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Forexpros Daily Analysis - 25/03/2010
ForexPros Daily Analysis March 25, 2010
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.
Click here to join free.
---
Fundamental Analysis: GDP (QoQ)
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.
Support:
* 1.3303: important intraday support.
* 1.3190: Apr 30th low.
* 1.3088: Apr 10th low.
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.
---
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 - 29/03/2010
ForexPros Daily Analysis March 29, 2010
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!
Click here to join free.
---
Fundamental Analysis: GDP (QoQ)
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.
---
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 Daily Analysis - 31/03/2010
ForexPros Daily Analysis March 31, 2010
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.
Click here to join free.
---
Fundamental Analysis: Initial Jobless Claims
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.
---
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.