Forex News Blog
Back to The Headlines
Tuesday January 5, 2010 - 09:52:47 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 05/01/2010Forexpros Daily Analysis Jan 5,
Fundamental Analysis: FOMC Meeting
Traders of the USD await the publication of the FOMC Meeting
Minutes tomorrow (Jan 6).
The Federal Open Market Committee (FOMC) Meeting
Minutes are a detailed record of the committee's interest rate meeting held
about two weeks earlier. The minutes provide detailed insights regarding the
FOMC's stance on monetary policy, so Currency traders carefully comb them for
clues regarding future interest rate shifts.
The support 1.4264 survived yesterday, causing the Euro to
rise. It broke the resistance specified in yesterdayâ€™s report 1.4308, and
reached both targets 1.4369 & the 1.4424-1.4457 successfully. But with this
rise, we got closer to an important resistance, provided by the rising trend
line from 1.4410, which is illustrated on the attached chart, and is currently
at 1.4485. This line could provide a chance to reverse the short term direction
after yesterdayâ€™s rise. So, 1.4485 will be resistance of the day, and breaking
it would indicate a continuation in the uptrend with the next set of targets at
1.4569 & 1.4678, the first & second main Fibonacci retracement levels
for the medium term (The 38.2% & 50%). But, if 1.4485 could reverse the
direction, the price will drop to the support at 1.4454, and if broken a
correction for the whole up-move from 1.4256 will be initiated, which will
ideally target 1.4369, and may be later 1.4303.
1.4454: support level on the hourly chart.
â€¢ 1.4369: Fibonacci 50% for the
rise from 1.4256.
â€¢ 1.4303: support level on the hourly
â€¢ 1.4485: the rising trend line from 1.4410
on the hourly chart.
â€¢ 1.4569: Fibonacci 38.2% for the whole drop from 1.5139
â€¢ 1.4678: Fibonacci 50% for the whole drop from 1.5139 to
At the moment of
preparing this report, the Dollar-Yen is approaching 91.60, the rising trend
line from 84.81. This point could be critical not just for the short term but
for the medium term as well, since breaking it would indicate the termination of
the rising trend line from 84.81, which will have a huge effect on the technical
outlook for the medium term. If this line is broken, we will fall to the
important 90.55, which is also another important support for the short term, and
maybe we will see 89.58 after that. On the other hand, if the line survives this
test, a short term rise will be initiated, challenging short term resistance at
91.97, and breaking this level would lead to a correction to the drop from 93.20
(and may be to more than that), targeting the important 92.59, and once its
broken we will be looking forward to the long awaited
â€¢ 91.60: the rising trend line from 84.81.
90.55: Fibonacci 61.8% for the whole move from 88.91 to 93.20.
Fibonacci 61.8% for the whole move from 87.35 to
â€¢ 91.97: intraday resistance.
Fibonacci 61.8% for the short term.
â€¢ 93.53: Mar 19h
---Forex trading by Munther Marji for Forexpros. See Forexpros for Forex quotes and
other trading tools.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium
Mon 23 Apr 2018
A All Day- Flash PMIs
AA 14:00 US- Existing Homes Sales
Tue 24 Apr 2018
AA 01:30 AU- CPI
A 08:00 DE- IFO Survey
A 14:00 US- CB Confidence
A 14:00 US- New Homes Sales
Wed 25 Apr 2018
AA 14:30 US- EIA Crude
Thu 26 Apr 2018
AA 11:45 EZ- ECB Decision
A 12:30 US- Durable Goods
A 12:30 US- Weekly Jobless
Fri 27 Apr 2018
AA 03:00 JP- Bank of Japan
A 08:00 DE- Employment
A 08:30 GB- GDP
A 14:00 US- University of Michigan
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.