Forex News Blog
Back to The Headlines
Monday December 28, 2009 - 09:58:07 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 28/12/2009Forexpros Daily Analysis Dec 28,
Fundamental Analysis: CB Consumer
The CB Consumer Confidence report will be published tomorrow
The Consumer Confidence measures the level of consumer confidence
in economic activity. It is a leading indicator as it can predict the consumer
spending, which is a major part in the total economic activity. Higher readings
point to higher consumer optimism.
A 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 USD.
Analysts predict a reading
of 49.50, down from the previous 53.00.
The Euro broke the resistance specified in Thursdayâ€™s
report 1.4371, but settled for a test of the resistance 1.4410 (Thursdayâ€™s high
was 1.4416). The technical outlook is still gaining positivity after breaking
the falling channel that we talked about all last week, but failure at 1.4410
might be the first signal indicating a new wave of weakness. And since it is an
important resistance, we will consider as resistance of the day, and breaking it
would confirm the upward direction that started by breaking the descending
channel. Short-term support is Thursdayâ€™s resistance 1.4371, and if this
important level is broken, this pair would target the important 1.4292
(important for short term and may be medium term as well), and then 1.4233. A
break of todayâ€™s most important resistance 1.4410 would cause a jump to 1.4502,
and later to Fibonacci 38.2% for the medium-term 1.4596.
â€¢ 1.4371: Thursdayâ€™s resistance that became todayâ€™s
short term support.
â€¢ 1.4292: Fibonacci 61.8% short term and it is close to
the rising trend line from last weekâ€™s low on intraday charts.
important intraday support from last week.
1.4410: previous well known resistance, price stopped near it on Thursday.
1.4502: Dec 15th low.
â€¢ 1.4596: Fibonacci 38.2% for the medium term (for the
whole move from 1.5139 to
Though it tried more
than once, the Dollar-Yen could not break 91.78, and that is why there is almost
no change to the technical outlook we spoke about yesterday. The price is
invited to show strength against the resistance 91.78 (currently trading pips
below it), and if broken, a test of the area that caught our attention
92.31-92.52 will be only a matter of time. And if this area is broken, the
Dollar will take off, towards March 19th low 93.53. On the other hand, if the
price fails to create a sustained break of 91.78, a drop towards 90.90 where the
retest level for the broken channel is waiting, will follow. And if this level
is broken, the price will drop towards the important 90.03, and if broken we are
to see 89.55.
â€¢ 90.90: the retest level for the
â€¢ 90.03: Fibonacci 61.8% for the whole move from 88.91 to
â€¢ 89.55: previous important intraday low.
â€¢ 91.78: Jul 8th low.
â€¢ 92.31-92.52: resistance
area created between Oct 27th & Sep 21st tops.
â€¢ 93.53: Mar 19h
---Forex trading by Munther Marji for Forexpros. See Forexpros for information on
Central Banks and 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:
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 15 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Thu 14 Dec
23:50 JP- Tankan Survey
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --23:50-- JP- Tankan Survey
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..