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Monday February 1, 2010 - 10:01:32 GMT
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Forexpros Daily Analysis - 01/02/2010Forexpros Daily Analysis February 1,
Fundamental Analysis: Halifax House
Traders of the UK await the publication of the Halifax House
Change in the house and property prices financed by Halifax Bank
Of Scotland (HBOS), one of the largest UK mortgage lender. This report helps to
analyze the strength of the UK housing market, which helps to analysis the
economy as a whole.
A higher than expected reading should be taken as
positive/bullish for the GBP, while a lower than expected reading should be
taken as negative/bearish for the GBP.
Analysts predict a reading of 0.90%,
down from the previous 1.00%.
Fridayâ€™s report shined as the price stopped only 6 pips
before the resistance specified in the report, and then started falling,
breaking the support 1.3936 and successfully reaching the first suggested target
1.3888. But we have not tested the important 1.3824. Looking at the hourly
chart, we can see that the Euro, and before breaking 1.4014 last week, has
stopped at the falling trend line from 1.4554 for a third time, which makes this
line one that deserves attention. The downtrend from 1.4577 will be dominant as
long as we are below this line, which is currently at 1.3959, thatâ€™s why this
will be resistance of the day. While the support is at short term Fibonacci
1.3867, and breaking either of these levels will set the direction for today.
Breaking resistance 1.3959 will initiate a correction for the whole drop from
1.4577, targeting 1.4068 first, then ideal targets start at 1.4139. On the other
hand, breaking support at 1.3867 means that we will test the important 1.3824,
and if broken, targets starts at 1.3747.
short term 61.8% Fibonacci support.
â€¢ 1.3824: Dec 19th 2008 important
â€¢ 1.3747: Jun 16th low.
â€¢ 1.3959: the
falling trend line from 1.4554 on the hourly chart.
â€¢ 1.4068: Fibonacci 61.8%
for the last drop from 1.4192.
â€¢ 1.4139: Fibonacci 38.2% for the whole drop
Dollar-Yen broke the
resistance specified in Fridayâ€™s report 90.41, but stopped in the middle of the
road to the suggested target, at 90.90. This indicates that the bounce we talked
about still has the momentum needed to go on. This fine bounce may manage to
capitalize on the break of 90.41 to go higher. If the Dollar is meant to achieve
more gains from this bounce, it is preferred that we do not break support at
89.94. And between 90.36 & 89.94, we will await a break of either of them to
set the direction for the short term. If we test the falling trend line and
break the resistance 90.36, the price will already be in a correction for the
whole drop from 93.75, with ideal targets at 91.44 & 91.98. In case of a
break of the support 89.94, we will target 89.12, and if broken we will be going
back to the same trend line that provided last weekâ€™s support, which is
currently at 88.60.
â€¢ 89.94: the rising trend line
from Wednesdayâ€™s low.
â€¢ 89.12: Jan 27th low.
â€¢ 88.30: the support of the
falling trend line from 90.58.
â€¢ 90.36: important
â€¢ 91.44: Fibonacci 50% for the whole drop from 93.75.
91.98: Fibonacci 61.8% for the whole drop from 93.75.
trading analysis by Munther Marji for Forexpros.
on currency trading see
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