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Forexpros.com Daily Analysis - 17/06/2009
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EUR/USDPulls Off Lows
The pair pull off the early lows set yesterday. The 1.3750 level held on the downside but the 1.3935 area also held on the upside.
The break down earlier in the week has yet to be confirmed. The levels mentioned above are now pivotal.
Support is at 1.3800 and 1.3750 and beyond that 1.3700.
Resistance is expected at 1.3925, 1.3960, 1.4000, 1.4030.
USD/JPY Breakout Confirmed
Yesterday the pair rallied to retest the old support levels. These levels, now resistance levels, held off USD buyers and the rate fell to new short-term lows. This confirms the break downwards and put the bias down once again.
Rallies can still occur with resistance at 97.00 and 97.30. A move higher than this today is unexpected unless news out of the US at 1230 GMT comes in with a big surprise.
Mild support is at 96.40 and 96.20. 96.00 and 95.60 offer more solid support.
Analysis by:http://www.ForexPros.com - Written by Cory Mitchell
Disclaimers:
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 - 22/06/2009
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Sharpening Your Edge Series: Pivot Points
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Date: Wed, Jun 24, 2009, 15:00 GMT
Discover one of the best-kept secrets of bank traders. Pivot points and their medians have long been a favorite of the biggest institutional players, and since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. But too many traders calibrate their pivots incorrectly since they lack an understanding of their meaning and how the markets work.
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EUR/USDContinues to Range
The pair is trading within a 120 pip range between 1.4000 and 1.3800 over the last couple trading days. This range has held in early trading. 1.3880 is initial support. A move below 1.3860 would confirm that break.
The overall target for that move is 1.3760, with interim support at 1.3820 and 1.3800. If prices move beyond 1.3760, there is support at 1.3740.
Resistance is likely in the 1.3740-1.3760 area. A move beyond indicates a test of the range highs near 1.4000. A break out today will encounter resistance by 1.4040 or 1.4080.
USD/JPYApproaches Break Point
The pair continues to fall in early trading, heading towards the 95.60 support level. A break of that level could trigger further selling.
A move below 95.60 will likely encounter support at 95.30. A move beyond could occur, but is unlikely as a further fall would exceed the pairs daily average range. Little support exists beyond this point though.
Upside resistance is at 96.30 and would test 96.50 if exceeded. A continued move above will hit resistance at the 96.85 area and 97.00.
Analysis by:http://www.forexpros.com- Written by Cory Mitchell
Disclaimers:
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 - 23/06/2009
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Sharpening Your Edge Series: Pivot Points
Hosted by: Andrei Pehar of Fx Knight
Date: Wed, Jun 24, 2009, 15:00 GMT
Discover one of the best-kept secrets of bank traders. Pivot points and their medians have long been a favorite of the biggest institutional players, and since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. But too many traders calibrate their pivots incorrectly since they lack an understanding of their meaning and how the markets work.
In this webinar fund manager and trading coach Andrei Pehar will take you inside the world of institutional trading and show you step-by-step how to set up and use pivot points on the popular MetaTrader platform. Attendees will receive links to a free copy of MetaTrader so you can practice what you learned (on commodities and stocks, not just forex), free pivot indicator downloads, and other free webinars to help further your learning.
Click HERE to register and watch for free!
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EUR/USDChoppy Trading
Support is established at 1.3830 and is also present at 1.3820 through 1.3800. This likely means the sideways swings will continue. Although minor trends within the broader range can still occur.
A break below 1.3800 will likely test the recent lows in 1.3750 area. Minor resistance is at 1.3880 but prices will need to push above 1.3900 to indicate strength.
1.3930 will provide moderate resistance with significant resistance at 1.3990-1.4000.
USD/JPYStarts Its Move
After holding in a tight range late Friday and Monday, the pair has now broken several significant short term support levels.
Short term target for the move is 94.00, although a move to that level is very unlikely today. A move to 94.50, which is the next support level, is more likely and should stall further declines today.
Upside resistance is now 95.50-95.60 as well as 95.80 which is the former support level for the range the pair just broke out of. 96.00 provides resistance, as well as 96.20-96.30 beyond that.
Analysis by:http://www.forexpros.com - Written by Cory Mitchell
Disclaimers:
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 - 24/06/2009
Free, Live Forex Webinar Today!
Sharpening Your Edge Series: Pivot Points
Hosted by: Andrei Pehar of Fx Knight
Date: Wed, Jun 24, 2009, 15:00 GMT
Discover one of the best-kept secrets of bank traders. Pivot points and their medians have long been a favorite of the biggest institutional players, and since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. But too many traders calibrate their pivots incorrectly since they lack an understanding of their meaning and how the markets work.
In this webinar fund manager and trading coach Andrei Pehar will take you inside the world of institutional trading and show you step-by-step how to set up and use pivot points on the popular MetaTrader platform. Attendees will receive links to a free copy of MetaTrader so you can practice what you learned (on commodities and stocks, not just forex), free pivot indicator downloads, and other free webinars to help further your learning.
Click HERE to register and watch for free!
---
EUR/USD- After the Surge
Yesterday saw a very strong move by the EURO, moving almost double its average (12) daily range. It also broke multiple short term resistance levels.
With more news out of the US today, it could be another volatile day.
A push above 1.4100 gives an initial target of 1.4140 followed by 1.4175 and 1.4250.
Support is at 1.4060, with a break giving a profit target of 1.4020 followed by 1.3985. There is little support after this till 1.3900, but the 1.3940 area is also significant.
USD/JPYRise and Fall
The pair currently looks to be heading to the recent swing highs at 95.90 but then is likely to fall in later trading as the pair continues its swing down on the longer time frames.
Resistance is at 95.90 with a push beyond likely to test the 96.15 area. Further resistance is at 96.50 but lies outside of the probable range of today's movements.
Support is currently at 95.25, 95.00 and 94.85 and 94.50.
Analysis by:http://www.forexpros.com- Written by Cory Mitchell
Disclaimers;
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.
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TECHS UPDATE July 1st
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EURUSD
Current rate : 1.4060
Trading biais: (Neutral) / Bullish
Screen D1 : 2009-07-01_1128
EUR/USD's break of 1.4137 resistance suggests that rebound from 1.3747 is resuming.
While upside momentum is unconvincing for the moment, intraday bias remains mildly on the upside as long as 1.3982 minor support holds.
Break of 1.4171 will target retest of 1.4282 oblique resistance and 1.4743 fib extension 161.8% (double top).
GBPUSD Current rate : 1.6430
Trading biais: Neutral / Bullish
Today’s screen 2009-07-01_1113
Yesterday screen 2009-06-30_1148
Intraday outlook in GBP/USD was turned neutral after the sharp fall from 1.6742. Focus now turns to 1.6349 and 1.6232 support and break there is needed to indicate that GBP/USD has topped out. Otherwise, another rise is still mildly in favor. Break of 1.6742 will target 61.8% projection of 1.4395 to 1.6661 from 1.5801 at 1.7201. But again, upside momentum is expected to diminish as GBP/USD approaches this level and finally bring reversal. On the downside, break of 1.6232 will in turn be an early signal that GBP.USD has topped out already and will turn focus to 1.5801 support for confirmation.
USDJPY
Current rate : 96.81
Trading biais: Bullish
Today screen : 2009-07-01_1132
Yesterday screen Daily : 2009-06-30_1625
USD/JPY bottomed at 94.95 level over past days and now targeting top of triangle we mentioned yesterday in our swing trade at 97.70
As noted before, while another fall cannot be ruled out with 96.56 resistance intact, we still expect downside to be contained by 93.84/94.44 support zone and bring strong rebound to complete whole triangle consolidation that started at 99.67. On the upside, above 96.90/97.10 resistance (fib ret 50%) will suggest that fall from 98.87, which is treated as the fifth leg in the triangle consolidation, has finally completed and should target this resistance next at 97.70/ 97.80
USDCHF
Current rate : 1.0794
Trading biais: Neutral
Screen Daily : 2009-06-30_1203
At this point, intraday bias is neutral.
The pull back from 1.1021 is expected to be contained above 1.0630 support and bring strong rally.
We continue to favor the bullish case that USD/CHF has bottomed out at 1.0590 already and hence expect rise from there to resume sooner or later. Above 1.0911 minor resistance will flip intraday bias back to the upside.
Further break of 1.1021 will target 1.1158/1740 key resistance zone.
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