Forex News Blog
Back to The Headlines
Wednesday January 20, 2010 - 12:39:24 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 20/01/2010ForexPros Daily Analysis January 20,
Fundamental Analysis: Initial Jobless
Traders anticipate the publication tomorrow (21 January) of the
Initial Jobless Claims. It 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.
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
On a week-to-week basis, claims are quite volatile.
Usually, a move
of at least 35K in claims, is required to signal a meaningful change in job
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. Analysts predict a slight change from the previous
reading of 444.00k to a future reading of 440.00k.
The Euro broke yesterdayâ€™s support 1.4303, and
successfully reached both suggested targets for this break 1.4216 & 1.4176.
Reaching areas below 1.4216 so fast, indicates how solid this break was, and
confirms its importance. But, now after we have reached here, we should keep
open minds towards every possibility. The most probable one is of course a
continuation of the Dollar rally, and dragging the Euro lower and lower. This
scenario gains more confidence if and when we break 1.4185, and in this case the
next set of targets will be 1.4103 and the important 1.4006. But, if it turns
out that todayâ€™s movement will be opposite to the direction of the break we
witnessed yesterday, the Euro will break the resistance at 1.4216, and in this
case we may see a strong rise targeting Fibonacci retracement levels 1.4322
â€¢ 1.4185: the most important intraday
support for the last few hours.
â€¢ 1.4103: Aug 10th low.
â€¢ 1.4176: the
important bottom of Jul 29th.
â€¢ 1.4216: Dec 22nd
â€¢ 1.4322: Fibonacci 38.2% for the whole drop from 1.4577.
1.4371: Fibonacci 50% for the whole drop from
In an unexpected fashion,
Dollar-Yen broke the resistance 90.90 and challenged the resistance area near
91.30, in a break that is completely opposite to the technical outlook that
followed the break of 90.76. This break makes the picture unclear, and we will
be awaiting clearer signals by breaking the support o resistance of the day
90.76 & 91.30. Short term support is 90.76, breaking it would initiate a
down move that we expect to be stronger that what we have seen lately, and would
target 89.79 and 89.22. And as we said, the most important resistance is 91.30,
and if broken, we will be in an upward correction for the whole drop from 93.75,
which will ideally target the 3 main Fibonacci retracement levels 91.64, 92.04
â€¢ 90.76: Fibonacci 61.8% for the whole
rising move from 88.91 to 93.75.
â€¢ 89.79: Fibonacci 61.8% for the whole
rising move from 87.35 to 93.75.
â€¢ 89.22: a previous well known
â€¢ 91.30: a well known
support/resistance area which stopped yesterdayâ€™s rise.
â€¢ 91.64: Fibonacci
38.2% for the whole move down from 93.75.
â€¢ 92.44: Fibonacci 61.8% for the
whole move down from 93.75.
Trading Analysis written by Munther Marji for
For information on trading courses see
Disclaimer: Trading 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
Mon 19 Mar 2018
AA: Major, A: High, B: Medium
Tue 20 Mar 2018
AA 9:30 GB- CPI
A 10:00 DE- ZEW Survey
Wed 21 Mar 2018
AA 03:00 AU- Employment
AA 9:30 GB- Employment
A 12:30 US- Current Account
AA 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
A A 18:00 US- Fed Rate Decision
A 21:00 NZ- RBNZ Rate Decision
Thu 22 Mar 2018
AA All Day flash PMIs
AA 9:30 GB- Retail Sales
AA 12:00 GB- Bank Of England Decision
A 13:30 US- Weekly Jobless
Fri 23 Mar 2018
AA 12:30 CA- CPI/Retail Sales
A 12:30 US- Durable Goods
A 14:00 US- New Homes Sales
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.