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Monday July 5, 2010 - 10:01:52 GMT
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Forexpros Daily Analysis - 05/07/2010ForexPros Daily Analysis July 5,
Analysis: RBA Rate Statement
Traders anticipate the publication
of the RBA Rate Statement. The Reserve Bank of Australia's monthly interest rate
statement describes its latest decision regarding changes to the country's short
term interest rates, monetary policy, and the direction of the economy. Short
term interest rates are the key factor in currency valuation. A dovish statement
could push AUD down against its rivals, while hawkish statement could boost the
The Euro broke the
resistance specified in Fridayâ€™s report 1.2508, and stopped only 7 pips before
the suggested target 1.2616 (Fridayâ€™s high was 1.2609). The most important
technical event, was approaching the top of the rising channel on the hourly
chart. We could be before an important turning point, and we should carefully
watch the top of this channel, which is at 1.2646 currently. We will not be able
to escape the fact that a break here will be a very positive signal for both the
short & medium terms. But, if we keep trading below this top, we could be
facing a turning point which will probably lead to a drop of hundreds of points.
Short term support is at 1.2527, and once we break it, we will start drifting
away from the channel top, and will target 1.2451, and may be 1.2370. The
resistance is at 1.2563, and if broken we will target another test of the
channel top at 1.2646. If this one is also broken, 1.2737 will be a first &
modest target for this break, on the way to higher
â€¢ 1.2527: a rising trend line on intraday
â€¢ 1.2451: May 28th high.
â€¢ 1.2370: May 25th
â€¢ 1.2563: important intraday resistance.
1.2646: the top of the falling channel on intraday charts.
â€¢ 1.2737: May 12th
The Dollar/Yen dropped
below the resistance we talked about on Friday: Fibonacci 38.2% for the short
term at 88.67. It did not test it or even approach it. With this consolidation
around 88, and after bouncing from the support area shown on the daily chart
below, and after clearly breaking the falling trend line from June 21st top, we
think that the possibility of a bounce is rising, even if that was for a
correction. Short term support is at 87.67, and breaking it would indicate a
continuation of the drop to 87.00 & 86.47. The resistance is at 88.15, and
breaking it would mean that the Dollar is about to capitalize on the break of
the above mentioned trend line, which will ideally target short term Fibonacci
levels: 89.20 & 89.73. 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 after hitting 87, we should be careful since we
could see a bounce, because we already touched the descending trend line
illustrated on the attached chart, a bounce is highly probable, even if it was a
temp, but the trend is down without a shadow of a
â€¢ 87.67: the rising trend line from Thursdayâ€™s
â€¢ 87.00: Nov 27th 2009 high.
â€¢ 86.47: previous well known
â€¢ 88.15: an important intraday resistance
level just above the falling trend line from Jun 21st top on the hourly
â€¢ 89.20: Fibonacci 50% for the drop from 91.45.
â€¢ 89.73: Fibonacci
61.8% for the drop from 91.45.
---Forex 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.
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09:30 GB- CPI
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00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
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12:00 GB- Bank of England Decision
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13:30 US- Retail Sales
13:30 US- Weekly Jobless
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- POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI
- POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
- POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
- POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
- POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision
- POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
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