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Forexpros Daily Analysis - 05/04/2011
ForexPros Daily Analysis April 05, 2011
Free webinar on ForexPros - FX Market Outlook for Q2 2011
Expert: Ilian Yotov
Start: Sun, Apr 10, 2011, 10:00 ET
End: Sun, Apr 10, 2011, 11:00 ET
FX Market Outlook for Q2 2011
- Review of the trends for the currency majors in Q1 2011
- Should we expect a reversal of the USD fortunes in Q2 2011?
- Will the carry trade remain strong in Q2?
- Is the worst behind for the EUR?
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The daily EUR/USD has been trending steadily higher and within the context of this mark up trend, a Rising Wedge has formed. Wedges (Rising or Falling) are trending patterns that - to be efedtively traded - should form in a down or up trend. The Rising Wedge formation in this situation has the psychology of a healthy and established uptrend behind it.
I have included two charts of this formation. One is from my MT4 platform while the other was generated from my Autochartist platform.
The MT4 chart shows that there are three highs that are currently causing a stall in the uptrend. The first high dates back to Nov.'10 at 1.4282, the two recent highs (creating a double top) are at 1.4250 and 1.4268 so the November high is still intact as a ceiling.
The support of the Rising Wedge is at 1.4077 which means that even if the 1.4100 major psychological level is broken there is a three-month uptrend line offering support in the form of the lower trendline for the Rising Wedge.
Volatility is the name of the game this week and without getting too far into a discussion of fundamentals and the pending ECB rate hike as well as Rate Statement which is highly anticipated to perhaps shed light on future hikes...there is another tools I use, which I have included in the images (below). These tools are the Expected Price Range and Price Movement Range by Hour of Day, both also calculated and provided by Autochartist. These tools are very unique and I will incorporate them with more frequency in my updates here at Forex Pros. There is no other tools that provides this type of price movement projection and it is a tremendously helpful tool that assists with risk management as well as profit target identification.
Consider that there are multiple support and resistance levels that we could find on a chart, the question is which are potentially "in play" over the course of an hour or a day?
Look at the two graphs and you can see the rhythm of price action (Price Movement Range) and the projected volatility (Expected Price Range) in the EUR/USD.
Remember that on the daily, in my past Forex Pros analysis, I have discussed swing buys on the daily based upon a zone between 20 period SMA and the 34 period EMA high. This strategy mimics how a Rising Wedge set up would trigger since the area between the two uptrend lines is the buy zone on a correction lower. The Rising Wedge has the added entry strategy of a breakout buy if prices rally through the upper trendline.
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Forex Trading analysis written by Raghee Horner for Forexpros.
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Get the most updated Forex News !
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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 - 06/04/2011
ForexPros Daily Analysis April 06, 2011
Free webinar on ForexPros - FX Market Outlook for Q2 2011
Expert: Ilian Yotov
Start: Sun, Apr 10, 2011, 10:00 ET
End: Sun, Apr 10, 2011, 11:00 ET
FX Market Outlook for Q2 2011
- Review of the trends for the currency majors in Q1 2011
- Should we expect a reversal of the USD fortunes in Q2 2011?
- Will the carry trade remain strong in Q2?
- Is the worst behind for the EUR?
Click here to join free
---
Good morning everyone. The market has made pretty strong moves yesterday. So that being said, the blue zones are extremely far away from average market price movement. This is what I'm personally going to do : I'm going to wait for a massive correlating retracement (All the pairs should make a large pullback together). These retracements should be over 25-50 pips. Once this happens, I will be jumping back in the market. Conservative traders stand aside.
Note : It does not look favorable to short the pairs during the retracement (pullback).
Currency Outlook
US Dollar : Strong then Weak
Long : EURUSD, GBPUSD, USDCHF, AUDUSD, NZDUSD, EURJPY
Short : USDCAD
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Forex Trading analysis written by Navin Prithyani for Forexpros.
---
Get the most updated Forex News !
---
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 - 07/04/2011
ForexPros Daily Analysis April 07, 2011
Free webinar on ForexPros - FX Market Outlook for Q2 2011
Expert: Ilian Yotov
Start: Sun, Apr 10, 2011, 10:00 ET
End: Sun, Apr 10, 2011, 11:00 ET
FX Market Outlook for Q2 2011
- Review of the trends for the currency majors in Q1 2011
- Should we expect a reversal of the USD fortunes in Q2 2011?
- Will the carry trade remain strong in Q2?
- Is the worst behind for the EUR?
Click here to join free
---
Markets saw some action during the past session or so, despite widely expected ECB rates decision. The expectations are increase for 25basis points, from 1% up to 1.25%. And as laready mentioend few times, the rate hike is already priced in the market, so DO NOT be surprised if you see the opposite, weak Euro reaction during the press conference, which is 45minutes after the rate decision. This would then be a psychological effect; always, or we must say in many times, the absolutely opposite reaction occurs against the crowd anticipations! With this being said, what if ECB will not raise rates at all!? In this case, we believe top will be placed on Eur/usd for some time, because large investors/institutions will cover their Euro Longs, which will likely provide a larger Euro fall.
On the other hand, a rate increase should be good for the Euro (from a longer perspective), because the Fed has no plans to increase rates for the US dollar any time soon. This of course is the main reason for a strong Eur/Usd move for the past few weeks.
What about technical picture!? The pair is facing a powerful resistance around 1.4300/400 region with decreasing volume and divergence shown on a daily chart attached below. At the same time pair is testing trend line from 2008, so we believe that close price of this week will be very important; break and push below rising trend line will be a very bearish signal, while break and close above 2008 trend line will put even more gains in play for weeks ahead.
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Forex Trading analysis written by Gregor Horvat for Forexpros.
---
Get the most updated Forex News !
---
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 - 12/04/2011
ForexPros Daily Analysis April 12, 2011
Free webinar on ForexPros - Fibonacci... Easy as ABCD
Expert: Andrei Knight
Start: Wed, Apr 27, 2011, 08:00 PST
End: Wed, Apr 27, 2011, 09:00 PST
Fibonacci need not be difficult! Learn a simple ABCD pattern, which can easily be used to trade news spikes, long-term positions lasting several months, and just about everything in between. Join leading fund manager and trading coach Andrei Knight for this exciting instructional webinar which will transform the way you look at charts and help you achieve better trading results.
Mr. Knight is the author of "Trading Forex for a Living" from Harriman House, as well as FXStreet's forth-coming DVD "Fibonacci: Unlocking the Market Code".
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---
Aud/Usd reversed quite sharply in recent sessions from its highs as commodities weakened; a move that appears to be a first small impulse on the way down. As such, temporary highs should be in place with at least three wave downward structure underway. Notice that pair also broke below rising trend line which is another important evidence of a temporary bearish price action, which however, still could be only a correction within a larger trend. Pair seems to be headed towards wave 4 support shown around 1.0300.
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Forex Trading analysis written by Gregor Horvat for Forexpros.
---
Get the most updated Forex News !
---
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 - 13/04/2011
ForexPros Daily Analysis April 13, 2011
Free webinar on ForexPros - Use moving average and bollinger bands to trade forex
Expert: Luca Discacciati
Start: Wed, Apr 20, 2011, 10:00 EST
End: Wed, Apr 20, 2011, 11:00 EST
Use moving average and bollinger bands to trade forex
Learn How Luca Discacciati use this simple instruments to gol long and short on FX markets.
The webinar is very practical and the user can reply the tradingsystem immediately!
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Eur/Usd is still pushing higher very nicely, after the most recent corrective pull-back found the support around 1.4375, which was wave 4 of an extended wave 3). Since new highs were established we now have five waves up from 1.4150 region which means that gains will likely slow down in the next 24hours. However, wave 3) targets still could be meet around 1.4550, but this levels are just above, so generally speaking watch out for a corrective wave 4) reversal.
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Forex Trading analysis written by Gregor Horvat for Forexpros.
---
Get the most updated Forex News !
---
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 - 14/04/2011
ForexPros Daily Analysis April 14, 2011
Free webinar on ForexPros - Use moving average and bollinger bands to trade forex
Expert: Luca Discacciati
Start: Wed, Apr 20, 2011, 10:00 EST
End: Wed, Apr 20, 2011, 11:00 EST
Use moving average and bollinger bands to trade forex
Learn How Luca Discacciati use this simple instruments to gol long and short on FX markets.
The webinar is very practical and the user can reply the tradingsystem immediately!
Click here to join free
---
Eur/Usd eyeing new highs again, after the pair found the base around 1.44 region where wave 4) may have already completed. As such, break through the wave 3) highs is expected when gains should accelerate towards wave 5) 1.4550 and 1.4620 targets.
For now important support still stands at the previous wave 4, near 1.4375, if another pull-back occurs.
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Forex Trading analysis written by Gregor Horvat for Forexpros.
---
New on Forexpros, the Forex Volatility Calculator!
---
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 - 18/04/2011
ForexPros Daily Analysis April 18, 2011
Free webinar on ForexPros - Forex Fundamentals
Expert: Curt Wehrley
Start: Tue, Apr 26, 2011, 10:00 EST
End: Tue, Apr 26, 2011, 11:00 EST
A review of the top fundamental news events over the prior month, and a look ahead at the news that could influence the foreign exchange market over the coming weeks.
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---
Technical Overview:
EUR/USD started the week with a massive selloff, pushing its price toward the significant support at 1.435, which held the bearish momentum for now. On the daily chart - the pair continues to move between the bands of the upward channel. The bulls came, once again, at the lower band of the channel, pushing the pair price a bit up toward 1.438.
The RSI indicator is no longer at overbought levels.
On the hourly chart there are many signs for bullish short term reversal.
The DI+ is on extreme low levels, which in the past resulted in a 200-300 pips move upward. Both RSI and MACD are signaling a completion of the downward short term trend and a reversal up.
At the current levels we are expecting a reversal up and taking LONG positions.
Trading Idea:
Best levels to enter LONG positions are between 1.435 and 1.438. Take profit should be located at around 1.45-1.452. Stop loss should be located at 1.432. In such case, breaking above 1.453, will bring us back to LONG.
SHORT positions should be taken by breaking below 1.432 with a stop loss at 1.437 and take profit at 1.426.
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Forex Trading analysis written by Dominic Bromley for Forexpros.
---
New on Forexpros, the Forex Volatility Calculator!
---
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 - 20/04/2011
ForexPros Daily Analysis April 20, 2011
Free webinar on ForexPros - Fibonacci... Easy as ABCD
Expert: Andrei Knight
Start: Wed, Apr 27, 2011, 08:00 PST
End: Wed, Apr 27, 2011, 09:00 PST
Fibonacci need not be difficult! Learn a simple ABCD pattern, which can easily be used to trade news spikes, long-term positions lasting several months, and just about everything in between. Join leading fund manager and trading coach Andrei Knight for this exciting instructional webinar which will transform the way you look at charts and help you achieve better trading results.
Mr. Knight is the author of "Trading Forex for a Living" from Harriman House, as well as FXStreet's forth-coming DVD "Fibonacci: Unlocking the Market Code".
Click here to join free
---
Good morning everyone. Yesterday the market ended up getting back into the trend in full motion. The US Dollar is expected to continue to weaken today with some retracements on the way. There are no hedged pairs today.
Currency Outlook
US Dollar : Weak
Short : USDCHF, USDCAD
Long : EURUSD, GBPUSD, AUDUSD, NZDUSD, EURJPY
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Forex Trading analysis written by Navin Prithyani for Forexpros.
---
New on Forexpros, the Forex Volatility Calculator!
---
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 - 21/04/2011
ForexPros Daily Analysis April 21, 2011
Free webinar on ForexPros - Forex Fundamentals
Expert: Curt Wehrley
Start: Tue, Apr 26, 2011, 10:00 EST
End: Tue, Apr 26, 2011, 11:00 EST
A review of the top fundamental news events over the prior month, and a look ahead at the news that could influence the foreign exchange market over the coming weeks.
Click here to join free
---
Euro:
The euro, on the daily, has continued in its bullish trend since January. On Monday it bounced off its extension long at 1.41907 and is heading towards its target at 1.46737. The euro has broken its flat top at 1.45188.
Pound:
On the daily, the pound may be breaking out of its range and is heading towards its long target at 1.65442 from its more recent long at 1.61805 from Monday. The pound however has faced strong resistance at its weekly short at 1.6418 and so needs to be watched carefully.
USD/JPY:
On the daily chart, the yen is still in a range, albeit a wider range after hitting an all time low at 76.392. Currently finding some support at the 50% at 82.162.
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Forex Trading analysis written by Diana Rochford for Forexpros.
---
New on Forexpros, the Forex Volatility Calculator!
---
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.