Free webinar on ForexPros - Inter-Market Analysis and 2010 Forecast for the
Dollar and Commodities
Expert: Nour Eldeen M. Al-Hammouri
When: Today, Mar 25, 2010, 15:00 GMT
In this webinar Nour Eldeen M. Al-Hammouri will discuss the Inter-Market
Analysis and markets relationships. He will relate to the issue of how to
use Moving Averages to track the best support and resistance area, which
will be a signal for the Buy areas or Sell areas.
Traders of the US anticipate the publication of the GDP measurement. The
Gross Domestic Product (GDP) is the broadest measure of economic activity
and is a key indicator for the economy's health.
The Annualized (quarterly change x4) percent changes in GDP shows the growth
rate of the economy as a whole.
Consumption is by far the largest component in the GDP of the US and has the
most affect on it.
The figures can be quite volatile from quarter to quarter. A higher than
expected reading should be taken as positive/bullish for the USD, while a
lower than expected reading should be taken as negative/bearish for the USD.
Analysts predict a future reading of 5.90%.
---
Euro Dollar
The Euro broke the support specified in yesterday's report 1.3390 , and
dropped reaching the first suggested target 1.3326 successfully, before
dipping below 1.33 for the first time since May 7th of last year. This
collapse is completely expected, not only that, but we believe what we have
seen yet is just part one of a strong and massive medium term drop which has
already started! We will not be a bit surprised when we see the Euro below
1.30 in the near future, on the contrary, we look forward with eager to
that. As for the short term, we may see a correction that retests the
support area 1.3434-1.3462 before the weekend, and we may not! This depends
on breaking the short term support or resistance. We see resistance at
1.3459, and the EURUSD will stay harmed, trading under a very negative
technical outlook as long as we are below this resistance. But if a surprise
takes us above this level, we will correct the last wave down from 1.38.
Ideal targets for such a correction are 1.3550 & 1.3612. As for the support
it is at 1.3303 and breaking it would indicate a continuation of the drop.
We do expect large targets to be met before the weekend, such as 1.3190 &
1.3088.
Resistance:
* 1.3459: Fibonacci 61.8% for the short term.
* 1.3550: Fibonacci 50% for the drop from 1.3816.
* 1.3612: Fibonacci 61.8% for the drop from 1.3816.
---
USD/JPY
After days & days of putting it under our surveillance, and pouring all our
attention on it, the "magnetic" resistance 90.78 was broken and we have seen
what follows the break of such important levels. The Dollar jumped strongly
breaking the specified resistance in yesterday's report 90.78 & successfully
reaching both suggested targets 91.60 & 92.31, stopping only 7 pips above
the second target! With this break, the Dollar has released itself from
pressure, and the direction of the Dollar in this pair could now agree with
its direction against the European currencies, and we could end up seeing a
board Dollar rally against all majors. After this rocketing rise, a
correction is normally expected, and here, the previous critical resistance
90.78 has turned to a support that the price should hold above. Short term
support is at 91.40 & breaking it would indicate a drop to 90.78 to retest
it. If price holds above it, or at least close to it, there will be no harm.
But it we go back below this level, the positive technical outlook will get
hit hard, and price will drop towards 89.99. As for the resistance it is at
92.09 & if broken, the current rise will continue, and the Dollar will rise
to a new set of targets which includes: 93.20 & 93.75.
Support:
* 91.40: short term 38.2% Fibonacci support.
* 90.78: the previous important resistance, and Fibonacci 61.8%.
* 89.99: the rising trend line from 89.61 on the hourly chart.
Resistance:
* 92.09: the falling trend line from yesterday's top.
* 93.20: Jan 4th high.
* 93.75: Jan 8th high.
---
ForexTrading 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.
Free webinar on ForexPros - Day Trading Strategies
Expert: Mark Hodge, Rockwell Trading
When: Wed, Apr 28, 2010, 10:00 EST
In this webinar Mark Hodge, Head Coach at Rockwell Trading, will show you
powerful day trading strategies that can be used to trade leveraged markets.
He'll show you what settings to use, the rules, and when to enter and when
to exit a trade. In addition, he'll cover:
1. A "secret" way to display charts that makes chart reading much easier
2. What markets to trade and why
3. What indicators to use to determine if the market is trending or moving
sideways
This webinar is #1 in a 3-part educational series brought to you by Rockwell
Trading. Don't forget to check the ForexPros calendar to register for Parts
2 and 3!
Traders of the UK anticipate the publication of the GDP measurement. The
Gross Domestic Product (GDP) is the broadest measure of economic activity
and is a key indicator for the economy's health. The quarterly percent
changes in GDP shows the growth rate of the economy as a whole. A higher
than expected reading should be taken as positive/bullish for the 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
The Euro continued to rise from last week's low, Friday's low, and the
10-month low 1.3266. It challenged the important resistance 1.3453,
surpassed it clearly. But in spite of that we wonder: Can it go back to
uptrend? The collapse which happened late last week is completely expected,
not only that, but we believe what we have seen yet is just part one of a
strong and massive medium term drop which has already started! We will not
be a bit surprised when we see the Euro below 1.30 in the near future, on
the contrary, we look forward with eager to that. But after dropping from
1.38 to 1.32 in a few days, a rising correction is normal & logical thing
and holds no surprises. Thus, we should focus of the projected targets for
this correction. As for the short term, we see resistance at the nearby
1.3453, and the EURUSD will stay harmed, trading under a very negative
technical outlook as long as we are below this resistance. But if a surprise
takes us above this level one more time, we will correct the last wave down
from 1.38. Ideal targets for such a correction are 1.3541 & 1.3606. As for
the support it is at 1.3385 and breaking it would indicate a continuation of
the drop. We do expect large targets to be met for the short term, such as
1.3283 & 1.3190.
Support:
* 1.3385: Fibonacci 38.2% for the rise from yesterday's bottom.
* 1.3283: Thursday's low.
* 1.3190: Apr 30th low.
Resistance:
* 1.3453: Fibonacci 61.8% for the short term.
* 1.3541: Fibonacci 50% for the drop from 1.3816.
* 1.3606: Fibonacci 61.8% for the drop from 1.3816.
---
USD/JPY
Dollar-Yen did not move a lot on Friday, and failed to create any moves that
could change the technical picture. As we said on the last report of the
past week, what is important can be seen when taking a look at the daily
chart, and spotting that break of a one year old trend line which frustrated
the Dollar deeply on 3 previous occasions. This break turns the medium term
outlook to positive, after breaking 90.78 did the same for the short term
outlook. With this break, the Dollar has released itself from pressure, and
the direction of the Dollar in this pair could now agree with its direction
against the European currencies, and we could end up seeing a board Dollar
rally against all majors. After this rocketing rise, a correction is
normally expected, and here, the previous critical resistance 90.78 has
turned to a support that the price should hold above. Short term support is
at 92.29 & breaking it would indicate a drop to 91.34 first, and may be then
another drop to 90.78 to retest it. If price holds above it, or at least
close to it, there will be no harm. But it we go back below this level, the
positive technical outlook will get hit hard. As for the resistance it is at
92.77 & if broken, the current rise will continue, and the Dollar will rise
to a new set of important targets above 93 which includes: 93.20 & 93.75.
Support:
* 92.29: Friday's low.
* 91.34: short term Fibonacci 50% support.
* 90.78: the previous magnetic resistance, which turned to the most
important support now
Resistance:
* 92.77: important intraday resistance.
* 93.20: Jan 4th high.
* 93.75: Jan 8th high.
---
ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a
"tried and true" strategy. This is what Kellie Durazo likes to call the
"universal" strategy, as anyone can learn it, from the beginner to the
advanced. You can use it on any currency pair you like to trade. Don't have
time to spend hours upon hours analyzing charts looking for set ups? Then
this strategy is for you and anyone who loves to trade the FX market.
This webinar is brought to you by FX V-room and Forexpros.
Traders of the US anticipate the publication of the Initial Jobless Claims.
This 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. Analysts predict a future reading of 440.00K.
---
Euro Dollar
The Euro continued to rise from last week's low, Friday's low, and the
10-month low 1.3266, reaching a new top for this correction at 1.3535, from
which it dropped strongly for more than 150 pips. The collapse which
happened late last week is completely expected, not only that, but we
believe what we have seen yet is just part one of a strong and massive
medium term drop which has already started! We will not be a bit surprised
when we see the Euro below 1.30 in the near future, on the contrary, we look
forward with eager to that. But after dropping from 1.38 to 1.32 in a few
days, a rising correction is normal & logical thing and holds no surprises.
Thus, we should focus of the projected targets for this correction, the most
important of which is the Fibonacci 61.8% resistance at 1.3606. Adding
importance to this level is the fact that the long term descending trend
line is getting closer and closer to it. As for the short term, we see
resistance at 1.3441, and if broken, we will continue to correct the last
wave down from 1.38. Ideal targets for such a correction are 1.3541 & the
level with continuous rise in its importance 1.3606. As for the support it
is at 1.3369 and breaking it would indicate a continuation of the drop from
yesterday's top 1.3535. We do expect large targets to be met for the short
term, such as 1.3283 & 1.3190.
Support:
* 1.3369: the bottom of the rising trend line from 1.3266 on hourly charts.
* 1.3283: Thursday's low.
* 1.3190: Apr 30th low.
Resistance:
* 1.3441: Fibonacci 38.2% for the drop from yesterday's top.
* 1.3541: Fibonacci 50% for the drop from 1.3816.
* 1.3606: Fibonacci 61.8% for the drop from 1.3816.
---
USD/JPY
Dollar-Yen broke the resistance specified in yesterday's report 92.68, and
successfully reached the first suggested target 93.20, in a move in the same
direction of the technical outlook which followed the break of the falling
trend line on the daily chart, which we have talked about several times
recently. Before reaching 93, the technical outlook was positive, and after
reaching 93, the technical outlook is still positive. But, as we approach
the important top 93.75, we recommend caution of a possible drop. Since it
is pretty important, we will take 93.75 to be our "resistance of the day",
and we do not expect this "correctionless" rise to continue unless it is
broken. But if it does, the price will jump above 94 for the first time
since August, targeting 94.35 and may get a taste of 95 as it targets 95.05.
As for the support it is at 93.00, and breaking it would mean that the price
has settled for a top at 93.58, for the time being at least, and that we
will now correct the big rise we just saw.
Support:
* 93.00: Fibonacci 38.2% for the short term.
* 92.13: Feb 19th low.
* 91.49: Fibonacci 38.2% for the rise from 88.12.
Resistance:
* 93.75: Jan 8th high.
* 94.35: Aug 4th low.
* 95.05: Aug 24th high.
---
ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.
This webinar is brought to you by FX V-room and Forexpros.
Traders of the US anticipate the publication of the Nonfarm Payrolls. The payroll measures the change in the number of employed people during the last month of all non-farming businesses. The total non-farm payroll accounts for approximately 80% of the workers who produce the entire gross domestic product of the United States. It is the single most important piece of data contained in the employment report, which considered to offer the best overview of the economy. The monthly changes and the revisions in payrolls can be quite volatile. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 190.00K.
---
Euro Dollar
The Euro broke the resistance specified in yesterdays report 1.3441 and reached the first suggested target 1.3551 successfully, stopping only 8 pips above it. . The collapse which happened late last week is completely expected, not only that, but we believe what we have seen yet is just part one of a strong and massive medium term drop which has already started! We will not be a bit surprised when we see the Euro below 1.30 in the near future, on the contrary, we look forward with eager to that. But after dropping from 1.38 to 1.32 in a few days, a rising correction is normal & logical thing and holds no surprises. Thus, we should focus of the projected targets for this correction, the most important of which is the Fibonacci 61.8% resistance at 1.3606. Adding importance to this level is the fact that the long term descending trend line has finally touched the Fibonacci level. The possibility of forming a medium term top between the current price & 1.3606 is getting larger by the minute. Thus we do not recommend taking a positive attitude towards the EURUSD ahead of 1.3606, and we also recommend to be on the watch for any indications that a medium term top is forming in the neighborhood. Short term resistance is 1.3606, breaking it would indicate a jump to 1.3703 and then 1.3794. Short term support is at 1.3494, breaking it would frustrate the Euro and send it to 1.3394 & may be 1.3283.
Support:
1.3494: Asian session low.
1.3394: the bottom of the rising channel on 1.3266 on hourly charts.
1.3283: Thursdays low.
Resistance:
1.3606: Fibonacci 61.8% for the drop from 1.3816.
1.3703: Mar 8th high.
1.3794: Mar 12th high.
---
USD/JPY
Dollar-Yen traded below 93.75 for the whole past 24 hours, settling for a nearby top at 93.63. But, as we approach the important top 93.75, we recommend caution of a possible drop. Since it is pretty important, we will take 93.75 to be our resistance of the day, and we do not expect this correctionless rise to continue unless it is broken. But if it does, the price will jump above 94 for the first time since August, targeting 94.35 and may get a taste of 95 as it targets 95.05. As for the support it is at 93.00, and breaking it would mean that the price has settled for a top at 93.58, for the time being at least, and that we will now correct the big rise we just saw. If this break takes place, we expect the Dollar to fall strongly targeting 92.13 first, and may be 91.53 afterwards.
Support:
93.26: the rising trend line from 92.10 on hourly charts.
92.13: Feb 19th low.
91.49: Fibonacci 38.2% for the rise from 88.12.
Resistance:
93.75: Jan 8th high.
94.35: Aug 4th low.
95.05: Aug 24th high.
---
ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.
This webinar is brought to you by FX V-room and Forexpros.
The signs of drifting away from 1.3606 started to appear clearly as we broke the rising channel on the hourly chart, which appears on todays attached chart. This break took place at 1.3465, and after such a break it is only normal for the Euro to enter in a bearish phase, for the short term at least. But approaching 1.3606 then breaking a rising channel could mean that we are entering a bearish phase on the medium term as well. Short term support is at 1.3412, and if broken, the drop created upon the 1.3465 break will gain momentum, and will drag the Euro down to 1.3283 as a first target for this break, and then we could see 1.3190. As for the resistance, it is at the retest level for the broken channel, which is at 1.3480. If the Euro manages to go back inside the channel, that would be a real surprise, and if this surprise happens, that would give another chance to test the most important resistance of all 1.3606. And if this one is broken, the Euro will enter a bullish phase for the short & medium terms, and would target 1.3703 as a first immediate and modest target for such a break on the way to higher levels in the coming days. But, as long as we are below 1.3480, there will be no surprises, and the Euro will fall towards the above mentioned targets.
Support:
1.3412: Asian session low.
1.3283: last Thursdays low.
1.3190: Apr 30th 2009 low.
Resistance:
1.3480: the retest level for the broken channel on the hourly chart.
1.3606: Fibonacci 61.8% for the drop from 1.3816.
1.3703: Mar 8th high.
---
USD/JPY
The rising move for the Dollar against the yes stalled at 94.77 early in the new week. From that top a slow retreat has started, then a break of the rising channel on the hourly chart (shown on the attached chart). This is the most important even in favor of the Yen in the past 2 weeks. We expect this break to give a chance for the Yen to achieve gains and move this pair lower, even if that was for a correction. We can also see a falling trend line from 94.77, with which the price has touched 3 times so far. This is another sign that the short term trend is down (in addition to breaking the channel). Short term support is at 93.75, if broken the 94 adventure would have ended, even if temporary, and time for a correction will be here. Targets for this break would be the very important 93.12 & 92.10. As for the resistance it is at 94.28 & breaking it would target 95.05 & 95.94.
Support:
93.75: Jan 8th high.
92.84: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term.
92.10: Mar 30th low.
Resistance:
94.28: the falling trend line from 94.77 on hourly chart.
95.05: Aug 24th high.
95.94: Mar 30th 2009 low.
---
ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.This webinar is brought to you by FX V-room and Forexpros.
The Euro broke the support 1.3412 and fell as expected, but less than what is expected. The drop which followed was less than 70 pips, and did not reach the first suggested target 1.3283. But this sluggishness does not change the negative technical outlook. And as we said yesterday, after such a break it is only normal for the Euro to enter in a bearish phase, for the short term at least. But approaching 1.3606 then breaking a rising channel could mean that we are entering a bearish phase on the medium term as well. Short term support is at 1.3355, and if broken, the drop created upon the 1.3465 break will gain momentum, and will drag the Euro down to 1.3283 as a first target for this break, and then we could see 1.3190. As for the resistance, it is at the important trend line on the hourly chart, which is at 1.3458. If the Euro manages to go back inside the channel, that would be a real surprise, and if this surprise happens, that would give another chance to test the most important resistance of all 1.3606. And if this one is broken, the Euro will enter a bullish phase for the short & medium terms, and would target 1.3703 as a first immediate and modest target for such a break on the way to higher levels in the coming days. But, as long as we are below 1.3458, there will be no surprises, and the Euro will fall towards the above mentioned targets.
Support:
1.3355: Asian session low.
1.3283: last Thursdays low.
1.3190: Apr 30th 2009 low.
Resistance:
1.3458: the falling trend line from Friday's low on hourly chart.
1.3606: Fibonacci 61.8% for the drop from 1.3816.
1.3703: Mar 8th high.
---
USD/JPY
The Dollar-Yen did not fell below 93.75 much, ad came back to the habit that we have seen in the past few days, of making us bored to death, and failing to create any strong moves upon a break. Thus, we do not see much of a change in the technical outlook. Short term support is at January 8th top 93.75, and if broken the 94 adventure would have ended, even if temporary, and it will be time for an overdue correction. Targets for this break would be the most important support for the short term 93.12 & 92.10. As for the resistance it is at 61.8% Fibonacci resistance for the drop from 94.77 which is at 94.28 & breaking it would indicate a continuation in the slow advancement to target 95.05 & 95.94.
Support:
93.75: Jan 8th high.
92.84: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term.
92.10: Mar 30th low.
Resistance:
94.31: short term 61.8% Fibonacci resistance.
95.05: Aug 24th high.
95.94: Mar 30th 2009 low.
---
ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.
This webinar is brought to you by FX V-room and Forexpros.
The Euro broke the support 1.3355, but managed somehow to hold above 1.33. The fact that the Euro has traded above 1.33 after this break is a result of approaching a new channels bottom. This channel which we present to you today on the attached chart, helped the Euro survive above 1.33, but will it succeeds in doing in doing so today? We see the most important support for short term is the nearby 1.3319, and breaking it would give the Dollar a push, driving this pair to new lows for this wave. We see that breaking this support will result in breaking 1.33 and then creating a strong move targeting 1.3212 and then 1.3113, as we approach the important 1.30 level. As for the resistance it is at 1.3356, and breaking it would indicate we are targeting the top of the channel at 1.3420. And if this resistance is broken, the technical picture will improve, dramatically, and we will see the Euro bringing out a few surprises, which will lead to the test of the very important falling trend line for the long term, which is at 1.3517.
Support:
1.3319: important intraday support.
1.3212: May 4th low.
1.3113: Mar 30th 2009 low.
Resistance:
1.3356: the top of the falling channel on hourly chart.
1.3420: the top of the falling channel from Friday's low on hourly chart.
1.3517: the falling trend line for the long term on the daily chart.
---
USD/JPY
The Dollar-Yen broke the support in yesterdays report 93.75, and stopped with stunning accuracy at the first suggested target 93.12 (the Asian session low, and the daily low until the moment of preparing this report is 93.12). This proves the importance of this level which we described yesterday as very important. Thus, we will keep our attention focused on this level, since a break here would indicate that the fall from 94.77 is more than just a correction. If 93.12 is broken, we expect this pair to get hammered to 92.10 first, and then the important 91.55, which represents the last line of defense for the rise from 88.12. With this drop, we now have a clear falling channel from 94.77, with its top at 93.82. If this resistance is broken, the USD will be able to capitalize on the accurate stop at 93.12 t achieve gain, targeting the weekly high 94.77 first, and then 95.84.
Support:
93.12: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term.
92.10: Mar 30th low.
91.55: the rising trend line from 88.12 on the hourly chart.
Resistance:
93.82: the top of the falling channel from 94.77.
94.77: this weeks high so far.
95.84: Jul 31st high.
ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.This webinar is brought to you by FX V-room and Forexpros.
Traders of the US anticipate the publication of the Trade Balance index. It measures the difference in worth between exported and imported goods (exports minus imports). This is the largest component of a country's balance of payments. Export data can give reflection on the US growth. Imports provide an indication of domestic demand. Because foreigners must buy the domestic currency to pay for the nation's exports, it may have sizable affect on the USD. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of -39.00B.
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Euro Dollar
The Euro broke the resistance specified in Fridays report 1.3374 and successfully reached the first suggested target 1.3489. But what is more important is the gaps which took place at the new weeks open, and managed to create a major technical event, which is breaking the medium term trend line, which is the line falling from 1.5139 on daily chart. This line, which we focused on all last week, is an important one, which managed to frustrate the Euros attempts to rise for the past 3 months, and now it gives way, how much will that has an effect on the EURUSD? We can say that the Euro is finally free from downside pressure on the medium term, and that it will be shooting for areas hundreds of pips higher than current ones, in the next few days and weeks. But there is an important condition for this, and that is to keep trading above the broken line. As for the short term, the resistance is at 1.3709, and breaking it would indicate a continuation in this rising move. The next set of targets will be 1.3794 then 1.3861. As for the support, it is at 1.3648, and breaking it would indicate a correction for the whole move up from 1.3281, with the ideal target-area for this correction between 1.3534 & 1.3437.
Support:
1.3648: the rising trend line from the after-open low.
1.3534: Fibonacci 38.2% for the rise from 1.3281.
1.3437: Fibonacci 61.8% for the rise from 1.3281.
Resistance:
1.3709: Fibonacci 23.6% for the whole drop from 1.5143 to 1.3266.
1.3794: Mar 12th high.
1.3861: Jan 29th low.
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USD/JPY
The Dollar-Yen refused to engage in the extreme excitement seen on the Dollar/European currencies pairs, and kept its very calm relatively to the craziness we have seen on other pairs. The thing is that, the technical outlook has not changed for days. We are still trading very slowly in a correction to the up move which topped at 94.77, which is a correction that managed to reach its first target at 92.85. We are still watching for any other technical evidences to decide whether this correction has finished at Fibonacci 38.2% or that it is still going and will soon target Fibonacci 50% & 61.8% levels. Support is at 92.85 and in case it is broken, the price will continue its drop from 94.77 (the correction), and will target 92.10 first, then the most important support for the short term (and may be the medium term as well) 91.66. As for the resistance it is at 93.42, and breaking it would indicate that we are back to the 94areas after completing a modest correction, and we will target 94.07 & 95.05.
Support:
92.85: Jan 8th high, and the rising trend line from 88.12 on the 4-hour chart.
92.10: Mar 30th low.
91.66: Fibonacci 61.8% for the rise from 89.74, a very important support for the short term.
Resistance:
93.42: the falling trend line from 94.77 on hourly chart.
94.07: important intraday support/resistance.
95.05: Aug 24th high.
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ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.This webinar is brought to you by FX V-room and Forexpros.
Fundamental Analysis: Fed Chairman Bernanke Testifies
Traders of the US anticipate the testimony by Ben Bernanke, US Federal Reserve Chairman. He will be testifying in Washington DC, regarding America's economic outlook and financial markets.
His comments may determine a short-term positive or negative trend.
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Euro Dollar
The Euro retreated from the post-gap top, and filled more than a third of the gap. This normal retreat after the sharp rise from 1.3281 has not done any harm for the technical outlook, since the price is still above the broken line with a comfortable margin. But the fragile consolidation above 1.3567 makes us expect more downside activity, immediately after it is broken. If this support gives way, the Euro will fall further, targeting two important levels: the first of which is the gap filling level at 1.3495, and the second has a huge importance for the short and may be medium term as well, since it combines Fibonacci 61.8% and the broken trend line which we said it is very important to stay above, in order to achieve more gains. The resistance is at 1.3643 and only if it is broken, we can expect more gains, and a new weekly high, since the targets for such a break will be 1.3709 & 1.3794.
Support:
1.3667: Asian session low gap filling level. 38.2% for the rise from 1.3281.
1.3495: filling the gap level.
1.3437: Fibonacci 61.8% for the rise from 1.3281.
Resistance:
1.3643: short term Fibonacci 61.8%.
1.3709: Fibonacci 23.6% for the whole drop from 1.5143 to 1.3266.
1.3794: Mar 12th high.
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USD/JPY
The falling trend line from 94.77 frustrated another attempt for the Dollar-Yen to rise, stopping it at 93.59. Then we saw the price obey the trend line and dropped almost 100 pips, entering the 92 areas. The thing is that, the technical outlook has not changed for days. We are still trading very slowly in a correction to the up move which topped at 94.77, which is a correction that managed to reach its first target at 92.85. We are still watching for any other technical evidences to decide whether this correction has finished at Fibonacci 38.2% or that it is still going and will soon target Fibonacci 50% & 61.8% levels. Support is at 92.26 and in case it is broken, the price will continue its drop from 94.77 (the correction), and will target the most important support for the short term (and may be the medium term as well) 91.66, and if broken we will target 91.07 as a modest target for such a break on the way to lower targets. As for the resistance it is at 93.26, and breaking it would indicate that we are back to the 94areas after completing a modest correction, and we will target 94.07 & 95.05.
Support:
92.26: Fibonacci 50% for the rise from 89.74.
91.66: Fibonacci 61.8% for the rise from 89.74, a very important support for the short term.
91.07: Mar 12th high.
Resistance:
93.26: the falling trend line from 94.77 on hourly chart.
94.07: important intraday support/resistance.
95.05: Aug 24th high.
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ForexTrading 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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.This webinar is brought to you by FX V-room and Forexpros.
Traders of the US anticipate the publication of the Initial Jobless Claims. It 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. Analysts predict a future reading of 440.00K.
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Euro Dollar
The Euro reached a new low for this week at 1.3544 and from there started a new advancement, which was able to achieve more than 100 pips so far, and it is closing on the important resistance 1.3675, which we believe is the real key that can open the way for more gains. The fight between this advancement, and this resistance will be the deciding factor which will determine the direction that we will take from these levels. If the price manages to break the resistance, the rise will go on and get stronger, as we see it targeting the important 1.3776 & if broken we will not be surprised to see 1.3861. The support is at 1.3625, and breaking it would mean that we are on the way to test yesterdays low 1.3544 once again, and then head towards a very important support, provided by the 61.8% Fibonacci level for the whole rise from 1.3281, which is at 1.3437. In case we reach this level or come close to it, it will be a critical level not only for the short term but for the medium term as well. It is worth noticing that the
EURUSD has not filled the gap or closed the window, and thus, the possibility of downside activity remains there.
Support:
1.3625: previous intraday resistance.
1.3544: yesterdays low.
1.3437: Fibonacci 61.8% for the rise from 1.3281.
Resistance:
1.3675: short term Fibonacci 61.8%.
1.3776: Mar 15th high.
1.3861: Jan 29th low.
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USD/JPY
In what seems to be the strongest attempt to break the falling trend line from 94.77 the price surpassed the trend line with a few pips, but stopped not far from it at 93.34. The thing is that, the technical outlook has not changed for days. We are still trading very slowly in a correction to the up move which topped at 94.77, which is a correction that managed to reach its first target at 92.85. We are still watching for any other technical evidences to decide whether this correction has finished at Fibonacci 38.2% or that it is still going and will soon target Fibonacci 50% & 61.8% levels. Support is at 92.26 and in case it is broken, the price will continue its drop from 94.77 (the correction), and will target the most important support for the short term (and may be the medium term as well) 91.66, and if broken we will target 91.07 as a modest target for such a break on the way to lower targets. As for the resistance it is at 93.34, and breaking it would indicate that we are back to the 94areas after completing a modest correction, and we will target 94.07 & 95.05.
Support:
92.26: Fibonacci 50% for the rise from 89.74, with the rising trend line from 88.12 coming closer and closer to this level.
91.66: Fibonacci 61.8% for the rise from 89.74, a very important support for the short term.
91.07: Mar 12th high.
Resistance:
93.26: the falling trend line from 94.77 on hourly chart.
94.07: important intraday support/resistance.
95.05: Aug 24th high.
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ForexTrading 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.
