Forex News Blog
Back to The Headlines
Thursday May 6, 2010 - 10:18:22 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 06/05/2010ForexPros Daily Analysis May 6,
Fundamental Analysis: Nonfarm
Traders of the US anticipate the publication of the Nonfarm
Payrolls. The Payrolls measure the change in the number of employed people
during the last month of all non-farming businesses. The total non-farm payroll
accounts for approximately 80% of the workers who produce the entire gross
domestic product of the United States. It is the single most important piece of
data contained in the employment report, which considered to offer the best
overview of the economy. The monthly changes and the revisions in payrolls can
be quite volatile. 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
fluctuated before breaking the support 1.2948, surpassing both the resistance
& supports with about 10 pips each, fooling us that there is a break, only
to frustrate us with a move in the opposite direction. Then, it made up its
mind, and broke 1.2948, falling & reaching both suggested target 1.2885
& 1.2820. Today, the price is still trading below the falling channel,
clearly, and that leaves us with no reason to change the negative technical
outlook (even after a drop of 550+ pips). In fact, this outlook will not change
unless we go back to trade inside the channel, which is something that needs a
break of the resistance 1.2935 to happen. Before this important resistance,
there is short term resistance at 1.2854, this is the one we will focus on for
today. If the Euro breaks the resistance 1.2854, it will have a chance to take a
breath, and test the bottom of the broken channel at 1.2935. In case we actually
surpass this first target and go back to trade within the channel, we will be
heading towards the first Fibonacci retracement level for the whole drop from
1.3347. The support is at 1.2802, breaking it is a sign that everything is going
ok for the downtrend, and that it will continue to target new lows below 1.30,
for today they are 1.2721 & 1.2638.
important intraday support, protecting yesterdayâ€™s low.
â€˘ 1.2721: Fed 12th
2009 important low.
â€˘ 1.2638: Feb 18th 2009
â€˘ 1.2854: important intraday top.
1.2935: a clear hourly support, and the retest level for the broken
â€˘ 1.3002: Fibonacci 38.2% for the drop from
The Dollar/Yen broke the
support specified in yesterdayâ€™s report 94.56, and successfully reached the
first suggested target 93.91, and stopped halfway to the second target 93.30.
What is more important than this is that the price has broken both the rising
trend line from 92.80 & 91.58. This very important event has turned the
technical outlook negative. Thus, we expect the sliding to go on for another
day, but it needs to go through the 93.62 gate. If his support is broken,
everything will go ok for the downtrend, and the next set of targets will be
92.97 & the important 92.13. On the other hand, the most notable resistance
is at 94.01, we do not expect it to be broken at this stage, such a break would
make a â€śsmall surpriseâ€ť. But, if this surprise actually happens, a strong jump
will take us to 95.05 at least, and may be later
â€˘ 93.62: intraday support.
â€˘ 92.97: Apr 28th
â€˘ 92.13: Apr 19th top.
â€˘ 94.01: the retest
level for the broken trend channel..
â€˘ 95.05: Aug 24th high.
â€˘ 95.90: Jul
---Forex Trading Analysis written by Munther Marji for
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
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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Tue 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.