Forex News Blog
Back to The Headlines
Thursday July 15, 2010 - 09:40:52 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 15/07/2010ForexPros Daily Analysis July 15,
Analysis: Core CPI
The Core Consumer Price Index (CPI) measures
the changes in the price of goods and services excluding food and energy.
CPI measures price change from the perspective of the consumer.
It is a key
way to measure changes in purchasing trends and inflation in the US.
than expected reading should be taken as positive/bullish for the USD (as the
common way to fight inflation is raising rates, which may attract foreign
investment), while a lower than expected reading should be taken as
negative/bearish for the USD Analysts predict a future reading of
The Euro broke the
resistance specified in yesterdayâ€™s report 1.2735, and advanced as it was
expected after this break, only to stop clearly before our suggested target
1.2801. Technically, the most important event of the past 24 hours was a new
touch of the top of the rising channel on the hourly chart, as if the Euro is
seeking to score a record in how many times it is touching its channel. This
clearly shifts all lights to the top of this channel, this area deserves our
absolute attention, The Euro & the Dollar, are both in a â€śmake it or break
itâ€ť situation! The importance of (at least) the 5th test of this channel top is
absolutely enormous, it is the single most important factor in determining
medium term direction: from here we will see the Euro soaring for hundreds of
pips, of the Dollar dragging it down for hundreds of pips. Short term resistance
is at yesterdayâ€™s top 1.2768, if broken, we will jump to 1.2888, and may be then
1.2979. The support is at 1.2727, and a decisive break here will indicate that
we are drifting away from the channel top, and will most probably lead to a hard
fall to 1.2607, and may be 1.2542.
the rising trend line from yesterdayâ€™s low on intraday charts.
â€˘ 1.2607: last
â€˘ 1.2542: the slowly rising trend line
â€˘ 1.2776: yesterdayâ€™s top.
1.2888: April 20th low.
â€˘ 1.2979: May 4th
In yet another move of its
conflicting move which covered the last 2 days, the Dollar/Yen moved back to the
direction concordant with the shooting star pattern on the daily chart, as it
broke the support specified in yesterdayâ€™s report 88.42, but the following
shallow move bottomed at 88.00. We still believe that the wave count we
introduced last week is providing us with the most probable scenario: we are in
a wave 4 correction (please refer to the attached chart). Short term resistance
is at 88.64, and breaking it would mean that the Dollar will continue to
capitalize on its latest bounce, which will ideally target Fibonacci levels for
wave 3: 89.52 & 90.13. Support is at 88.00, and breaking it would indicate a
continuation of the drop to 87.35 & 86.47. This pair is going as expected,
in the expected direction, and in convergence with our negative technical
outlook for the medium term. We absolutely expect the fall to continue on the
medium term. But we should not neglect the enormous possibilities of a bounce up
targeting Fibonacci levels: a bounce is highly probable, and it is most likely
to be just a temp, but the trend is down without a shadow of a
â€˘ 88.00: Asian session low.
â€˘ 87.35: an
obvious support area on the hourly chart, and Dec 9th 09 low.
previous well known support.
â€˘ 88.64: the
falling trend line from Wednesdayâ€™s high on intraday charts.
Fibonacci 50% for the wave 3 dive (from 92.09).
â€˘ 90.13: Fibonacci 61.8% for
the wave 3 dive (from 92.09).
---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.
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:
Upgrade Your Trading experience. Try the Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 26 February 2018
Upgrade Your Trading. Try The Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 26 Feb 2018
AA: Major, A: High, B: Medium
A 15:00 US- New Homes Sales
Tue 27 Feb 2018
A 08:55 DE- Jobless
B 13:30 US- Durable Goods
A 15:00 US- CB Consumer Confidence
A 15:00 US- Pending Homes Sales
AA 15:00 US- Powell House Testimony
Wed 28 Feb 2018
A 10:00 EZ- flash HICP
AA 13:30 US- GDP
A 15:30 US- EIA Crude
Thu 1 Mar 2018
A All Day final Mfg PMIs
A 13:30 US- Weekly Jobless
AA 13:30 US- Core PCE Deflator
AA 15:00 US- Powell Senate Testimony
A 15:30 US- EIA Crude
Fri 2 Mar 2018
AA 15:00 US- final Univ of Mich
John M. Bland, MBA
co-founding Partner, Global-View.com
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.