4482, or a bounce to the upside. If this important support is taken, we expect the Euro to drop on the first trading day of the New Year towards 1.4176 & 1.4103. But if it holds, a test of short term resistance 1.4327 will follow, and breaking it would lead to a correction of yesterday’s big fall, ideally targeting 1.4406, and if broken we will jump to 1.4485, which reversed the upside activity, and caused yesterday’s drop. Support: • 1.4264: Dec 21st low. • 1.4176: Sep 1st low. • 1.4103: Aug 10th low. Resistance: • 1.4327: Fibonacci 61.8% for the micro term. • 1.4569: Fibonacci 61.8% for the short term. • 1.4485: the resistance that caused yesterday’s reversal. --- USD/JPY Dollar-Yen broke the trend lien rising from 84.81, but the drop that followed was limited, before going back above the line. This behavior recommends caution, the price should trade below certain levels to maintain any importance for this break. Short-term resistance is 92.45, and the support is at 91.75. . If this support is broken, we will fall to the important 90.55, which is also another important support for the short term, and maybe we will see 89.58 after that. On the other hand, if the price holds above this support, a short term rise will be initiated, challenging short term resistance at 92.45, and breaking this level would lead to a correction to the drop from 93.20 (and may be to more than that), targeting 93.08, and once its broken we will be looking forward to the long awaited 93.53. Support: • 91.75: the rising trend line from yesterday’s low on intraday charts. • 90.55: Fibonacci 61.8% for the whole move from 88.91 to 93.20. • 89.58: Fibonacci 61.8% for the whole move from 87.35 to 93.20. Resistance: • 92.45: short-term Fibonacci 61.8% resistance. • 93.08: previous support/resistance area. • 93.53: Mar 19h low. --- Forex trading by Munther Marji for Forexpros. See Forexpros for Commodities and other trading tools. --- Disclaimer Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. __________________ Forexpros.com - Bringing you live news, analysis advanced charts and quotes. Check out our new and improved Technical Studies Section. Link to comment Share on other sites More sharing options...
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