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Forexpros Daily Analysis - 20/06/2011
ForexPros Daily Analysis June 20, 2011
Free webinar on ForexPros - Mindful Trading: Conquering the Eight Roadblocks to Trading Success
Expert: Rande Howell
Start: Tue, Jun 21, 2011, 10:00 EDT
End: Tue, Jun 21, 2011, 11:00 EDT
Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. *After years of chasing the Holy Grail of Trading, they discover that it lives within them. *And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading. Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading.
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What Is Next For EUR/USD?
The common currency is on the hot seat again. After being quiet for some time, the Greek sovereign debt problem resurfaced as a dominant market mover and the Euro’s price behavior reflects it. Its daily chart indicates lack of commitment by market participants.
The EUR/USD had a nice rally in the early part of the year, reaching a high of 1.4939. That was followed by a pull back to 1.3968, very typical after a strong advance. Since then, however, the price has been indecisive – it has made neither a new low, nor a high, and is moving in smaller in swings.
Drawing trend lines here creates a symmetrical triangle, with the EUR/USD quickly approaching its apex. On Thursday the lower trend line was tested, the price dipped under it, but closed higher for the day, confirming the indecisive phase of this market. Hopefully, that should not last much longer.
Given where the price is located within the triangle, we can expect a move relatively soon. Technical indicators are not helpful now, with the MACD and the RSI at neutral levels. It is best to wait for the EUR/USD to break through either of the trend lines before placing trades based on this chart.
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Forex Trading analysis written by Mike Kulej 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.
Forexpros Daily Analysis - 21/06/2011
ForexPros Daily Analysis June 21, 2011
Today: Free webinar on ForexPros - Mindful Trading: Conquering the Eight Roadblocks to Trading Success
Expert: Rande Howell
Start: Tue, Jun 21, 2011, 10:00 EDT
End: Tue, Jun 21, 2011, 11:00 EDT
Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. After years of chasing the Holy Grail of Trading, they discover that it lives within them. And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading. Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading.
Click here to join free
---
Euro, Pound in measured Moves Long But Hitting Resistance
Fibonacci Forex Trading Analysis
Euro:
On the daily, the euro is in measured moves long and is butting up against resistance at the the full traditional 50% short at 1.43842, with the line in the sand at 1.44575. Longs have not been broken yet so it is premature to go short. Continue to trade the trend until it breaks.
On the 15 minute chart, the euro is still in long setups and its next long setup is at 1.4403. The daily pivot at 1.4259 may hold the euro in its longs.
Pound:
The pound is in measured moves long with its long targets coinciding with its traditional 50% short at 1.626. Once again, keep trading with the trend until it is broken. This is best seen on the 15 min chart.
Yen:
On the daily, the yen is butting against support at the bottom of the range. Previous lows at the 79.5-80 area may provide significant support. The target from the short is at 80.953 is 79.94.
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Forex Trading analysis written by Diana Rochford 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.
Forexpros Daily Analysis - 22/06/2011
ForexPros Daily Analysis June 22, 2011
Today: Free webinar on ForexPros - Sharpening Your Edge Series: The Indicators
Expert: Andrei Knight
Start: Wed, Jun 22, 2011, 11:00 EST
End: Wed, Jun 22, 2011, 12:00 EST
Learn how to avoid "analysis paralysis" by knowing which indicators work best under which market conditions, as well how to spot the signs that those conditions may be changing. Turn "lagging" indicators into "leading" signals. Join leading fund manager and trading coach Andrei Knight for this insightful webinar which will present new ideas for your trading repertoire, and show you how to use familiar indicators in unique (and profitable!) ways.
Mr Knight has has made frequent appearances at events such as the World Money Show, Traders Expo, IX Investor, the Energy Forum, and was the keynote speaker at 2009's International Traders' Conference. He is the author of "Trading Forex for a Living", coming soon from Harriman House, the "Institutional Trading Secrets Revealed!" DVD from Rockwell Trading.
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Is AUD/CAD Building a Top?
The commodity currencies have stalled their recent rallies. For the most part, the respective central banks have been hesitant about raising interest rates, something that market participants wanted to see. In addition, the renewed European debt crisis decreased speculative money flow into these currencies.
There is little movement in crosses of these currencies. For example, following an uptrend, the AUD/CAD has been in a 300 or so pips range for the last months. While the current action looks like a consolidation on daily charts, a possible top is emerging on a smaller time frame.
On the intermediate term chart, we can see how the AUD/CAD rallied from 1.0303 to a new high of 1.0554. A sell off to 1.0287 was next, followed by another price run up. This time, however, there was no new high, only a 1.0422 level. At present, the price is back at the 1.0290 support.
Based on the oversold Stochastic indicator, chances are that this level might hold for now. However, that will only make it even more important. Should the price eventually close under 1.0290, it would mean a confirmation of top for the AUD/CAD, projecting additional 150-200 sell off.
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Forex Trading analysis written by Mike Kulej for Forexpros.
---
Visit Forexpros new Forex Brokers Directory !
---
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.
Monday 25th of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
The trades of the last week were narrow as a result of the European banks' holiday, it is expected to continue these narrow trades during today's trades as it is supposed to move between the resistance level 1.4605 and the support level 1.4530 but in the case of breaking the level 1.4605 up it is expected that the pair will rise targeting the level 1.4743 which represents 161.8% of Fibonacci's correction level for the bearish move (from 1.4519 to 1.4157).
The stability of these expectations requires the stability of the support level 1.4519.
Res: 1.4584 1.4614 1.4639
Pivot: 1.4559
Sup: 1.4529 1.4504 1.4474
GBP/ USD
As it was expected through the last week's report, the pair rose inside the pitchfork channel as it broke up the middle rib of this channel expecting more rising during today's intraday trades targeting the resistance level 1.6660 which coincides with the top border of this channel.
The stability of these expectations requires the stability of the support level 1.6495.
Res: 1.6555 1.6596 1.6625
Pivot: 1.6526
Sup: 1.6485 1.6456 1.6415
USD/CHF
It is noticed through this chart that the last trades were narrow as a result of the holiday of the Swiss banks which is still remaining till now although with the beginning of this week so that it is expected for the pair to continue trading in narrow trades, but if the pair broke the resistance level 0.8866 more rising is expected for the pair till reach the level 0.9001 and if the pair broke the support level 0.8786 downwards, the pair will continue declining till reach the next support level 0.8718.
Res: 0.8881 0.8894 0.8912
Pivot: 0.8863
Sup: 0.8850 0.8832 0.8819
USD/CAD
Since last week the bearish direction is still dominating the pair direction for the medium and the short-terms whereas forming the harmonic pattern AB=CD is still in process due to the price movement, it's moving now to form the last CD wave which is targeting the support level 0.9261 to end the pattern by finishing forming this wave therefore it's expected that the pair will continue declining with the probability of retesting the resistance level 0.9524 which represents the B point for the formed pattern.
Success of this scenario depends on the stability of the resistance level 0.9524 which represents the B point.
Yesterday analysis is still remaining
Res: 0.9538 0.9547 0.9558
Pivot: 0.9527
Sup: 0.9518 0.9507 0.9498
AUD/USD
The pair is still unable to break the resistance level 1.773 till now to form another top pushed down from it to retest the nearest support levels, from it the level 1.0712 if a bottom is formed at this level means rising again by reaching the level 1.0795 which represents 261.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0577 to 1.0442 ) but in case of breaking the support level 1.0712 down means a further drop till the next support level 1.0660.
Res: 1.0755 1.0773 1.0791
Pivot: 1.0737
Sup: 1.0719 1.0701 1.0683
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Forexpros Daily Analysis - 30/06/2011
ForexPros Daily Analysis June 30, 2011
Free webinar on ForexPros - Using Candlesticks to Trade Forex
Expert: Marc Principato
Start: Tue, Jul 5, 2011, 10:00 EDT
End: Tue, Jul 5, 2011, 11:00 EDT
Candlesticks provide valuable information about price action when used correctly. From gauging momentum to better defining entries and exits on any time-frame, candlestick analysis provides unique advantages not found in other types of charting. Also covered in this presentation are the candle patterns that we find most useful for the short-term strategies that we employ in the chatroom each day.
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Cable and Euro at major Resistance lines
US dollar traded lower against the euro and pound in recent days, lost more value against the euro as Eur/Gbp seems to be in a powerful uptrend mode.
Well, looking on a 4h charts below, pairs may reverse from their resistance lines, at least temporary.
Eur/Usd:
Eur/Usd extended its gains in recent sessions after the Greek Parliament approved austerity measures. Pair has moved towards the red resistance line connected from early May, where gains may slow down. Keep in mind that pair is still trapped in a triangle range, and until we see a break above 1.46 with daily close around those levels, uptrend cannot be confirmed. We may see even more choppy price action, if pair forms a reversal from red resistance line! In either case however, pair is bullish as long the market trades above 1.4090.
Gbp/Usd:
Cable reserved deeper than we anticipated but a reworked wave count still shows bearish possibilities. We are now looking fro a wave (iii) low at 1.5911 from where only temporary pull-back may be unfolding, and the reason is a neckline which will now tend to react as a resistance. A successful reversal from 1.6150, but after a completed three wave recovery within wave (iv), should send pair back into the lows. Meanwhile the upper base channel resistance line must hold!
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Forex Trading analysis written by Gregor Horvat for Forexpros.
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Visit Forexpros new Forex Brokers Directory !
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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.