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Tuesday March 9, 2010 - 11:18:35 GMT
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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
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
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