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Wednesday March 24, 2010 - 11:26:26 GMT
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Forexpros Daily Analysis - 24/03/2010ForexPros Daily Analysis March 24,
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
and considered as a pace indicator of the UK
A higher than expected reading should be taken as positive/bullish
GBP, while a lower than expected reading should be taken as
for the GBP. Analysts predict a future reading of
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,
reached the first suggested target 1.3422, reaching 1.3405
until the moment
of preparing this report. With this move, the Euro finally
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.
* 1.3390: Apr 13th
* 1.3326: Jan 28th high.
* 1.3256: Mar 27th 2009
* 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
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
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.
the rising trend line from 89.61 on the hourly chart, after
89.37: Mar 2nd low
* 88.53: Feb 4th low.
90.78: Monday's high.
* 91.60: Oct 29th high.
* 92.31: Oct 27th
---Forex Trading Analysis written by Munther Marji
Disclaimer: Trading Futures and Options on Futures and Cash
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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
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- 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.
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