Forex News Blog
Back to The Headlines
Tuesday June 29, 2010 - 09:21:54 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 29/06/2010
Analysis June 29, 2010
Fundamental Analysis: GDP
European traders anticipate the publication of the Gross Domestic
Product (GDP). It 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 GBP, while a
lower than expected reading should be taken as negative/bearish for the
GBP. Analysts predict a future reading of 0.30%.
The Euro broke the support specified in yesterdayâ€™s report 1.2358, and
dropped as expected, and reached the first suggested target 1.2260,
successfully! What is funny, is that the Euro dropped more than 150 pips
from the top it reached after this weekâ€™s open, while the Pound reached
a 7-week high above 1.51, and consolidated just below it. Therefore, it
is hard to channel the direction of the European currencies against the
greenback, and this in itself calls for caution. In the case of the
Euro, its fall to meet our suggested target at 1.2260 is a negative sign
for the short term without a doubt, If added to the fact that this drop
came after the failure to break the top of the descending channel, we
can see that this is also negative for the medium term as well. Todayâ€™s
support is at Fibonacci 38.2% for the medium term at 1.2240, which we
trade just above at the time of preparing this report. If broken, we
will fall to test the more important Fibonacci levels: 50% At 1.2170,
and 61.8% at 1.2100, which is the most important medium term support.
The resistance is at 1.2337, and only with a break above here, this pair
will improve its negative technical outlook for the short term. If
broken, we will target 1.2396 once again, and if this one is also
broken, we will be on the way to 1.2519.
â€¢ 1.2240: Fibonacci 38.2% for the whole rising move from this cycleâ€™s
low to last weekâ€™s high.
â€¢ 1.2170: Fibonacci 50% for the whole rising move from this cycleâ€™s low
to last weekâ€™s high.
â€¢ 1.2100: Fibonacci 61.8% for the whole rising move from this cycleâ€™s
low to last weekâ€™s high.
â€¢ 1.2337: Fibonacci 61.8% for the short term.
â€¢ 1.2396: the weekly high so far.
â€¢ 1.2519: May 6th low.
The Dollar/Yen continued to drop slowly, a bit faster than usual this
morning, in yet another confirmation that the bears are beating the
bulls! USDJPY broke the support specified in yesterdayâ€™s report 89.20,
and reached a new bottom for this recent falling trend at 88.59 without
being able to meet our suggested target 87.99. 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 90.64. Short term support is at 88.67,
and breaking it will be another evidence that we are going down. This
break will target 87.99 & 87.35. The resistance has shifted to
89.45, where we see an important level for several reasons. Breaking
this level will give this pair a chance to test the important trend line
at 90.64 as a first target, 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.
But for today in specific, we should be careful since we could see a
bounce, because we came very close to the descending trend line
illustrated on the attached chart, a bounce is highly probable, even if
it was a temp.
â€¢ 88.67: important intraday level.
â€¢ 87.99: May 6th low.
â€¢ 87.35: Dec 9th 2009 low.
â€¢ 89.45: important intraday level.
â€¢ 90.64: 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 18 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
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
co-founding Partner, Global-View.com
Max McKegg’s Daily Forex Trading Forecasts
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. If you are looking for a quality Forex TRADING Service, see details below.
Click here to request a TRIAL of Max's Forex Service. By requesting a trial I authorize global-view to conact me.