Forexpros.com Daily Analysis - 05/07/2010

July 5, 2010

ForexPros Daily Analysis July 5, 2010

Free webinar on ForexPros - Live Trading with Price Level Principle (PLP) - Part IIExpert: Rajoo C, Precise Trader

When: Thu, July 8, 2010, 11:00 a.m. GMTIn this session, Rajoo C will discuss the topics of:

1. Identifying entry, exit & stop loss level

2. How to choose the best cross to trade out of 36 currency crosses

3. Q&A

4. Precise Trader's viable trades

This webinar is the second in a 3-part educational series brought to you by Precise Trader and Forexpros.com

Click here to join free---

Fundamental Analysis: RBA Rate StatementTraders anticipate the publication of the RBA 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 resistance specified in Friday's report 1.2508, and stopped only 7 pips before the suggested target 1.2616 (Friday's high was 1.2609).

The most important technical event, was approaching the top of the rising channel on the hourly chart.

We could be before an important turning point, and we should carefully watch the top of this channel, which is at 1.2646 currently.

We will not be able to escape the fact that a break here will be a very positive signal for both the short & medium terms.

But, if we keep trading below this top, we could be facing a turning point which will probably lead to a drop of hundreds of points.

Short term support is at 1.2527, and once we break it, we will start drifting away from the channel top, and will target 1.2451, and may be 1.2370.

The resistance is at 1.2563, and if broken we will target another test of the channel top at 1.2646. If this one is also broken, 1.2737 will be a first & modest target for this break, on the way to higher targets.

Support:

• 1.2527: a rising trend line on intraday charts.

• 1.2451: May 28th high.

• 1.2370: May 25th high.Resistance:

• 1.2563: important intraday resistance.

• 1.2646: the top of the falling channel on intraday charts.

• 1.2737: May 12th high.---

USD/JPYThe Dollar/Yen dropped below the resistance we talked about on Friday: Fibonacci 38.2% for the short term at 88.67.

It did not test it or even approach it.

With this consolidation around 88, and after bouncing from the support area shown on the daily chart below, and after clearly breaking the falling trend line from June 21st top, we think that the possibility of a bounce is rising, even if that was for a correction.

Short term support is at 87.67, and breaking it would indicate a continuation of the drop to 87.00 & 86.47.

The resistance is at 88.15, and breaking it would mean that the Dollar is about to capitalize on the break of the above mentioned trend line, which will ideally target short term Fibonacci levels: 89.20 & 89.73.

This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the short & medium terms.

We expect the fall to go on, but we hope to see it go faster, and more exciting.

But after hitting 87, we should be careful since we could see a bounce, because we already touched the descending trend line illustrated on the attached chart, a bounce is highly probable, even if it was a temp, but the trend is down without a shadow of a doubt!

Support:

• 87.67: the rising trend line from Thursday's low.

• 87.00: Nov 27th 2009 high.• 86.47: previous well known support.

Resistance:

• 88.15: an important intraday resistance level just above the falling trend line from Jun 21st top on the hourly chart.

• 89.20: Fibonacci 50% for the drop from 91.45.

• 89.73: Fibonacci 61.8% for the drop from 91.45.

---Forex[/color] 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.

July 6, 2010

ForexPros Daily Analysis July 6, 2010

Free webinar on ForexPros

- Live Trading with Price Level Principle (PLP)

- Part II

Expert: Rajoo C, Precise TraderWhen: Thu, July 8, 2010, 11:00 a.m. GMTIn this session, Rajoo C will discuss the topics of:

1. Identifying entry, exit & stop loss level

2. How to choose the best cross to trade out of 36 currency crosses

3. Q&A 4. Precise Trader's viable tradesThis webinar is the second in a 3-part educational series brought to you by Precise Trader and Forexpros.com.

[/color]Click here to join free

---Fundamental Analysis:

Canadian Ivey PMINorth American traders anticipate the publication of the Ivey Purchasing Manager's Index (PMI).

The index measures the activity level of purchasing managers in Canada.

Any reading above 50 indicates expansion, while a reading below 50 indicates contraction.

It gives an indication about the health of the manufacturing section and production growth in Canada.

Traders watch these surveys closely as purchasing managers usually have early access to data about their company's performance, which can be a leading indicator of overall economic performance.

A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

Analysts predict a future reading of 64.20.

---Euro Dollar

The Euro stopped ahead of the resistance specified in yesterday's report 1.2563 (the high for the past 24 hours is 1.2556).

Later, it dropped, breaking the support specified in the report 1.2527, and went down as expected, but only to find another support at 1.2479, standing between it & its target at 1.2451.

The most important technical event, was approaching the top of the rising channel on the hourly chart on Friday.

We could be before an important turning point at 1.2609, since we saw the price falling away from this level yesterday.

We should carefully watch the top of this channel, which is at 1.2656 currently.

We will not be able to escape the fact that a break here will be a very positive signal for both the short & medium terms.

But, if we keep trading below this top, we could be facing a turning point which will probably lead to a drop of hundreds of points.

Short term support is at 1.2510, and once we break it, we will start drifting away from the channel top, and will target 1.2442, and may be 1.2370.

The resistance is at 1.2570, and if broken we will target another test of the channel top at 1.2656.

If this one is also broken, 1.2737 will be a first & modest target for this break, on the way to higher targets.

Support:

• 1.2510: important intraday level.

• 1.2442: May 18th high.

• 1.2370: May 25th high.

Resistance:

• 1.2570: important intraday resistance.

• 1.2656: the top of the falling channel on intraday charts.

• 1.2737: May 12th high.

---USD/JPY

In spite of the obvious trend line break to the upside, we have not seen a reaction to match the importance of this break until this moment.

But fear not, this does not change the positive technical outlook for this pair.

We still believe in the possibilities of a strong bounce.

With this consolidation around 88, and after bouncing from the support area shown on the hourly chart below, and after clearly breaking the falling trend line from June 21st top (please refer to the attached chart), we think that the possibility of a bounce is rising, even if that was for a correction.

Short term support is at 87.57, and breaking it would indicate a continuation of the drop to 86.95 & 86.47.

The resistance is at 87.96, and breaking it would mean that the Dollar is about to capitalize on the break of the above mentioned trend line, which will ideally target short term Fibonacci levels: 88.67 & 89.20.

This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the medium term.

We absolutely expect the fall to continue on the medium term.

But after hitting 87, we should not neglect the enormous possibilities of a bounce up: a bounce is highly probable, even if it was a temp, but the trend is down without a shadow of a doubt!

Support:

• 87.57: the rising trend line from Thursday's low.

• 86.95: Thursday's low.

• 86.47: previous well known support.

Resistance:

• 87.96: important intraday resistance level just above the (broken) falling trend line from Jun 21st top on the hourly chart.

• 88.67: Fibonacci 38.2% for the drop from 91.45.

• 89.20: Fibonacci 50% for the drop from 91.45.

---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.

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July 7, 2010

ForexPros Daily Analysis July 7, 2010

Free webinar on ForexPros - Live Trading with Price Level Principle (PLP) - Part II

Expert: Rajoo C, Precise Trader

When: Thu, July 8, 2010, 11:00 a.m. GMT

In this session, Rajoo C will discuss the topics of:

1. Identifying entry, exit & stop loss level

2. How to choose the best cross to trade out of 36 currency crosses

3. Q&A

4. Precise Trader’s viable trades

This webinar is the second in a 3-part educational series brought to you by Precise Trader and Forexpros.com.

Click here to join free

---

Fundamental Analysis: ECB Press Conference

European traders anticipate the ECB Press Conference. The European Central Bank holds this monthly press conference about 45 minutes after the Minimum Bid Rate is announced. It is about an hour long and has two parts: First, a prepared statement is read; then the conference is opened to press questions. The questions often lead to unscripted answers that trigger market volatility. The press conference, which is broadcasted on the ECB website, is the ECB's primary method for communicating with investors about monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it often provides clues regarding future monetary policy. If the statement is more hawkish than expected, that is usually good for the euro.

---

Euro Dollar

The Euro broke the resistance specified in yesterday’s report 1.2570, and successfully reached the first suggested target 1.2656 with a very good accuracy since yesterday’s high was 1.2660. The most important technical event, was touching the top of the rising channel on the hourly chart for the second time yesterday, after touching it for the first time on Friday. We could be before an important turning point at 1.2660, since we saw the price falling away from this to 1.2575 during the Asian session. We should carefully watch the top of this channel, which is at 1.2681 currently. We will not be able to escape the fact that a break here will be a very positive signal for both the short & medium terms. But, if we keep trading below this top, we could be facing a turning point which will probably lead to a drop of hundreds of points. Short term support is at 1.2548, and once we break it, we will start drifting away from the channel top, and will target 1.2442, and may be 1.2370. The resistance is at 1.2603, and if broken we will target another test of the channel top at 1.2681. If this one is also broken, 1.2737 will be a first & modest target for this break, on the way to higher targets.

Support:

• 1.2548: short term Fibonacci 61.8% level.

• 1.2442: May 18th high.

• 1.2370: May 25th high.

Resistance:

• 1.2603: the falling trend line from yesterday’s top.

• 1.2681: the top of the falling channel on intraday charts.

• 1.2737: May 12th high.

---

USD/JPY

The Dollar/Yen broke the support specified in yesterday’s report 87.57, only to reach 87.33. But this does not change the positive technical outlook for this pair. We still believe in the possibilities of a strong bounce. With this consolidation around 88, and after bouncing from the support area shown on the hourly chart below, and after clearly breaking the falling trend line from June 21st top (please refer to the attached chart), we think that the possibility of a bounce is rising, even if that was for a correction. Short term support is at 87.35, and breaking it would indicate a continuation of the drop to 86.47 & 85.84. The resistance is at 87.72, and breaking it would mean that the Dollar is about to capitalize on the break of the above mentioned trend line, which will ideally target short term Fibonacci levels: 88.67 & 89.20. This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the medium term. We absolutely expect the fall to continue on the medium term. But after surviving at 87.35, we should not neglect the enormous possibilities of a bounce up: a bounce is highly probable, even if it was a temp, but the trend is down without a shadow of a doubt!

Support:

• 87.35: an obvious support area on the hourly chart, and Dec 9th 09 low.

• 86.47: previous well known support.

• 85.84: Now 30th 09 low.

Resistance:

• 87.72: short term Fibonacci 61.8% level.

• 88.67: Fibonacci 38.2% for the drop from 91.45.

• 89.20: Fibonacci 50% for the drop from 91.45.

---

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.

July 8, 2010

ForexPros Daily Analysis July 8, 2010

Free webinar on ForexPros - Live Trading with Price Level Principle (PLP) - Part II

Expert: Rajoo C, Precise Trader

When: Thu, July 8, 2010, 11:00 a.m. GMT

In this session, Rajoo C will discuss the topics of:

1. Identifying entry, exit & stop loss level

2. How to choose the best cross to trade out of 36 currency crosses

3. Q&A

4. Precise Trader’s viable trades

This webinar is the second in a 3-part educational series brought to you by Precise Trader and Forexpros.com.

Click here to join free

---

Fundamental Analysis: German CPI

European traders anticipate the publication of the German CPI. The index measures the changes in the price of goods and services. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation in 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 resistance specified in yesterday’s report 1.2603, and successfully reached the first suggested target 1.2681 with a very good accuracy since yesterday’s high was 1.2686. The most important technical event, was touching the top of the rising channel on the hourly chart for the third time during the Asian session, after touching it for the first time on Friday, and the second on Tuesday. We could be before an important turning point at 1.2686, but until this moment we have not got far from the top of the channel. We should carefully watch the top of this channel, which is at 1.2690 currently. We will not be able to escape the fact that a break here will be a very positive signal for both the short & medium terms. But, if we keep trading below this top, we could be facing a turning point which will probably lead to a drop of hundreds of points. Short term support is at 1.2644, and once we break it, we will start drifting away from the channel top, and will target 1.2552, and may be 1.2442. The resistance is at the channel top at 1.2690. If this broken, we will target 1.2801 first, and may be 1.2906 before the end of the week.

Support:

• 1.2644: Asian session low.

• 1.2552: yesterday’s low.

• 1.2442: May 18th high.

Resistance:

• 1.2690: the top of the falling channel on intraday charts.

• 1.2801: May 11th high.

• 1.2906: previous well known support/resistance area.

---

USD/JPY

Our waiting finally paid, as we finally saw the Dollar/Yen sharply bouncing as we have expected, and as we have been waiting for. The Dollar/Yen broke the resistance specified in yesterday’s report 87.72, only to reach 88.44 (the high at the moment of preparing this report). This sharp bounce came as no surprise, with the consolidation around 88, and after bouncing from the support area shown on the hourly chart below, and after clearly breaking the falling trend line from June 21st top. Short term support is at 88.19, and breaking it would indicate a continuation of the drop to 87.35 & 86.47. The resistance is at 88.51, and breaking it would mean that the Dollar is about to capitalize on the break of the above mentioned trend line, which will ideally target short term Fibonacci levels: 89.20 & 89.73. This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the medium term. We absolutely expect the fall to continue on the medium term. But we should not neglect the enormous possibilities of a bounce up targeting Fibonacci levels: a bounce is highly probable, even if it was a temp, but the trend is down without a shadow of a doubt!

Support:

• 88.19: Friday’s top.

• 87.35: an obvious support area on the hourly chart, and Dec 9th 09 low.

• 86.47: previous well known support.

Resistance:

• 88.51: previous well known resistance.

• 89.20: Fibonacci 50% for the drop from 91.45.

• 89.73: Fibonacci 61.8% for the drop from 91.45.

---

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.

July 12, 2010

ForexPros Daily Analysis July 12, 2010

Free webinar on ForexPros - Trading the Harmonic Patterns LIVE

Expert: Chris Hall

When: Mon, July 12, 2010, 08:00 EST

By now you probably know about Fibonacci ratios. When you take the power of fibs, and combine them into patterns, they become “Harmonic”. Unlike other patterns, these patterns adhere to their fib ratios very accurately and with precision! There is no question that humans love routines and therefore repeat their actions, just like how the patterns repeat naturally.

In this webinar, you will learn to:

-Identify these patterns

-How to trade Harmonic Patterns including your Entries, Stops, and Targets

-Figure out why most people struggle with using Indicators

-Identify Your Own Trading Errors

Chris will also be taking a live look at the markets where he will identify trades with you, help you setup your plan surrounding the harmonic patterns and execute any trades that look advantageous.

This is an open session, and we highly recommend that you ask Chris all the questions you can about harmonics. Trading harmonics is a method he knows best as FXGroundworks is a leader in advanced harmonic alerts, mentoring and pattern recognition.

Click here to join free

---

Fundamental Analysis: German ZEW Economic Sentiment

The European traders anticipate The German Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment to determine 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. The analysis predict a future reading of 25.20.

---

Euro Dollar

The Euro broke the support specified in Friday’s report 1.2677, and dropped to 1.2607 before it continued its way down after the new week’s open to 1.2578 (today’s low at the moment of preparing this report). The rise topped at 1.2720, in what turned out to be the most serious test of the top of the rising channel on the hourly chart. The drop which followed the open, raised the possibilities that we could be before an important turning point at the channel top, specially after dropping from Friday’s high 150 pips so far. As we said in our last report: “We will not be able to escape the fact that a break here will be a very positive signal for both the short & medium terms. But, if we keep trading below (or around) it, we could be facing a turning point which will probably lead to a drop of hundreds of points”, and we still stand by this view! Short term support is at 1.2552, and once we break it, we will start drifting away from the channel top, and will target 1.2442, and may be 1.2393. The resistance is at 1.2607, and if broken, the negative outlook we have been praising will get a “shock”, and the Euro will be on the way to 1.2737, and may be 1.2801.

Support:

• 1.2552: Wednesday’s low.

• 1.2442: May 18th high.

• 1.2393: June 25th high.

Resistance:

• 1.2607: the falling trend line from Friday’s top on hourly chart.

• 1.2737: May 12th high.

• 1.2801: May 11th high.

---

USD/JPY

The Dollar/Yen continued to rise, reaching 89.13, but at a much slower pace that we have seen on Wednesday. This slow bounce came as no surprise, with the consolidation around 88, and after bouncing from the support area shown on the hourly chart below, and after clearly breaking the falling trend line from June 21st top. It seems as if we are in a wave 4 correction now (please refer to the attached chart), which will ideally target a Fibonacci ratio of the wave 3 dive. Short term support is at Friday’s top 88.60, and breaking it would indicate a continuation of the drop to 87.99 & 87.35. The resistance is at 89.01, and breaking it would mean that the Dollar will continue to capitalize on the break of the above mentioned trend line, which will ideally target Fibonacci levels for wave 3: 89.52 & 90.13. This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the medium term. We absolutely expect the fall to continue on the medium term. But we should not neglect the enormous possibilities of a bounce up targeting Fibonacci levels: a bounce is highly probable, and it is most likely to be just a temp, but the trend is down without a shadow of a doubt!

Support:

• 88.60: Friday’s top.

• 87.99: the bottom of the rising channel on the hourly chart.

• 87.35: an obvious support area on the hourly chart, and Dec 9th 09 low.

Resistance:

• 89.01: the falling trend line from Asian session high on intraday charts.

• 89.52: Fibonacci 50% for the wave 3 dive (from 92.09).

• 90.13: Fibonacci 61.8% for the wave 3 dive (from 92.09).

---

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.

July 13, 2010

]ForexPros Daily Analysis July 13, 2010

Free webinar on ForexPros - Live Trading with Price Level Principle (PLP) - Part III

Expert: Rajoo CWhen: Thu, July 15, 2010, 11 GMTIn this session, Rajoo C will discuss the topics of:

1. Identifying entry, exit & stop loss level

2. How to choose the best cross to trade out of 36 currency crosses

3. Q&A

4. Precise Trader's viable trades

This webinar is the last in a 3-part educational series brought to you by Precise Trader and Forexpros.com.

[/url]

Click here to join free

---Fundamental Analysis:

FOMC Meeting MinutesThe American traders anticipate the publication oh The Federal Open Market Committee (FOMC) Meeting Minutes, them being a detailed record of the committee's interest rate meeting held about two weeks earlier.

The minutes provide detailed insights regarding the FOMC's stance on monetary policy, so Currency traders carefully comb them for clues regarding future interest rate shifts.---

Euro Dollar

The Euro did not decisively break the support or the resistance specified in yesterday's report: it stopped 4 pips above the resistance specified in the report, and then found a bottom only 2 pips below the report's support.

The price topped at 1.2720 on Friday, in what turned out to be the most serious test of the top of the rising channel on the hourly chart.

The drop which followed the week's open, raised the possibilities that we could be before an important turning point at the channel top, especially after dropping from Friday's high 150 pips so far.

As we said in our last report: "We will not be able to escape the fact that a break here will be a very positive signal for both the short & medium terms.

But, if we keep trading below (or around) it, we could be facing a turning point which will probably lead to a drop of hundreds of points", and we still stand by this view!

Short term support is at 1.2552, and once we break it, we will start drifting away from the channel top, and will target 1.2442, and may be 1.2393.

The resistance is at 1.2601, and if broken, the negative outlook we have been praising will get a "shock", and the Euro will be on the way to 1.2737, and may be 1.2801.

Support:

• 1.2552: Wednesday's low.

• 1.2442: May 18th high.

• 1.2393: June 25th high.Resistance:

• 1.2601: the falling trend line from Friday's top on hourly chart.

• 1.2737: May 12th high.

• 1.2801: May 11th high.

---USD/JPY

The Dollar/Yen retreated a little bit, and found a bottom at 88.37.

As we have explained several times, it seems that we are in a wave 4 correction now (please refer to the attached chart), which will ideally target a Fibonacci ratio of the wave 3 dive.

But the important question now is this: is the 4th wave correction done?

yesterday's close produced a shooting star pattern on the daily chart, making us believe that this correction is probably over!

Short term support is at Friday's top 88.37, and breaking it would indicate a continuation of the drop to 87.35 & 86.47.

The resistance is at 88.76, and breaking it would mean that the Dollar will continue to capitalize its latest bounce, which will ideally target Fibonacci levels for wave 3: 89.52 & 90.13.

This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the medium term.

We absolutely expect the fall to continue on the medium term.

But we should not neglect the enormous possibilities of a bounce up targeting Fibonacci levels: a bounce is highly probable, and it is most likely to be just a temp, but the trend is down without a shadow of a doubt!

Support:

• 88.37: yesterday's low which was tested twice.

• 87.35: an obvious support area on the hourly chart, and Dec 9th 09 low.

• 86.47: previous well known support.Resistance:

• 88.76: the falling trend line from Asian session high on intraday charts.

• 89.52: Fibonacci 50% for the wave 3 dive (from 92.09).

• 90.13: Fibonacci 61.8% for the wave 3 dive (from 92.09).---

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.

July 14, 2010

ForexPros Daily Analysis July 14, 2010

Free webinar on ForexPros - Live Trading with Price Level Principle (PLP) - Part III

Expert: Rajoo C

When: Thu, July 15, 2010, 11 GMT

In this session, Rajoo C will discuss the topics of:

1. Identifying entry, exit & stop loss level

2. How to choose the best cross to trade out of 36 currency crosses

3. Q&A

4. Precise Trader’s viable trades

This webinar is the last in a 3-part educational series brought to you by Precise Trader and Forexpros.com.

Click here to join free

---

Fundamental Analysis: Initial Jobless Claims

Initial Jobless Claims is a seasonally adjusted measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report.

The number of jobless claims is used as a measure of the health of the job market, as a series of increases indicates that there are fewer people being hired.

On a week-to-week basis, claims are quite volatile.

Usually, a move of at least 35K in claims, is required to signal a meaningful change in job growth.

A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD. This week analysts expect a figure of 449.00K.

---

Euro Dollar

The Euro broke the resistance specified in yesterday’s report 1.2601, and jumped sturdily as it was expected after this break, stopping only a couple of pips before our suggested target 1.2737 (yesterday’s high was 1.2735), in what indicates just how important this target/resistance area is. Technically, the most important event of the past 24 hours was a new touch of the top of the rising channel on the hourly chart, as if the Euro is seeking to score a record in how many times it is touching its channel. This clearly shifts all lights to the top of this channel, this area deserves our absolute attention, The Euro & the Dollar, are both in a “make it or break it” situation! The importance of (at least) the 4th test of this channel top is absolutely enormous, it is the single most important factor in determining medium term direction: from here we will see the Euro soaring for hundreds of pips, of the Dollar dragging it down for hundreds of pips. Short term resistance is at yesterday’s top 1.2735, if broken, we will quick-jump to 1.2801, and may be then 1.2888. The support is at 1.2691, and a decisive break here will indicate that we are drifting away from the channel top, and will most probably lead to a hard fall to 1.2552, and may be 1.2442.

Support:

• 1.2691: important intraday level.

• 1.2552: last Wednesday’s low.

• 1.2442: May 18th high.

Resistance:

• 1.2735: yesterday’s top.

• 1.2801: May 11th high.

• 1.2888: April 20th low.

---

USD/JPY

In what seems like a hint that the Dollar is going on with its rising correction, the USDJPY jumped and broke the resistance specified in yesterday’s report 88.76, touched 89 as it topped at 89.09 during the Asian session. In spite of the shooting star pattern on the daily chart, we believe that the Dollar is trying to reach Fibonacci 50% of wave 3. And we still believe as well that the wave count we introduced last week is providing us with the most probable scenario: we are in a wave 4 correction (please refer to the attached chart). Short term resistance is at 89.09, and breaking it would mean that the Dollar will continue to capitalize its latest bounce, which will ideally target Fibonacci levels for wave 3: 89.52 & 90.13. Support is at 88.42, and breaking it would indicate a continuation of the drop to 87.35 & 86.47. This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the medium term. We absolutely expect the fall to continue on the medium term. But we should not neglect the enormous possibilities of a bounce up targeting Fibonacci levels: a bounce is highly probable, and it is most likely to be just a temp, but the trend is down without a shadow of a doubt!

Support:

• 88.42: short term 61.8% Fibonacci level.

• 87.35: an obvious support area on the hourly chart, and Dec 9th 09 low.

• 86.47: previous well known support.

Resistance:

• 89.09: Asian session top.

• 89.52: Fibonacci 50% for the wave 3 dive (from 92.09).

• 90.13: Fibonacci 61.8% for the wave 3 dive (from 92.09).

---

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.

skylady · July 14, 2010

When you use the color White the type is not seen by me...

Your Top Gold Forum, should be varied colors of brown, not black as you probably have, beings you're using white for the type...

Please read your PM I sent you...

Thank you,

skylady :)

July 15, 2010

ForexPros Daily Analysis July 15, 2010

Free webinar on ForexPros - Live Trading with Price Level Principle (PLP) - Part III

Expert: Rajoo C

When: Thu, July 15, 2010, 11 GMT

In this session, Rajoo C will discuss the topics of:

1. Identifying entry, exit & stop loss level

2. How to choose the best cross to trade out of 36 currency crosses

3. Q&A

4. Precise Trader’s viable trades

This webinar is the last in a 3-part educational series brought to you by Precise Trader and Forexpros.com.

Click here to join free

---

Fundamental Analysis: Core CPI

The Core Consumer Price Index (CPI) measures the changes in the price of goods and services excluding food and energy.

The CPI measures price change from the perspective of the consumer.

It is a key way to measure changes in purchasing trends and inflation in the US.

A higher than expected reading should be taken as positive/bullish for the USD (as the common way to fight inflation is raising rates, which may attract foreign investment), while a lower than expected reading should be taken as negative/bearish for the USD Analysts predict a future reading of 0.10%.

---

Euro Dollar

The Euro broke the resistance specified in yesterday’s report 1.2735, and advanced as it was expected after this break, only to stop clearly before our suggested target 1.2801. Technically, the most important event of the past 24 hours was a new touch of the top of the rising channel on the hourly chart, as if the Euro is seeking to score a record in how many times it is touching its channel. This clearly shifts all lights to the top of this channel, this area deserves our absolute attention, The Euro & the Dollar, are both in a “make it or break it” situation! The importance of (at least) the 5th test of this channel top is absolutely enormous, it is the single most important factor in determining medium term direction: from here we will see the Euro soaring for hundreds of pips, of the Dollar dragging it down for hundreds of pips. Short term resistance is at yesterday’s top 1.2768, if broken, we will jump to 1.2888, and may be then 1.2979. The support is at 1.2727, and a decisive break here will indicate that we are drifting away from the channel top, and will most probably lead to a hard fall to 1.2607, and may be 1.2542.

Support:

• 1.2727: the rising trend line from yesterday’s low on intraday charts.

• 1.2607: last Friday’s low.

• 1.2542: the slowly rising trend line from.

Resistance:

• 1.2776: yesterday’s top.

• 1.2888: April 20th low.

• 1.2979: May 4th low.

---

USD/JPY

In yet another move of its conflicting move which covered the last 2 days, the Dollar/Yen moved back to the direction concordant with the shooting star pattern on the daily chart, as it broke the support specified in yesterday’s report 88.42, but the following shallow move bottomed at 88.00. We still believe that the wave count we introduced last week is providing us with the most probable scenario: we are in a wave 4 correction (please refer to the attached chart). Short term resistance is at 88.64, and breaking it would mean that the Dollar will continue to capitalize on its latest bounce, which will ideally target Fibonacci levels for wave 3: 89.52 & 90.13. Support is at 88.00, and breaking it would indicate a continuation of the drop to 87.35 & 86.47. This pair is going as expected, in the expected direction, and in convergence with our negative technical outlook for the medium term. We absolutely expect the fall to continue on the medium term. But we should not neglect the enormous possibilities of a bounce up targeting Fibonacci levels: a bounce is highly probable, and it is most likely to be just a temp, but the trend is down without a shadow of a doubt!

Support:

• 88.00: Asian session low.

• 87.35: an obvious support area on the hourly chart, and Dec 9th 09 low.

• 86.47: previous well known support.

Resistance:

• 88.64: the falling trend line from Wednesday’s high on intraday charts.

• 89.52: Fibonacci 50% for the wave 3 dive (from 92.09).

• 90.13: Fibonacci 61.8% for the wave 3 dive (from 92.09).

---

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.

July 19, 2010

ForexPros Daily Analysis July 19, 2010

Free webinar on ForexPros - Let's do some simple Trend Trading

Expert: Kellie Durazo

When: Tue, August 17, 2010, 10 ET

Why spend hours analyzing charts when you can learn a few simple trading strategies that are effective and easy to learn.

During this webinar, Kellie Durazo will teach you how to follow and trade the trend "making the trend your friend", enhancing your technical analysis and giving you more trading opportunities for profit in the fx market.

Click here to join free

---

Fundamental Analysis: Interest Rate Decision

The Bank of Canada (BOC) decision on short term interest rate. The decision on where to set interest rates depends mostly on growth outlook and inflation. The primary objective of the central bank is to achieve price stability. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency. A higher than expected rate is positive/bullish for the CAD, while a lower than expected rate is negative/bearish for the CAD. The analysts predict a future reading of 0.75%.

---

Euro Dollar

The Euro stopped only 8 pips into the resistance specified in Friday’s report (Friday’s & last week’s high was 1.3005), before retreating to areas slightly below 1.29. This shows just how important this resistance is, which is probably the level most qualified to turn the Euro around, and resize this soaring move into a correction! This strong & sharp jump is a natural fruit of breaking the top of the channel after touching it for a record number of times, but eventually the Euro managed to break it! After that serious barrier, the energized Euro had faced even a harder one: Fibonacci 61.8% for the giant move down from 1.3690 to 1.1875. This level is at 1.2997, and will act as a heavy weight barrier in the face of this rise, which in spite of the fact that it has achieved more than 1000 pips so far, it still looks corrective (simply because it did not break the divine ratio 61.8%). Now, even after a drop of more than 100 pips from Friday’s top, 1.2997 will still be the most important resistance in the neighborhood, only a break here means more gains. If broken, we will soar above 1.30 for the first time in more than 2 months, and we will target 1.3092 & 1.3153. On the other hand, the support is at 1.2889, breaking it would indicate that we are drifting away from 1.2997. And that will target 1.2820 & the important 1.2707.

Support:

• 1.2889: important intraday level.

• 1.2820: Fibonacci 38.2% for the short term.

• 1.2707: Fibonacci 61.8% for the short term.

Resistance:

• 1.2997: Fibonacci 61.8% for the massive dive from 1.3690 to 1.1875.

• 1.3092: May 10th high.

• 1.3153: May 3th low.

---

USD/JPY

The headline of Friday’s USDJPY’s reports was “Odds are we are already in wave 5”, today, we can take another step and confirm that assumption, we are definitely in the downward wave 5! The Dollar/Yen broke the support specified in Friday’s report 86.95 and successfully reached the first suggested target 86.47. If we look at the attached chart, we will see that the Yen’s strength has penetrated the lows of last December & January. This leaves us with no notable support protecting the 15-year low which was reached last November at 84.81! We will not be a bit surprised if this pair started to move in that direction, and tried to break that low! On the contrary, we have been expecting this for weeks now, and it was included in our reports several times. Short term support is at 86.46, and if broken, the price will continue searching for new lows, targeting 85.84, then the 15-year low 84.81. Resistance is presented by the falling trend line from Wednesday’s tops, which is currently running at 87.08. If broken, we will target short term Fibonacci levels 87.67 & the important 88.01.

Support:

• 86.46: Asian session low.

• 85.84: Nov 30th low.

• 84.81: Now 27th low, and the lowest level since 1995!.

Resistance:

• 87.08: the falling trend line from Wednesday’s high on the hourly chart.

• 87.67: short term Fibonacci 50% level.

• 88.01: short term Fibonacci 61.8% level.

---

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.

July 20, 2010

ForexPros Daily Analysis July 20, 2010

Free webinar on ForexPros - Let's do some simple Trend Trading

Expert: Kellie Durazo

When: Tue, August 17, 2010, 10:00a.m. ET

Why spend hours analyzing charts when you can learn a few simple trading strategies that are effective and easy to learn.

During this webinar, Kellie Durazo will teach you how to follow and trade the trend "making the trend your friend", enhancing your technical analysis and giving you more trading opportunities for profit in the fx market.

Click here to join free

---

Fundamental Analysis: Fed Chairman Bernanke Testifies

Ben Bernanke, US Federal Reserve Chairman, 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

Although the Euro broke the support specified in yesterday’s reports 1.2889, but it did not reach or even come close to the suggested target 1.2820, as if it was still not ready to drift away from 1.30 yet. On Friday, the Euro topped at 1.3005, just 8 pips above the resistance that captured all of our attention: 1.2997. This shows just how important this resistance is, which is probably the level most qualified to turn the Euro around, and resize this soaring move into a correction! This strong & sharp jump is a natural fruit of breaking the top of the channel after touching it for a record number of times, but eventually the Euro managed to break it! After that serious barrier, the energized Euro had faced even a harder one: Fibonacci 61.8% for the giant move down from 1.3690 to 1.1875. This level is at 1.2997, and will act as a heavy weight barrier in the face of this rise, which in spite of the fact that it has achieved more than 1000 pips so far, it still looks corrective (simply because it did not break the divine ratio 61.8%). Now, even after a drop of more than 130 pips from Friday’s top, 1.2997 will still be the most important resistance in the neighborhood, only a break here means more gains. If broken, we will soar above 1.30 for the first time in more than 2 months, and we will target 1.3092 & 1.3153. On the other hand, the support has shifted dramatically to 1.2952, breaking it would indicate that we are drifting away from 1.2997. And that will target 1.2820 & 1.2764.

Support:

• 1.2952: the rising trend line from Jul 13th low.

• 1.2820: Fibonacci 38.2% for the short term.

• 1.2764: Fibonacci 50% for the short term.

Resistance:

• 1.2997: Fibonacci 61.8% for the massive dive from 1.3690 to 1.1875.

• 1.3092: May 10th high.

• 1.3153: May 3th low..

---

USD/JPY

After the Yen’s strength penetrated the lows of last December & January, we were left with no notable support protecting the 15-year low which was reached last November at 84.81! We will not be a bit surprised if this pair started to move in that direction, and tried to break that low! On the contrary, we have been expecting this for weeks now, and it was included in our reports several times. But, signs show that the possibility of a rising correction is growing, to correct the drop from Wednesday’s top 89.09 to Friday’s low 86.25. On the top of these signs: the inverted hammer formation, which appeared on the daily chart. Therefore, and even though we are negative about this pair on the medium term, we should not neglect these signs which force themselves upon us for today! Short term support is at 86.78, and if broken, the price will continue searching for new lows, targeting 85.84, then the 15-year low 84.81. Resistance is presented by the falling trend line from Wednesday’s tops, which is at the first Fibonacci level 87.33, if broken we will ideally target short term Fibonacci level 88.01 & if broken a quick jump to 88.64 is to be expected.

Support:

• 86.76: the rising trend line from yesterday’s low.

• 85.84: Nov 30th low.

• 84.81: Now 27th low, and the lowest level since 1995!.

Resistance:

• 87.33: short term Fibonacci 38.2% level.

• 88.01: short term Fibonacci 61.8% level.

• 88.64: the falling trend line from Jun 4th on hourly chart.

---

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.

July 21, 2010

ForexPros Daily Analysis July 21, 2010

Free webinar on ForexPros - Let's do some simple Trend Trading

Expert: Kellie Durazo

When: Tue, August 17, 2010, 10:00a.m. ET

Why spend hours analyzing charts when you can learn a few simple trading strategies that are effective and easy to learn.

During this webinar, Kellie Durazo will teach you how to follow and trade the trend "making the trend your friend", enhancing your technical analysis and giving you more trading opportunities for profit in the fx market.

Click here to join free

---

Fundamental Analysis: Initial Jobless Claims

The Initial Jobless Claims is a seasonally adjusted measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report. The number of jobless claims is used as a measure of the health of the job market, as a series of increases indicates that there are fewer people being hired.

On a week-to-week basis, claims are quite volatile. Usually, a move of at least 35K in claims, is required to signal a meaningful change in job growth. A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD. The analysts predict a future reading of 445.00K.

---

Euro Dollar

Although the Euro penetrated 1.30 and reached 1.3026, it dropped hard, breaking the support of yesterday’s report 1.2952, and bottoming just ahead of our suggested target and at 1.2838. With that, we have even more evidence of a reversal, most important factors in this conception are: 1. No daily close above 1.2997 & 2. A “reversal day” pattern for yesterdays bar/candle on the daily chart. This shows just how important the area around 1.30 is, which is probably the level most qualified to turn the Euro around, and resize this soaring move into a correction! This strong & sharp jump is a natural fruit of breaking the top of the channel after touching it for a record number of times, but eventually the Euro managed to break it! After that serious barrier, the energized Euro had faced even a harder one: Fibonacci 61.8% for the giant move down from 1.3690 to 1.1875. This level is at 1.2997, and will act as a heavy weight barrier in the face of this rise, which in spite of the fact that it has achieved more than 1000 pips so far, it still looks corrective (simply because it did not break the divine ratio 61.8% by closing above it). Now, even after a drop of more than 190 pips from yesterday’s top, 1.2997 will still be the most important resistance in the neighborhood, only a break here means more gains. If broken, we will soar above 1.30 for the first time in more than 2 months, and we will target 1.3092 & 1.3153. On the other hand, the support has shifted down to 1.2869, breaking it would indicate that we are drifting away from 1.2997. And that will target 1.2764 & 1.2707.

Support:

• 1.2869: Monday’s low.

• 1.2764: Fibonacci 50% for the short term.

• 1.2707: Fibonacci 61.8% for the short term.

Resistance:

• 1.2997: Fibonacci 61.8% for the massive dive from 1.3690 to 1.1875.

• 1.3092: May 10th high.

• 1.3153: May 3th low.

---

USD/JPY

No change for yesterday’s outlook, after the Yen’s strength penetrated the lows of last December & January, we were left with no notable support protecting the 15-year low which was reached last November at 84.81! We will not be a bit surprised if this pair started to move in that direction, and tried to break that low! On the contrary, we have been expecting this for weeks now, and it was included in our reports several times. But, signs show that the possibility of a rising correction to correct the fall from Wednesday’s top 89.09 to Friday’s low 86.25 is growing. On the top of these signs: the inverted hammer formation, which appeared on the daily chart, and the completed 5-wave move (please refer to the attached chart). Therefore, and even though we are negative about this pair on the medium term, we should not neglect these signs which force themselves upon us for today! Short term support is at 86.94, and if broken, the price will continue searching for new lows, targeting 86.25, then the 15-year low 84.81. Resistance is presented by the Fibonacci level 88.01. A break here indicates that the odds of correction the whole 5 waves down from 92.87 are becoming massive. This will target 88.78 & 89.56.

Support:

• 86.94: the bottom of the rising trend channel from Friday’s low on the hourly chart.

• 86.25: Friday’s low.

• 84.81: Now 27th low, and the lowest level since 1995!.

Resistance:

• 88.01: short term Fibonacci 61.8% level.

• 88.78: Fibonacci 38.2% level for the whole drop from 92.87 (the 5 waves down).

• 89.56: Fibonacci 50% level for the whole drop from 92.87 (the 5 waves down).

---

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.

July 22, 2010

ForexPros Daily Analysis July 22, 2010

Free webinar on ForexPros - Let's do some simple Trend Trading

Expert: Kellie Durazo

When: Tue, August 17, 2010, 10:00a.m. ET

Why spend hours analyzing charts when you can learn a few simple trading strategies that are effective and easy to learn.

During this webinar, Kellie Durazo will teach you how to follow and trade the trend "making the trend your friend", enhancing your technical analysis and giving you more trading opportunities for profit in the fx market.

Click here to join free

---

Fundamental Analysis: 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. The analysts predict a future reading of 0.60%.

---

Euro Dollar

Precisely as we have expected, the long awaited reversal has finally started. It came in a time after the Euro penetrated 1.30 and everybody was cheering for it! However, it broke the support specified in yesterday’s report at 1.2869, and successfully reached the suggested target 1.2764. The evidences we provided in yesterday’s report has triumphed for the technical analysis, over other things which favored the Euro! We have mentioned evidence of a reversal yesterday, especially: 1. No daily close above 1.2997 & 2. A “reversal day” pattern for yesterdays bar/candle on the daily chart. This shows just how important the area around 1.30 is, which is probably the level most qualified to turn the Euro around, and resize this soaring move into a correction! This strong & sharp jump is a natural fruit of breaking the top of the channel after touching it for a record number of times, but eventually the Euro managed to break it! After that serious barrier, the energized Euro had faced even a harder one: Fibonacci 61.8% for the giant move down from 1.3690 to 1.1875. This level is at 1.2997, and will act as a heavy weight barrier in the face of this rise, which in spite of the fact that it has achieved more than 1000 pips so far, it still looks corrective (simply because it did not break the divine ratio 61.8% by closing above it). Short term analysis shows a support at 1.2747, and breaking it would officially declare that we are in a downward correction for the whole move from 1.2150 to 1.3026. The ideal targets for this correction are at: 1.2588 & 1.2485. As for the resistance, it is at 1.2793. A break here would indicate initiation of a correction for the whole move down from 1.3026, with the ideal target for this correction at 1.2913. If this one is broken, we will test 1.3026 itself once more!

Support:

• 1.2747: the rising trend lien from yesterday’s low on intraday charts.

• 1.2588: Fibonacci 50% for the rising move from 1.2150.

• 1.2485: Fibonacci 61.8% for the rising move from 1.2150.

Resistance:

• 1.2793: the falling trend line from 1.3026 on hourly chart.

• 1.2913: Fibonacci 61.8% for the drop from 1.3026 to yesterday’s low.

• 1.3026: Tuesday’s & 2-month high.

---

USD/JPY

No change for yesterday’s outlook, after the Yen’s strength penetrated the lows of last December & January, we were left with no notable support protecting the 15-year low which was reached last November at 84.81! We will not be a bit surprised if this pair started to move in that direction, and tried to break that low! On the contrary, we have been expecting this for weeks now, and it was included in our reports several times. But, signs show that the possibility of a rising correction to correct the fall from Wednesday’s top 89.09 to Friday’s low 86.25 is growing. On the top of these signs: the inverted hammer formation, which appeared on the daily chart, and the completed 5-wave move (please refer to the attached chart). Therefore, and even though we are negative about this pair on the medium term, we should not neglect these signs which force themselves upon us for today! Short term support is at 86.25, and if broken, the price will continue searching for new lows, targeting 85.84, then the 15-year low 84.81. Resistance is at 86.95. A break here indicates that the odds of correction the whole 5 waves down from 92.87 are becoming massive. This will target 88.01 which could prove troublesome first, then 88.78. It is worth mentioning that breaking 86.25 even with a few pips will leave the odds of a rising correction dramatically lower than they are now.

Support:

• 86.25: Friday’s low.

• 85.84: Nov 30th low.

• 84.81: Now 27th low, and the lowest level since 1995!

Resistance:

• 86.95: the falling trend line from Tuesday’s top on the hourly chart.

• 88.01: short term Fibonacci 61.8% level.

• 88.78: Fibonacci 38.2% level for the whole drop from 92.87 (the 5 waves down).

---

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.

skylady · July 22, 2010

Your content in the post is all white on light brown background, can not read it Dear !!!

You must have a black background...

In that case, please use one of these colors, so we that have the very light brown background can read your reports... k ?

light lavender aqua pea green ?- second one down from the brown

These can be seen on Light brown or black backgrounds...

Thanks,

skylady

July 26, 2010

ForexPros Daily Analysis July 26, 2010

Free webinar on ForexPros - Let's do some simple Trend Trading

Expert: Kellie Durazo

When: Tue, August 17, 2010, 10:00a.m. ET

Why spend hours analyzing charts when you can learn a few simple trading

strategies that are effective and easy to learn.

During this webinar, Kellie Durazo will teach you how to follow and trade

the trend "making the trend your friend", enhancing your technical analysis

and giving you more trading opportunities for profit in the fx market.

trading-11171'>Click here to join free

---

Fundamental Analysis: CB Consumer Confidence

The Consumer Confidence measures the level of consumer confidence in

economic activity. It is a leading indicator as it can predict the consumer

spending, which is a major part in the total economic activity. Higher

readings point to higher consumer optimism. A higher than expected reading

should be taken as positive/bullish for the USD, while a lower than expected

reading should be taken as negative/bearish for the USD. The analysts

predict a future reading of 51.00.

---

Euro Dollar

The Euro fluctuated violently on Friday, breaking both the support &

resistance specified in the report, but only reaching the target in the case

of the support. After breaking 1.2860, the Euro reached the first suggested

target 1.2807 successfully. When looking at the hourly chart, we find that

Friday's dive has stopped at the bottom of a new rising channel which will

be placed under our focus for today. The bottom of the channel is at 1.2807,

but after the strong bounce we seen late Friday, the price built another

support ahead of the channel bottom at 1.2883. In case we break today's

support (1.2883) we will drop to test the bottom of the channel at 1.2807 as

a first target. And if this one is also broke, then the rising channel is

broken, which would leave the Euro vulnerable to more downside activity,

targeting 1.2731 as a first & immediate target for this break on the way to

lower targets. On the other hand, the resistance is at the important 1.2942.

If broken, the price will resume its bounce from channel bottom, targeting

yet another test of 1.3026, and may be then 1.3075.

Support:

* 1.2883: the rising trend line from Friday's low on intraday charts.

* 1.2807: the bottom of the rising trend channel on the hourly chart.

* 1.2731: yesterday's low.

Resistance:

* 1.2942: Asian session top, and the falling trend line from last weeks top

on the hourly chart.

* 1.3026: Tuesday's & 2-month high.

* 1.3075: Fibonacci 61.8% for the drop from 1.3816 to 1.1875.

---

USD/JPY

As we have said several times in last week's reports, signs show that the

possibility of a rising correction to correct the fall from June 3rd top

89.09 to July 16th low 86.25 is growing. On the top of these signs: the

inverted hammer formation, which appeared on the daily chart, and the

completed 5-wave move, and further more what looks to be the corrective

waves (a) & (B) forming in an ideal manner (please refer to the attached

chart), and wave © developing in an ideal fashion. Therefore, and even

though we are negative about this pair on the medium term, we should not

neglect these signs which force themselves upon us for today! Short term

support is at 87.33, and if broken, the price will resume its drop after a

3-wave correction, targeting 86.72 & 85.84. Resistance is at 87.67. A break

here indicates that the odds of c continuation of the correction of the 5

waves down from 92.87 are still massive. This will target 88.37, then 88.78.

It is worth mentioning that breaking wave 5 bottom 86.25 even with a few

pips would strongly indicate the termination of the correction we are

currently living.

Support:

* 87.33: the rising trend line from Thursday's low on the hourly chart.

* 86.72: Friday's low.

* 85.84: Nov 30th 2009 low.

Resistance:

* 87.67: important hourly resistance, stopped the price several times after

the open.

* 88.37: Jul 12th low.

* 88.78: Fibonacci 38.2% level for the whole drop from 92.87 (the 5 waves

down).

---

Forex trading analysis written by Munther Marji for Forexpros.

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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.

July 27, 2010

ForexPros Daily Analysis July 27, 2010

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Expert: Kellie Durazo

When: Tue, August 17, 2010, 10:00a.m. ET

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During this webinar, Kellie Durazo will teach you how to follow and trade

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Fundamental Analysis: Core Durable Goods Orders

The Core Durable Goods Orders measures the change in the total value of new

orders for durable goods, excluding transportation. Because aircraft orders

are very volatile, the core number gives a better gauge of orders trends.

Higher reading indicates activity increase by manufacturers. A higher than

expected reading should be taken as positive/bullish for the USD, while a

lower than expected reading should be taken as negative/bearish for the USD.

The analysts predict a future reading of 0.60%.

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Euro Dollar

The Euro survived just above the support we presented in yesterday's report

1.2883 with amazing accuracy (yesterday's low was 1.2886). Then it went all

the way up to break yesterday's resistance 1.2942, and it is still

approaching the suggested target 1.3026 as we speak (the high until the

moment of preparing this report is 1.3016). Therefore, we await a test of

the important resistance 1.3026, where there is the 2-month high. But, we

will not lose interest in our newly found rising channel we talked about

yesterday, and when we look at the hourly chart, we find that Friday's dive

has stopped at the bottom of a new rising channel which will be placed under

our focus for today, knowing that the bottom of the channel is at 1.2872.

Moreover, we find the area between Fibonacci 61.8% at 1.3075 and May 10th

top 1.3092 to be very interesting. Thus, we recommend giving attention to

all these areas, and we believe that each of them will play a role in

dictating today's direction! In case we break the support at 1.2872, we will

drop with the Euro for today and probably the next few days, targeting

1.2792, and 1.2691. On the other side, the resistance is at the important

1.3026. If broken, the Euro will continue its bounce from the channel

bottom, targeting 1.3092 & 1.3200.

Support:

* 1.2872: the bottom of the rising trend channel on the hourly chart.

* 1.2792: Friday's low.

* 1.2691: Fibonacci 38.2% for the whole rise from 1.2150.

Resistance:

* 1.3026: last Tuesday's & 2-month high.

* 1.3092: May 10th high.

* 1.3200: Apr 23rd low.