Guest forexpros Posted April 1, 2010 Share Posted April 1, 2010 ForexPros Daily Analysis April 1, 2010 Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy" Expert: Kellie Durazo, FX V-room When: Wed, Apr 14, 2010, 10:00 EST During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market. This webinar is brought to you by FX V-room and Forexpros. Click here to join free. --- Fundamental Analysis: Nonfarm Payrolls Traders of the US anticipate the publication of the Nonfarm Payrolls. The payroll measures the change in the number of employed people during the last month of all non-farming businesses. The total non-farm payroll accounts for approximately 80% of the workers who produce the entire gross domestic product of the United States. It is the single most important piece of data contained in the employment report, which considered to offer the best overview of the economy. The monthly changes and the revisions in payrolls can be quite 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 future reading of 190.00K. --- Euro Dollar The Euro broke the resistance specified in yesterday’s report 1.3441 and reached the first suggested target 1.3551 successfully, stopping only 8 pips above it. . The collapse which happened late last week is completely expected, not only that, but we believe what we have seen yet is just part one of a strong and massive medium term drop which has already started! We will not be a bit surprised when we see the Euro below 1.30 in the near future, on the contrary, we look forward with eager to that. But after dropping from 1.38 to 1.32 in a few days, a rising correction is normal & logical thing and holds no surprises. Thus, we should focus of the projected targets for this correction, the most important of which is the Fibonacci 61.8% resistance at 1.3606. Adding importance to this level is the fact that the long term descending trend line has finally touched the Fibonacci level. The possibility of forming a medium term top between the current price & 1.3606 is getting larger by the minute. Thus we do not recommend taking a positive attitude towards the EURUSD ahead of 1.3606, and we also recommend to be on the watch for any indications that a medium term top is forming in the neighborhood. Short term resistance is 1.3606, breaking it would indicate a jump to 1.3703 and then 1.3794. Short term support is at 1.3494, breaking it would frustrate the Euro and send it to 1.3394 & may be 1.3283. Support: • 1.3494: Asian session low. • 1.3394: the bottom of the rising channel on 1.3266 on hourly charts. • 1.3283: Thursday’s low. Resistance: • 1.3606: Fibonacci 61.8% for the drop from 1.3816. • 1.3703: Mar 8th high. • 1.3794: Mar 12th high. --- USD/JPY Dollar-Yen traded below 93.75 for the whole past 24 hours, settling for a nearby top at 93.63. But, as we approach the important top 93.75, we recommend caution of a possible drop. Since it is pretty important, we will take 93.75 to be our “resistance of the day”, and we do not expect this “correctionless” rise to continue unless it is broken. But if it does, the price will jump above 94 for the first time since August, targeting 94.35 and may get a taste of 95 as it targets 95.05. As for the support it is at 93.00, and breaking it would mean that the price has settled for a top at 93.58, for the time being at least, and that we will now correct the big rise we just saw. If this break takes place, we expect the Dollar to fall strongly targeting 92.13 first, and may be 91.53 afterwards. Support: • 93.26: the rising trend line from 92.10 on hourly charts. • 92.13: Feb 19th low. • 91.49: Fibonacci 38.2% for the rise from 88.12. Resistance: • 93.75: Jan 8th high. • 94.35: Aug 4th low. • 95.05: Aug 24th 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 6, 2010 Share Posted April 6, 2010 ForexPros Daily Analysis April 6, 2010 Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy" Expert: Kellie Durazo, FX V-room When: Wed, Apr 14, 2010, 10:00 EST During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market. This webinar is brought to you by FX V-room and Forexpros. Click here to join free. --- Euro Dollar The signs of drifting away from 1.3606 started to appear clearly as we broke the rising channel on the hourly chart, which appears on today’s attached chart. This break took place at 1.3465, and after such a break it is only normal for the Euro to enter in a bearish phase, for the short term at least. But approaching 1.3606 then breaking a rising channel could mean that we are entering a bearish phase on the medium term as well. Short term support is at 1.3412, and if broken, the drop created upon the 1.3465 break will gain momentum, and will drag the Euro down to 1.3283 as a first target for this break, and then we could see 1.3190. As for the resistance, it is at the retest level for the broken channel, which is at 1.3480. If the Euro manages to go back inside the channel, that would be a real surprise, and if this surprise happens, that would give another chance to test the most important resistance of all 1.3606. And if this one is broken, the Euro will enter a bullish phase for the short & medium terms, and would target 1.3703 as a first immediate and modest target for such a break on the way to higher levels in the coming days. But, as long as we are below 1.3480, there will be no surprises, and the Euro will fall towards the above mentioned targets. Support: • 1.3412: Asian session low. • 1.3283: last Thursday’s low. • 1.3190: Apr 30th 2009 low. Resistance: • 1.3480: the retest level for the broken channel on the hourly chart. • 1.3606: Fibonacci 61.8% for the drop from 1.3816. • 1.3703: Mar 8th high. --- USD/JPY The rising move for the Dollar against the yes stalled at 94.77 early in the new week. From that top a slow retreat has started, then a break of the rising channel on the hourly chart (shown on the attached chart). This is the most important even in favor of the Yen in the past 2 weeks. We expect this break to give a chance for the Yen to achieve gains and move this pair lower, even if that was for a correction. We can also see a falling trend line from 94.77, with which the price has touched 3 times so far. This is another sign that the short term trend is down (in addition to breaking the channel). Short term support is at 93.75, if broken the 94 adventure would have ended, even if temporary, and time for a correction will be here. Targets for this break would be the very important 93.12 & 92.10. As for the resistance it is at 94.28 & breaking it would target 95.05 & 95.94. Support: • 93.75: Jan 8th high. • 92.84: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term. • 92.10: Mar 30th low. Resistance: • 94.28: the falling trend line from 94.77 on hourly chart. • 95.05: Aug 24th high. • 95.94: Mar 30th 2009 low. --- 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 7, 2010 Share Posted April 7, 2010 ForexPros Daily Analysis April 7, 2010 Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy" Expert: Kellie Durazo, FX V-room When: Wed, Apr 14, 2010, 10:00 EST During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.This webinar is brought to you by FX V-room and Forexpros. Click here to join free. --- Euro Dollar The Euro broke the support 1.3412 and fell as expected, but less than what is expected. The drop which followed was less than 70 pips, and did not reach the first suggested target 1.3283. But this sluggishness does not change the negative technical outlook. And as we said yesterday, after such a break it is only normal for the Euro to enter in a bearish phase, for the short term at least. But approaching 1.3606 then breaking a rising channel could mean that we are entering a bearish phase on the medium term as well. Short term support is at 1.3355, and if broken, the drop created upon the 1.3465 break will gain momentum, and will drag the Euro down to 1.3283 as a first target for this break, and then we could see 1.3190. As for the resistance, it is at the important trend line on the hourly chart, which is at 1.3458. If the Euro manages to go back inside the channel, that would be a real surprise, and if this surprise happens, that would give another chance to test the most important resistance of all 1.3606. And if this one is broken, the Euro will enter a bullish phase for the short & medium terms, and would target 1.3703 as a first immediate and modest target for such a break on the way to higher levels in the coming days. But, as long as we are below 1.3458, there will be no surprises, and the Euro will fall towards the above mentioned targets. Support: • 1.3355: Asian session low. • 1.3283: last Thursday’s low. • 1.3190: Apr 30th 2009 low. Resistance: • 1.3458: the falling trend line from Friday's low on hourly chart. • 1.3606: Fibonacci 61.8% for the drop from 1.3816. • 1.3703: Mar 8th high. --- USD/JPY The Dollar-Yen did not fell below 93.75 much, ad came back to the habit that we have seen in the past few days, of making us bored to death, and failing to create any strong moves upon a break. Thus, we do not see much of a change in the technical outlook. Short term support is at January 8th top 93.75, and if broken the 94 adventure would have ended, even if temporary, and it will be time for an overdue correction. Targets for this break would be the most important support for the short term 93.12 & 92.10. As for the resistance it is at 61.8% Fibonacci resistance for the drop from 94.77 which is at 94.28 & breaking it would indicate a continuation in the slow advancement to target 95.05 & 95.94. Support: • 93.75: Jan 8th high. • 92.84: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term. • 92.10: Mar 30th low. Resistance: • 94.31: short term 61.8% Fibonacci resistance. • 95.05: Aug 24th high. • 95.94: Mar 30th 2009 low. --- 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 8, 2010 Share Posted April 8, 2010 ForexPros Daily Analysis April 8, 2010 Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy" Expert: Kellie Durazo, FX V-room When: Wed, Apr 14, 2010, 10:00 EST During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market. This webinar is brought to you by FX V-room and Forexpros. Click here to join free. --- Euro Dollar The Euro broke the support 1.3355, but managed somehow to hold above 1.33. The fact that the Euro has traded above 1.33 after this break is a result of approaching a new channel’s bottom. This channel which we present to you today on the attached chart, helped the Euro survive above 1.33, but will it succeeds in doing in doing so today? We see the most important support for short term is the nearby 1.3319, and breaking it would give the Dollar a push, driving this pair to new lows for this wave. We see that breaking this support will result in breaking 1.33 and then creating a strong move targeting 1.3212 and then 1.3113, as we approach the important 1.30 level. As for the resistance it is at 1.3356, and breaking it would indicate we are targeting the top of the channel at 1.3420. And if this resistance is broken, the technical picture will improve, dramatically, and we will see the Euro bringing out a few surprises, which will lead to the test of the very important falling trend line for the long term, which is at 1.3517. Support: • 1.3319: important intraday support. • 1.3212: May 4th low. • 1.3113: Mar 30th 2009 low. Resistance: • 1.3356: the top of the falling channel on hourly chart. • 1.3420: the top of the falling channel from Friday's low on hourly chart. • 1.3517: the falling trend line for the long term on the daily chart. --- USD/JPY The Dollar-Yen broke the support in yesterday’s report 93.75, and stopped with stunning accuracy at the first suggested target 93.12 (the Asian session low, and the daily low until the moment of preparing this report is 93.12). This proves the importance of this level which we described yesterday as very important. Thus, we will keep our attention focused on this level, since a break here would indicate that the fall from 94.77 is more than just a correction. If 93.12 is broken, we expect this pair to get hammered to 92.10 first, and then the important 91.55, which represents the last line of defense for the rise from 88.12. With this drop, we now have a clear falling channel from 94.77, with its top at 93.82. If this resistance is broken, the USD will be able to capitalize on the accurate stop at 93.12 t achieve gain, targeting the weekly high 94.77 first, and then 95.84. Support: • 93.12: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term. • 92.10: Mar 30th low. • 91.55: the rising trend line from 88.12 on the hourly chart. Resistance: • 93.82: the top of the falling channel from 94.77. • 94.77: this week’s high so far. • 95.84: Jul 31st 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 12, 2010 Share Posted April 12, 2010 ForexPros Daily Analysis April 12, 2010 Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy" Expert: Kellie Durazo, FX V-room When: Wed, Apr 14, 2010, 10:00 EST During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.This webinar is brought to you by FX V-room and Forexpros. Click here to join free. --- Fundamental Analysis: Trade Balance Traders of the US anticipate the publication of the Trade Balance index. It measures the difference in worth between exported and imported goods (exports minus imports). This is the largest component of a country's balance of payments. Export data can give 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. 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 -39.00B. --- Euro Dollar The Euro broke the resistance specified in Friday’s report 1.3374 and successfully reached the first suggested target 1.3489. But what is more important is the gaps which took place at the new week’s open, and managed to create a major technical event, which is breaking the medium term trend line, which is the line falling from 1.5139 on daily chart. This line, which we focused on all last week, is an important one, which managed to frustrate the Euro’s attempts to rise for the past 3 months, and now it gives way, how much will that has an effect on the EURUSD? We can say that the Euro is finally free from downside pressure on the medium term, and that it will be shooting for areas hundreds of pips higher than current ones, in the next few days and weeks. But there is an important condition for this, and that is to keep trading above the broken line. As for the short term, the resistance is at 1.3709, and breaking it would indicate a continuation in this rising move. The next set of targets will be 1.3794 then 1.3861. As for the support, it is at 1.3648, and breaking it would indicate a correction for the whole move up from 1.3281, with the ideal target-area for this correction between 1.3534 & 1.3437. Support: • 1.3648: the rising trend line from the after-open low. • 1.3534: Fibonacci 38.2% for the rise from 1.3281. • 1.3437: Fibonacci 61.8% for the rise from 1.3281. Resistance: • 1.3709: Fibonacci 23.6% for the whole drop from 1.5143 to 1.3266. • 1.3794: Mar 12th high. • 1.3861: Jan 29th low. --- USD/JPY The Dollar-Yen refused to engage in the extreme excitement seen on the Dollar/European currencies pairs, and kept its very calm relatively to the craziness we have seen on other pairs. The thing is that, the technical outlook has not changed for days. We are still trading very slowly in a correction to the up move which topped at 94.77, which is a correction that managed to reach its first target at 92.85. We are still watching for any other technical evidences to decide whether this correction has finished at Fibonacci 38.2% or that it is still going and will soon target Fibonacci 50% & 61.8% levels. Support is at 92.85 and in case it is broken, the price will continue its drop from 94.77 (the correction), and will target 92.10 first, then the most important support for the short term (and may be the medium term as well) 91.66. As for the resistance it is at 93.42, and breaking it would indicate that we are back to the 94areas after completing a modest correction, and we will target 94.07 & 95.05. Support: • 92.85: Jan 8th high, and the rising trend line from 88.12 on the 4-hour chart. • 92.10: Mar 30th low. • 91.66: Fibonacci 61.8% for the rise from 89.74, a very important support for the short term. Resistance: • 93.42: the falling trend line from 94.77 on hourly chart. • 94.07: important intraday support/resistance. • 95.05: Aug 24th 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 13, 2010 Share Posted April 13, 2010 ForexPros Daily Analysis April 13, 2010 Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy" Expert: Kellie Durazo, FX V-room When: Wed, Apr 14, 2010, 10:00 EST During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.This webinar is brought to you by FX V-room and Forexpros. Click here to join free. --- Fundamental Analysis: Fed Chairman Bernanke Testifies Traders of the US anticipate the testimony by Ben Bernanke, US Federal Reserve Chairman. He 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 retreated from the post-gap top, and filled more than a third of the gap. This normal retreat after the sharp rise from 1.3281 has not done any harm for the technical outlook, since the price is still above the broken line with a comfortable margin. But the fragile consolidation above 1.3567 makes us expect more downside activity, immediately after it is broken. If this support gives way, the Euro will fall further, targeting two important levels: the first of which is the gap filling level at 1.3495, and the second has a huge importance for the short and may be medium term as well, since it combines Fibonacci 61.8% and the broken trend line which we said it is very important to stay above, in order to achieve more gains. The resistance is at 1.3643 and only if it is broken, we can expect more gains, and a new weekly high, since the targets for such a break will be 1.3709 & 1.3794. Support: • 1.3667: Asian session low gap filling level. 38.2% for the rise from 1.3281. • 1.3495: filling the gap level. • 1.3437: Fibonacci 61.8% for the rise from 1.3281. Resistance: • 1.3643: short term Fibonacci 61.8%. • 1.3709: Fibonacci 23.6% for the whole drop from 1.5143 to 1.3266. • 1.3794: Mar 12th high. --- USD/JPY The falling trend line from 94.77 frustrated another attempt for the Dollar-Yen to rise, stopping it at 93.59. Then we saw the price obey the trend line and dropped almost 100 pips, entering the 92 areas. The thing is that, the technical outlook has not changed for days. We are still trading very slowly in a correction to the up move which topped at 94.77, which is a correction that managed to reach its first target at 92.85. We are still watching for any other technical evidences to decide whether this correction has finished at Fibonacci 38.2% or that it is still going and will soon target Fibonacci 50% & 61.8% levels. Support is at 92.26 and in case it is broken, the price will continue its drop from 94.77 (the correction), and will target the most important support for the short term (and may be the medium term as well) 91.66, and if broken we will target 91.07 as a modest target for such a break on the way to lower targets. As for the resistance it is at 93.26, and breaking it would indicate that we are back to the 94areas after completing a modest correction, and we will target 94.07 & 95.05. Support: • 92.26: Fibonacci 50% for the rise from 89.74. • 91.66: Fibonacci 61.8% for the rise from 89.74, a very important support for the short term. • 91.07: Mar 12th high. Resistance: • 93.26: the falling trend line from 94.77 on hourly chart. • 94.07: important intraday support/resistance. • 95.05: Aug 24th 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 15, 2010 Share Posted April 15, 2010 ForexPros Daily Analysis April 15, 2010 Free webinar on ForexPros - "Day Trading Strategies" Expert: Mark Hodge, Rockwell Trading When: Wed, Apr 28, 2010, 10:00 EST In this webinar Mark Hodge, Head Coach at Rockwell Trading, will show you powerful day trading strategies that can be used to trade leveraged markets. He'll show you what settings to use, the rules, and when to enter and when to exit a trade. In addition, he'll cover: 1. A "secret" way to display charts that makes chart reading much easier 2. What markets to trade and why 3. What indicators to use to determine if the market is trending or moving sideways This webinar is #1 in a 3-part educational series brought to you by Rockwell Trading. Don't forget to check the ForexPros calendar to register for Parts 2 and 3! Click here to join free. --- Fundamental Analysis: Building Permits Traders of the US anticipate the publication of the Building Permits. It shows the number of permits for new construction projects issued by the government. Building permits are key indicator for the condition of the housing market. 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 0.63M. --- Euro Dollar The Euro tested the resistance we described as “important” 1.3675 with amazing accuracy, as yesterday’s high was 1.3677. We still believe that 1.3675 is the key that can open the way for more gains. And still, the “fight” between this advancement and this resistance will be the deciding factor which will determine the direction that we will take from these levels. If the price manages to break the resistance, the rise will go on and get stronger as we see it targeting the important 1.3776 & if broken we will not be surprised to see 1.3861. The support is at 1.3625, and breaking it would mean that we are on the way to test Tuesday’s low 1.3544 once again, and then head towards a very important support, provided by the 61.8% Fibonacci level for the whole rise from 1.3281, which is at 1.3437. In case we reach this level or come close to it, it will be a critical level not only for the short term but for the medium term as well. It is worth noticing that the EURUSD has not filled the gap or “closed the window”, and thus, the possibility of downside activity remains there. Support: • 1.3625: the rising trend line from 1.3281 on the hourly chart.. • 1.3544: Tuesday’s low. • 1.3437: Fibonacci 61.8% for the rise from 1.3281. Resistance: • 1.3675: short term Fibonacci 61.8%, the resistance that stopped yesterday’s rise. • 1.3776: Mar 15th high. • 1.3861: Jan 29th low. --- USD/JPY The technical outlook has not changed for days. We are still trading very slowly in a correction to the up move which topped at 94.77, which is a correction that managed to reach its first target at 92.85. We are still watching for any other technical evidences to decide whether this correction has finished at Fibonacci 38.2% or that it is still going and will soon target Fibonacci 50% & 61.8% levels. But, we now have a very important support which combines Fibonacci 50% with the rising trend line from 88.12. This all important support is at 92.26 and in case it is broken, the price will continue its drop from 94.77 (the correction), and will target the most important support for the short term (and may be the medium term as well) 91.66, and if broken we will target 91.07 as a modest target for such a break on the way to lower targets. As for the resistance, we raised it to 93.61, and breaking it would indicate that we are back to the 94areas after completing a modest correction, and we will target 94.24 & 95.05. Support: • 92.26: Fibonacci 50% for the rise from 89.74, and the rising trend line from 88.12 on the 4-hour chart, a very important support for both, short & medium terms. • 91.66: Fibonacci 61.8% for the rise from 89.74. • 91.07: Mar 12th high. Resistance: • 93.61: an intraday resistance which stopped the price several times. • 94.24: Apr 7th high. • 95.05: Aug 24th 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 21, 2010 Share Posted April 21, 2010 ForexPros Daily Analysis April 21, 2010 Free webinar on ForexPros - "Day Trading Strategies" Expert: Mark Hodge, Rockwell Trading When: Wed, Apr 28, 2010, 10:00 EST In this webinar Mark Hodge, Head Coach at Rockwell Trading, will show you powerful day trading strategies that can be used to trade leveraged markets. He'll show you what settings to use, the rules, and when to enter and when to exit a trade. In addition, he'll cover: 1. A "secret" way to display charts that makes chart reading much easier 2. What markets to trade and why 3. What indicators to use to determine if the market is trending or moving sideways This webinar is #1 in a 3-part educational series brought to you by Rockwell Trading. Don't forget to check the ForexPros calendar to register for Parts 2 and 3! Click here to join free. --- Fundamental Analysis: BoC Monetary Policy Report Canadian traders anticipate the publication of the reports published by the Bank of Canada. The bank lists four such reports yearly, in which it announces its projected views for the Canadian economy over the next two years. --- Euro Dollar After yesterday’s price behavior, the Euro continues to fluctuate, without being able to create major meaningful moves. This behavior has forced us to re-draw the falling channel which we presented yesterday, to include yesterday’s high. And although there are a few pips outside the channel on both sides, this channel looks solid, and it deserves our attention. As we can see on the attached chart (the hourly chart), there is a descending channel with two bottoms on its lower trend line. This channel is the guardian of the falling trend, and its top at 1.3471 provides the most important resistance. If the price stays under this level, and continued to trade within the channel, more downside activity is to be expected. But, if we break this resistance, the price will contradict our hypothesis of a downtrend, and will start to rise and target 2 important resistance levels 1.3577 & 1.3675. On the medium term, the break of 1.3437 indicates a good chance to fall, but this break still lacks consistency. In case we trade with stability below 1.3437, the price will be expected to fall both on short & medium terms. Support: • 1.3437: Fibonacci 61.8% for the long term. • 1.3340: Apr 9th low. • 1.3266: Mar 25th & 25th low, and the last 9 months low as well. Resistance: • 1.3471: the top of the falling channel on the hourly chart. • 1.3577: short term 61.8% Fibonacci. • 1.3675: the horizontal resistance which stopped the price twice and caused the current drop. --- USD/JPY After holding close to 91.66on Monday, the price started to rise from this Fibonacci support, and continued all the way until it achieved the “surprise” and started trading above the previously broken trend line. This very strong rise from the bottom which came only 8 pips below Fibonacci at 91.66, indicates that the trend is up. But, in order for the Dollar to maintain gains, it is preferred to keep trading above 93.21, and if this support is broken we will fall to the most important support currently 92.48. This support in specific is the separating line between the uptrend & downtrend. As we said, bouncing from Fibonacci level is an evidence in favor of the uptrend, This should be followed by holding above this support. On the other hand, if this level is broken, the price will 91.82. The resistance is at the level which caught our attention during the past 2 weeks 93.61. IF broken, the rise which started at the Fibonacci bottom will be ready to entertain spectators, targeting 94.24 & 95.05. Support: • 93.21: Fibonacci 61.8% for the micro term. • 92.48: Fibonacci 61.8% for the short term. • 91.82: important intraday bottom. Resistance: • 93.61: an intraday resistance which stopped the price several times. • 94.24: Apr 7th high. • 95.05: Aug 24th 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 22, 2010 Share Posted April 22, 2010 ForexPros Daily Analysis April 22, 2010 Free webinar on ForexPros - "Day Trading Strategies" Expert: Mark Hodge, Rockwell Trading When: Wed, Apr 28, 2010, 10:00 EST In this webinar Mark Hodge, Head Coach at Rockwell Trading, will show you powerful day trading strategies that can be used to trade leveraged markets. He'll show you what settings to use, the rules, and when to enter and when to exit a trade. In addition, he'll cover: 1. A "secret" way to display charts that makes chart reading much easier 2. What markets to trade and why 3. What indicators to use to determine if the market is trending or moving sideways This webinar is #1 in a 3-part educational series brought to you by Rockwell Trading. Don't forget to check the ForexPros calendar to register for Parts 2 and 3! Click here to join free. --- Fundamental Analysis: Core Durable Goods Orders Traders of the US anticipate the publication of the Core Durable Goods Orders. It 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 predict a reading of 0.70%. --- Euro Dollar The Euro broke yesterday’s support 1.3437, and dropped approaching the suggested target 1.3340 and reaching a new bottom at 1.3357. What happened did not move our focus away from the descending channel we presented yesterday. And although there are a few pips outside the channel on both sides, this channel looks solid, and it deserves our attention. As we can see on the attached chart (the hourly chart), there is a descending channel with two bottoms on its lower trend line. This channel is the guardian of the falling trend, and its top at 1.3427 provides the most important resistance. If the price stays under this level, and continued to trade within the channel, more downside activity is to be expected. But, if we break this resistance, the price will contradict our hypothesis of a downtrend, and will start to rise and target 1.3546 & the important 1.3675. As for the support it is just above yesterday’s low, at 1.3369 to be specific, and if broken we see 1.3113 as a first and modest target for such a break, on the way lower. Support: • 1.3369: important intraday support. • 1.3266: Mar 25th & 25th low, and the last 9 months low as well. • 1.3113: Mar 30th 2009 low. Resistance: • 1.3427: the top of the falling channel on the hourly chart. • 1.3546: short term 50% Fibonacci. • 1.3675: the horizontal resistance which stopped the price twice and caused the current drop. --- USD/JPY After holding close to 91.66 on Monday, the price started to rise from this Fibonacci support, and continued all the way until it achieved the “surprise” and started trading above the previously broken trend line. This very strong rise from the bottom which came only 8 pips below Fibonacci at 91.66, indicates that the trend is up. But, the return of the price to trade below this line once again today, is really puzzling. Thus we have no choice but to focus on short term levels without any prior bias. Short term support is at 92.72, and if broken we will test last Friday’s low 91.89, and then the previous important resistance 90.78. While the resistance is still where it was in the past few days at 93.61, and we do not recommend cheering for the Dollar before breaking it. If we do, we will target 94.24 first & then 95.05 Support: • 92.72: Asian session low. • 91.89: Friday’s low. • 90.78: previous resistance on hourly chart. Resistance: • 93.61: an intraday resistance which stopped the price several times. • 94.24: Apr 7th high. • 95.05: Aug 24th 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 27, 2010 Share Posted April 27, 2010 ForexPros Daily Analysis April 27, 2010 Free webinar on ForexPros - "Day Trading Strategies" Expert: Mark Hodge, Rockwell Trading When: Wed, Apr 28, 2010, 10:00 EST In this webinar Mark Hodge, Head Coach at Rockwell Trading, will show you powerful day trading strategies that can be used to trade leveraged markets. He'll show you what settings to use, the rules, and when to enter and when to exit a trade. In addition, he'll cover: 1. A "secret" way to display charts that makes chart reading much easier 2. What markets to trade and why 3. What indicators to use to determine if the market is trending or moving sideways This webinar is #1 in a 3-part educational series brought to you by Rockwell Trading. Don't forget to check the ForexPros calendar to register for Parts 2 and 3! Click here to join free. --- Fundamental Analysis: RBNZ Rate Statement New Zealand traders anticipate the Reserve Bank’s rate statement publication. It is the primary tool the central bank uses to communicate with investors about monetary policy. Scheduled 8 times annually, it details the outcome of committee's vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced the members' votes. If the statement is more hawkish than expected, that is usually good for NZD. --- Euro Dollar Although the Euro has touched the 1.34 areas, it did not hold above 1.3387, even after trying twice, it went back to fall in both cases. And although it reached 1.3414, the issue for today is still whether Fibonacci 38.2% will continue to hold in front of this strong climb which achieved almost 200 pips in less than 24 hours, or will it give way to more gains? The first scenario, which we slightly prefer is for Fibonacci to hold, and for the price to start drifting away from it, and finally to break short term support 1.3337. If this level is broken, the drop will be hard, and will target approaching last week’s low, and the lowest level since Apr 30th 2009 which was 1.3200, since we notice an important intraday support at 1.3204. If we fall further, 1.3113 will be the next station. The second scenario is for the price to break Fibonacci resistance 1.3387, and if this happens, the price will jump to 1.3445, and then to the most important Fibonacci level 1.3503. We still see this at the maximum, the upper limit, for the EURUSD at this stage, breaking this resistance will be a huge surprise to us. Support: • 1.3337: Fibonacci 61.8% for the short term. • 1.3204: important intraday support, very close to last week’s, and one-year low. • 1.3113: Mar 30th 2009 low. Resistance: • 1.3387: Fibonacci 38.2% for the whole drop from 1.3690. • 1.3445: Fibonacci 50% for the whole drop from 1.3690. • 1.3503: Fibonacci 61.8% for the whole drop from 1.3690. --- USD/JPY The Dollar-Yen retreated from this week’s top 94.34 back to 93.72, pips above the important resistance which was broken on Friday 93.62. With the break of this important resistance, after days of waiting, it immediately turned into the most important support. It is crucial for the Dollar to preserve gains and hold above this support/resistance in order to achieve more gains. If we hold above it, the price will have another chance to rise, which is a rise that should go through the 94.18 gate, the most important intraday resistance. If this one is also broken, we will reach the 95 areas for the first time since August, since the targets for such a break are 95.05 & 95.90. But if the price goes back to trade under 93.62, it will go back to its favorite hobby of breaking & retreating. The targets for such a retreat will be the very important 92.56, which is provided by the rising trend line from 88.12. Breaking this line will see us fall to 91.89. Support: • 93.62: the previous important resistance, and the rising trend line from Apr 19th bottom on intraday charts. • 92.56: the rising trend line from 88.12 on hourly chart. • 91.89: last Friday’s low. Resistance: • 94.18: the falling trend line from this week’s top 94.34 on the intraday charts. • 95.05: Aug 24th high. • 95.90: Jul 29th low. --- 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. Link to comment Share on other sites More sharing options...
Guest forexpros Posted April 29, 2010 Share Posted April 29, 2010 ForexPros Daily Analysis April 29, 2010 Free webinar on ForexPros - "Money Management for Forex & Futures" Expert: Mark Hodge, Rockwell Trading When: Wed, May 12, 2010, 10:00 EST Money Management is one of the keys to becoming a consistent and self-sufficient trader. But many traders are unaware of what money management really is and how it can have a dramatic effect on growing and protecting their trade equity. In this FREE webinar, Mark Hodge (Head Coach of Rockwell Trading) will cover the following important topics: * What money management is and what it isn't * Share several different money management techniques * Show why Fixed Ratio Money Management is his favorite This webinar is #2 in a 3-part educational series brought to you by Rockwell Trading. Click here to join free. --- Fundamental Analysis: BoJ Press Conference Japanese traders look forward to the press conference held by the Bank of Japan, 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 support specified in yesterday’s report 1.3188, and successfully reached the first suggested target 1.3113 with unbelievable accuracy (Yesterday’s low was 1.3113 EXACTLY). Although the price bounced back above 1.32 (confirming the importance of 1.3113), but there is no change on the technical outlook , we still believe that this downtrend is capable of breaking the 1.30 landmark, and go into the 1.20s for the first time in a year. But, after yesterday’s plunge we could see a rising correction, or actually we are probably in one, which should stay inside the channel drawn on the attached chart. That is why we will focus on short term levels for today, waiting for one of them to give us the direction for the next several hours. Short term support is at the nearby 1.3190, and breaking it would indicate a drop to 1.3113 once again, then maybe we will see 1.3050. The resistance is at 1.3232, and breaking it would confirm that we are in a rising correction for yesterday’s drop, with the ideal target at 1.3299, and the maximum target at the channel’s top 1.3340. We see that it is very hard for the Euro to decisively break this resistance. Support: • 1.3190: important intraday support. • 1.3113: Mar 30th 2009 low. • 1.3050: Apr 20th 2009 high. Resistance: • 1.3232: important intraday resistance. • 1.3299: Fibonacci 61.8% for the last drop from 1.3414. • 1.3340: the top of the falling channel on hourly chart. --- USD/JPY We would completely abandon our focus on 93.62, after the price broke it several times without being able to create a decisive move in any of the times it broke this previously important level. We will focus on analyzing the rising move from 92.80, which seems to be doing good. This move has reached 94.30 so far, and it stopped in the same area as Monday’s rise, when the high was 94.34. Thus, 94.30 will be our resistance for the day, breaking it would give us a chance to finally seethe long awaited 95 area, where there are several important levels we like such as 95.05 & 95.90. But when talking about support, we should consider the correction possibility for the whole rise from 92.80. IF we break Fibonacci 38.2% for the rise from 92.80 to 94.30, which is at 93.73, we will be officially in a correction. This correction targets 93.37 ideally, and if broken we will see a strong hard drop to the most important support 92.38. This is a critical support for the medium term as well. Support: • 93.73: Fibonacci 38.2% for the short term. • 93.37: Fibonacci 61.8% for the short term. • 92.38: the rising trend line from 88.12 on hourly chart, after it has been modified. Resistance: • 94.30: yesterday’s high which is very close to Monday’s high, and this week’s high 94.34. • 95.05: Aug 24th high. • 95.90: Jul 29th low. --- 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. Link to comment Share on other sites More sharing options...
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