Guest forexpros Posted May 3, 2010 Share Posted May 3, 2010 ForexPros Daily Analysis May 3, 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: RBA Rate Statement Australian traders anticipate the publication of the monthly interest rate statement. The Reserve Bank of Australia's monthly interest rate statement describes its latest decision regarding changes to the country's short term interest rates, monetary policy, and the direction of the economy. Short term interest rates are the key factor in currency valuation. A dovish statement could push AUD down against its rivals, while hawkish statement could boost the currency. --- Euro Dollar The Euro broke the hourly chart descending channel on Friday, at 1.3307. But such a break was expected to achieve more than the 40 pips it did! Sadly, the Euro frustrated supporters by going back inside the channel, but it left it with an exciting stop very close to short term 61.8% Fibonacci level at 1.3202 (the low until the moment of preparing this report is 1.3204). Thus, the chances of going up still exist, and they totally depend on this support. We will place most of our attention at 1.3202. If it holds, the price will try once more to break the channel and trade above its top which is running currently at 1.3271. If this most important resistance for the short term is broken, the Euro will jump to 1.3354 first, and may be to 1.3434 as well. On the other hand, a break of the most important level for today 1.3202, will lead the price south, deeper inside the channel, dropping to the important 1.3113 first, and then to 1.3050, the last important support before the 1.30 landmark. Support: • 1.3202: short term 618% Fibonacci level. • 1.3113: Mar 30th 2009 low. • 1.3050: Apr 20th 2009 high. Resistance: • 1.3271: the top of the broken channel. • 1.3354: Apr 6th high. • 1.3434: the important low of Mar 2nd. --- USD/JPY With a single quick look at the Dollar-Yen chart, we can clearly see that the most important level for the short term is 93.47, which combines Fibonacci 61.8% for the short term with the rising trend line from 91.58 on the hourly chart, giving this level double importance. We believe a break of the closest short term support 93.89 will lead to a test of the all important 93.47! And if this level is broken, we will drop to another important level for both the short & medium terms at 92.72. In this case, this support will be critical, since a break here will dramatically change the technical outlook for both the short & medium terms. If broken, the outlook will turn negative immediately. On the other hand, the resistance which captured our attention all last week, at 94.30 will enjoy being the most important for one more day. Breaking it will lead to the same targets we suggested for this break last week, 95.05 first & then 95.90. Support: • 93.89: Fibonacci 38.2% for the short term. • 93.47: Fibonacci 61.8% for the short term, and the rising trend line from 91.58. • 92.72: the rising trend line from 88.12 on hourly chart. Resistance: • 94.30: Wednesday’s high which is very close to last Monday’s high, and last week’s high. • 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 May 4, 2010 Share Posted May 4, 2010 ForexPros Daily Analysis May 4, 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: ADP Nonfarm Employment Change Traders of the US anticipate the publication of the ADP National Employment Report. It is a measure of 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 future reading of 30.00k. --- Euro Dollar The Euro broke Fibonacci 61.8% support for the short term at 1.3202, and fell to 1.3153. Although we did not reach the suggested target for this break, it was a pretty important break, since it weakened the technical outlook, because this support was the last notable support protecting this cycle’s low, and the 1-year low, 1.3113. Thus, after breaking 1.3202, the odds favor a dip below 1.3113 to reach a new cycle low. We expect the Dollar to launch an attack at this level immediately after breaking the short term support 1.3173. If this support is broken, the pair will target 1.3113 first, and then 1.3050, the last notable support before the 1.30 landmark. The resistance is at 1.3273, it is very hard for us to picture the EURUSD in a positive technical outlook while it is trading below this level. But if it does break this level, it will be free of most of the pressure, and it will target 1.3354 and may be 1.3434. Support: • 1.3173: important intraday support, protecting yesterday’s low. • 1.3113: Mar 30th 2009 low. • 1.3050: Apr 20th 2009 high. Resistance: • 1.3273: Fibonacci 61.8% for the short term. • 1.3354: Apr 6th high. • 1.3434: the important low of Mar 2nd. --- USD/JPY The Dollar/Yen broke the resistance specified in yesterday’s report, 94.30, and came close to our suggested target 95.05 (the high until the moment of preparing this report is 94.96). This rising trend finally penetrated 94.30, and managed to reach a new year-high at 94.96, the highest level for this pair since Aug 25th. This rising trend, is not a whole world away from the most important support for the time being, which combines short term Fibonacci 61.8% with the rising trend line from 91.58 on the hourly charts. For the short term, support is at 94.77, if we go back to trade below this level, the USDJPY will be correcting yesterday’s rising move, or even the whole rise from 92.80. The targets for this correction will be 94.13 first, and then the all important 93.63. On the other hand, the resistance is at yesterday’s target 95.05. If broken, it will be hard for any other resistance to stop the price before reaching 96 , where the targets 95.90 & 96.69 awaits. Support: • 94.77: Apr 5th high. • 94.13: Fibonacci 38.2% for the short term. • 93.63: Fibonacci 61.8% for the short term, and the rising trend line from 91.58. Resistance: • 95.05: Aug 24th high. • 95.90: Jul 29th low. • 96.69: May 19th 2009 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 May 6, 2010 Share Posted May 6, 2010 ForexPros Daily Analysis May 6, 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: Nonfarm Payrolls Traders of the US anticipate the publication of the Nonfarm Payrolls. The Payrolls measure 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 187.00K. --- Euro Dollar The Euro fluctuated before breaking the support 1.2948, surpassing both the resistance & supports with about 10 pips each, fooling us that there is a break, only to frustrate us with a move in the opposite direction. Then, it made up its mind, and broke 1.2948, falling & reaching both suggested target 1.2885 & 1.2820. Today, the price is still trading below the falling channel, clearly, and that leaves us with no reason to change the negative technical outlook (even after a drop of 550+ pips). In fact, this outlook will not change unless we go back to trade inside the channel, which is something that needs a break of the resistance 1.2935 to happen. Before this important resistance, there is short term resistance at 1.2854, this is the one we will focus on for today. If the Euro breaks the resistance 1.2854, it will have a chance to take a breath, and test the bottom of the broken channel at 1.2935. In case we actually surpass this first target and go back to trade within the channel, we will be heading towards the first Fibonacci retracement level for the whole drop from 1.3347. The support is at 1.2802, breaking it is a sign that everything is going ok for the downtrend, and that it will continue to target new lows below 1.30, for today they are 1.2721 & 1.2638. Support: • 1.2802: important intraday support, protecting yesterday’s low. • 1.2721: Fed 12th 2009 important low. • 1.2638: Feb 18th 2009 high. Resistance: • 1.2854: important intraday top. • 1.2935: a clear hourly support, and the retest level for the broken channel. • 1.3002: Fibonacci 38.2% for the drop from 1.3347. --- USD/JPY The Dollar/Yen broke the support specified in yesterday’s report 94.56, and successfully reached the first suggested target 93.91, and stopped halfway to the second target 93.30. What is more important than this is that the price has broken both the rising trend line from 92.80 & 91.58. This very important event has turned the technical outlook negative. Thus, we expect the sliding to go on for another day, but it needs to go through the 93.62 gate. If his support is broken, everything will go ok for the downtrend, and the next set of targets will be 92.97 & the important 92.13. On the other hand, the most notable resistance is at 94.01, we do not expect it to be broken at this stage, such a break would make a “small surprise”. But, if this surprise actually happens, a strong jump will take us to 95.05 at least, and may be later 95.90. Support: • 93.62: intraday support. • 92.97: Apr 28th low. • 92.13: Apr 19th top. Resistance: • 94.01: the retest level for the broken trend channel.. • 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 May 10, 2010 Share Posted May 10, 2010 ForexPros Daily Analysis May 10, 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: German CPI European traders anticipate the publication of the German CPI. The German Consumer Price Index (CPI) 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 Germany. A higher than expected reading should be taken as positive/bullish for the EUR (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 EUR. Analysts predict a future reading of -0.10%. --- Euro Dollar The Euro broke the support specified in Friday’s report 1.2735, and we saw the price drifting away from the channel bottom, reaching both suggested 1.2854 & 1.2935 successfully. The most important technical event in the past week was not the exciting collapse, but reaching the bottom of the falling trend channel on the daily chart (please refer to the attached chart). And after a rebound of almost 450 pips, this bottom has proved important. We could be in front of a turning point not just for the short term but for the medium term as well. But on the other hand, the price has reached, and stopped at, Fibonacci 38.2% for the whole drop from 1.3690 to 1.2511. This technical evidence favors that we are in a rising correction from last week’s low. A correction that met its first target (Fibo 38.2%). The question now is will this correction settle for 38.2% or will it shoot to the more important Fibonacci retracement levels 50% & 61.8%? This question can be answered with staying below, or breaking 1.2966. If this resistance is broken, the correction will go on, and we will target Fibonacci 50% at 1.3105 first, then 1.3165. Here, difficulties will face this move and make it harder for it to go on. The support is at 1.2900, breaking it would indicate a drop, drifting away from 1.2966 and targeting 1.2795 & 1.2690. Support: • 1.2900: important intraday support. • 1.2795: Fibonacci 38.2% for the rise from 1.2519. • 1.2690: Fibonacci 38.2% for the rise from 1.2519. Resistance: • 1.2966: Fibonacci 38.2% for the drop from 1.3690. • 1.3105: Fibonacci 50% for the drop from 1.3690. • 1.3165: previous well known support/resistance. --- USD/JPY The Dollar/Yen’s rise from 87.99 has slowed down significantly, after rocketing for more than 500 pips in less than 18 hours! But now we have come back from excitement to boredom, the good news is that the important levels are much closer to each other than it was on Friday. The resistance is at 92.83 & the support is at 92.46. We will be waiting for one of these two levels to give way. If 92.46 gives way, a correction for this rocking jump will start, with its first target at 91.22 and the second important target is at 90.61. The resistance is at 92.83, and if broken the price will jump to the resistance that we find very attractive 93.96. If this one is also broken, 95 will become near, as we will target 95.05. In the next few days, important evidence on medium term direction will emerge, and we will be on the watch for them. Support: • 92.46: intraday support. • 91.22: Fibonacci 38.2% support for the rise from Thursday’s low. • 90.61: Fibonacci 50% support for the rise from Thursday’s low. Resistance: • 92.83: intraday resistance. • 93.96: previous hourly 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 May 17, 2010 Share Posted May 17, 2010 ForexPros Daily Analysis May 17, 2010 Free webinar on ForexPros - “Can You Really Make a Living with Trading?” Expert: Markus Heitkoetter, Rockwell Trading When: Wednesday, May 26, 2010, 10:00 EST In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading: 1. Planning Your Way to Financial Freedom 2. Your Trading Business – Overview and Feasibility Study 3. Money Management 4. Monitor Your Success and Making Sure You Are On Track This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading. Click here to join free. --- Fundamental Analysis: German ZEW Economic Sentiment European traders anticipate the German ZEW Economic Sentiment. 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 future reading of 47.00 --- Euro Dollar The Euro broke the Support specified in Friday’s report 1.2608 and dropped hard, reaching both suggested targets 1.2511 & 1.2455 with complete success, and even dropping more than 200 pips below the latter. This new collapse is just another part in this downtrend that won’t get tired! It has reached the lowest level in 4 years, and it seems like it is targeting the psychological level 1.20 on the short term, probably during this week. Today’s support is at 1.2254, and breaking it would indicate a continuation of the drop, and of this brutality of the Dollar towards the Euro. The targets for such a break if it happens will be 1.2113 then the psychological level 1.2000. As for the resistance it is at 1.2294, and breaking it would give us a bounce, actually a strong one after this collapse, in order to create a matching correction. In case this break happens, the targets will be 1.2435 & 1.2511. But even if the Euro reaches 1.2511, that will not harm the negative outlook which dragged the Euro to these low levels. Support: • 1.2254: important intraday low. • 1.2113: Apr 17th 2006 low. • 1.2000: psychological level. Resistance: • 1.2294: important intraday level. • 1.2435: the top of the falling channel on the hourly chart. • 1.2511: May 10th low. --- USD/JPY The Yen is trying to hold on in face of a strong Dollar, It is trying to achieve some gains, not caring about how brutal is the Dollar treating the European currencies. The Yen managed to push the Dollar lower, to break Friday’s support 93.07, and fall more than 100 pips after that, but without reaching our suggested target 91.40. The question now is: Could the Yen go on with outperforming the Dollar? In order to do so, it needs two things: to hold under the resistance 92.40 & to break the support 91.79. If we break the support 91.79 the Yen will stay in the lead in this game, and will drag the Dollar to 2 important levels 90.75 & 90.09. The latter is an important level for both the short & medium terms. On the other hand, if we break the resistance 92.40, the Yen will give up to a very strong Dollar (against other currencies), and this pair will shoot to 92.49 & 94.31. Support: • 91.79: important intraday level. • 90.75: Fibonacci 50% support for the rise from Thursday’s low. • 90.09: Fibonacci 61.8% support for the rise from Thursday’s low. Resistance: • 92.40: the top of the falling trend channel on hourly charts. • 93.49: previous hourly resistance, very close to last Monday’s top. • 94.31: previous hourly support. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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 May 18, 2010 Share Posted May 18, 2010 ForexPros Daily Analysis May 18, 2010 Free webinar on ForexPros - “Can You Really Make a Living with Trading?” Expert: Markus Heitkoetter, Rockwell Trading When: Wednesday, May 26, 2010, 10:00 EST In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading: 1. Planning Your Way to Financial Freedom 2. Your Trading Business – Overview and Feasibility Study 3. Money Management 4. Monitor Your Success and Making Sure You Are On Track This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading. Click here to join free. --- Fundamental Analysis: GDP (QoQ) Traders anticipate the publication of the Japanese Gross Domestic Product. GDP is the broadest measure of economic activity and is a key indicator for the economy's health. The quarterly percent changes in GDP shows the growth rate of the economy as a whole. A higher than expected reading should be taken as positive/bullish for the JPY, while a lower than expected reading should be taken as negative/bearish for the JPY. Analysts predict a future reading of 1.40%. --- Euro Dollar The Euro broke the resistance specified in yesterday’s report, and jumped for more than 100 pips, without reaching the suggested target 1.2435 (yesterday’s high was 1.2412). This climb has brought the Euro close to the top of the hourly channel falling from May 10th high. The upper line in this channel has a great significance, and it is the line which is guarding the downtrend. It goes without saying that breaking this line will result in a change in direction for the short term. But, we highly doubt that it can change the medium term dark outlook. This line is currently running at 1.2399, and if broken, a dramatic rise will takeoff up to the important 1.2511. If this one is also broken, the next target will be 1.2604. on the other hand, the support is obviously provided by the rising trend line from yesterday’s low on intraday charts. This line is at 1.2336 currently, and by breaking it the price will continue to trade within the channel. This will lead to another drop, targeting a test of yesterday’s low 1.2223 first, then a new 4-year low at 1.2113. Support: • 1.2336: the rising trend line from this week’s low (so far). • 1.2223: yesterday’s low. • 1.2113: Apr 17th 2006 low. Resistance: • 1.2399: the top of the falling channel on the hourly chart.. • 1.2511: May 10th low. • 1.2604: May 12th important low. --- USD/JPY After 3 times of touching and holding above the support we specified in yesterday’s report 91.79 (today’s high until the moment of preparing this report is 91.75), the price is back above 92. Actually it is closing on the most important resistance for the short term: 92.99. The importance of this levels comes from the fact that it is Fibonacci 61.8% for the drop from 93.62. Incase the Dollar can go above it, this pair will test the exciting resistance 93.49, and if this one is also broken we will jump to 94.31. On the other hand, the support has become far now, it is still at 91.79, which proved with no doubt that it is very Important. As long as the price is above this level, the technical outlook will be neutral to positive. But if it is broken, the price will probably drop to two very important levels 90.75 & 90.09. The latter is the single most important support at this stage. Support: • 91.79: important intraday level. • 90.75: Fibonacci 50% support for the rise from Thursday’s low. • 90.09: Fibonacci 61.8% support for the rise from Thursday’s low. Resistance: • 92.99: Fibonacci 61.8% for the short term.. • 93.49: previous hourly resistance, very close to last Monday’s top. • 94.31: previous hourly support. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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 May 20, 2010 Share Posted May 20, 2010 ForexPros Daily Analysis May 20, 2010 Free webinar on ForexPros - “Can You Really Make a Living with Trading?” Expert: Markus Heitkoetter, Rockwell Trading When: Wednesday, May 26, 2010, 10:00 EST In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading: 1. Planning Your Way to Financial Freedom 2. Your Trading Business – Overview and Feasibility Study 3. Money Management 4. Monitor Your Success and Making Sure You Are On Track This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading. Click here to join free. --- Fundamental Analysis: German Ifo Business Climate Index European traders anticipate 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 future reading of 102.00. --- Euro Dollar The Euro broke the resistance specified in yesterday’s report 1.2223, and successfully reached both suggested targets 1.2327 & 1.2412 with a perfect triumph. This climb is probably the first part of a massive rising movie, which will be correcting the latest series of collapses, which started at 1.3690 & smashed the Euro for more than 1500 pips in a few weeks. Today, will be a very important day for determining the value of this possibility. If the price goes up from here, this will indicate a correction for that massive move down from 1.3690, which will be able to take us to the 1.27-1.31 area within the next 2 weeks. It is only natural for most traders to anticipate this correction, but overexcitement could lead to premature, and wrongfully timed trades, leading to negative outcomes. As for the short term, the resistance is at 1.2364, and breaking it would indicate a continuation of this spiky climb, targeting 1.2519 & 1.2604. The support is also near, it is at 1.2320, and breaking it would take us back where we traded recently: the important 1.2252 first, then 1.2159. Support: • 1.2320: Fibonacci 38.2% for the rise from yesterday’s low. • 1.2252: Fibonacci 38.2% for the rise from yesterday’s low. • 1.2159: important intraday support. Resistance: • 1.2364: important intraday resistance. • 1.2519: May 6th low • 1.2604: may 12th low. --- USD/JPY Dollar/Yen broke the support specified in yesterday’s report 91.79, and dropped by almost 100 pips, getting very close to our suggested target 90.75, without reaching it (The lowest price for the past 24 hours is 90.84). Stopping at this bottom is actually stopping at Fibonacci 50% level for the whole rise from 87.99 to 93.62. Therefore, we are before a very important level, which will be our “support of the day”. If broken, the drop will continue, and will target a very important level at 90.14, and if this one is also broken, we will target 89.61. On the other hand, resistance is at 91.50, and breaking it would improve the negative technical outlook for the short term, probably slightly. This break will give the price enough strength to rise towards 92.28, and may be later the single most important resistance at this stage 93.49. This resistance, which got attacked more than once without giving way, is an important level not only for the short term, but for the medium term as well. If broken, a lot of things will change, but until then, the Yen is the one wearing the pants in this relationship. Support: • 90.81: Fibonacci 50% support for the rise from 87.99. • 90.14: Fibonacci 61.8% support for the rise from 87.99. • 89.61: Mar 9th low. Resistance: • 91.50: important intraday level. • 92.28: Fibonacci 50% for the short term. • 93.49: previous hourly resistance. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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 May 24, 2010 Share Posted May 24, 2010 ForexPros Daily Analysis May 24, 2010 Free webinar on ForexPros - “Can You Really Make a Living with Trading?” Expert: Markus Heitkoetter, Rockwell Trading When: Wednesday, May 26, 2010, 10:00 EST In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading: 1. Planning Your Way to Financial Freedom 2. Your Trading Business – Overview and Feasibility Study 3. Money Management 4. Monitor Your Success and Making Sure You Are On Track This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading. Click here to join free. --- Fundamental Analysis: GDP (QoQ) European traders anticipate the publication of the UK GDP. The Gross Domestic Product is the broadest measure of economic activity and is a key indicator for the economy's health. The quarterly percent changes in GDP shows the growth rate of the economy as a whole. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. Analysts predict a future reading of 0.30%. --- Euro Dollar After the rocketing rise, from 1.2142 to 1.2670 late last week, the Euro retreated back to 1.2480. This drop has came very close to the rising trend line from this cycle’s low on the hourly chart 1.2142, which is currently at 1.2492. We believe that a break of this line (in case it happens) will be the technical event of the day. We can not just guess the direction before the test of this line. The general trend is down, but the rise from 1.2142 has shown enormous strength. In such a case, waiting for the test of the trend line is the best thing one can do. In case this support is broken the rocketing short term trend will be over, and the Euro will be back to falling, and going along with the general trend. Today’s targets will be 1.2406 & then 1.2295. In case this resistance is broken, the price will continue its advance upside, and the targets for the next 24 hours will be 1.2639, and the very important 1.2729. Support: • 1.2492: the rising trend line from Wednesday’s lows on hourly chart. • 1.2406: Fibonacci 50% for the rise from this cycle low, and the 4 and a half years low. • 1.2295: important intraday bottom from Thursday’s trading. Resistance: • 1.2545: the falling trend line on intraday charts. • 1.2639: important intraday resistance. • 1.2729: Fibonacci 61.8% for the drop from 1.3092. --- USD/JPY The dollar started to balance itself above 90 in the past few hours, and it became in a good position to “attack” the falling trend line on hourly chart. This line is currently at 90.32, only pips below the current price. Will we see the Dollar breaking this line and rocketing up? Today, Dollar’s strength will completely depend on its ability to break the resistance 90.32. If the Dollar can push the Yen above this resistance, we will witness a strong rise, targeting 91.29 & 91.84. The latter is the most important resistance for the short (and may be medium) term for now. The support is at 89.56 and breaking it (if it happens) will target 88.96 itself & 87.99. The downtrend needs to hold below the falling hourly trend line to keep things going smoothly (at 90.32). If broken, the short term negative technical outlook will change dramatically. The yes in still the one wearing the pants in this relationship, but beware of 90.57. Support: • 89.56: the rising trend line from Thursday’s low. • 88.96: yesterday’s low, and a previous very important support. • 87.99: Mar 6th low. Resistance: • 90.32: the falling trend line on the hourly chart. • 91.29: Fibonacci 50% for the short term. • 91.84: Fibonacci 61.8% for the short term. • 93.49: previous hourly resistance. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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 May 25, 2010 Share Posted May 25, 2010 ForexPros Daily Analysis May 25, 2010 Free webinar on ForexPros - “Can You Really Make a Living with Trading?” Expert: Mark Hodge, Rockwell Trading When: Wednesday, May 26, 2010, 10:00 EST In this webinar Mark Hodge will teach you what it takes to make a living with trading: 1. Planning Your Way to Financial Freedom 2. Your Trading Business – Overview and Feasibility Study 3. Money Management 4. Monitor Your Success and Making Sure You Are On Track This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading. Click here to join free. --- Fundamental Analysis: New Home Sales Traders of the US anticipate the publication of the New Home Sales. 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 future reading of 425.00K. --- Euro Dollar The Euro broke the support specified in yesterday’s report 1.2492, and reached both suggested targets 1.2406 & 1.2295 with perfect success. This “collapse” which dropped the single currency more than 200 pips in less than 24 hours came as a result of breaking the rising trend line from this cycle’s low on the hourly chart 1.2142, which we said about “we believe that a break of this line (in case it happens) will be the technical event of the day.” The subsequent drop matched the importance of this line, and really exciting! This drop broke the Fibo 61.8% support at 1.2344, although it tricked us at the beginning that it will stop at that important level, when it reached an intraday low of 1.2343 and then bounced back above 1.24. Now, we have two heavyweight technical evidences that the trend is down: Breaking the above mentioned trend line, and breaking the Fibo 61.8% support. Therefore, we see a very gloomy technical outlook for the Euro, we believe dipping below 1.2142 is only a matter of time. Today’s support is at 1.2256, and breaking it, would resume this collapse, targeting a test of this cycle’s low 1.2142, and then the psychological 1.2000. As for the resistance, it is provided by the falling trend line from Friday’s top. Breaking this line will take the price higher to Fibonacci retracement levels for the short term, in te area between 1.2420 & 1.2515. Support: • 1.2256: important intraday level & a previous support area which showed strength. • 1.2142: This cycle’s low, and the low of the last 4 years!. • 1.2000: psychological level. Resistance: • 1.2364: the falling trend line from Friday’s top on intraday charts. • 1.2420: Fibonacci 38.2% for the drop from 1.2670. • 1.2515: Fibonacci 61.8% for the drop from 1.2670. --- USD/JPY The Dollar failed to capitalize on its consolidation above the 90 landmark, and gave up to the Yen at 90.60, then dropped more than 100 pips to reach the support specified in yesterday’s report exactly (the support was 89.56 & today’s low until the moment of preparing this report is 89.56).Today, Yen’s strength will completely depend on its ability to break the support 89.56. If the Yen can push the Dollar Below this level, we will witness a strong drop, targeting the same set of targets we suggested in the last 2 reports: 88.96 & 87.99. The resistance is at 90.23 and breaking it (if it happens) will target Fibonacci retracement levels 91.24 & 91.89. The latter is the most important resistance for the short (and may be medium) term for now. The downtrend needs to hold below the falling intraday trend line to keep things going smoothly (which is currently at 90.23). If broken, the short term negative technical outlook will change dramatically. The yes in still the one wearing the pants in this relationship, but beware of 90.23. Support: • 89.56: important intraday level, just below the falling trend line on the hourly chart, and also today’s low at the moment of preparing this report. • 88.96: Thursday’s low, and a previous very important support. • 87.99: Mar 6th low. Resistance: • 90.23: the falling trend line from yesterday’s top on intraday charts. • 91.29: Fibonacci 50% for the short term. • 91.84: Fibonacci 61.8% for the short term. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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 May 26, 2010 Share Posted May 26, 2010 ForexPros Daily Analysis May 26, 2010 Free webinar on ForexPros - “Can You Really Make a Living with Trading?” Expert: Mark Hodge, Rockwell Trading When: Today, May 26, 2010, 10:00 EST In this webinar Mark Hodge will teach you what it takes to make a living with trading: 1. Planning Your Way to Financial Freedom 2. Your Trading Business – Overview and Feasibility Study 3. Money Management 4. Monitor Your Success and Making Sure You Are On Track This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading. Click here to join free. --- Fundamental Analysis: GDP Price Index Traders of the US anticipate the publication of the GDP Price Index. The index measures the annualized change in the price of all goods and services included in GDP. Therefore - the GDP Price Index is a key inflation measure. 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 future reading of 0.90%. --- Euro Dollar Although the Euro broke the support specified in yesterday’s report 1.2256, and fell afterwards by 80 pips, it came back to break the resistance specified in the report (opposite to our expectations), and traded above it after the American closing, but it was not ale to hold this high! This strong bounce, did not break any important levels (so far), to the degree that we can say that the negative technical outlook has changed. When analyzing the 4-hour chart, we can see a beautiful channel, with the price trading in the middle of it at the moment. We can also see that the whole movement of yesterday was in the middle of this channel, and it did not touch or even approach the top or the bottom of the channel. The fact that Fibonacci 61.8% is at the same level as the top of this channel, at 1.2481, makes this level very important. We do not see any reason to change our negative technical outlook for as long as the price is below it. As for the short term the support at 1.2256 has gained more importance after Fibonacci 61.8% for the short term has moved towards it exactly. Breaking this support will drop the Euro to the same target set for yesterday: 1.2142 first, then 1.2000. The resistance is at 1.2301, and breaking it indicates a continuation of the rising correction with its ideal targets between 1.2365 & 1.2481. It goes without saying that the latter is the single most important resistance for the time being, and the separating point between a continuation of the current downtrend, and a reversal to an uptrend! We still believe, we still believe that the drop to a new cycle low below 1.2142 is only a matter of time, nothing will change that except for breaking 1.2481. Support: • 1.2256: Fibonacci 61.8% for the short term, important intraday level & a previous support area which showed strength. • 1.2142: This cycle’s low, and the low of the last 4 years! • 1.2000: psychological level. Resistance: • 1.2301: important intraday level. • 1.2365: Fibonacci 38.2% for the drop from 1.2670. • 1.2481: Fibonacci 61.8% for the drop from 1.2670. --- USD/JPY More semi-horizontal movement, making us gradually lose hope to feel some excitement coming from this boring pair! But, there is a slowly rising channel on the hourly chart, which contained all the previous days’ shallow moves. It is a coincidence that short term 38.2% Fibonacci level at 90.74 is at the top of this channel, which gives it more importance. The bottom of this channel is at 89.37, and will be slowly rising to 89.56, the well known support. Today’s main levels are support 90.14 & resistance 90.74, we can only hope to see some action upon a break of one of them. If we break the support 90.14, we expect to test the bottom of the channel 89.37 first, then to drop to 88.96 on the way to lower targets for the break of this channel. If we break the resistance 90.74, the correction of the drop from 93.62 will go on, with its ideal targets at 91.29 & 91.84. We believe that 91.84 is still the most important medium term resistance for now. Support: • 90.14: important intraday level. • 89.37: the bottom of the slowly rising channel on hourly chart. • 88.96: Thursday’s low, and a previous very important support. Resistance: • 90.74: the top of the slowly rising channel on hourly chart, and short term 38.2% Fibonacci level. • 91.29: Fibonacci 50% for the short term. • 91.84: Fibonacci 61.8% for the short term. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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 May 27, 2010 Share Posted May 27, 2010 ForexPros Daily Analysis May 27, 2010 Free webinar on ForexPros - Simplify Your Trading with an Easy Strategy Expert: Kellie Durazo, Fx V-room When: Today, June 3, 2010, 08:00 a.m. 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. Click here to join free. --- Fundamental Analysis: Chicago PMI Traders of the US anticipate the publication of the Chicago PMI. The Chicago Purchasing Managers Index determines the economic health of the manufacturing sector in Chicago region. Any reading above 50 indicates expansion of the manufacturing sector, while a reading below 50 indicates contraction. The Chicago PMI can be of some help in forecasting the US ISM and usually has an impressive correlation with it. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 60.00. --- Euro Dollar The Euro broke the support specified in yesterday’s report 1.2256, and fell afterwards by 104 pips, only to stop before our suggested target & the 4-year low 1.2142. And after finding a bottom at 1.2152, the price bounced almost 150 pips in 8 only hours! This strong bounce, did not break any important levels (so far), to the degree that we can say that the negative technical outlook has changed. When analyzing the 4-hour chart, we can see a beautiful channel, with the price trading in the middle of it at the moment. We can also see that the whole rising move from 1.2152 was in the middle of this channel, and it did not touch or even approach the top or the bottom of the channel. Today, we will favor Fibonacci 61.8% over the top of this channel. Our most important resistance is Fibonacci 61.8% at 1.2472 and not the channel top! We do not see any reason to change our negative technical outlook for as long as the price is below it. As for the short term the support is at 1.2252, and breaking it will drop the Euro to the same target set for yesterday: 1.2142 first, then 1.2000. The resistance is at 1.2350, and breaking it indicates a continuation of the rising correction with its ideal targets between 1.2411 & 1.2472. It goes without saying that the latter is the single most important resistance for the time being, and the separating point between a continuation of the current downtrend, and a reversal to an uptrend! We still believe that the drop to a new cycle low below 1.2142 is only a matter of time, nothing will change that except for breaking 1.2472. Support: • 1.2252: the rising trend line from today’s low on intraday charts. • 1.2142: This cycle’s low, and the low of the last 4 years! • 1.2000: psychological level. Resistance: • 1.2350: Fibonacci 38.2% for the drop from 1.2670. • 1.2411: Fibonacci 50% for the drop from 1.2670, which is very close to the 4-hour channel top. • 1.2472: Fibonacci 61.8% for the drop from 1.2670. --- USD/JPY Although the price approached our resistance 90.74, and stopped only 9 pips below it, we have seen nothing but more semi-horizontal movement, making us gradually lose hope to feel some excitement coming from this boring pair! But, there is a slowly rising channel on the hourly chart, which contained all the previous days’ shallow moves. The channel’s top is just above short term 38.2% Fibonacci level at 90.74, making this resistance the most important for now. The bottom of this channel is at the well known support 89.56. Today’s main levels are support 90.09 & resistance 90.74, we can only hope to see some action upon a break of one of them. If we break the support 90.09, we expect to test the bottom of the channel 89.56 first, then to drop to 88.96 on the way to lower targets for the break of this channel. If we break the resistance 90.74, the correction of the drop from 93.62 will go on, with its ideal targets at 91.29 & 91.84. We believe that 91.84 is still the most important medium term resistance for now, while the medium term support is at 89.56. Support: • 90.09: the rising trend line from Tuesday’s low on hourly chart. • 89.56: the bottom of the slowly rising channel on hourly chart. • 88.96: Thursday’s low, and a previous very important support. Resistance: • 90.74: Fibonacci 38.2% for the short term. • 91.29: Fibonacci 50% for the short term. • 91.84: Fibonacci 61.8% for the short term. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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 May 31, 2010 Share Posted May 31, 2010 ForexPros Daily Analysis May 31, 2010 Free webinar on ForexPros - Simplify Your Trading with an Easy Strategy Expert: Kellie Durazo, Fx V-room When: Today, June 3, 2010, 08:00 a.m. 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. Click here to join free. --- Fundamental Analysis: ISM Manufacturing Index Traders of the US anticipate the publication of the ISM Manufacturing Index. The Institute of Supply Management Manufacturing Index tracks the amount of manufacturing activity that occurred in the previous month. This data is considered a very important and trusted economic measure. If the index has a value below 50, due to a decrease in activity, it tends to indicate an economic recession, especially if the trend continues over several months. A value substantially above 50 likely indicates a time of economic growth. The ISM index is the result of a monthly survey of over 400 companies in 20 industries throughout the 50 states. The ISM's leading quality has been proven over time. During a recession, the ISM's bottom may precede the turning point for the economic cycle by some months. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 58.90. --- Euro Dollar The Euro tried to approach the all important resistance 1.2472, but it topped at 1.2451, and then it went back to drop again, breaking the rising trend line on the hourly chart. We still believe that the most important resistance is Fibonacci 61.8% at 1.2472! We do not see any reason to change our negative technical outlook for as long as the price is below it. And since that the price has touched the channel top, and came close to Fibonacci then it started to fall, then the negative outlook is still here, strongly! As for the short term the support is at 1.2283, and breaking it will drag the Euro to the important 1.2152 then to a new cycle low at 1.2068. The resistance is at 1.2333, and breaking it indicates a continuation of the rising correction which will target 1.2411 first, then its ideal target at 1.2472. It goes without saying that this is the single most important resistance for the time being, and the separating point between a continuation of the current downtrend, and a reversal to an uptrend! We still believe that the drop to a new cycle low below 1.2142 is only a matter of time, nothing will change that except for breaking 1.2472. Support: • 1.2283: important intraday support. • 1.2152: last weeks low. • 1.2068: Apr 13th 2006 low, the last important support before the 1.2000 level. Resistance: • 1.2333: the retest level for the rising trend line on the hourly chart, which was broken on Friday. • 1.2411: Fibonacci 50% for the drop from 1.2670. • 1.2472: Fibonacci 61.8% for the drop from 1.2670. --- USD/JPY The Dollar/Yen reached 91.59 after the open of the new week, and we could see the price targeting the most important resistance for now: Fibonacci 61.8% for the short term at 91.84, which is the separating level between a positive & a negative medium term outlook. If price stops at or around 91.84, the odds of going back down will be enormous, and a top around here could provide us with a wonderful chance to sell for medium term. But if broken, we will see a strong jump to 92.95 and may be 93.65. Support is at 90.95, and if broken, the price will retreat to 90.26 then to the very important 89.67. We still believe that 91.84 is still the most important medium term resistance for now, while the medium term support is at 89.67. Support: • 90.95: the rising trend line on hourly chart. • 90.26: short term 50% Fibonacci level (for the rising move from 88.96). • 89.67: the slowly rising trend line on hourly chart. Resistance: • 91.84: Fibonacci 61.8% for the short term, the most important resistance at all for the time being. • 92.95: May 18th high. • 93.65: Apr 6th low. --- Forex Trading Analysis written by Munther Marji for Forex Pros. --- 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...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now