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Forexpros Daily Analysis - 27/04/2010
ForexPros Daily Analysis
April 27, 2010
Fundamental Analysis: RBNZ Rate
New Zealand traders anticipate the Reserve Bankâ€™s rate
statement publication. It is the primary tool the central bank uses to
communicate with investors about monetary policy.
Scheduled 8 times annually,
it details the outcome of committee's vote on interest rates and other policy
measures, along with commentary about the economic conditions that influenced
the members' votes.
If the statement is more hawkish than expected, that is
usually good for NZD.
Although the Euro has touched the 1.34 areas, it did not hold above
1.3387, even after trying twice, it went back to fall in both cases. And
although it reached 1.3414, the issue for today is still whether Fibonacci 38.2%
will continue to hold in front of this strong climb which achieved almost 200
pips in less than 24 hours, or will it give way to more gains? The first
scenario, which we slightly prefer is for Fibonacci to hold, and for the price
to start drifting away from it, and finally to break short term support 1.3337.
If this level is broken, the drop will be hard, and will target approaching last
weekâ€™s low, and the lowest level since Apr 30th 2009 which was 1.3200, since we
notice an important intraday support at 1.3204. If we fall further, 1.3113 will
be the next station. The second scenario is for the price to break Fibonacci
resistance 1.3387, and if this happens, the price will jump to 1.3445, and then
to the most important Fibonacci level 1.3503. We still see this at the maximum,
the upper limit, for the EURUSD at this stage, breaking this resistance will be
a huge surprise to us.
â€¢ 1.3337: Fibonacci 61.8% for
the short term.
â€¢ 1.3204: important intraday support, very close to last
weekâ€™s, and one-year low.
â€¢ 1.3113: Mar 30th 2009
â€¢ 1.3387: Fibonacci 38.2% for the whole drop
â€¢ 1.3445: Fibonacci 50% for the whole drop from 1.3690.
1.3503: Fibonacci 61.8% for the whole drop from
The Dollar-Yen retreated
from this weekâ€™s top 94.34 back to 93.72, pips above the important resistance
which was broken on Friday 93.62. With the break of this important resistance,
after days of waiting, it immediately turned into the most important support. It
is crucial for the Dollar to preserve gains and hold above this
support/resistance in order to achieve more gains. If we hold above it, the
price will have another chance to rise, which is a rise that should go through
the 94.18 gate, the most important intraday resistance. If this one is also
broken, we will reach the 95 areas for the first time since August, since the
targets for such a break are 95.05 & 95.90. But if the price goes back to
trade under 93.62, it will go back to its favorite hobby of breaking &
retreating. The targets for such a retreat will be the very important 92.56,
which is provided by the rising trend line from 88.12. Breaking this line will
see us fall to 91.89.
â€¢ 93.62: the previous important
resistance, and the rising trend line from Apr 19th bottom on intraday
â€¢ 92.56: the rising trend line from 88.12 on hourly chart.
91.89: last Fridayâ€™s low.
â€¢ 94.18: the falling
trend line from this weekâ€™s top 94.34 on the intraday charts.
â€¢ 95.05: Aug
â€¢ 95.90: Jul 29th low.
---Forex Trading Analysis written
by Munther Marji for ForexPros.
Trading Futures and Options on Futures and Cash Forex
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investors. You should carefully consider whether trading is suitable for you in
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Amazing Trader EVENT RISK Calendar:
Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
- POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI
- POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
- POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
- POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
- POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision
- POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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