User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday August 5, 2010 - 10:27:11 GMT
Forexpros - www.forexpros.com

Share This Story:
| | Email

Forexpros Daily Analysis - 05/08/2010

ForexPros Daily Analysis August 05, 2010


Fundamental 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
in the US. A high percentage indicates weakness in the labor market. A low
percentage is a positive indicator for the labor market in the US and should
be taken as positive for the USD. The analysts predict a future reading of
9.60%.

---

Euro Dollar

The Euro broke both the support and resistance specified in yesterday's
report, without being able to reach the targets specified. However, the
dollar managed to drag the Euro to 1.3130. And as we said yesterday's
report: "The fact that the rising move is slowing down warns of a possible
correction for the whole rise from Friday's low. Such a correction would be
a violent one, with its size a little less than 200 pips, since its ideal
target is at 1.3086." And up until now, we have seen the price dropping from
Tuesday's top almost 130 pips! Technically, what is really important is that
we are approaching a very important trend line, and are about to test it:
the trend line rising from June 29th low on hourly the chart, which is
running very close to yesterday's low. Therefore, we should keep eyes & mind
open today, and consider all scenarios, and keep separate trading plans
ready. If we test the above mentioned trend line, it will be the single most
important technical event for the rest of the week. This line is at 1.3130,
and should not be broken in order to keep the technical outlook positive.
But if broken, we will witness a strong drop to 1.3026 at least, and
probably will be followed by a test of the important 1.2933 as well. On the
other hand, short term resistance is at 1.3194, and it is the key for more
gains. If we break it, we will target 1.3311 & 1.3383.

Support:
* 1.3130: the rising trend line from Jun 29th low & yesterday's low. The
single most important support for the time being.
* 1.3026: Jul 20th high.
* 1.2933: Fibonacci 61.8% for the rise from 1.2731.

Resistance:
* 1.3194: the falling trend line from Tuesday's high on intraday charts.
* 1.3311: Mar 24th low.
* 1.3383: Mar 31st low.

---

USD/JPY

The Dollar/Yen did not break the support specified in yesterday's report,
not even with a single pip. It consolidated above it, and edged higher until
it reached 86.43. We can classify that as a clear attempt to rebound, coming
after the current falling wave (which we talked about several times) has
reached its first suggested target at 85.52. Nevertheless, we see these
attempts as weak and shallow. We believe the falling wave will continue to
seek lower targets, after a limited correction, but what are the next
targets? In the attached chart, which is a weekly one, we can see the
falling channel from Sep 07 top. Although the bottom of this channel is very
far away, and is just above 74, but there is an interesting trend line
inside it, combining the monthly lows of Dec 08, Jan & Nov 09. This line is
around 82.65 currently, providing us with a perfect target for this dropping
wave, since we still expect, as we did before, that it will dive below
84.81. Therefore, we expect the price to reach this target, and as we do, we
also realize that the limited volatility of this pair indicates that this
will take some time. As for the short term, the support is at 85.74, and
breaking it would indicate that we are already moving lower with the
objective of breaking 84.81, and reaching lows not seen in 15 years. This
break will target 84.81 first, then 83.87. The resistance is at 86.58, and
if broken, the price will continue its bounce, targeting 87.49 & the
important 88.10.

Support:
* 85.74: Fibonacci 61.8% for yesterday's bounce.
* 84.81: Nov 27th 2009 low, and the low of the last 15 years.
* 83.87: Fibonacci extension level 138.2% for the falling wave from 86.86,
compared to the wave which started at 88.10.

Resistance:
* 86.58: the retest level for the rising trend line which combines the lows
of Jul 16th & 22nd.
* 87.49: Jul 29th high.
* 88.10: Jul 28th high.

---


Forex trading analysis written by Munther Marji for Forexpros.

---

Disclaimer:

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

Forex Research

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 here.

Forex News
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:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 16 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 16 Oct
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



John M. Bland, MBA
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..

pic

Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

 
Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map


Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog

Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.

 

WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105