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Tuesday May 11, 2010 - 10:24:06 GMT
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Forexpros.com Daily Analysis - 11/05/2010ForexPros
Daily Analysis May 11, 2010
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Fundamental Analysis: German GDP
traders anticipate the publication of the German GDP. The Gross
Domestic Product (GDP) is the broadest measure of economic activity and
is a key indicator for the economy's health. The quarterly percent
changes in GDP shows the growth rate of the economy as a whole. A higher
than expected reading should be taken as positive/bullish for the EUR,
while a lower than expected reading should be taken as negative/bearish
for the EUR. Analysts predict a future reading of 0.00%.
Euro broke the resistance specified in yesterdayâ€™s report 1.2966 and
jumped more than 125 pips, and came close to our suggested target 1.3105
(yesterdayâ€™s high was 1.3092). Then it completely collapsed, dropping
back to break the support 1.2900, and reaching the first suggested
target 1.2795, it then came close to the second suggested target 1.2690
(the low until the moment of preparing this report is 1.2706). These big
& massive moves give us a lot of excitement, but they also increase
risk. They may stop just before their targets, and switch direction
violently, like what we have seen yesterday just ahead of 1.3105. Thus,
we all should stick to strict money management rules, in order to avoid
potential hard hits that may occur to us. Todayâ€™s support is at 1.2706,
it is the lowest point after yesterdayâ€™s top. If broken, we will target
1.2608, which is probably the last important level before last weekâ€™s
and one-year low 1.2511. The resistance is at 1.2801, breaking it would
target the important Fibonacci level 1.2899 then the most important
Fibonacci level 1.2945.
â€˘ 1.2706: Asian
â€˘ 1.2608: important intraday low.
â€˘ 1.2511: last
weekâ€™s & one-year low.
important intraday top.
â€˘ 1.2899: Fibonacci 50% for the drop from
â€˘ 1.2945: Fibonacci 61.8% for the drop from 1.3092.
Dollar/Yenâ€™s is back to slow, small, and boring moves! But it has
reached a new top at 93.50, before going back below 93. Todayâ€™s
important levels are close to each other. The resistance is at 93.15
& the support is at 92.57. We will be waiting for one of these two
levels to give way. If 92.57 gives way, a correction for this rocking
jump will start, with its first target at 91.40 and the second important
target is at 90.75. The resistance is at 93.15, and if broken the price
will jump to the resistance that we find very attractive 93.96. If this
one is also broken, 95 will become near, as we will target 95.05. In
the next few days, important evidence on medium term direction will
emerge, and we will be on the watch for them.
92.57: intraday support.
â€˘ 91.40: Fibonacci 38.2% support for the
rise from Thursdayâ€™s low.
â€˘ 90.75: Fibonacci 50% support for the rise
from Thursdayâ€™s low.
â€˘ 93.15: the falling
trend line from yesterdayâ€™s tops.
â€˘ 93.96: previous hourly
â€˘ 95.05: Aug 24th high.
Trading Analysis written by Munther Marji
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.
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Amazing Trader EVENT RISK Calendar:
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
- POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
- POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
- POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
- POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude
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EXCLUSIVE: Global-View Daily Trading Chart Points Updated
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