Forex News Blog
Back to The Headlines
Wednesday January 13, 2010 - 10:53:32 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 13/01/2010ForexPros Daily Analysis January 13,
Fundamental Analysis: Initial Jobless
Traders anticipate the publication of the Initial Jobless Claims
tomorrow, January 14.
Initial Jobless Claims is a measure of the
number of people who file for
unemployment benefits for the first time during
the given week.
This data is collected by the Department of Labor, and
published as a weekly
report. The number of jobless claims is used as a
measure of the health of
the job market, as a series of increases indicates
that there are fewer
people being hired.
On a week-to-week basis, claims
are quite volatile.
Usually, a move of at least 35K in claims, is required to
meaningful change in job growth.
A higher than expected reading
should be taken as negative/bearish for the
USD, while a lower than expected
reading should be taken as positive/bullish
for the USD.
no change in the reading which will remain at 434.00K.
For the second day in a row,
the Euro did not create any major or
technically meaningful moves. We
maintained a trading range below Monday's
top 1.4555, and above the Asian
session bottom for the same day 1.4452. It
seems like this trading range is
getting tighter & tighter, which is a price
behavior that usually happens
before large moves. The borders of this tight
area are drawn with the two
small trend lines on the hourly chart which are
at 1.4531 & 1.4464. Thus,
breaking any of these levels will move the Euro in
the direction of the
break. If we break the resistance 1.4531 the odds of
going above 1.46 will be
high, where the attractive targets 1.4625 & 1.4678
await. But if we break
the support 1.4464, the Euro will fall again
targeting 1.4409 first, then
1.4331. And as it is the case with all tight
ranges, it is highly preferred
not to take a bias towards any direction
before breaking the limits of the
* 1.4485: the trend line that limits the
tight area from below.
* 1.4409: Fibonacci 50% for the short term.
1.4331: previous well known support/resistance.
1.4531: the trend line that limits the tight area from above.
* 1.4625: Nov
* 1.4678: Fibonacci 50% for the medium
Exactly as we have
expected, Dollar-Yen broke yesterday's support 91.70 and
the suggested target 90.76, stopping only 5 pips below
it, before bouncing
back above 91. As we can see on the attached chart, this
pair has bumped into
a support that caused it to bounce more than 60 pips
until now. Reaching
90.76 is expected to provide a chance to create a
correction for the whole
fall from 93.75, which will ideally target 91.87 &
92.59. But before
talking about such a correction we should see a break of
resistance 91.33. If the price goes back to falling, and break
support 90.95, the down trend will continue, and will target
90.35, and later
the important 89.79.
* 90.95: Fibonacci 61.8% for the
* 90.35: support/resistance area on the 4-hour chart.
Fibonacci 61.8% for the whole rise from 87.35 to
* 91.33: intraday top.
* 91.87: Fibonacci
38.2% for the whole move down from 93.75.
* 94.62: Fibonacci 61.8% for the
whole move down from 93.75.
Trading Analysis written by Munther Marji for
For information on forex software see
Disclaimer: Trading Futures and Options on Futures and Cash
transactions involves substantial risk of loss and may not be suitable
all investors. You should carefully consider whether trading is suitable
you in light of your circumstances, knowledge, and financial resources.
may lose all or more of your initial investment. Opinions, market data,
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
Tue 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
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.