Forex News Blog
Back to The Headlines
Tuesday August 3, 2010 - 09:31:53 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 03/08/2010ForexPros Daily Analysis August 03,
Analysis: Unemployment Rate
The Unemployment Rate is a measure of
the percentage of the total labor
force that is unemployed but actively
seeking employment and willing to work
A high percentage
indicates weakness in the labor market. A low percentage
is a positive
indicator for the labor market in New-Zealand and should be
taken as positive
for the NZD. The analysts predict a future reading
The Euro broke
resistance specified in yesterday's report 1.3086, and came
very close to
hitting the suggested target of 1.3200, but it stopped only 6
pips before it,
then it spent the night in a tight range between 1.3183 &
this, the Euro jumped strongly, but this jump has not reached
its target yet.
Naturally, we expect more of the same today, and soaring
above 1.32. But,
before we get overexcited, we must wait for a break of the
falling trend line
from yesterday's top on intraday chart, which is running
currently at 1.3174.
If we do break this line, the Euro will start rising
again, and we will
target 1.3266 first, and may be at a later time 1.3325.
On the other hand,
short term 38.2% Fibonacci level at 1.3112 will be our
support of the day. If
broken, a correction will be initiated, and the price
will start giving up
yesterday's gains. This will target a test of a very
noteworthy trend line at
1.3040. If this is also broken, the positive
technical outlook will change
dramatically, and we will target 1.2952.
Fibonacci 38.2% for the rise from Friday's low.
* 1.3040: the rising trend
line from Jun 29th low, and also Jul 28th high.
* 1.2952: a well known
previous support resistance, which includes several
daily highs and lows,
among those Jul 27th high, and Jul 15th low.
1.3174: the falling trend line from yesterday's high on intraday charts.
1.3266: Apr 25th important bottom.
* 1.3325: Apr 7th
No change! Nothing of any
technical importance took place yesterday,
therefore, we still hold the same
technical outlook we did yesterday. After
we have clearly surpassed wave 5
bottom, the correction we have been
monitoring for the past days is finally
over, and it is official: we are in
a new down wave! But the bounce from
Friday's low 85.93, which is closing on
the important resistance 86.81 this
morning, warns of a correction to what
we have seen of the new wave so far
(the drop from 88.10 to 85.93).
Nevertheless, with a correction in these
areas, or without, dropping far
below 86 and may be below 84.81 itself has
turned into a most probable
scenario. The resistance which will determine if
this bounce from Friday's
low will go on or stall, is 86.81. If broken, the
Dollar will keep shooting
higher, targeting 87.49 & then what we imagine
as the "ceiling" for the
price at this stage 88.10. But, if we break the
exciting support 86.25
instead, we will start dropping to areas below
Friday's low, we find 85.52 &
84.81 to be the most attractive of
* 86.25: Jul 16th low, just 2 pip below
* 85.52: the falling trend line combining the daily lows of
Jul 1st & 16th.
* 84.81: Nov 27th 2009 low, and the low of the last 15
* 86.81: Jul 26th & 27th lows, and an
obvious hourly support.
* 87.49: Jul 29th high.
* 88.10: Jul 28th
---Forex trading analysis written by Munther Marji for
Disclaimer: Trading Futures and Options on Futures and Cash
transactions involves substantial risk of loss and may not be suitable
all investors. You should carefully consider whether trading is suitable
you in light of your circumstances, knowledge, and financial resources.
may lose all or more of your initial investment. Opinions, market data,
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
Trading Ideas for 12 March 2018
GVI Trading. Potential Price Risk Scale
Mon 12 Mar 2018
AA: Major, A: High, B: Medium
A 17:00 US- 3-Yr Auction
Tue 13 Mar 2018
A 10:00 DE- ZEW Survey
AA 12:30 US- CPI
A 17:00 US- 10-Yr Auction
Wed 14 Feb 2018
AA 12:30 US- Retail Sales
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 17:00 US- 30-Yr Auction
Thu 15 Mar 2018
A 12:30 US- Weekly Jobless
A 12:30 US- Philly Fed, Empire PMI
A 12:15 US- Industrial Production
Fri 16 Mar 2018
A 10:00 EZ- final HICP
A 12:30 US- Housing Starts/Permits
A 14:00 US- prelim 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.