Forexpros Daily Analysis

[forexpros2]

Forexpros Daily Analysis - 06/05/2010

ForexPros Daily Analysis May 6, 2010


Free webinar on ForexPros - "Money Management for Forex & Futures"

Expert: Mark Hodge, Rockwell Trading
When: Wed, May 12, 2010, 10:00 EST

Money Management is one of the keys to becoming a consistent and self-sufficient trader. But many traders are unaware of what money management really is and how it can have a dramatic effect on growing and protecting their trade equity. In this FREE webinar, Mark Hodge (Head Coach of Rockwell Trading) will cover the following important topics:

* What money management is and what it isn't
* Share several different money management techniques
* Show why Fixed Ratio Money Management is his favorite

This webinar is #2 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

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Fundamental Analysis: Nonfarm Payrolls

Traders of the US anticipate the publication of the Nonfarm Payrolls. The Payrolls measure the change in the number of employed people during the last month of all non-farming businesses. The total non-farm payroll accounts for approximately 80% of the workers who produce the entire gross domestic product of the United States. It is the single most important piece of data contained in the employment report, which considered to offer the best overview of the economy. The monthly changes and the revisions in payrolls can be quite volatile. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 187.00K.

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Euro Dollar

The Euro fluctuated before breaking the support 1.2948, surpassing both the resistance & supports with about 10 pips each, fooling us that there is a break, only to frustrate us with a move in the opposite direction. Then, it made up its mind, and broke 1.2948, falling & reaching both suggested target 1.2885 & 1.2820. Today, the price is still trading below the falling channel, clearly, and that leaves us with no reason to change the negative technical outlook (even after a drop of 550+ pips). In fact, this outlook will not change unless we go back to trade inside the channel, which is something that needs a break of the resistance 1.2935 to happen. Before this important resistance, there is short term resistance at 1.2854, this is the one we will focus on for today. If the Euro breaks the resistance 1.2854, it will have a chance to take a breath, and test the bottom of the broken channel at 1.2935. In case we actually surpass this first target and go back to trade within the channel, we will be heading towards the first Fibonacci retracement level for the whole drop from 1.3347. The support is at 1.2802, breaking it is a sign that everything is going ok for the downtrend, and that it will continue to target new lows below 1.30, for today they are 1.2721 & 1.2638.

Support:
1.2802: important intraday support, protecting yesterdays low.
1.2721: Fed 12th 2009 important low.
1.2638: Feb 18th 2009 high.

Resistance:
1.2854: important intraday top.
1.2935: a clear hourly support, and the retest level for the broken channel.
1.3002: Fibonacci 38.2% for the drop from 1.3347.

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USD/JPY

The Dollar/Yen broke the support specified in yesterdays report 94.56, and successfully reached the first suggested target 93.91, and stopped halfway to the second target 93.30. What is more important than this is that the price has broken both the rising trend line from 92.80 & 91.58. This very important event has turned the technical outlook negative. Thus, we expect the sliding to go on for another day, but it needs to go through the 93.62 gate. If his support is broken, everything will go ok for the downtrend, and the next set of targets will be 92.97 & the important 92.13. On the other hand, the most notable resistance is at 94.01, we do not expect it to be broken at this stage, such a break would make a small surprise. But, if this surprise actually happens, a strong jump will take us to 95.05 at least, and may be later 95.90.

Support:
93.62: intraday support.
92.97: Apr 28th low.
92.13: Apr 19th top.

Resistance:
94.01: the retest level for the broken trend channel..
95.05: Aug 24th high.
95.90: Jul 29th low.

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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.

 

[forexpros2]

Forexpros.com Daily Analysis - 10/05/2010

ForexPros Daily Analysis May 10, 2010

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Free webinar on ForexPros - "Money Management for Forex & Futures"

Expert: Mark Hodge, Rockwell Trading
When: Wed, May 12, 2010, 10:00 EST

Money Management is one of the keys to becoming a consistent and self-sufficient trader. But many traders are unaware of what money management really is and how it can have a dramatic effect on growing and protecting their trade equity. In this FREE webinar, Mark Hodge (Head Coach of Rockwell Trading) will cover the following important topics:

* What money management is and what it isn't
* Share several different money management techniques
* Show why Fixed Ratio Money Management is his favorite

This webinar is #2 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: German CPI

European traders anticipate the publication of the German CPI. The German Consumer Price Index (CPI) measures the changes in the price of goods and services. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation in Germany. A higher than expected reading should be taken as positive/bullish for the EUR (as the common way to fight inflation is raising rates, which may attract foreign investment), while a lower than expected reading should be taken as negative/bearish for the EUR. Analysts predict a future reading of -0.10%.

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Euro Dollar

The Euro broke the support specified in Fridays report 1.2735, and we saw the price drifting away from the channel bottom, reaching both suggested 1.2854 & 1.2935 successfully. The most important technical event in the past week was not the exciting collapse, but reaching the bottom of the falling trend channel on the daily chart (please refer to the attached chart). And after a rebound of almost 450 pips, this bottom has proved important. We could be in front of a turning point not just for the short term but for the medium term as well. But on the other hand, the price has reached, and stopped at, Fibonacci 38.2% for the whole drop from 1.3690 to 1.2511. This technical evidence favors that we are in a rising correction from last weeks low. A correction that met its first target (Fibo 38.2%). The question now is will this correction settle for 38.2% or will it shoot to the more important Fibonacci retracement levels 50% & 61.8%? This question can be answered with staying below, or breaking 1.2966. If this resistance is broken, the correction will go on, and we will target Fibonacci 50% at 1.3105 first, then 1.3165. Here, difficulties will face this move and make it harder for it to go on. The support is at 1.2900, breaking it would indicate a drop, drifting away from 1.2966 and targeting 1.2795 & 1.2690.

Support:
1.2900: important intraday support.
1.2795: Fibonacci 38.2% for the rise from 1.2519.
1.2690: Fibonacci 38.2% for the rise from 1.2519.

Resistance:
1.2966: Fibonacci 38.2% for the drop from 1.3690.
1.3105: Fibonacci 50% for the drop from 1.3690.
1.3165: previous well known support/resistance.

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USD/JPY

The Dollar/Yens rise from 87.99 has slowed down significantly, after rocketing for more than 500 pips in less than 18 hours! But now we have come back from excitement to boredom, the good news is that the important levels are much closer to each other than it was on Friday. The resistance is at 92.83 & the support is at 92.46. We will be waiting for one of these two levels to give way. If 92.46 gives way, a correction for this rocking jump will start, with its first target at 91.22 and the second important target is at 90.61. The resistance is at 92.83, and if broken the price will jump to the resistance that we find very attractive 93.96. If this one is also broken, 95 will become near, as we will target 95.05. In the next few days, important evidence on medium term direction will emerge, and we will be on the watch for them.

Support:
92.46: intraday support.
91.22: Fibonacci 38.2% support for the rise from Thursdays low.
90.61: Fibonacci 50% support for the rise from Thursdays low.

Resistance:
92.83: intraday resistance.
93.96: previous hourly resistance.
95.05: Aug 24th high.

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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.

 

[forexpros2]

Forexpros.com Daily Analysis - 11/05/2010

ForexPros Daily Analysis May 11, 2010

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Free webinar on ForexPros - "Money Management for Forex & Futures"

Expert: Mark Hodge, Rockwell Trading
When: Wed, May 12, 2010, 10:00 EST

Money Management is one of the keys to becoming a consistent and self-sufficient trader. But many traders are unaware of what money management really is and how it can have a dramatic effect on growing and protecting their trade equity. In this FREE webinar, Mark Hodge (Head Coach of Rockwell Trading) will cover the following important topics:

* What money management is and what it isn't
* Share several different money management techniques
* Show why Fixed Ratio Money Management is his favorite

This webinar is #2 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: German GDP

European traders anticipate the publication of the German GDP. 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 EUR, while a lower than expected reading should be taken as negative/bearish for the EUR. Analysts predict a future reading of 0.00%.

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Euro Dollar

The Euro broke the resistance specified in yesterdays report 1.2966 and jumped more than 125 pips, and came close to our suggested target 1.3105 (yesterdays high was 1.3092). Then it completely collapsed, dropping back to break the support 1.2900, and reaching the first suggested target 1.2795, it then came close to the second suggested target 1.2690 (the low until the moment of preparing this report is 1.2706). These big & massive moves give us a lot of excitement, but they also increase risk. They may stop just before their targets, and switch direction violently, like what we have seen yesterday just ahead of 1.3105. Thus, we all should stick to strict money management rules, in order to avoid potential hard hits that may occur to us. Todays support is at 1.2706, it is the lowest point after yesterdays top. If broken, we will target 1.2608, which is probably the last important level before last weeks and one-year low 1.2511. The resistance is at 1.2801, breaking it would target the important Fibonacci level 1.2899 then the most important Fibonacci level 1.2945.

Support:
1.2706: Asian session low.
1.2608: important intraday low.
1.2511: last weeks & one-year low.

Resistance:
1.2801: important intraday top.
1.2899: Fibonacci 50% for the drop from 1.3092.
1.2945: Fibonacci 61.8% for the drop from 1.3092.

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USD/JPY

The Dollar/Yens is back to slow, small, and boring moves! But it has reached a new top at 93.50, before going back below 93. Todays important levels are close to each other. The resistance is at 93.15 & the support is at 92.57. We will be waiting for one of these two levels to give way. If 92.57 gives way, a correction for this rocking jump will start, with its first target at 91.40 and the second important target is at 90.75. The resistance is at 93.15, and if broken the price will jump to the resistance that we find very attractive 93.96. If this one is also broken, 95 will become near, as we will target 95.05. In the next few days, important evidence on medium term direction will emerge, and we will be on the watch for them.

Support:
92.57: intraday support.
91.40: Fibonacci 38.2% support for the rise from Thursdays low.
90.75: Fibonacci 50% support for the rise from Thursdays low.

Resistance:
93.15: the falling trend line from yesterdays tops.
93.96: previous hourly resistance.
95.05: Aug 24th high.

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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.

 

[forexpros2]

Forexpros.com Daily Analysis - 12/05/2010

ForexPros Daily Analysis May 12, 2010

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Free webinar on ForexPros - "Money Management for Forex & Futures"

Expert: Mark Hodge, Rockwell Trading
When: Today, May 12, 2010, 10:00 EST

Money Management is one of the keys to becoming a consistent and self-sufficient trader. But many traders are unaware of what money management really is and how it can have a dramatic effect on growing and protecting their trade equity. In this FREE webinar, Mark Hodge (Head Coach of Rockwell Trading) will cover the following important topics:

* What money management is and what it isn't
* Share several different money management techniques
* Show why Fixed Ratio Money Management is his favorite

This webinar is #2 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: Initial Jobless Claims

Traders of the US anticipate the publication of the 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. Analysts predict a future reading of 440.00K.

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Euro Dollar

The Euro broke the support specified in yesterdays report 1.2706 and successfully reached the first suggested target, stopping only 4 pips below it! Today, yesterdays target have turned into the most important support, because it managed to stop the latest episode of the falling series which started close to 1.3105 Fibonacci level that we have talked about previously. If the price holds above this support, it will finally have a break, and we could see a rising correction after this drop of more than 500 pips in less than 48 hours! Todays resistance is at 1.2693, and breaking it would indicate we are already in a rising correction for the whole drop from 1.3092. The ideal targets for such a correction are 1.2790 & 1.2848, which we will focus on for today. Later, the price may reach the third and ideal target for this correction at 1.2906. Support is as we said, at the target which was met yesterday 1.260, and breaking it would drag the price to 1.2511 then to a fresh cycle low at 1.2455.

Support:
1.2608: important intraday low.
1.2511: last weeks & one-year low.
1.2455: Mar 4th 2009 low, an important bottom.

Resistance:
1.2693: important intraday top.
1.2790: Fibonacci 38.2% for the drop from 1.3092.
1.2848: Fibonacci 50% for the drop from 1.3092.

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USD/JPY

The Dollar/Yens is back to slow, small, and boring moves! It barely completed 90 pips from the low to the high in the past 24 hours, which is very frustrating. Todays important levels are close to each other. The resistance is at 92.87 & the support is at 92.30. We will be waiting for one of these two levels to give way. If 92.30 gives way, a correction for this rocking jump will start, with its first target at 91.40 and the second important target is at 90.75. The resistance is at 92.87, and if broken the price will jump to the resistance that we find very attractive 93.96. If this one is also broken, 95 will become near, as we will target 95.05. In the next few days, important evidence on medium term direction will emerge, and we will be on the watch for them.

Support:
92.30: intraday support.
91.40: Fibonacci 38.2% support for the rise from Thursdays low.
90.75: Fibonacci 50% support for the rise from Thursdays low.

Resistance:
92.87: the falling trend line from Mondays tops.
93.96: previous hourly resistance.
95.05: Aug 24th high.

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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.

 

[forexpros2]

Forexpros.com Daily Analysis - 13/05/2010

ForexPros Daily Analysis May 13, 2010

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Free webinar on ForexPros - Can You Really Make a Living with Trading?

Expert: Markus Heitkoetter, Rockwell Trading
When: Wednesday, May 26, 2010, 10:00 EST

In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading:

1. Planning Your Way to Financial Freedom
2. Your Trading Business Overview and Feasibility Study
3. Money Management
4. Monitor Your Success and Making Sure You Are On Track

This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: Core Retail Sales

Traders of the US anticipate the publication of the Core Retail Sales. The Core Retail Sales is a monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes in the US, excluding auto. It is an important indicator of consumer spending and also correlated to consumer confidence and considered as a pace indicator of the US economy. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 0.50%.

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Euro Dollar

The Euro broke the resistance specified in yesterdays report 1.2693, but could not climb more than 45 pips after that, before tumbling down & approaching 1.26. But this decline, has found our favorite support which we talked about yesterday, waiting! The drop stopped at 1.2610, only 2 pips above the all important 1.2608. Today, this support will still be the most important support, because it managed to stop the drop twice: the first late in Tuesdays Asian session, and the second shortly after the US markets closing on Wednesday. If the price holds above this support, it will finally have a break, and we could see a rising correction after this drop of more than 500 pips in less than 48 hours! Todays resistance is at 1.2688, and breaking it would indicate we are already in a rising correction for the whole drop from 1.3092. The ideal targets for such a correction are 1.2790 & 1.2848, which we will focus on for today. Later, the price may reach the third and ideal target for this correction at 1.2906. Support is as we said, at the all important 1.2608, and breaking it would drag the price to 1.2511 then to a fresh cycle low at 1.2455.

Support:
1.2608: important intraday low.
1.2511: last weeks & one-year low.
1.2455: Mar 4th 2009 low, an important bottom.

Resistance:
1.2688: Fibonacci 61.8% for the drop from yesterdays top.
1.2790: Fibonacci 38.2% for the drop from 1.3092.
1.2848: Fibonacci 50% for the drop from 1.3092.

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USD/JPY

The Dollar/Yens slow rise, has stopped accurately at the previous support 93.27 as you can see on the attached chart. But, the most important resistance around here is still 93.49. Here is where all out attention must be placed. After several extremely boring days, which no meaningful moves at all, we could see excitement back in the game, if this level s broken. In this case, the price will not target the attractive 93.96, but it will not settle for anything below 94, where the well known support/resistance area 94.31 will be waiting, to act as a first target for this break. If the climb goes on it will shoot for 95.05. On the other hand, the support is provided by the rising trend line from 90.83 on intraday charts, which is a line that has supported the price for six days now. If it gets broken, the Dollar will get a hard hit, leading it to 91.40 first, and then to 90.75.

Support:
93.07: the rising trend line from 90.83 on intraday charts.
91.40: Fibonacci 38.2% support for the rise from Thursdays low.
90.75: Fibonacci 50% support for the rise from Thursdays low.

Resistance:
93.49: previous hourly resistance, very close to Mondays top.
94.31: previous hourly support.
95.05: Aug 24th high.

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Forex Trading Analysis written by Munther Marji for Forex Pros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

[darkstar]

Re: Forexpros.com Daily Analysis - 13/05/2010

ForexPros Daily Analysis May 13, 2010

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Free webinar on ForexPros - Can You Really Make a Living with Trading?

Expert: Markus Heitkoetter, Rockwell Trading
When: Wednesday, May 26, 2010, 10:00 EST

In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading:

1. Planning Your Way to Financial Freedom
2. Your Trading Business Overview and Feasibility Study
3. Money Management
4. Monitor Your Success and Making Sure You Are On Track

This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: Core Retail Sales

Traders of the US anticipate the publication of the Core Retail Sales. The Core Retail Sales is a monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes in the US, excluding auto. It is an important indicator of consumer spending and also correlated to consumer confidence and considered as a pace indicator of the US economy. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 0.50%.

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Euro Dollar

The Euro broke the resistance specified in yesterdays report 1.2693, but could not climb more than 45 pips after that, before tumbling down & approaching 1.26. But this decline, has found our favorite support which we talked about yesterday, waiting! The drop stopped at 1.2610, only 2 pips above the all important 1.2608. Today, this support will still be the most important support, because it managed to stop the drop twice: the first late in Tuesdays Asian session, and the second shortly after the US markets closing on Wednesday. If the price holds above this support, it will finally have a break, and we could see a rising correction after this drop of more than 500 pips in less than 48 hours! Todays resistance is at 1.2688, and breaking it would indicate we are already in a rising correction for the whole drop from 1.3092. The ideal targets for such a correction are 1.2790 & 1.2848, which we will focus on for today. Later, the price may reach the third and ideal target for this correction at 1.2906. Support is as we said, at the all important 1.2608, and breaking it would drag the price to 1.2511 then to a fresh cycle low at 1.2455.

Support:
1.2608: important intraday low.
1.2511: last weeks & one-year low.
1.2455: Mar 4th 2009 low, an important bottom.

Resistance:
1.2688: Fibonacci 61.8% for the drop from yesterdays top.
1.2790: Fibonacci 38.2% for the drop from 1.3092.
1.2848: Fibonacci 50% for the drop from 1.3092.

---

USD/JPY

The Dollar/Yens slow rise, has stopped accurately at the previous support 93.27 as you can see on the attached chart. But, the most important resistance around here is still 93.49. Here is where all out attention must be placed. After several extremely boring days, which no meaningful moves at all, we could see excitement back in the game, if this level s broken. In this case, the price will not target the attractive 93.96, but it will not settle for anything below 94, where the well known support/resistance area 94.31 will be waiting, to act as a first target for this break. If the climb goes on it will shoot for 95.05. On the other hand, the support is provided by the rising trend line from 90.83 on intraday charts, which is a line that has supported the price for six days now. If it gets broken, the Dollar will get a hard hit, leading it to 91.40 first, and then to 90.75.

Support:
93.07: the rising trend line from 90.83 on intraday charts.
91.40: Fibonacci 38.2% support for the rise from Thursdays low.
90.75: Fibonacci 50% support for the rise from Thursdays low.

Resistance:
93.49: previous hourly resistance, very close to Mondays top.
94.31: previous hourly support.
95.05: Aug 24th high.

---

Forex Trading Analysis written by Munther Marji for Forex Pros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

hello i am religare client for forex. i wanna trading for living in forex . if i got appropriate skills in forex for intraday trading it is for life time at least for decades. so can you provide any guidance any links or else. i know it is hard to learn but i am ready for work hard for that learning i am initially pump 5 lakhs.
waiting for reply. thanks

 

[forexpros2]

Forexpros Daily Analysis - 17/05/2010

ForexPros Daily Analysis May 17, 2010


Free webinar on ForexPros - Can You Really Make a Living with Trading?

Expert: Markus Heitkoetter, Rockwell Trading
When: Wednesday, May 26, 2010, 10:00 EST

In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading:

1. Planning Your Way to Financial Freedom
2. Your Trading Business Overview and Feasibility Study
3. Money Management
4. Monitor Your Success and Making Sure You Are On Track

This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: German ZEW Economic Sentiment

European traders anticipate the German ZEW Economic Sentiment. The German Zentrum fr Europische Wirtschaftsforschung (ZEW) Economic Sentiment determines the sentiment of German institutional investors.
Above 0 indicates optimism while below 0 indicates pessimism. It's a leading indicator of business conditions. The reading is concluded from survey of about 350 German institutional investors and analysts.
A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR. Analysts predict a future reading of 47.00

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Euro Dollar

The Euro broke the Support specified in Fridays report 1.2608 and dropped hard, reaching both suggested targets 1.2511 & 1.2455 with complete success, and even dropping more than 200 pips below the latter. This new collapse is just another part in this downtrend that wont get tired! It has reached the lowest level in 4 years, and it seems like it is targeting the psychological level 1.20 on the short term, probably during this week. Todays support is at 1.2254, and breaking it would indicate a continuation of the drop, and of this brutality of the Dollar towards the Euro. The targets for such a break if it happens will be 1.2113 then the psychological level 1.2000. As for the resistance it is at 1.2294, and breaking it would give us a bounce, actually a strong one after this collapse, in order to create a matching correction. In case this break happens, the targets will be 1.2435 & 1.2511. But even if the Euro reaches 1.2511, that will not harm the negative outlook which dragged the Euro to these low levels.

Support:
1.2254: important intraday low.
1.2113: Apr 17th 2006 low.
1.2000: psychological level.

Resistance:
1.2294: important intraday level.
1.2435: the top of the falling channel on the hourly chart.
1.2511: May 10th low.

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USD/JPY

The Yen is trying to hold on in face of a strong Dollar, It is trying to achieve some gains, not caring about how brutal is the Dollar treating the European currencies. The Yen managed to push the Dollar lower, to break Fridays support 93.07, and fall more than 100 pips after that, but without reaching our suggested target 91.40. The question now is: Could the Yen go on with outperforming the Dollar? In order to do so, it needs two things: to hold under the resistance 92.40 & to break the support 91.79. If we break the support 91.79 the Yen will stay in the lead in this game, and will drag the Dollar to 2 important levels 90.75 & 90.09. The latter is an important level for both the short & medium terms. On the other hand, if we break the resistance 92.40, the Yen will give up to a very strong Dollar (against other currencies), and this pair will shoot to 92.49 & 94.31.

Support:
91.79: important intraday level.
90.75: Fibonacci 50% support for the rise from Thursdays low.
90.09: Fibonacci 61.8% support for the rise from Thursdays low.

Resistance:
92.40: the top of the falling trend channel on hourly charts.
93.49: previous hourly resistance, very close to last Mondays top.
94.31: previous hourly support.

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Forex Trading Analysis written by Munther Marji for Forex Pros.

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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.

 

[forexpros2]

Forexpros Daily Analysis - 18/05/2010

ForexPros Daily Analysis May 18, 2010


Free webinar on ForexPros - Can You Really Make a Living with Trading?

Expert: Markus Heitkoetter, Rockwell Trading
When: Wednesday, May 26, 2010, 10:00 EST

In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading:

1. Planning Your Way to Financial Freedom
2. Your Trading Business Overview and Feasibility Study
3. Money Management
4. Monitor Your Success and Making Sure You Are On Track

This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: GDP (QoQ)

Traders anticipate the publication of the Japanese Gross Domestic Product. GDP is the broadest measure of economic activity and is a key indicator for the economy's health. The quarterly percent changes in GDP shows the growth rate of the economy as a whole. A higher than expected reading should be taken as positive/bullish for the JPY, while a lower than expected reading should be taken as negative/bearish for the JPY. Analysts predict a future reading of 1.40%.

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Euro Dollar

The Euro broke the resistance specified in yesterdays report, and jumped for more than 100 pips, without reaching the suggested target 1.2435 (yesterdays high was 1.2412). This climb has brought the Euro close to the top of the hourly channel falling from May 10th high. The upper line in this channel has a great significance, and it is the line which is guarding the downtrend. It goes without saying that breaking this line will result in a change in direction for the short term. But, we highly doubt that it can change the medium term dark outlook. This line is currently running at 1.2399, and if broken, a dramatic rise will takeoff up to the important 1.2511. If this one is also broken, the next target will be 1.2604. on the other hand, the support is obviously provided by the rising trend line from yesterdays low on intraday charts. This line is at 1.2336 currently, and by breaking it the price will continue to trade within the channel. This will lead to another drop, targeting a test of yesterdays low 1.2223 first, then a new 4-year low at 1.2113.

Support:
1.2336: the rising trend line from this weeks low (so far).
1.2223: yesterdays low.
1.2113: Apr 17th 2006 low.

Resistance:
1.2399: the top of the falling channel on the hourly chart..
1.2511: May 10th low.
1.2604: May 12th important low.

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USD/JPY

After 3 times of touching and holding above the support we specified in yesterdays report 91.79 (todays high until the moment of preparing this report is 91.75), the price is back above 92. Actually it is closing on the most important resistance for the short term: 92.99. The importance of this levels comes from the fact that it is Fibonacci 61.8% for the drop from 93.62. Incase the Dollar can go above it, this pair will test the exciting resistance 93.49, and if this one is also broken we will jump to 94.31. On the other hand, the support has become far now, it is still at 91.79, which proved with no doubt that it is very Important. As long as the price is above this level, the technical outlook will be neutral to positive. But if it is broken, the price will probably drop to two very important levels 90.75 & 90.09. The latter is the single most important support at this stage.

Support:
91.79: important intraday level.
90.75: Fibonacci 50% support for the rise from Thursdays low.
90.09: Fibonacci 61.8% support for the rise from Thursdays low.

Resistance:
92.99: Fibonacci 61.8% for the short term..
93.49: previous hourly resistance, very close to last Mondays top.
94.31: previous hourly support.

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Forex Trading Analysis written by Munther Marji for Forex Pros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

[forexpros2]

Forexpros Daily Analysis - 20/05/2010

ForexPros Daily Analysis May 20, 2010


Free webinar on ForexPros - Can You Really Make a Living with Trading?

Expert: Markus Heitkoetter, Rockwell Trading
When: Wednesday, May 26, 2010, 10:00 EST

In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading:

1. Planning Your Way to Financial Freedom
2. Your Trading Business Overview and Feasibility Study
3. Money Management
4. Monitor Your Success and Making Sure You Are On Track

This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: German Ifo Business Climate Index

European traders anticipate the publication of the German Ifo Business Climate Index. The German Information and Foschung (Ifo) Business Climate Index determines the business sentiment and conditions in the Euro-zone.
The reading is concluded from survey of about 7,000 businesses. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR. Analysts predict a future reading of 102.00.

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Euro Dollar

The Euro broke the resistance specified in yesterdays report 1.2223, and successfully reached both suggested targets 1.2327 & 1.2412 with a perfect triumph. This climb is probably the first part of a massive rising movie, which will be correcting the latest series of collapses, which started at 1.3690 & smashed the Euro for more than 1500 pips in a few weeks. Today, will be a very important day for determining the value of this possibility. If the price goes up from here, this will indicate a correction for that massive move down from 1.3690, which will be able to take us to the 1.27-1.31 area within the next 2 weeks. It is only natural for most traders to anticipate this correction, but overexcitement could lead to premature, and wrongfully timed trades, leading to negative outcomes. As for the short term, the resistance is at 1.2364, and breaking it would indicate a continuation of this spiky climb, targeting 1.2519 & 1.2604. The support is also near, it is at 1.2320, and breaking it would take us back where we traded recently: the important 1.2252 first, then 1.2159.

Support:
1.2320: Fibonacci 38.2% for the rise from yesterdays low.
1.2252: Fibonacci 38.2% for the rise from yesterdays low.
1.2159: important intraday support.

Resistance:
1.2364: important intraday resistance.
1.2519: May 6th low
1.2604: may 12th low.

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USD/JPY

Dollar/Yen broke the support specified in yesterdays report 91.79, and dropped by almost 100 pips, getting very close to our suggested target 90.75, without reaching it (The lowest price for the past 24 hours is 90.84). Stopping at this bottom is actually stopping at Fibonacci 50% level for the whole rise from 87.99 to 93.62. Therefore, we are before a very important level, which will be our support of the day. If broken, the drop will continue, and will target a very important level at 90.14, and if this one is also broken, we will target 89.61. On the other hand, resistance is at 91.50, and breaking it would improve the negative technical outlook for the short term, probably slightly. This break will give the price enough strength to rise towards 92.28, and may be later the single most important resistance at this stage 93.49. This resistance, which got attacked more than once without giving way, is an important level not only for the short term, but for the medium term as well. If broken, a lot of things will change, but until then, the Yen is the one wearing the pants in this relationship.

Support:
90.81: Fibonacci 50% support for the rise from 87.99.
90.14: Fibonacci 61.8% support for the rise from 87.99.
89.61: Mar 9th low.

Resistance:
91.50: important intraday level.
92.28: Fibonacci 50% for the short term.
93.49: previous hourly resistance.

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Forex Trading Analysis written by Munther Marji for Forex Pros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

 

[forexpros2]

Forexpros Daily Analysis - 24/05/2010

ForexPros Daily Analysis May 24, 2010


Free webinar on ForexPros - Can You Really Make a Living with Trading?

Expert: Markus Heitkoetter, Rockwell Trading
When: Wednesday, May 26, 2010, 10:00 EST

In this webinar Markus Heitkoetter CEO of Rockwell Trading and author of the International Bestselling book "The Complete Guide to Day Trading", will teach you what it takes to make a living with trading:

1. Planning Your Way to Financial Freedom
2. Your Trading Business Overview and Feasibility Study
3. Money Management
4. Monitor Your Success and Making Sure You Are On Track

This webinar is #3 in a 3-part educational series brought to you by Rockwell Trading.

Click here to join free.

---

Fundamental Analysis: GDP (QoQ)

European traders anticipate the publication of the UK GDP. The Gross Domestic Product is the broadest measure of economic activity and is a key indicator for the economy's health. The quarterly percent changes in GDP shows the growth rate of the economy as a whole. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. Analysts predict a future reading of 0.30%.

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Euro Dollar

After the rocketing rise, from 1.2142 to 1.2670 late last week, the Euro retreated back to 1.2480. This drop has came very close to the rising trend line from this cycles low on the hourly chart 1.2142, which is currently at 1.2492. We believe that a break of this line (in case it happens) will be the technical event of the day. We can not just guess the direction before the test of this line. The general trend is down, but the rise from 1.2142 has shown enormous strength. In such a case, waiting for the test of the trend line is the best thing one can do. In case this support is broken the rocketing short term trend will be over, and the Euro will be back to falling, and going along with the general trend. Todays targets will be 1.2406 & then 1.2295. In case this resistance is broken, the price will continue its advance upside, and the targets for the next 24 hours will be 1.2639, and the very important 1.2729.

Support:
1.2492: the rising trend line from Wednesdays lows on hourly chart.
1.2406: Fibonacci 50% for the rise from this cycle low, and the 4 and a half years low.
1.2295: important intraday bottom from Thursdays trading.

Resistance:
1.2545: the falling trend line on intraday charts.
1.2639: important intraday resistance.
1.2729: Fibonacci 61.8% for the drop from 1.3092.

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USD/JPY

The dollar started to balance itself above 90 in the past few hours, and it became in a good position to attack the falling trend line on hourly chart. This line is currently at 90.32, only pips below the current price. Will we see the Dollar breaking this line and rocketing up? Today, Dollars strength will completely depend on its ability to break the resistance 90.32. If the Dollar can push the Yen above this resistance, we will witness a strong rise, targeting 91.29 & 91.84. The latter is the most important resistance for the short (and may be medium) term for now. The support is at 89.56 and breaking it (if it happens) will target 88.96 itself & 87.99. The downtrend needs to hold below the falling hourly trend line to keep things going smoothly (at 90.32). If broken, the short term negative technical outlook will change dramatically. The yes in still the one wearing the pants in this relationship, but beware of 90.57.

Support:
89.56: the rising trend line from Thursdays low.
88.96: yesterdays low, and a previous very important support.
87.99: Mar 6th low.

Resistance:
90.32: the falling trend line on the hourly chart.
91.29: Fibonacci 50% for the short term.
91.84: Fibonacci 61.8% for the short term.
93.49: previous hourly resistance.

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Forex Trading Analysis written by Munther Marji for Forex Pros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.