Forex News Blog
Back to The Headlines
Monday December 21, 2009 - 10:28:01 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 21/12/2009Forexpros Daily Analysis Dec 21, 2009
Fundamental Analysis: GDP
Tomorrow, Dec 22, the Gross Domestic Product will be published in the UK, USA and New Zealand.
The Gross Domestic Product (GDP) is the broadest measure of economic
activity and is a key indicator for the economy's health. The quarterly
percent changes in GDP shows the growth rate of the economy as a whole.
A higher than expected reading should be taken as positive/bullish for
the currency, while a lower than expected reading should be taken as
negative/bearish for the currency.
Analysts forecast a reading of -0.30% for the GDP, up from -0.10% and a
reading of 2.80% for the USD, representing no change. The NZD is
expected to read 0.10%, down from 0.40%.
The Euro broke the support specified in Fridayâ€™s report 1.4346, and
successfully reached the first target 1.4280. It looks from the channel
drawn on the attached chart that 1.4410 is the limit the separates the
continuation of the downtrend from its reversal, since it combines the
top of the channel with the moving average SMA100. As long as the price
is below this level, the downtrend will continue, looking for fresh
lows below Fridayâ€™s low 1.4260. Short-term support is at 1.4303 and
breaking it would increase confidence in the downtrend, and would
target 1.4205 and then the bottom of the channel which is currently at
1.4140. A break of todayâ€™s most important resistance 1.4410 would cause
a jump to 1.4502, and may be later to 1.4584.
â€¢ 1.4303: Thursdayâ€™s low.
â€¢ 1.4205: Aug 26th low.
â€¢ 1.4140: the bottom of the descending channel on the hourly chart.
â€¢ 1.4410: the most important resistance for today, which combines the top of the channel with the moving average SMA100.
â€¢ 1.4502: Dec 15th low.
â€¢ 1.4584: Dec 11th low.
Dollar-Yen broke the specified resistance in Fridayâ€™s report 89.80, and
successfully reached both targets 90.40 & 90.90 with amazing
accuracy (Fridayâ€™s high 90.89). We see that the drop that followed to
90.22 is just a short-term correction, and that the advance will carry
on after we are done with it to areas above 90.90. We build this
opinion on our wave count for the short-term which shows that we are in
wave 4 of 5 rising waves that started at 88.91 on Thursday. If our wave
count turns out to be right, we will not break the support 89.86, the
price will start rising breaking short-term resistance 90.46, and
targeting 91.30 first, and may be 91.93 afterwards. If a surprise
happens and we break 89.86 the suggested wave count will be invalid,
and the price will drop targeting the rising trend line from 85.84
which is currently at 89.17, and may be 88.70.
â€¢ 89.86: Fibonacci 61.8% for wave 3 according to our short-term wave count.
â€¢ 89.17: the rising trend line from 85.84.
â€¢ 88.70: Fibonacci 61.8% for the whole move from 84.81 to 90.89.
â€¢ 90.46: the falling trend line from Fridayâ€™s top on intraday charts.
â€¢ 91.30: Nov 4th high.
â€¢ 91.93: Sep 3rd low.
Forex trading by Munther Marji for Forexpros. See Forexpros for more Forex Quotes.
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.
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 23 July 2018
AA: Major, A: High, B: Medium
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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.