Forex News Blog
Back to The Headlines
Tuesday March 9, 2010 - 11:18:35 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 09/03/2010ForexPros Daily Analysis March 9,
Fundamental Analysis: JPY - GDP
Traders anticipate the publication of the Gross Domestic Product
(GDP). It is the broadest measure of economic activity and is a key indicator
for the economy's health. The quarterly percent changes in GDP shows the growth
rate of the economy as a whole.
A higher than expected reading should be
taken as positive/bullish for the JPY, while a lower than expected reading
should be taken as negative/bearish for the JPY. Analysts predict a reading of
The slightly surpassed
1.37, but only to retreat right after. We believe that the most important thing
that happened in the past 24 hours is the Euroâ€™s inability to overcome 1.3734,
the point from which the 5 waves down started (please refer to the chart). And
as we said yesterday, as long as the price is below this level, we are closer to
a downtrend, and also, this wave count will be valid. Short term support is
provided by Fibonacci 61.8% at 1.3595, and it was touched down to the point
while writing this report. If the price holds above it we can hope for a bounce,
especially if the price breaks short term resistance 1.3648. If this level is
broken, the price will start to rise strongly, and this strong rise will be able
to break 1.37, targeting 1.3755 and may be 1.3838. But as we said, we should pay
attention to the Euroâ€™s ability to break 1.3734 or not, since this hold a
special importance. If the price goes back down, and breaks 1.3595, we expect
the pair to fall to 1.3529, and at a later time to continue towards the 1.34
areas where there is 1.3459.
â€¢ 1.3595: Fibonacci 38.2%
for the short term.
â€¢ 1.3529: Fridayâ€™s low.
â€¢ 1.3459: Mar 1st
â€¢ 1.3648: the falling trend line from
yesterdayâ€™s high on intraday charts.
â€¢ 1.3755: the top of the falling channel
on the hourly charts, and a very important resistance for the short term &
the medium term.
â€¢ 1.3838: Feb 9th
Fibonacci resistance 90.66
has succeeded in reversing the short term direction, the price fell to 89.86
this morning, before barely going above 90 again. This rebound from Fibonacci
retracement level with very good accuracy is evidence that the general direction
of the short-term is down. If this turns out to be true, we will see the
Dollar-Yen breaking the nearby support 89.90, and trying to attack the Fibonacci
support 89.09 which will act as a first target for this break, and the level
that if broken, we can say that the drop from 90.66 is more than a correction.
If this level is also broken, the target would be 88.46, on the way to lower
targets. As for the resistance it is provided by the falling trend line from
this weekâ€™s high so far 90.66, which is at 90.21. If this line is broken, we
will be on the way to another weekly high, since the targets for such a break
would be 90.84 & the well known important resistance
â€¢ 89.90: intraday support.
Fibonacci 61.8% for the short term.
â€¢ 88.46: previous hourly
â€¢ 90.21: the falling trend line from
â€¢ 90.84: Nov 5th & 6th high.
â€¢ 91.67: previous hourly
---Forex Trading Analysis written by Munther Marji for
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.
For information on our Forex
Forexpros.com - Bringing you live news,
analysis advanced charts and quotes.
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.