Forex News Blog
Back to The Headlines
Monday June 28, 2010 - 09:32:53 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 28/06/2010
ForexPros Daily Analysis June 28, 2010
Fundamental Analysis: CB Consumer Confidence
Traders of the US anticipate the Consumer Confidence to be published
tomorrow June 29. It measures the level of consumer confidence in
economic activity. It is a leading indicator as it can predict the
consumer spending, which is a major part in the total economic activity.
Higher readings point to higher consumer optimism. 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 62.00.
After its break of the small descending channel, the Euro reached its
target for this break which is a test of the top of the main descending
channel for the 3rd time! It touched, and slightly surpassed, the top of
this channel (please refer to the attached chart). There is nothing
more important than this test, for the short, and medium terms! But, we
need a confirmation of this break: first we need the Euro to keep
trading above the top of the channel, and then we need it to break the
Asian session high 1.2396. If the Euro manages to provide what is
needed, we will completely change our negative outlook for this pair.
This is why todayâ€™s levels will be support at 1.2358 & resistance at
1.2396. If we break the resistance, this will prove that the Euro is
capable of capitalizing on the break of the channel, and flying higher.
The targets for this break will be 1.2519 & 1.2655. On the other
hand, if we drop back inside the channel, this will indicate running out
of steam, and the end of the upside adventure! In this case, the case
of breaking the support 1.2358, this pair will give up gains and start
dropping. Targets will be 1.2260 and may be later 1.2170.
â€¢ 1.2358: the retest level for the broken channel.
â€¢ 1.2260: Thursdayâ€™s low.
â€¢ 1.2170: Fibonacci 50% for the whole rising move from this cycleâ€™s low
to last weekâ€™s high.
â€¢ 1.2396: Asian session high.
â€¢ 1.2519: May 6th low.
â€¢ 1.2655: May 11th low.
The Dollar/Yen continued to drop slowly, in yet another confirmation
that the bears are beating the bulls! USDJPY broke the support
specified in Fridayâ€™s report 89.40, and reached a new bottom for this
recent falling trend at 89.20. This confirms the negative technical
outlook we have seen lately. And we believe it will persist as long as
we are trading below the falling trend line from June 14th top, which is
currently at 90.86. Short term support is at 89.20, and breaking it
will be another evidence that we are going down. This break will target
87.99 & 87.35. Last weekâ€™s important support at 90.32 will turn into
a resistance for today. Breaking this level will give this pair a
chance to test the important trend line at 90.86, and if this one is
broken, things will go against our outlook, as we will target 92.07.
This pair is going as expected, in the expected direction, and in
convergence with our negative technical outlook for the short &
medium terms. We expect the fall to go on, but we hope to see it go
faster, and more exciting.
â€¢ 89.20: Fridayâ€™s low.
â€¢ 87.99: May 6th low.
â€¢ 87.35: Dec 9th 2009 low.
â€¢ 90.32: Wednesdayâ€™s support which has turned into a resistance on the
â€¢ 90.86: the descending trend line from Jun 14th top on the hourly
â€¢ 92.07: the important resistance area holding Jun 7th & 14th.
trading analysis written by Munther Marji for
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 20 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.
- POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.
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..