Forex News Blog
Back to The Headlines
Monday November 9, 2009 - 10:48:39 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 09/11/2009Forexpros Daily Analysis Nov 9, 2009
Free Webinar Tomorrow on Forexpors.com: Mapping Out the Banking System & Foreign Exchange Dealing Process
Tue, Nov 10, 2009, 11:00 EST/16:00GMT
Dan Cook, Senior Market Analyst at IG Markets will shed light on the
inner workings of the international banking system and its impact on
The webinar will provide a breakdown of the Central Banks and the
Interbank System, highlighting the roles of each of the major players
and how their policy decisions impact currency markets. Additionally,
Cook will review major market indicators and identify which data
releases most critically impact currency markets, enabling traders to
get a better sense of which economic announcements warrant the most
Click Here To Join
In The News:
Traders await tomorrows release of the Economic Sentiment report by The
German Zentrum fÃ¼r EuropÃ¤ische Wirtschaftsforschung (ZEW).
The report determines the sentiment of German institutional investors over the past month.
The ZEW report, which is concluded from survey of about 350 German
institutional investors and analysts, is considered a leading indicator
of business conditions.
A higher than expected reading should be taken as positive/bullish for
the EUR, while a lower than expected reading should be taken as
negative/bearish for the EUR.
Analysts expect tomorrow's report to indicate a slight drop to 55.00 from lasts month's measure of 56.00
Finally, the Euro broke short-term Fibonacci 61.8% resistance level at
1.4897 and reached the previous known resistance 1.4942 which is
October 22nd low. Breaking it would send the Euro above 1.50, since we
see the first important resistance above it is at 1.5014. Then there is
nothing separating the Euro from this year's high 1.5061, and may be
reach the important resistance 1.5082. The most important support for
the next few hours will be the rising trendline from November 3rd
bottoms, which is 1.4880. In case it is broken, the Euro will face a
correction on the short-term horizon that will target Fibonacci 38.2%
for the short-term at 1.4821, at least, and could reach 61.8% at
1.4746. In this case, the latter will be the most important support for
the short-term because staying above means this drop is only a
correction, while breaking it means it is more than a correction.
â€¢ 1.4880: The bottom of the rising channel from Nov 3rd lows.
â€¢ 1.4821: Fibonacci 38.2% for the last rising move.
â€¢ 1.4746: Fibonacci 61.8% for the last rising move.
â€¢ 1.4942: Oct 22nd low.
â€¢ 1.5014: previous resistance.
â€¢ 1.5082: previous resistance.
The Pound broke the resistance 1.6636, and reached the first target
1.6690 successfully, and came close to the second 1.6739 this morning
(the high until the moment is 1.6739). This resistance, that represents
September 11th high, will be the most important for today. If price
fail to break it, it will be heading towards a test of the short-term
support at 1.6661, and if this support is broken, we believe the price
will be in a correction for the whole rise from 1.6259. Such a
correction will target Fibonacci 38.2% at 1.6552 (at least), and could
reach Fibonacci 50% at 1.6496. on the other hand, if the price manage
to break 1.6739, this rise will continue, and reach areas above 1.68,
where there is the important resistance 1.6830 that we believe to be
the minimum target for breaking 1.6739. And may be later, we will see a
test of the important resistance from August 1.6910. All eyes on 1.6739.
â€¢ 1.6661: short-term resistance.
â€¢ 1.6552: Fibonacci 38.2% for the short-term.
â€¢ 1.6496: Fibonacci 50% for the short-term.
â€¢ 1.6739: Sep 11th high.
â€¢ 1.6830: Aug 7th high.
â€¢ 1.6910: a previous resistance from August.
Dollar-Yen broke the support 90.41 and reached our first target
suggested for this break at 89.61 with an amazing accuracy (Friday's
low was 89.60). And with the two-time stop at the descending trendline
on Friday, and at Fibonacci 50% resistance during the Asian session,
the borders of the downtrend is getting clearer and clearer. The
falling trendline is now at 90.55, and short-term Fibonacci 61.8%
resistance is at 90.37, making this area the most important for the
short-term. Staying below it means that bears are in control. More
confidence for the downtrend will be gained once we break 90.05, which
will target 89.40 then the important bottom 88.82. If a surprise
happens, and we break 90.37, we will target 90.90 first, then 91.30.
â€¢ 90.05: short-term support.
â€¢ 89.40: previous support.
â€¢ 88.82: Oct 14th low, and an important low for determining the medium-term trend.
â€¢ 90.37: Fibonacci 61.8% for the short-term.
â€¢ 90.90: a well known previous support/resistance.
â€¢ 91.30: Nov 4th high.
Forex Trading Analysis by Forexpros.com
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Register To Test Your Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 20 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.
- POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
TRADER ADVOCACY ARTICLES
Trader's Advocate Articles..