Guest forexpros Posted February 1, 2010 Report Share Posted February 1, 2010 Forexpros Daily Analysis February 1, 2010 Free webinar on ForexPros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities For Swing and Longer Term Forex Traders. Expert: Sam Seiden When: Thursday, Feb 4, 2010, 11:00 EST During this session, we will apply what we learned during session one to the world of swing and longer 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 for Forex swing and position trading. This webinar is the last of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Fundamental Analysis: Halifax House Price Index Traders of the UK await the publication of the Halifax House Price Index. Change in the house and property prices financed by Halifax Bank Of Scotland (HBOS), one of the largest UK mortgage lender. This report helps to analyze the strength of the UK housing market, which helps to analysis the economy as a whole. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. Analysts predict a reading of 0.90%, down from the previous 1.00%. --- Euro Dollar Friday’s report shined as the price stopped only 6 pips before the resistance specified in the report, and then started falling, breaking the support 1.3936 and successfully reaching the first suggested target 1.3888. But we have not tested the important 1.3824. Looking at the hourly chart, we can see that the Euro, and before breaking 1.4014 last week, has stopped at the falling trend line from 1.4554 for a third time, which makes this line one that deserves attention. The downtrend from 1.4577 will be dominant as long as we are below this line, which is currently at 1.3959, that’s why this will be resistance of the day. While the support is at short term Fibonacci 1.3867, and breaking either of these levels will set the direction for today. Breaking resistance 1.3959 will initiate a correction for the whole drop from 1.4577, targeting 1.4068 first, then ideal targets start at 1.4139. On the other hand, breaking support at 1.3867 means that we will test the important 1.3824, and if broken, targets starts at 1.3747. Support: • 1.3867: short term 61.8% Fibonacci support. • 1.3824: Dec 19th 2008 important low. • 1.3747: Jun 16th low. Resistance: • 1.3959: the falling trend line from 1.4554 on the hourly chart. • 1.4068: Fibonacci 61.8% for the last drop from 1.4192. • 1.4139: Fibonacci 38.2% for the whole drop from 1.4577. --- USD/JPY Dollar-Yen broke the resistance specified in Friday’s report 90.41, but stopped in the middle of the road to the suggested target, at 90.90. This indicates that the bounce we talked about still has the momentum needed to go on. This fine bounce may manage to capitalize on the break of 90.41 to go higher. If the Dollar is meant to achieve more gains from this bounce, it is preferred that we do not break support at 89.94. And between 90.36 & 89.94, we will await a break of either of them to set the direction for the short term. If we test the falling trend line and break the resistance 90.36, the price will already be in a correction for the whole drop from 93.75, with ideal targets at 91.44 & 91.98. In case of a break of the support 89.94, we will target 89.12, and if broken we will be going back to the same trend line that provided last week’s support, which is currently at 88.60. Support: • 89.94: the rising trend line from Wednesday’s low. • 89.12: Jan 27th low. • 88.30: the support of the falling trend line from 90.58. Resistance: • 90.36: important intraday top. • 91.44: Fibonacci 50% for the whole drop from 93.75. • 91.98: Fibonacci 61.8% for the whole drop from 93.75. --- Forex trading analysis by Munther Marji for Forexpros. For information on currency trading 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 February 2, 2010 Report Share Posted February 2, 2010 Forexpros Daily Analysis February 2, 2010 Free webinar on ForexPros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities For Swing and Longer Term Forex Traders. Expert: Sam Seiden When: Thursday, Feb 4, 2010, 11:00 EST During this session, we will apply what we learned during session one to the world of swing and longer 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 for Forex swing and position trading. This webinar is the last of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Fundamental Analysis: ADP Nonfarm Employment Change Traders of the US await the publication of the ADP National Employment Report. The report measures the monthly change of nonfarm private employment, based on a subset of aggregated and anonymous payroll data that represents approximately 400,000 U.S. business clients. This release, 2 days before the government-released employment data , is a good predictive to the government's non-farm payrolls data. The change in this indicator can be very volatile. 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 -40.00%, up from the previous -84.00%. --- Euro Dollar After the issuance of the last report, the Euro did not break any of the levels specified in the report. Looking at the hourly chart, we can see that the Euro, and before breaking 1.4014 last week, has stopped at the falling trend line from 1.4554 for a third time, which makes this line one that deserves attention. And now, we have yet another reason to pay attention to this line, which is the forth touch. The downtrend from 1.4577 will be dominant as long as we are below this line, which is currently at 1.3933, that’s why this will be resistance of the day. While the support is at short term Fibonacci 1.3885, and breaking either of these levels will set the direction for today. Breaking resistance 1.3933 will initiate a correction for the whole drop from 1.4577, targeting 1.4062 first, then ideal targets start at 1.4128. On the other hand, breaking support at 1.3885 means that we will test the important 1.3824, and if broken, targets start at 1.3747. Support: • 1.3885: important intraday low. • 1.3824: Dec 19th 2008 important low. • 1.3747: Jun 16th low. Resistance: • 1.3933: the falling trend line from 1.4554 on the hourly chart. • 1.4062: Fibonacci 61.8% for the last drop from 1.4192. • 1.4128: Fibonacci 38.2% for the whole drop from 1.4577. --- USD/JPY Dollar-Yen broke the resistance specified in yesterday’s report 90.36, but stopped in the middle of the road to the suggested target, at 90.92. This indicates that the bounce we talked about still has the momentum needed to go on. This fine bounce may manage to capitalize on the break of 90.36 to go higher. If the Dollar is meant to achieve more gains from this bounce, it is preferred that we do not break support at 90.30. And between 90.89 & 90.30, we will await a break of either of them to set the direction for the short term. If we break the resistance 90.89, the price will already be in a correction for the whole drop from 93.75, with ideal targets at 91.44 & 91.98. In case of a break of the support 90.30, we will target 89.57 and if broken we will be going back to the same trend line that provided last week’s support, which is currently at 88.48. Support: • 90.30: the rising trend line from 89.20 on the hourly chart. • 89.57: Jan 29th low. • 88.48: the support of the falling trend line from 90.58. Resistance: • 90.89: important intraday top. • 91.44: Fibonacci 50% for the whole drop from 93.75. • 91.98: Fibonacci 61.8% for the whole drop from 93.75. --- Forex trading analysis by Munther Marji for Forexpros. For information on currency trading 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 February 3, 2010 Report Share Posted February 3, 2010 ForexPros Daily Analysis February 3, 2010 Free webinar on ForexPros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities for Swing and Longer Term Forex Traders. Expert: Sam Seiden When: Thu, Feb 4, 2010, 11:00 EST During this session, we will apply what we learned during session one to the world of swing and longer 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 for Forex swing and position trading. This webinar is the last of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Fundamental Analysis: Ivey PMI Canadian traders anticipate the publication of the Ivey Purchasing Manager's Index (PMI) tomorrow, February 4. The index measures the activity level of purchasing managers in Canada. Any reading above 50 indicates expansion, while a reading below 50 indicates contraction. It gives an indication about the health of the manufacturing section and production growth in Canada. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD. Analysts predict a reading of 52.00 versus a past lower reading of 48.40. --- Euro Dollar The Euro broke the resistance 1.3933, and although the rising move did not reach 50 pips, but closing above it indicates that this is a valid break, and makes us believe that the short term down trend is over. This break faces a difficult resistance at Monday’s top 1.3985, and if this break is serious, we should see a break for this resistance specifically. Breaking resistance 1.3985 will initiate a correction for the whole drop from 1.4577, targeting 1.4062 first, then ideal targets start at 1.4128. On the other hand, support is provided by the rising trend line from Monday’s bottom 1.3851, which is currently at 1.3930. Breaking this support means that we will test the important 1.3824, and if broken, targets start at 1.3747. Support: • 1.3930: the rising trend line from this week’s low on intraday charts. • 1.3851: this week’s low so far. • 1.3747: Jun 16th low. Resistance: • 1.3985: Jan 29th high. • 1.4062: Fibonacci 61.8% for the last drop from 1.4192. • 1.4128: Fibonacci 38.2% for the whole drop from 1.4577. --- USD/JPY Dollar-Yen traded in a very tight range, without breaking support or resistance from the report, and we are still watching this bounce, which started to lose momentum. This fine bounce may manage to capitalize on the break of 90.36 to go higher, going through the resistance 90.79. If the Dollar is meant to achieve more gains from this bounce, it is preferred that we do not break support at 90.34 where the SMA100 moving average is. And between 90.79 & 90.34, we will await a break of either of them to set the direction for the short term. If we break the resistance 90.79, the price will already be in a correction for the whole drop from 93.75, with ideal targets at 91.44 & 91.98. In case of a break of the support 90.34, we will target 89.57 and if broken we will be going back to the same trend line that provided last week’s support, which is currently at 88.48. Support: • 90.34: the moving average SMA100 on the hourly chart. • 89.57: Jan 29th low. • 88.48: the support of the falling trend line from 90.58. Resistance: • 90.79: important intraday top. • 91.44: Fibonacci 50% for the whole drop from 93.75. • 91.98: Fibonacci 61.8% for the whole drop from 93.75. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on currency trading 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 February 4, 2010 Report Share Posted February 4, 2010 ForexPros Daily Analysis February 4, 2010 Free webinar on ForexPros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities for Swing and Longer Term Forex Traders. Expert: Sam Seiden When: Today, Feb 4, 2010, 11:00 EST During this session, we will apply what we learned during session one to the world of swing and longer 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 for Forex swing and position trading. This webinar is the last of a three part series brought to you by Online Trading Academy and Forexpros. Click here to join free. --- Fundamental Analysis: Unemployment Rate Traders of the US anticipate the publication of the unemployment rate tomorrow, February 5. It measures 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 no change in the future reading, a rate of 10.00%. --- Euro Dollar The Euro stopped accurately at Fibonacci 50% retracement level for the drop from 1.4192, which is at 1.4022 (yesterday’s high was 1.4025), before a downfall toppled it more than 150 pips in 16 hours. As we always say, an accurate stop at an important Fibonacci level (i.e. the 50% or the 61.8%) is an indication of reversal. And in this case it indicates a reversal in short term trend from an uptrend to a downtrend. Thus, we find that analysis supporting more drop and drifting away from yesterday’s top, and looking for new targets below this week’s low 1.3851. Short term support is at 1.3865, and breaking it would mean we are heading to test the important 1.3824, and in case it is broken 1.3747 will be an immediate first modest target, and we expect bigger targets on the short term. While the resistance is at 1.3963, and only breaking this important level would let us dump our negative outlook for the short term. In case this break actually happens, the targets will be the same as they were yesterday 1.4062 & 1.4128. Support: • 1.3865: Asian session low. • 1.3824: Dec 19th 2008 low. • 1.3747: Jun 16th low. Resistance: • 1.3963: Fibonacci 61.8% for the last drop from 1.4025. • 1.4062: Fibonacci 61.8% for the last drop from 1.4192. • 1.4128: Fibonacci 38.2% for the whole drop from 1.4577. --- USD/JPY Before reaching 90, the Dollar-Yen found support at 90.06, and created an uprising that took it to 91 for the first time in two weeks. This move is still inside the “adjusted” rising channel on the hourly chart. It is a slowly rising channel, with its top close to the resistance 91.63, and its bottom is close to the support 90.30. If the price holds inside this channel, we expect the slow rise to continue towards the important short term Fibonacci resistance levels. Today’s support is at 90.52, and breaking it means that the odds of breaking the bottom of the channel are huge. Such a break would target the important 89.79, and then 88.91. In case trading inside this channel continues, this gradual rising will target a test of the nearby resistance 91.03 once again, and if broken the targets would be short term Fibonacci levels, where the 50% retracement is at 91.44 & the 61.8% is at 91.98, and would play as first and second targets for this break, in case it happens. Support: • 90.52: Fibonacci 61.8% for the short term. • 89.79: Jan 21st low. • 88.91: Dec 17th low. Resistance: • 91.03: important intraday top. • 91.44: Fibonacci 50% for the whole drop from 93.75. • 91.98: Fibonacci 61.8% for the whole drop from 93.75. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on currency trading 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 February 9, 2010 Report Share Posted February 9, 2010 ForexPros Daily Analysis February 9, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Wed, Feb 24, 2010, 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: Fed Chairman Bernanke Testifies US traders look forward to Ben Bernanke, US Federal Reserve Chairman, who will be testifying in Washington DC, regarding America's economic outlook and financial markets. His comments may determine a short-term positive or negative trend. --- Euro Dollar The Euro kept trading above the support 1.3620, and started to rise, breaking the resistance 1.3666, and reaching 1.3728 until this moment without reaching the target 1.3752. As we said yesterday, with Friday's move taking us close to the channel bottom, and then a fast bounce reaching 1.3666, the odds of an upside correction remains present, but we need a break of 1.3745 before we can say the odds favor that. Short-term resistance is at 1.3745, and breaking it would indicate that the price is already moving higher after the drop we witnessed last week, even if that was only for a short term correction. The targets for such a correction would be 1.3805 & 1.3857. While the support is at 1.3666, and breaking it would bring back Friday's target under the spotlight: 1.3582 & 1.3516. Support: 1.3666: the rising trend line from 1.3584 on intraday charts. 1.3582: Apr 6th high. 1.3516: Apr 2nd high. Resistance: 1.3745: important intraday resistance. 1.3805: Fibonacci 50% for the last drop from 1.4025. 1.3857: Fibonacci 61.8% for the last drop from 1.4025. --- USD/JPY Dollar-yen did not break any of the important levels specified in yesterday's report, and kept trading in a relatively tight range without any major moves that have any influence on the technical outlook, leaving the technical outlook hardly changed. What is worth mentioning is that we are getting closer to long term Fibonacci 61.8% support at 88.23 (Thursday's low 88.53), and there is no doubt that this level is the most important support in these areas. As for the short term, the support is at 89.23, and breaking it would indicate a movement to test the most important support 88.23, and if broken the first target would be 87.35. Short term resistance is at 89.87, and breaking it would indicate that the Yen has settled for closing on 88.23 without reaching it, and that we are correcting yesterday's drop, or may be the whole drop from 93.75, which might be over close to the Fibonacci support. Such a correction would have ideal targets at 91.14 & 91.76. Support: 89.23: the rising trend line from Thursday's low on intraday charts. 88.23: Fibonacci 61.8% for the whole move from 84.81 to 93.75. 87.35: Dec 9th low. Resistance: 89.87: Fibonacci 50% for the short term. 91.14: Fibonacci 50% for the whole drop from 93.75. 91.76: Fibonacci 61.8% for the whole drop from 93.75. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on currency trading 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 February 10, 2010 Report Share Posted February 10, 2010 ForexPros Daily Analysis February 10, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Wed, Feb 24, 2010, 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: Initial Jobless Claims The traders of the US look forward to the publication of the Initial Jobless Claims tomorrow, January 11. The claims are a seasonally adjusted measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report. The number of jobless claims is used as a measure of the health of the job market, as a series of increases indicates that there are fewer people being hired. On a week-to-week basis, claims are quite volatile. Usually, a move of at least 35K in claims is required to signal a meaningful change in job growth. A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD. Analysts predict a slight decline from the past reading to a reading of 460.00k. --- Euro Dollar The Euro broke yesterday's resistance 1.3745, and successfully reached the first target 1.3805, which enhances our assumption of having a corrective rebound. As we said yesterday, with Friday's move taking us close to the channel bottom, and then a fast bounce reaching 1.3666, the odds of an upside correction remains present. But we need a break of today's resistance 1.3805 before we can say the odds favor a continuation of this rebound. Short-term resistance is at 1.3805, and breaking it would indicate that the price is already moving higher after the drop we witnessed last week, even if that was only for a short term correction. The targets for such a correction would be the important 1.3857 & 1.3936. While the support is at 1.3743, and breaking it would bring back the drop, targeting 1.3665 & 1.3582. Support: 1.3743: the rising trend line from 1.3584 on intraday charts. 1.3666: a well known previous support/resistance area. 1.3582: Apr 6th high. Resistance: 1.3805: Fibonacci 50% for the last drop from 1.4025. 1.3857: Fibonacci 61.8% for the last drop from 1.4025. 1.3936: Feb 1st high. --- USD/JPY Dollar-yen did not break any of the important levels specified in yesterday's report, although it tried to break 89.87 more than once, and kept trading in a relatively tight range without any major moves that have any influence on the technical outlook, leaving the technical outlook hardly changed. What is worth mentioning is that we are getting closer to long term Fibonacci 61.8% support at 88.23 (Thursday's low 88.53), and there is no doubt that this level is the most important support in these areas. As for the short term, the support is at 89.51, and breaking it would indicate a movement to test the most important support 88.23, with a possibility to stop around 88.81 even if temporary. Short term resistance is still at 89.87, and breaking it would indicate that the Yen has settled for closing on 88.23 without reaching it, and that we are correcting yesterday's drop, or may be the whole drop from 93.75, which might be over close to the Fibonacci support. Such a correction would have ideal targets at 91.14 & 91.76. Support: 89.51: the rising trend line from Thursday's low on intraday charts. 88.81: Friday's low. 88.23: Fibonacci 61.8% for the whole move from 84.81 to 93.75. Resistance: 89.87: Fibonacci 50% for the short term. 91.14: Fibonacci 50% for the whole drop from 93.75. 91.76: Fibonacci 61.8% for the whole drop from 93.75. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on currency trading 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 February 15, 2010 Report Share Posted February 15, 2010 ForexPros Daily Analysis February 15, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Wed, Feb 24, 2010, 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: German ZEW Economic Sentiment European traders look forward to the publication of the German ZEW Economic Sentiment tomorrow, February 15. The German Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment determines the sentiment of German institutional investors. Above 0 indicates optimism while below 0 indicates pessimism. It's 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. Analysts predict a decline from the past reading to a reading of 42.50. --- Euro Dollar The Euro broke the support 1.3662 and fell strongly as we expected, reaching the first suggested target 1.3582 successfully, and stopping only 5 pips before the second target 1.3525, Which confirmed a continuation of the downtrend, and an inability of using any chance to create a notable correction. And today, the continuation of the trend is expected, as we are still trading below the falling trend line that is drawn on the attached chart. Short term support is are 1.3572 and breaking it would indicate that we have lived a short correction after Friday's fall, and we are to continue falling today, targeting 1.3525 & 1.3422. But in case of breaking the resistance 1.3675, the odds of a short term uprising correction will be greater, and the ideal targets of such a correction are the Fibonacci levels 1.3778 & 1.3836. In case we get close to these areas, the resistance at 1.3836 will be important not just for the short term, but for the medium term as well. Support: 1.3572: Apr 6th high. 1.3525: May 14th low. 1.3422: important line on intraday charts. Resistance: 1.3675: last Wednesday's low. 1.3778: Fibonacci 50% for the last drop from 1.4025. 1.3836: Fibonacci 61.8% for the last drop from 1.4025. --- USD/JPY For another day, Dollar-Yen frustrated our hopes for a big move, and stayed another day trading in very tight ranges, and very boring ones! We have not had our major move until now. But this very limited activity should come to an end soon, and a trend will be born, which will bring back some excitement to this pair, after a very boring week. Thus, we will await a break of the support or resistance of the day, and in case we get one, we expect to see a sizeable move in the direction of the break. Our eyes will be on the support 89.83, and breaking it would enhance chances of a drop in the first of this week, targeting 89.22, and then the all important Fibonacci medium & long term support 88.23. The resistance is at 90.22, and breaking it would target 91.14, and then what could be the most important resistance for short term 91.76. Support: 89.83: the rising trend line from 88.53 on hourly charts. 89.22: last Friday's low. 88.23: Fibonacci 61.8% for the whole move from 84.81 to 93.75. Resistance: 90.22: Fibonacci 61.8% for the drop from 91.26 to 88.53. 91.14: Fibonacci 50% for the whole drop from 93.75. 91.76: Fibonacci 61.8% for the whole drop from 93.75. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on currency trading 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 February 16, 2010 Report Share Posted February 16, 2010 ForexPros Daily Analysis February 16, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Wed, Feb 24, 2010, 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: FOMC Meeting Minutes Traders of the US anticipate the publication of the Federal Open Market Committee (FOMC) Meeting Minutes. They are a detailed record of the committee's interest rate meeting held about two weeks earlier. The minutes provide detailed insights regarding the FOMC's stance on monetary policy, so currency traders carefully comb them for clues regarding future interest rate shifts. --- Euro Dollar The Euro did not break the resistance nor the support specified in yesterday's report, and traded in a tight range for the past 24 hours. The resistance that is considered the upper limit for the downtrend is 1.3720, and as long as the price is below this level, we favor more downside activity, But the technical outlook changes dramatically the minute this level is broken. The continuation of the downtrend is expected, as we are still trading below the falling trend line drawn from 1.3838. Short term support is are 1.3616 and breaking it would indicate that we have lived a short correction after Friday's fall, and we are to continue falling today, targeting 1.3525 & 1.3422. But in case of breaking the resistance 1.3720, the odds of a short term uprising correction will be greater, and the ideal targets of such a correction are the Fibonacci levels 1.3778 & 1.3836. In case we get close to these areas, the resistance at 1.3836 will be important not just for the short term, but for the medium term as well. Support: 1.3616: the rising trend line from 1.3530 on intraday charts. 1.3525: May 14th low. 1.3422: May 18th low. Resistance: 1.3720: the falling trend line from 1.3838 on intraday charts. 1.3778: Fibonacci 50% for the last drop from 1.4025. 1.3836: Fibonacci 61.8% for the last drop from 1.4025. --- USD/JPY Yesterday, Dollar-Yen did not break the support or resistance specified in the report, but it did break 89.83 during the Asian session. This break holds a lot of importance for the short term, since it is a break for the hourly trend line rising from the important bottom 88.53. Thus we will await a break of the Asian session low 89.70 to confirm the break of this trend line, and breaking it would enhance chances of a drop in the coming hours, targeting 89.12, and then the all important Fibonacci medium & long term support 88.23. The resistance stays at 90.22, and the negative technical outlook will not change unless we decisively break this resistance. If this break happens, we would target the important Fibonacci levels 91.14, and then what could be the most important resistance for short term 91.76. Support: 89.70: the rising trend line from 88.53 on hourly charts. 89.12: Jan 27th low. 88.23: Fibonacci 61.8% for the whole move from 84.81 to 93.75. Resistance: 90.22: Fibonacci 61.8% for the drop from 91.26 to 88.53. 91.14: Fibonacci 50% for the whole drop from 93.75. 91.76: Fibonacci 61.8% for the whole drop from 93.75. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on currency trading 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 February 17, 2010 Report Share Posted February 17, 2010 ForexPros Daily Analysis February 17, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Wed, Feb 24, 2010, 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: BOJ Press Conference The Bank of Japan will be holding a press conference, their preferred method of communicating with investors. Topics at such conferences generally include economic outlook, inflation and changes in interest rates. --- Euro Dollar The Euro broke the resistance 1.3720 and successfully and accurately reached the first suggested target 1.3778 (the high until the moment of preparing this report is 1.3780). This break moves the importance to the most important Fibonacci resistance for the short term at 1.3836, where we see a double importance for today. Breaking this level would indicate that the Euro has broken free from pressure and downtrend (for the short term at least), and we will await any signals of a direction change for the medium term. Short term resistance is at 1.3778 and we are trading pips below it now. If it is broken, we would target a test of the most important 1.3836, and if broken, we would target 1.3911 as a first, temporary, modest target on the way higher. Short term support is at 1.3740 and if broken, The Euro would settle for a 1.3780 as a short term top, and a drop would already be underway, targeting 1.3685 & 1.3626. Support: 1.3740: an obvious support on the hourly chart. 1.3685: Fibonacci 38.2% for the short term. 1.3626: Fibonacci 61.8% for the short term. Resistance: 1.3778: Fibonacci 50% for the last drop from 1.4025. 1.3836: Fibonacci 61.8% for the last drop from 1.4025. 1.3911: Jan 29th low. --- USD/JPY The Dollar-Yen maintained trading above the support specified in yesterday's report 89.70 (the low after issuance of the report was 89.77), and it rose modestly to break 90.22 and only reaching 90.49. This behaviour is a continuation for the slow advancement activity that we have seen recently, which as it is shown on the chart, is trading inside a slowly rising channel. As long as we are trading inside this channel we expect more of the same. The bottom of the channel is at 89.90 and this is the most important support for the short term. If broken, a drop will be initiated targeting 89.12 & 88.23 all over again. The resistance is at Jan 26th & 28th top 90.53, and breaking it would indicate that this rising trend will accelerate, targeting Fibonacci levels 91.14 & 91.76 all over again. Support: 89.90: the bottom of the rising channel on the hourly chart. 89.12: Jan 27th low. 88.23: Fibonacci 61.8% for the whole move from 84.81 to 93.75. Resistance: 90.53: Jan 26th & 28th highs. 91.14: Fibonacci 50% for the whole drop from 93.75. 91.76: Fibonacci 61.8% for the whole drop from 93.75. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on currency trading 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 February 18, 2010 Report Share Posted February 18, 2010 ForexPros Daily Analysis February 18, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Wed, Feb 24, 2010, 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: US CPI (MoM) Traders of the US look forward to the publication of the Consumer Price Index (CPI). The index measures the changes in the price of goods and services. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation in the US. A higher than expected reading should be taken as positive/bullish for the USD (as the common way to fight inflation is raising rates, which may attract foreign investment), while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a rise from the past reading to a reading of 0.30%. --- Euro Dollar The Euro stopped just 8 pips above the resistance specified in yesterday's report 1.3778, before collapsing completely, breaking the support 1.3740 and successfully reaching both suggested targets 1.3685 & 1.3626. As we always say, stopping close enough to a Fibonacci resistance is an evidence of a downtrend, and this is what happened yesterday. Today, it seems we will have a correction for yesterday's huge drop, before continuing to go lower is such a strong downtrend. Intraday support 1.3562 is an important support, and as long as we hold above it, the odds for having our correction will be immense. But, if we break it, this sharp strong drop will go on and the next set of targets will be the very important support 1.3482 & if broken 1.3422. On the other hand, if we survive above 1.3562, we will test the resistance 1.3594, and if broken the correction will be immediately initiated, wit an ideal target at 1.3671, and if broken the next target will be 1.3724. Support: • 1.3562: the most important intraday support. • 1.3482: Fibonacci 61.8% for the long term. • 1.3422: May 18th low. Resistance: • 1.3594: Feb 12th low. • 1.3671: Fibonacci 50% for yesterday's collapse. • 1.3724: hourly resistance. --- USD/JPY As expected, the Dollar-Yen maintained trading inside the channel we talked about yesterday, broke the resistance 90.53 & successfully reached the first suggested target 91.14. its only coincidence that short term Fibonacci 61.8% is almost at this level, specifically at 91.15. If it is broken, we will continue to rise and target the important Fibonacci 61.8% at 91.76. And this is an important resistance that if it is broken we can say with confidence that the Dollar has freed itself from short term downtrend. The first target of this "freedom" will be Oct 27th top 92.31. Short term resistance is at 90.80, and breaking it would reverse the strength signs we have seen in the past two days, creating a modest surprise. If this surprise actually happens, then we will target the most important short term support at 90.12, and only if broken we expect the Dollar-yen to reach 89.54. Support: • 90.80: Asian session low. • 90.12: the bottom of the rising channel on the hourly chart. • 89.54: Feb 11th low. Resistance: • 91.15: short term Fibonacci 61.8% resistance. • 91.76: Fibonacci 61.8% for the whole drop from 93.75. • 92.31: Oct 27th high. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on US dollar index 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 February 22, 2010 Report Share Posted February 22, 2010 ForexPros Daily Analysis February 22, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Wed, Feb 24, 2010, 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: German Ifo Business Climate Index European traders look forward to the publication of the German Ifo Business Climate Index. The German Information and Foschung (Ifo) Business Climate Index determines the business sentiment and conditions in the Euro-zone. The reading is concluded from survey of about 7,000 businesses. 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. Analysts predict a rise from the past reading to a reading of 96.3. --- Euro Dollar The Euro broke Friday’s resistance 1.3507 and successfully reached the first suggested target 1.3572, before hitting the second target 1.3653 after the open with astonishing accuracy (the high until the moment of preparing this report is 1.3652). That is why we will consider this top to be resistance of the day. If the price continue to show strength, and broke this resistance, the current rise will go on for the short term at least. We see today’s most important target for such a break will be the test of the falling trend line from 1.3838, which is currently at 1.3737. And if broken the next target will be 1.3810. But if 1.3653 holds, and succeeds in reversing short term correction, then the price will fall to support 1.3618, and if broken the targets will be 1.3544 (which may be an ideal target for such a drop, and then 1.3491. Support: • 1.3618: the confirmation level for the “Engulfing pattern” on the hourly chart. • 1.3544: short term 50% Fibonacci level. • 1.3284: the rising trend line from Feb 19th low on intraday charts. Resistance: • 1.3653: Important intraday top. • 1.3737: the falling trend line from 1.3838 on the hourly chart. • 1.3810: important intraday top. --- USD/JPY Dollar-Yen was not able to break the support 91.51 or the resistance 92.31 on Friday. But in spite of a relatively limited trading range, it has left us a very important signal on the charts, which is a clear “Reversal Day” pattern. This pattern is one of the strongest reversal formations, and most successful ones. Thus, we will immediately take the Yen side. We expect this pair to start falling once we break the short term support 91.55, which we trade pips above right now. IF the support at 91.55 is broken, we will witness a strong drop targeting 90.40 as a first target, and maybe we will also see 89.90. But if the price holds above this support, we could see a price behaviour negating this outlook, and we could see a test of the resistance 92.31. If this resistance is broken, the strength signs from last week will continue to achieve gains, with the next set of targets at 93.08 & the important 93.75. Support: • 91.55: important intraday bottom. • 90.40: the bottom of the rising channel on the hourly chart. • 89.90: Feb 15th low. Resistance: • 92.31: Oct 27th high. • 93.08: Jul 22nd low. • 93.75: Jan 8th top. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on US dollar index 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 February 23, 2010 Report Share Posted February 23, 2010 ForexPros Daily Analysis February 23, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Tomorrow, Feb 24, 2010, 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: New Home Sales Traders of the US anticipate the publication of the New Home Sales report. It measures the annualized number of new residential buildings that were sold during the previous month. This report helps to analyze the strength of the US housing market, which helps to analysis the economy as a whole. The new home sales report is quite volatile and subject to huge revisions. 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 350K. --- Euro Dollar The Euro broke the support 1.3618 and traveled more than half the way to the target 1.3544 (yesterday’s low 1.3572). The modest drop came after 1.3653 successfully reversed the short term direction. That is why we will consider this top to be resistance of the day. If the price continue to show strength, and broke this resistance, the current rise will go on for the short term at least. We see today’s most important target for such a break will be the test of the falling trend line from 1.3838, which is currently at 1.3737. And if broken the next target will be 1.3810. But if 1.3653 holds, and succeeds in reversing short term correction, then the price will fall to support 1.3612, and if broken the targets will be 1.3544 (which may be an ideal target for such a drop, and then 1.3491. Support: • 1.3612: a rising trend line on the intraday charts. • 1.3544: short term 50% Fibonacci level. • 1.3491: the rising trend line from Feb 19th low on intraday charts. Resistance: • 1.3653: Important intraday top. • 1.3737: the falling trend line from 1.3838 on the hourly chart. • 1.3810: important intraday top. --- USD/JPY The clear “Reversal Day” pattern proved its strength. As we have expected, the price started to fall immediately after breaking 91.55, reaching 90.84 until now (but without reaching the suggested target 90.40). As we said yesterday, the “Reversal Day” pattern is one of the strongest & most reliable reversal patterns, that is why we will keep our bias towards the Yen, but with caution, because as we get closer & closer to the channel bottom, the odds of a rising correction gets bigger & bigger. Short term most important support is the bottom of the rising channel on the hourly chart which is currently at 90.55. We do not recommend going short before it is broken. If this break takes place, the price will drop targeting 89.90, and then 89.22. Resistance is at Fibonacci 38.2% for the short term 91.37, breaking it would mean that we already have a rising correction (at least). Targets of such a break are 92.31 & 93.08. Support: • 90.55: the bottom of the rising channel on the hourly chart. • 89.90: Feb 15th low. • 89.22: Feb 10th low. Resistance: • 91.37: Fibonacci 38.2% for the short term. • 92.31: Oct 27th high. • 93.08: Jul 22nd low. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on US dollar index 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 February 24, 2010 Report Share Posted February 24, 2010 ForexPros Daily Analysis February 24, 2010 Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II. Expert: Dan Cook When: Today, Feb 24, 2010, 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: Fed Chairman Bernanke Testifies Traders of the US look forward to Ben Bernanke, US Federal Reserve Chairman, who will be testifying in Washington DC, regarding America's economic outlook and financial markets. His comments may determine a short-term positive or negative trend. --- Euro Dollar The Euro broke the resistance specified in yesterday’s report 1.3653 and came close to 1.37, before a total reversal took place, and the Euro fell so hard, breaking the support 1.3612, and reached the first suggested target 1.3544 successfully, and stopped only 4 pips before the second. After this collapse, we ask ourselves, will the Euro be able to bounce back? The most important support for the short term is at 1.3514, where there is the rising trend line from Friday’s low. If this line is broken, the fall will continue, targeting areas below the latest bottom 1.3442, most important of which for today are 1.3422 & then 1.3338.The resistance is provided by the short term 61.8% Fibonacci level at 1.3615. If broken, then the odds of breaking the important trend line demonstrated on the attached chart will be huge, and the price will jump to 1.3689 & 1.3787. Support: • 1.3514: the rising trend line from Feb 19th low on intraday charts. • 1.3422: May 18th low. • 1.3338: Apr 29th high. Resistance: • 1.3615: Fibonacci 61.8% for the short term. • 1.3689: Feb 23rd high. • 1.3787: Feb 17th high. --- USD/JPY Dollar-Yen broke the support specified in yesterday’s report 90.55, and reached the first suggested target 89.90 with an unbelievable accuracy (yesterday’s low was exactly 89.90). This support, which represents short term 61.8% Fibonacci level, will be the most important support for today. If broken, the drop that started with the “Reversal Day” pattern will carry on. The next set of targets will be 89.22 & may be 88.53. But if we hold above yesterday’s low, the odds of rising will be huge, even if for a correction. And if this turns out to be a rising correction, the ideal target would be at 91.02, and also, we could see a visit to the previous well known support/resistance area 91.63. Support: • 89.90: Fibonacci 61.8% for the short term. • 89.22: Feb 10th low. • 88.53: Feb 4th low. Resistance: • 90.28: Asian session high. • 91.02: Fibonacci 50% for the short term. • 91.63: previous well known support/resistance area. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on US dollar index 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 February 25, 2010 Report Share Posted February 25, 2010 ForexPros Daily Analysis February 25, 2010 Free webinar on ForexPros - Using Chart Patterns to Recognize Trends in the Market Expert: Anthony Cherniawski When: Today, Mar 15, 2010, 15:00 GMT Anthony Cherniawski, Manager of The Practical Investor, LLC combines his proprietary cycles studies with other patterning devices and techniques to enhance the accuracy of cycle projections and trades. This multi-disciplinary approach may help improve the outcome of trading decisions for beginning and even experienced traders. The use of chart patterns, Elliott Wave, trend lines and even Japanese Candlesticks provide a means of raising the probability of success in trading the markets. Tony specializes in swing trading and directional (trend) trading in exchange traded funds. Click here to join free. --- Fundamental Analysis: Existing Home Sales Traders of the US anticipate the publication of the Existing Home Sales report. It measures the annualized number of existing residential buildings that were sold during the previous month. This report helps to analyze the strength of the US housing market, which helps to analysis the economy as a whole. 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 future reading of 5.5 M. --- Euro Dollar The Euro broke the support specified in yesterday’s reports 1.3514, dropped about 70 pips without reaching the suggested target 1.3422. Also, the price managed to keep trading above last Friday’s low, the important bottom 1.3442. Today, we see this support as the most important, and if the price stays above it, the odds of rising will be bigger. But these odds will suffer a severe hit once we break this level, even with very few pips. If 1.3442 gets broken, we see the Euro continuing the drop that started yesterday at 1.3625, and we see it leaving the 1.34 areas targeting 1.3384 as a first target for this break, and 1.3299 as a second target. The resistance is at 1.3495, and breaking it would indicate we are correcting yesterday’s drop. The ideal target for such a correction would be 1.3558, and if broken, the Euro will show enough strength to jump to 1.3632, and may be more. Support: • 1.3442: Feb 19th low. • 1.3384: Jan 19th 2009 high. • 1.3299: Apr 24th high. Resistance: • 1.3495: Feb 17th high. • 1.3558: Fibonacci 61.8% for the short term. • 1.3632: the falling trend line from 1.4192. --- USD/JPY Dollar-Yen broke the support specified in yesterday’s report 89.90 and stopped only 8 pips before reaching the first suggested target 89.22. Breaking 89.90 holds a lot of importance on the technical side, because this area was the most important support for the short term, and because breaking it indicates the drop from 92.31 is (probably) not just a corrective one, and that is why it will go on, on the short term. Yesterday’s target 89.22, will be today’s support, and if the price manages to break it, we will move towards the next set of targets in the 88 area, most important of which are 88.53 & 88.00. As for the resistance, it is at 89.75, and breaking it would indicate this pair is targeting the short term Fibonacci retracement levels, and the major 3 levels are at 90.39, 90.72 & 91.05. We picked the first and last of them as targets for the 89.75 break. Support: • 89.22: Feb 10th low. • 88.53: Feb 4th low. • 88.00: Fibonacci 61.8% for the short term. Resistance: • 89.75: the most important resistance on the hourly chart. • 90.39: Fibonacci 38.2% for the short term. • 91.05: Fibonacci 61.8% for the short term. --- Forex Trading Analysis written by Munther Marji for ForexPros. For information on US dollar index 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...
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