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Monday March 22, 2010 - 11:16:38 GMT
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Forexpros Daily Analysis - 22/03/2010ForexPros Daily Analysis March 22,
Existing Home Sales
Traders of the US anticipate the publication of the
existing home sales
report. It measures the annualized number of existing
that were sold during the previous month.
report helps to analyze the strength of the US housing market, which
analysis the economy as a whole.
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 future
reading of 5.00M.
retreated, breaking the support specified in Friday's report
as expected but settled for 1.3501, a whole 21 pips above
target 1.3480. But what took place was a confirmation that
reaching 1.38 has
caused the Euro a lot of exhaustion. In addition to the
fact that the
"Reversal Day" pattern which took place on Wednesday was heavy
on the pair.
We can see on the attached daily chart that we are trading
within a pretty
harmonized channel, and it is exciting to see that the
bottom of this channel
is at 1.30, so are we heading there? The continuous
shine of the Dollar, and
the extreme strength it showed on Friday against
the Pound in specific, and
also against the Euro indicate that we are
probably getting there> As for
the short term, the support is at Friday's
low 1.3501, and if broken, the
drop will resume, targeting the important
support, which has a few bottoms
just above it: 1.3422, and then 1.3341. As
for the resistance it is at
1.3542, and breaking it would indicate that the
price will correct the big
drop, with the ideal targets for this correction
are 1.3621 &
* 1.3501: Friday's low.
* 1.3422: May 18th
* 1.3341: May 8th low.
* 1.3542: Asian
* 1.3621: Fibonacci 38.2% for the short term.
Fibonacci 61.8% for the short
The Dollar-Yen approached
the magnetic resistance 90.78 once again on
Friday, as the daily high formed
only 8 pips below it. The price did not
move much afterwards, in a price
behaviour reminding us of the boredom which
we lived with this pair recently.
Last week, we adjusted the lines that
frame the current area, to make the
upper limit at Monday's & Thursday's top
90.78, which is very close to
last Wednesday's top 90.80, and close to
Friday's top 90.70. The lower limit
is provided by the rising trend line
from 89.61 on the hourly chart, which
has been tested several time, before
being broken. This line is currently at
90.33. In case we break the magnetic
resistance 90.78 we will see the Dollar
take control, and drive this pair
higher, as we see it targeting the
important 91.60 first, then 92.31 which
is important as well. But in case we
broke the rising trend line at 90.33,
the price will resume yesterday's fall
which halted at 89.74, confirming the
negative technical outlook which we
cheered for all this week. This fall is
expected to target 89.37 &
* 90.33: the rising trend line from 89.61 on
the hourly chart.
* 89.37: Mar 2nd low
* 88.53: Feb 4th
* 90.78: Monday's high.
* 91.60: Oct 29th
* 92.31: Oct 27th high.
---Forex Trading Analysis written
by Munther Marji
Trading Futures and Options on Futures and Cash
transactions involves substantial risk of loss and may not be suitable
all investors. You should carefully consider whether trading is suitable
you in light of your circumstances, knowledge, and financial resources.
may lose all or more of your initial investment. Opinions, market data,
recommendations are subject to change at any time.
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23:50 JP- Tankan Survey
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
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13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
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Mon 25 Dec
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