Forex News Blog
Back to The Headlines
Wednesday October 28, 2009 - 12:18:51 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 26/10/2009Forexpros Daily Analysis Oct 28, 2009
The U.S. Department of Labor will publish the weekly Initial Jobless Claims report tomorrow (Oct 29).
The report is a 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
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.
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 last weekâ€™s measure of 531.00k to drop to 520.00k
In agreement with the negative technical outlook we talked about in
yesterday's report, the Euro stopped at the first resistance in the
report 1.4927 with great accuracy (yesterday's high 1.4926), then
dropped breaking the support 1.4861, and reached the first target of
that break 1.4771 with great accuracy as well (yesterday's low 1.4769).
We still favor more downside movement, which is an expectation built on
the negative technical outlook after breaking 1.4992, but we should not
neglect the rising probability of an upward correction for the drop
from 1.5061, which reached almost 300 pips so far. Short-term support
is provided by the rising trendline from yesterday's low, currently at
1.4801, and breaking it would mean a continuation of the sharp drop, in
order to break 1.4771, and target Fibonacci 61.8% for the whole up move
from 1.4480, at 1.4702. Short-term resistance is 1.4844, and breaking
it would target the area between 1.4881 & 1.4949. If the negative
outlook is to persist, the later (1.4949) should hold.
â€¢ 1.4801: the rising trendline from yesterday's low on the intraday charts.
â€¢ 1.4760: Oct 13th low.
â€¢ 1.4702: Fibonacci 61.8% for the whole move from 1.4480.
â€¢ 1.4844: Monday's low.
â€¢ 1.4927: Fibonacci 38.2% for yesterday's drop.
â€¢ 1.4978: Fibonacci 61.8% for yesterday's drop, and the most important resistance for the time being.
The Dollar-Yen stayed below the resistance 92.27, broke the support
91.98, and reached the first target for this break 91.26 successfully.
With this down move, we are getting closer to the bottom of the rising
trend channel on the hourly chart, currently at 90.76, making it
support of the day. Staying above it, would give this pair a chance to
correct the drop from Monday's high 92.31, creating a correction that
could reach 91.84, the most important resistance for the short-term. We
believe that the borders of the current area are support 90.76 and
resistance 97.84, and before breaking any of them, it would be
difficult to predict the next move's direction. And we believe that the
direction of that move will be the direction of the break. If we break
support 90.76, that would mean we broke the rising trend channel, and
the trend for the short and medium terms, and that would take the price
close to 90 again. On the other hand, breaking resistance 91.84 would
mean that the drop from Monday's high is over, and that we are on the
way to 92.52-58.
â€¢ 90.76: the bottom of the rising trend channel on the hourly.
â€¢ 90.06: Oct 20th low.
â€¢ 89.61: Oct 12th low.
â€¢ 91.54: Fibonacci 38.2% for the short-term.
â€¢ 91.84: Fibonacci 61.8% for the short-term, the most important resistance for now.
â€¢ 92.52-92.58: previous well known resistance area.
Forex trading analysis by Forexpros - Written by Munther T. Marji
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
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 10 Sep 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.