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Thursday January 7, 2010 - 10:26:04 GMT
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Forexpros Daily Analysis - 07/01/2010Forexpros Daily Analysis Jan 7,
Fundamental Analysis: Nonfarm
Traders of the USD await the publication of the Nonfarm Payrolls
report due out tomorrow (Jan 8) .
Nonfarm Payrolls measures the change in the number of employed people during the
last month of all non-farming businesses. The total non-farm payroll accounts
for approximately 80% of the workers who produce the entire gross domestic
product of the United States.
It is the single most important piece of data
contained in the employment report, which considered to offer the best overview
of the economy.
The monthly changes and the revisions in payrolls can be
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 forecast a reading of
The Euro broke the
resistance 1.4327 and reached our first suggested target 1.4406 successfully.
But after reaching 1.4445 it came back to falling, as it is trading now around
1.4360. And with coming back to these areas, we once again assure the importance
of 1.4264, and we will consider it the borderline between a continuation of the
drop from 1.4482, or a bounce to the upside. But before it we should place our
attention on 1.4344, and if broken a test of the important 1.4264 will be
underway. If this important support is taken, we expect the Euro to drop towards
1.4176. But if it holds, a test of short term resistance 1.4394 will follow, and
breaking it would lead to a rising move targeting 1.4485, which reversed the
upside activity, and caused Tuesdayâ€™s drop, and later
â€¢ 1.4344: Fibonacci 61.8% for the short
â€¢ 1.4264: Dec 21st low.
â€¢ 1.4176: Sep 1st
â€¢ 1.4394: the falling trend line from
yesterdayâ€™s high on intraday charts.
â€¢ 1.4485: the resistance that caused
â€¢ 1.4584: Dec 11th
As we said yesterday,
Dollar-Yen broke the trend line rising from 84.81, but the drop that followed
was limited, before going back above the line. This behavior recommends caution,
since going back above the broken line stripped a lot of importance for this
break. Short-term resistance is 93.08, and the support is at 92.24 . If this
support is broken, we will fall to 91.51, and then the important 90.55, which is
also another important support for the short term. On the other hand, if the
price holds above this support, a short term rise will be initiated, challenging
short term resistance at 93.08, and breaking this level would at least lead to
challenge the top93.20, targeting the long awaited 93.53, and if this important
resistance is broken, we will target 94.05.
the rising trend line from 84.81
â€¢ 91.51: obvious resistance area on the
â€¢ 90.55: Fibonacci 61.8% for the whole move from 88.91 to
â€¢ 93.08: previous support/resistance
â€¢ 93.53: Mar 19h low.
â€¢ 94.05: Aug 28th
by Munther Marji for Forexpros. See Forexpros for quotes on Rates and
DisclaimerTrading Futures and Options on Futures and Cash Forex transactions
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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
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Fri 18 Jan 2018
09:30 GB- Retail Sales
15:00 US- University of Michigan (prelim) Survey
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- POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
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