Forex News Blog
Back to The Headlines
Thursday April 29, 2010 - 10:50:18 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 29/04/2010ForexPros Daily Analysis April 29,
Fundamental Analysis: BoJ Press
Japanese traders look forward to the press conference held by
the Bank of Japan, their preferred method of communicating with investors.
Topics at such conferences generally include economic outlook, inflation and
changes in interest rates.
The Euro broke the support specified in yesterdayâ€™s report 1.3188, and
successfully reached the first suggested target 1.3113 with unbelievable
accuracy (Yesterdayâ€™s low was 1.3113 EXACTLY). Although the price bounced back
above 1.32 (confirming the importance of 1.3113), but there is no change on the
technical outlook , we still believe that this downtrend is capable of breaking
the 1.30 landmark, and go into the 1.20s for the first time in a year. But,
after yesterdayâ€™s plunge we could see a rising correction, or actually we are
probably in one, which should stay inside the channel drawn on the attached
chart. That is why we will focus on short term levels for today, waiting for one
of them to give us the direction for the next several hours. Short term support
is at the nearby 1.3190, and breaking it would indicate a drop to 1.3113 once
again, then maybe we will see 1.3050. The resistance is at 1.3232, and breaking
it would confirm that we are in a rising correction for yesterdayâ€™s drop, with
the ideal target at 1.3299, and the maximum target at the channelâ€™s top 1.3340.
We see that it is very hard for the Euro to decisively break this
â€˘ 1.3190: important intraday support.
1.3113: Mar 30th 2009 low.
â€˘ 1.3050: Apr 20th 2009
â€˘ 1.3232: important intraday resistance.
1.3299: Fibonacci 61.8% for the last drop from 1.3414.
â€˘ 1.3340: the top of
the falling channel on hourly
We would completely
abandon our focus on 93.62, after the price broke it several times without being
able to create a decisive move in any of the times it broke this previously
important level. We will focus on analyzing the rising move from 92.80, which
seems to be doing good. This move has reached 94.30 so far, and it stopped in
the same area as Mondayâ€™s rise, when the high was 94.34. Thus, 94.30 will be our
resistance for the day, breaking it would give us a chance to finally seethe
long awaited 95 area, where there are several important levels we like such as
95.05 & 95.90. But when talking about support, we should consider the
correction possibility for the whole rise from 92.80. IF we break Fibonacci
38.2% for the rise from 92.80 to 94.30, which is at 93.73, we will be officially
in a correction. This correction targets 93.37 ideally, and if broken we will
see a strong hard drop to the most important support 92.38. This is a critical
support for the medium term as well.
Fibonacci 38.2% for the short term.
â€˘ 93.37: Fibonacci 61.8% for the short
â€˘ 92.38: the rising trend line from 88.12 on hourly chart, after it has
â€˘ 94.30: yesterdayâ€™s high which is
very close to Mondayâ€™s high, and this weekâ€™s high 94.34.
â€˘ 95.05: Aug 24th
â€˘ 95.90: Jul 29th low.
---Forex Trading Analysis written
by Munther Marji for ForexPros.
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
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
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Register To Test Your Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 16 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 16 Oct /ul>
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
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.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
TRADER ADVOCACY ARTICLES
Trader's Advocate Articles..