Forex News Blog
Back to The Headlines
Tuesday March 2, 2010 - 11:13:20 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 02/03/2010ForexPros Daily Analysis March 2,
ADP Nonfarm Employment Change
Traders of the US anticipate the
publication of the ADP National Employment Report tomorrow March 2. The report
measures the monthly change of nonfarm private employment, based on a subset of
aggregated and anonymous payroll data that represents approximately 400,000 U.S.
business clients. This release, 2 days before the government-released employment
data, is a good predictive to the government's non-farm payrolls data. The
change in this indicator can be very volatile. 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 predict a
reading of -10.00K.
stopped only 4 pips above the resistance specified in yesterdayâ€™s report 1.3648,
and fell hard, breaking the support 1.3589, and successfully reaching the first
suggested target 1.3496. It also came sort of close to the second target 1.3442
(yesterdays low was 1.3459). We note on the attached chart that yesterdayâ€™s low
came very close to the trend line slowly rising from 1.3422, to the extent that
it could be considered as a 3rd touch of the line. Thus, this line has gained
more importance. Usually, when the price stops and creates a series of bottoms
that are so close to each other (1.3442, 1.3450 & yesterday 1.3459), and
provides us a slightly rising trend line as it is the case, a break of this line
will result in a big move on the medium term, and this is to be expected here. A
break of this line could result in a move approaching 1.30 in a very few weeks.
For the short term, the above mentioned line provides support at 1.3465, and if
it gets broken, we see the Euro falling to 1.3390 & 1.3299. The resistance
is provided by Fibonacci 61.8% for the short term at 1.3578, and if broken the
Euro will catch a breath, and jump to 1.3652, and may be
â€¢ 1.3465: the slightly rising trend line from
â€¢ 1.3390: Apr 13th high.
â€¢ 1.3299: Apr 24th
â€¢ 1.3578: Fibonacci 61.8% for the short
â€¢ 1.3652: important resistance level on hourly charts.
previous well known resistance
Not a lot of motion in the
past 24 hours, it seems that this pair is still building a base, in a step to
change short term direction. Today, we see the Dollar-Yen trying to break the
falling trend line from 89.48 on the intraday charts. If it succeeds in doing
so, we will be in front of a new trend in a new week. This trend line is very
close to the resistance 89.39, and that is why this resistance will be
resistance of the day. Breaking it would indicate this pair is targeting the
short term Fibonacci retracement levels, and the major 3 levels are at 90.02,
90.43 & 90.83. We picked the first and last of them as targets for the 89.39
break. As for the resistance 88.81 has shown strength so far (please refer to
the attached chart). We will adopt it as support of the day, and if it is
broken, we ill not get out new trend today, the fall will continue, and the next
set of targets will be 88.00 & 87.35, most of them are notably important
â€¢ 88.81: Oct 7th low.
Fibonacci 61.8% for the short term.
â€¢ 87.35: Dec 9th
â€¢ 89.39: the slightly falling trend line from
89.48 on the intraday charts.
â€¢ 90.02: Fibonacci 38.2% for the drop from
â€¢ 90.83: Fibonacci 38.2% for the drop from
---Forex Trading Analysis written by Munther Marji for ForexPros.
information on US dollar index 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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Register To Test Your Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 20 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.
- POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
TRADER ADVOCACY ARTICLES
Trader's Advocate Articles..