Forex News Blog
Back to The Headlines
Wednesday November 18, 2009 - 12:18:39 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 18/11/2009Forexpros Daily Analysis Nov. 18, 2009
Fundamental Analysis, UK
The UK National Statistics Bureau will publish the monthly Retail Sales measurement Tomorrow (Nov 19).
Retail Sales are a measurement of all goods sold by retailers based on
a sampling of retail stores of different types and sizes in the UK.
It is an important indicator of consumer spending and also correlated
to consumer confidence and considered as a pace indicator of the UK
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 expect tomorrowâ€™s measurement to stand at 0.60%, a slight increase from last month.
For analysis on GBP/USD and other currencies see Forexpros.
As expected, the Euro dropped after breaking 1.4934, reaching the first
suggested target 1.4879 successfully, and getting close somehow to the
second target and important level 1.4786. This behavior only gave us
more confidence in the importance of 1.4786, where there is Fibonacci
61.8% for the up-move from 1.4625 to 1.5047, especially with the rising
trendline from August 17th low, approaching this level. Short-term
support is nearby at 1.4876, a break here would target Fibonacci 61.8%
for the rising move from yesterday's low which is at 1.4839. This is
the last notable support before the all important 1.4786. The technical
outlook for the short-term will not turn positive before breaking
Fibonacci 61.8% for the drop from Monday's top at 1.4935. If this
happens, the Euro will bounce to 1.4998 first, and if we can break this
level, we have the right to wait for 1.5082 for the first time this
â€¢ 1.4876: short-term support.
â€¢ 1.4839: Fibonacci 61.8% for the short-term.
â€¢ 1.4786: Fibonacci 61.8% for the rising move from 1.4625, the most important support for the medium-term.
â€¢ 1.4935: short-term Fibonacci 61.8%.
â€¢ 1.4998: intraday top from Monday.
â€¢ 1.5082: previous resistance from 2008.
Dollar-Yen broke both the support & resistance specified in
yesterday's report without being able to create any large moves in both
cases. Now, the price is trying hard to hold above 89, where Fibonacci
61.8% for the short-term is at 89.01. If this level holds, we will see
an upward correction, while breaking this level in specific indicates a
continuation of the downside movement towards 88.13, which is the last
important support before the last 15 years low 87.10. As for the
resistance, the most important for short-term is November 11th low
89.23, breaking it would initiate a correction that would ideally
target 89.87. This level is the most important resistance at the
moment, and a candidate to initiate a new down move (of course that is
in case we get there), only breaking this level would change our
expectations to the upside, when we target 90.73.
â€¢ 88.90: obvious support on the hourly chart.
â€¢ 88.13: Oct 13th low.
â€¢ 87.10: Jan 12th low.
â€¢ 89.27: Nov 11th low.
â€¢ 89.87: Fibonacci 61.8% for short-term.
â€¢ 90.73: intraday top.
Analysis by Forexpros - Written by Munther Marji.
For Forex software platforms see Forexpros.
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:
Upgrade Your Trading experience. Try the Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 26 February 2018
Upgrade Your Trading. Try The Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 26 Feb 2018
AA: Major, A: High, B: Medium
A 15:00 US- New Homes Sales
Tue 27 Feb 2018
A 08:55 DE- Jobless
B 13:30 US- Durable Goods
A 15:00 US- CB Consumer Confidence
A 15:00 US- Pending Homes Sales
AA 15:00 US- Powell House Testimony
Wed 28 Feb 2018
A 10:00 EZ- flash HICP
AA 13:30 US- GDP
A 15:30 US- EIA Crude
Thu 1 Mar 2018
A All Day final Mfg PMIs
A 13:30 US- Weekly Jobless
AA 13:30 US- Core PCE Deflator
AA 15:00 US- Powell Senate Testimony
A 15:30 US- EIA Crude
Fri 2 Mar 2018
AA 15:00 US- final Univ of Mich
John M. Bland, MBA
co-founding Partner, Global-View.com
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.