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Forexpros Daily Analysis - 10/03/2010
ForexPros Daily Analysis March 10, 2010
Free webinar on ForexPros - Using Chart Patterns to Recognize Trends in the
Market
Expert: Anthony Cherniawski
When: Mon, Mar 15, 2010, 11:00 EST
This session will discuss the proprietary cycles studies with other
patterning devices and techniques to enhance the accuracy of cycle
projections and trades. This multi-disciplinary approach may help improve
the outcome of trading decisions for beginning and even experienced traders.
The use of chart patterns, Elliott Wave, trend lines and even Japanese
Candlesticks provide a means of raising the probability of success in
trading the markets.
Click here to join free.
---
Fundamental Analysis: Trade Balance
Traders of the US anticipate the publication of the Trade Balance index. The
index 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 reading of -41.00B.
---
Euro Dollar
The Euro broke the support 1.3595, and stopped only 7 pips below the
suggested target, and created another bottom in the same area of last
Friday's low (1.3529). This boring behavior, and moving back and forth in
almost the same areas in the past days, made us wonder if we could be in a
triangle of some sort. If this is true, the triangle limits are 1.3673 &
1.3557, but we will espouse Fibonacci 61.8% support & resistance at 1.3566 &
1.3639 to be today's levels. We can only hope to end this boredom with a
break of one of these levels. If the resistance at 1.3639 is broken, we
expect the Euro to jump and test the top of the falling channel at 1.3729.
And if this important resistance is broken too, we will see the Euro flying
to 1.3810. On the other hand, if the support at 1.3566 is broken, we expect
a test of the rising trend line from 1.3442 as a first target (this line is
currently running at 1.3472), and if broken we will reach a fresh cycle low
at 1.3390.
Support:
* 1.3566: Fibonacci 61.8% for the short term.
* 1.3472: the rising trend line from 1.3442 on the hourly charts.
* 1.3390: Apr 13th high.
Resistance:
* 1.3639: Fibonacci 61.8% for the short term.
* 1.3729: the top of the falling channel on the hourly charts, and a very
important resistance for the short term & the medium term.
* 1.3810: Feb 10th high.
---
USD/JPY
After Fibonacci resistance 90.66 has succeeded in reversing the short term
direction, the price traded under it for the whole past 24 hours, reaching a
low of 89.61, and drifting away more than 100 pips from the weekly high,
which is in total agreement with Fibonacci analysis that suggests we had a
short term direction-changing top at 90.66.This rebound from Fibonacci
retracement level with very good accuracy is evidence that the general
direction of the short-term is down. If this turns out to be true, we will
see the Dollar-Yen breaking the nearby support 89.69, and trying to attack
the Fibonacci support 89.09 which will act as a first target for this break,
and in case this level is broken, we can say that the drop from 90.66 is
more than a correction. If this level is also broken, the target would be
88.46, on the way to lower targets. As for the resistance it is provided by
short term Fibonacci 61.8% resistance, at 90.26. If this line is broken, we
will be on the way to another weekly high, since the targets for such a
break would be 90.84 & the well known important resistance 91.67.
Support:
* 89.69: Fibonacci 50% for the short term.
* 89.09: Fibonacci 61.8% for the short term.
* 88.46: previous hourly support.
Resistance:
* 90.26: Fibonacci 61.8% for the drop from this week's high.
* 90.84: Nov 5th & 6th high.
* 91.67: previous hourly support.
---
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.
For information on our Forex Quotes see ForexPros.
Forexpros Daily Analysis - 22/03/2010
ForexPros Daily Analysis March 22, 2010
Free webinar on ForexPros - Inter-Market Analysis and 2010 Forecast for the
Dollar and Commodities
Expert: Nour Eldeen M. Al-Hammouri
When: Thu, 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.
Click here to join free.
---
Fundamental Analysis: Existing Home Sales
Traders of the US anticipate the publication of the existing home sales
report. It measures the annualized number of existing residential buildings
that were sold during the previous month.
This report helps to analyze the strength of the US housing market, which
helps to analysis the economy as a whole.
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 5.00M.
---
Euro Dollar
The Euro retreated, breaking the support specified in Friday's report
1.3597, dropped as expected but settled for 1.3501, a whole 21 pips above
the suggested target 1.3480. But what took place was a confirmation that
reaching 1.38 has caused the Euro a lot of exhaustion. In addition to the
fact that the "Reversal Day" pattern which took place on Wednesday was heavy
on the pair. We can see on the attached daily chart that we are trading
within a pretty harmonized channel, and it is exciting to see that the
bottom of this channel is at 1.30, so are we heading there? The continuous
shine of the Dollar, and the extreme strength it showed on Friday against
the Pound in specific, and also against the Euro indicate that we are
probably getting there> As for the short term, the support is at Friday's
low 1.3501, and if broken, the drop will resume, targeting the important
support, which has a few bottoms just above it: 1.3422, and then 1.3341. As
for the resistance it is at 1.3542, and breaking it would indicate that the
price will correct the big drop, with the ideal targets for this correction
are 1.3621 & 1.3696.
Support:
* 1.3501: Friday's low.
* 1.3422: May 18th low.
* 1.3341: May 8th low.
Resistance:
* 1.3542: Asian session top.
* 1.3621: Fibonacci 38.2% for the short term.
* 1.3696: Fibonacci 61.8% for the short term.
---
USD/JPY
The Dollar-Yen approached the magnetic resistance 90.78 once again on
Friday, as the daily high formed only 8 pips below it. The price did not
move much afterwards, in a price behaviour reminding us of the boredom which
we lived with this pair recently. Last week, we adjusted the lines that
frame the current area, to make the upper limit at Monday's & Thursday's top
90.78, which is very close to last Wednesday's top 90.80, and close to
Friday's top 90.70. The lower limit is provided by the rising trend line
from 89.61 on the hourly chart, which has been tested several time, before
being broken. This line is currently at 90.33. In case we break the magnetic
resistance 90.78 we will see the Dollar take control, and drive this pair
higher, as we see it targeting the important 91.60 first, then 92.31 which
is important as well. But in case we broke the rising trend line at 90.33,
the price will resume yesterday's fall which halted at 89.74, confirming the
negative technical outlook which we cheered for all this week. This fall is
expected to target 89.37 & 88.53.
Support:
* 90.33: the rising trend line from 89.61 on the hourly chart.
* 89.37: Mar 2nd low
* 88.53: Feb 4th low.
Resistance:
* 90.78: Monday's high.
* 91.60: Oct 29th high.
* 92.31: Oct 27th high.
---
Forex Trading Analysis written by Munther Marji
for ForexPros.
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 24/03/2010
ForexPros Daily Analysis March 24, 2010
Free webinar on ForexPros - Inter-Market Analysis and 2010 Forecast for the
Dollar and Commodities
Expert: Nour Eldeen M. Al-Hammouri
When: Thu, 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.
Click here to join free.
---
Fundamental Analysis: Retail Sales
Great Britain traders anticipate the publication of the Retail Sales. It is
a monthly measurement of all goods sold by retailers based on a sampling of
retail stores of different types and sizes in the UK. It is an important
indicator of consumer spending and also correlated to consumer confidence
and considered as a pace indicator of the UK economy.
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 0.60%.
---
Euro Dollar
The Euro broke the support specified in yesterday's report 1.3502, and
dropped a little, then it bounced back to stop accurately at the resistance
specified in the report 1.3566 (the highest price after issuance the report
is 1.3561). After that, the dropped & went back to confirm the 1.3502 break,
and successfully reached the first suggested target 1.3422, reaching 1.3405
until the moment of preparing this report. With this move, the Euro finally
penetrated the important support area which contains 5 daily lows, which we
talked about in details yesterday. Also, with this move, the technical
outlook for the medium term has "officially" turned negative, and we do
expect the Euro to sink below 1.30 in the near future. As for the short
term, the resistance is 1.3446 & the support is 1.3390. If we break the
support at 1.3390, the price will confirm the break which has already took
place for the wide support area 1.3434-1.3462, the price will start falling
targeting 1.3326 and may be 1.3256. But if the resistance 1.3446 is broken,
the price will take off, looking for Fibonacci resistance levels which will
form today's targets 1.3501 first, and if broken 1.3611.
Support:
* 1.3390: Apr 13th high.
* 1.3326: Jan 28th high.
* 1.3256: Mar 27th 2009 high.
Resistance:
* 1.3446: the falling trend line from 1.3561 on the intraday charts.
* 1.3501: Fibonacci 61.8% for the short term.
* 1.3611: Fibonacci 50% for the drop from 1.3816.
---
USD/JPY
The Dollar-Yen moved in a very tight range between 90.17 & 90.60 without
being able to break the most important resistance 90.78. Boredom is still
the headline, awaiting a potential break of 90.78, or starting to drift away
from it. Last week, we adjusted the lines that frame the current area, to
make the upper limit at Monday's & Thursday's top 90.78, which is very close
to last Wednesday's top 90.80, and close to Friday's top 90.70. And today we
will adjust the lower limit for this area, by re-drawing the rising trend
line from 89.61 to contain the recent price behaviour. The above mentioned
line is at 89.99. In case we break the magnetic resistance 90.78 we will see
the Dollar take control, and drive this pair higher, as we see it targeting
the important 91.60 first, then 92.31 which is important as well. But in
case we break the new trend line at 89.99, the expected drifting away from
90.78 will start, and we will be heading to 89.37 & 88.53.
Support:
* 89.99: the rising trend line from 89.61 on the hourly chart, after
adjustment.
* 89.37: Mar 2nd low
* 88.53: Feb 4th low.
Resistance:
* 90.78: Monday's high.
* 91.60: Oct 29th high.
* 92.31: Oct 27th high.
---
Forex Trading Analysis written by Munther Marji
for ForexPros.
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.