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Wednesday March 24, 2010 - 11:26:26 GMT
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Forexpros Daily Analysis - 24/03/2010

ForexPros Daily Analysis March 24, 2010


Fundamental Analysis: Retail Sales

Great Britain traders anticipate the publication of the Retail Sales. It is
a monthly measurement of all goods sold by retailers based on a sampling of
retail stores of different types and sizes in the UK. It is an important
indicator of consumer spending and also correlated to consumer confidence
and considered as a pace indicator of the UK economy.
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 future reading of 0.60%.

---

Euro Dollar

The Euro broke the support specified in yesterday's report 1.3502, and
dropped a little, then it bounced back to stop accurately at the resistance
specified in the report 1.3566 (the highest price after issuance the report
is 1.3561). After that, the dropped & went back to confirm the 1.3502 break,
and successfully reached the first suggested target 1.3422, reaching 1.3405
until the moment of preparing this report. With this move, the Euro finally
penetrated the important support area which contains 5 daily lows, which we
talked about in details yesterday. Also, with this move, the technical
outlook for the medium term has "officially" turned negative, and we do
expect the Euro to sink below 1.30 in the near future. As for the short
term, the resistance is 1.3446 & the support is 1.3390. If we break the
support at 1.3390, the price will confirm the break which has already took
place for the wide support area 1.3434-1.3462, the price will start falling
targeting 1.3326 and may be 1.3256. But if the resistance 1.3446 is broken,
the price will take off, looking for Fibonacci resistance levels which will
form today's targets 1.3501 first, and if broken 1.3611.

Support:
* 1.3390: Apr 13th high.
* 1.3326: Jan 28th high.
* 1.3256: Mar 27th 2009 high.

Resistance:
* 1.3446: the falling trend line from 1.3561 on the intraday charts.
* 1.3501: Fibonacci 61.8% for the short term.
* 1.3611: Fibonacci 50% for the drop from 1.3816.

---

USD/JPY

The Dollar-Yen moved in a very tight range between 90.17 & 90.60 without
being able to break the most important resistance 90.78. Boredom is still
the headline, awaiting a potential break of 90.78, or starting to drift away
from it. 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. And today we
will adjust the lower limit for this area, by re-drawing the rising trend
line from 89.61 to contain the recent price behaviour. The above mentioned
line is at 89.99. 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 break the new trend line at 89.99, the expected drifting away from
90.78 will start, and we will be heading to 89.37 & 88.53.

Support:
* 89.99: the rising trend line from 89.61 on the hourly chart, after
adjustment.
* 89.37: Mar 2nd low
* 88.53: Feb 4th low.

Resistance:
* 90.78: Monday's high.
* 91.60: Oct 29th high.
* 92.31: Oct 27th high.

---


Forex Trading Analysis written by Munther Marji
for ForexPros.

---

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

Forex Research

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 here.

Forex News
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."



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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

Forex Trading Outlook


Potential Trading Opportunities


  • 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.



John M. Bland, MBA
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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