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Tuesday December 1, 2009 - 10:51:12 GMT
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Forexpros Daily Analysis - 01/12/2009 Forexpros Daily Analysis Dec 01,
The U.S Department of Labor will release The ADP Nonfarm
Employment Change report tomorrow (Dec 2)
The ADP National Employment Report
is a measure of the monthly change of nonfarm private employment, based on a
subset of aggregated and anonymous payroll data that represents approximately
400,000 U.S. business clients.
This release, 2 days before the
government-released employment data , is a good predictive to the government's
non-farm payrolls data. The change in this indicator can be very volatile.
higher than expected reading should be taken as positive/bullish for the USD,
while a lower than expected reading should be taken as negative/bearish for the
Analysts predict tomorrow's measure to stand at -148.00k, a substantial
change from last month's -203.00k.
For more fundamental news, check out
the Forexpros Economic Calendar
The Euro broke the support 1.5043 but it only reached
1.4970, without testing the important support area 1.4955-1.4924. And now, it is
going back up, closing on almost the same levels that we were at yesterdayâ€™s
morning. Te price tried to break 1.4970 twice, yesterday, then in the Asian
session, without succeeding in doing that. This indicate that this support is
important, but we will adopt 1.4985 as support of the day. Where the resistance
is found at the falling trendline from last weekâ€™s top 1.5143, and that line is
currently at 1.5050. Breaking any of them would deliver the next move direction.
Breaking 1.5050 will lead to a test of this yearâ€™s high 1.5143 once again, and
may be 1.5200 after that. Breaking the support 1.4985 would target Fibonacci
61.8% for the short-term at 1.4924, and this is a crucial support, if broken we
will target 1.4867.
â€¢ 1.4985: intraday support.
1.4924: Fibonacci 61.8% for the short-term.
â€¢ 1.4867: important intraday
support from last week.
â€¢ 1.5050: the falling trend
line from 1.5143 (this yearâ€™â€™s high and last weekâ€™s top).
resistance area from
Dollar-Yen broke through
both the resistance & support without creating any major moves, except for
nearing the first target 87.50 after breaking the resistance 87.00. the current
rise is invited to show strength at Fibonacci 61.8% at 87.50, and if it succeeds
in doing so, then a test of the bottom of the supposed wedge formation at 88.33
is to be expected, and if this important resistance is also broken, the next
target will be the top of that formation which is currently at 88.84. todayâ€™s
support is yesterdayâ€™s resistance 87.00, and breaking it would mean a
continuation of the downtrend after some rising bounces. This trend would target
the rising trendline from last weekâ€™s bottom on the hourly chart, which is
currently at 86.44, first, then yesterdayâ€™s low 85.84. The trend is down, and
the Yen strength is still expected, but we should be aware of the possibility of
interventions by the Japanese government that would left this pair many steps
â€¢ 87.00: short-term support.
â€¢ 86.44: the
rising trendline from Thursdayâ€™s low.
â€¢ 85.84: yesterdayâ€™s
â€¢ 87.50: Fibonacci 61.8% short-term (for the
move from 89.17 to 84.81).
â€¢ 88.33: the bottom of the supposed wedge
â€¢ 88.84: the top of the supposed wedge
formation.Forex Trading Analysis by Forexpros
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
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