Forex News Blog
Back to The Headlines
Tuesday December 22, 2009 - 09:55:14 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 22/12/2009Forexpros Daily Analysis Dec 22,
Fundamental Analysis: Monetary Policy
The Bank of England (BOE) Monetary Policy Committee (MPC)
Meeting Minutes will be published tomorrow (Dec 23). The minutes are a detailed
record of the committee's interest rate meeting held about two weeks
It gives a picture of economic conditions in the UK.
records the votes of the individual members of the Committee
If the BoE is
hawkish about the inflationary outlook, it should be taken as positive/bullish
for the GBP.
The Euro broke
the support specified in yesterdayâ€™s report 1.4303, but it stopped half way
between the support & the target, and settled for closing on Fridayâ€™s low
1.4260, as yesterdayâ€™s low was 1.4264. It looks from the channel drawn on the
attached chart that 1.4357 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 1.4260 and breaking it would increase confidence in the downtrend,
and would target 1.4176 and then the bottom of the channel which is currently at
1.4085. A break of todayâ€™s most important resistance 1.4357 would cause a jump
to 1.4502, and may be later to 1.4596.
â€¢ 1.4176: Sep 1st low.
â€¢ 1.4085: the bottom of the
descending channel on the hourly chart.
the most important resistance for today, which combines the top of the channel
with the moving average SMA100.
â€¢ 1.4502: Dec 15th low.
Fibonacci 38.2% for the whole drop from 1.5139 to
Exactly as we have
expected, the drop to 90.22 was just a short-term corrective drop, and the price
resumed rising short after, to areas above 90.90 as we said in yesterdayâ€™s
report. Dollar-Yen broke the specified resistance in yesterdayâ€™s report 90.46
and successfully reached the first suggested target 91.30. But, has trouble
started for this rising move? We can see on the attached chart that the price
hardly reached any area above the moving average SMA100, and stopped close to
the trend line. Thus, we expect the Dollar to settle for the previously
harvested gains, and to start going down from the current levels. Short-term
resistance is 91.30, and breaking it would target 91.93 first, and then the
important 92.31. But what is expected is the opposite of that: the resistance
should hold, and the price should start dropping toward short-term support
90.99, and if we break it we will head towards 90.32 and then
â€¢ 90.99: intraday support.
â€¢ 90.32: previous
important intraday top.
â€¢ 89.50: Fibonacci 61.8% for the whole move from
88.91 to 91.46.
â€¢ 91.30: Nov 4th high.
Sep 3rd low.
â€¢ 92.31: Oct 27th high.
trading by Munther Marji for Forexpros. See
Forexpros for Forex charts and other trading
DisclaimerTrading 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."
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 15 January 2018
Upgrade Your Trading. Try The Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 15 Jan 2018
00:00 US- Holiday
Tue 16 Jan 2018
09:00 GB- CPI
20:00 US- Beige Book
Wed 17 Jan 2018
00:30 AU- Employment
02:00 CN- GDP
10:00 EZ- final HICP
14:15 US- Industrial Production
15:00 CA- Bank of Canada Decision
Thu 17 Jan 2018
13:30 US- Weekly Jobless
13:30 US- Housing Starts/Permits
16:00 US- EIA Crude
Fri 18 Jan 2018
09:30 GB- Retail Sales
15:00 US- University of Michigan (prelim) Survey
PROSPECTIVE Trading Opportunities
- POTENTIAL PRICE RISK: HIGH- Tue -- 09:30 GMT-- GB- CPI
- POTENTIAL PRICE RISK: HIGH- Wed -- 00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Wed -- 10:00 GMT-- EZ- Final HICP
- POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
- POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA
co-founding Partner, Global-View.com
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.