Forex News Blog
Back to The Headlines
Wednesday May 12, 2010 - 10:32:05 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros.com Daily Analysis - 12/05/2010ForexPros Daily Analysis May 12, 2010
Free webinar on ForexPros - "Money Management for Forex &
Expert: Mark Hodge, Rockwell Trading
When: Today, May 12, 2010, 10:00 EST
Money Management is one of the keys to becoming a consistent and
self-sufficient trader. But many traders are unaware of what money
management really is and how it can have a dramatic effect on growing
and protecting their trade equity. In this FREE webinar, Mark Hodge
(Head Coach of Rockwell Trading) will cover the following important
* What money management is and what it isn't
* Share several different money management techniques
* Show why Fixed Ratio Money Management is his favorite
This webinar is #2 in a 3-part educational series brought to you by
Click here to join free.
Fundamental Analysis: Initial Jobless Claims
Traders of the US anticipate the publication of the Initial Jobless
Claims. The Initial Jobless Claims is a seasonally adjusted measure of
the number of people who file for unemployment benefits for the first
time during the given week. This data is collected by the Department of
Labor, and published as a weekly report. The number of jobless claims is
used as a measure of the health of the job market, as a series of
increases indicates that there are fewer people being hired. On a
week-to-week basis, claims are quite volatile. Usually, a move of at
least 35K in claims, is required to signal a meaningful change in job
growth. A higher than expected reading should be taken as
negative/bearish for the USD, while a lower than expected reading should
be taken as positive/bullish for the USD. Analysts predict a future
reading of 440.00K.
The Euro broke the support specified in yesterdayâ€™s report 1.2706 and
successfully reached the first suggested target, stopping only 4 pips
below it! Today, yesterdayâ€™s target have turned into the most important
support, because it managed to stop the latest episode of the falling
series which started close to 1.3105 Fibonacci level that we have talked
about previously. If the price holds above this support, it will
finally have a break, and we could see a rising correction after this
drop of more than 500 pips in less than 48 hours! Todayâ€™s resistance is
at 1.2693, and breaking it would indicate we are already in a rising
correction for the whole drop from 1.3092. The ideal targets for such a
correction are 1.2790 & 1.2848, which we will focus on for today.
Later, the price may reach the third and ideal target for this
correction at 1.2906. Support is as we said, at the target which was met
yesterday 1.260, and breaking it would drag the price to 1.2511 then to
a fresh cycle low at 1.2455.
â€¢ 1.2608: important intraday low.
â€¢ 1.2511: last weekâ€™s & one-year low.
â€¢ 1.2455: Mar 4th 2009 low, an important bottom.
â€¢ 1.2693: important intraday top.
â€¢ 1.2790: Fibonacci 38.2% for the drop from 1.3092.
â€¢ 1.2848: Fibonacci 50% for the drop from 1.3092.
The Dollar/Yenâ€™s is back to slow, small, and boring moves! It barely
completed 90 pips from the low to the high in the past 24 hours, which
is very frustrating. Todayâ€™s important levels are close to each other.
The resistance is at 92.87 & the support is at 92.30. We will be
waiting for one of these two levels to give way. If 92.30 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
92.87, 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.
â€¢ 92.30: 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€¢ 92.87: the falling trend line from Mondayâ€™s tops.
â€¢ 93.96: previous hourly resistance.
â€¢ 95.05: Aug 24th high.
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."
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.