User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday September 20, 2010 - 10:17:04 GMT
Forexpros - www.forexpros.com

Share This Story:
| | Email

Forexpros Daily Analysis - 20/09/2010

ForexPros Daily Analysis September 20, 2010


Euro Dollar

Although the Euro penetrated 1.3047 on Thursday, and jumped strongly, reaching the first suggested target 1.3145, it stopped there, and dropped from Friday high which was 1.3157, sharply. The importance of breaking 1.3047 comes from the fact that this level is Fibonacci 61.8% for the whole drop from 1.3332 which is a 4-month high, to 1.2586 which is a 2-month low. We have abandoned our negative outlook after the penetration of 1.3047, but it seems that the Euro has failed at the first serious test after that. The price has stopped at the retest level of the rising trend line from the June 7th low (please refer to the attached chart). Therefore, the technical outlook, even after penetrating 1.3047, is not strong enough to consider the Euro a “buy”, after failing in the retest. Short term resistance is at 1.3118, and only if broken will the Euro have another chance to rise. If it does break this level targets will be 1.3194 & 1.3306. On the other hand, the support is at 1.3060, and if broken, we will head towards the Fibonacci retracement levels for the whole rise from 1.2643 to Friday’s high. The first two of these levels are 1.2961 & 1.2900.

Support:
• 1.3056: the rising trend line from Friday’s low on intraday charts.
• 1.2961: Fibonacci 38.2% for the rise from 1.2643.
• 1.2900: Fibonacci 50% for the rise from 1.2643.

Resistance:
• 1.3118: Aug 5th low.
• 1.3194: Aug 2th high.
• 1.3306: Aug 9th high.

---

USD/JPY

Japan warned speculators once again on Friday, that it will be violent against those who buy the Yen. The price has moved sideways for quite a while now. This leaves a question hanging: after the intervention, what’s next? this pair calmed after the Japs stormed it up! But failure to break 85.89 which we talked about its importance yesterday, leaves possibilities of downside activity open. All the major Yen pairs jumped together during yesterday’s Asian session, gaining more than 2.5% each, which fueled speculation that the Japs have done it! Shortly after that, in a quickly arranged news conference, finance minister (Noda) confirmed it and said: “yes, we have intervened”! Finally ladies & gentlemen, here is your long awaited intervention. The Japanese authorities have had it after they saw 82 appears on the screens for the first time since 1995. A lot of people would now argue that this is not the time for technical analysis, but the intervention only takes a short period of time to be completed, then things go back into the hands of the market powers. This intervention has caused the price to break the falling trend line from June 4th top on the hourly chart, which resulted in reaching 85. Now, this surge has a huge barrier in front of it, which is 85.89! This is where the falling trend line from May 5th top is running currently. If broken, the price will fly, targeting 86.81 & 87.56. On the other hand, the support is at 84.25, and if broken we will drop to the important 83.73, then 82.87.

Support:
• 84.25: Fibonacci 38.2% for the short term.
• 83.73: Fibonacci 61.8% for the short term.
• 82.87: Sep 14th low, and the low for the last 15 years.

Resistance:
• 85.89: the falling trend line from May 5th top on the daily chart
• 86.95: Jul 1st low.
• 87.56: Jul 20th high.

---

GBP/USD

The Pound has touched our resistance of 1.5278 on Friday, as the high was 1.5727, and it traded below there the whole time. We have clarified in Thursday’s & Friday’s reports the huge importance of this level. When we investigate the rising move from 1.5295. When we do, we see that it is a correction for the previous dive from 1.5996, which topped very close to the Fibonacci 61.8% level. The Pound reached 1.5727, the highest level since August 11th, whereas the important resistance is at 1.5728 (please refer to the attached chart). The most important level is definitely 1.5728. This level will determine everything for the medium term. If we break it, we will literally fly, and if we fail close to it, this pair will be frustrated and move south. Our resistance of the day is definitely 1.5728. If broken, we will target 1.5854 & 1.5905. On the other hand, it would sound bizarre to say that the Pound is weak, and we will not say that. But we do believe that as long as it is below 1.5728, it will be vulnerable. The first sign of a failure at 1.5728 will be going back to trade below 1.5660. If this happens, expect a big drop, targeting 1.5549 &1.5438.

Support:
• 1.5660: the rising trend line from Tuesday’s low on intraday charts.
• 1.5549: short term Fibonacci 38.2% resistance.
• 1.5438: short term Fibonacci 61.8% resistance.

Resistance:
• 1.5728: Fibonacci 61.8% for the whole drop from Aug 6th top.
• 1.5854: Aug 4th low.
• 1.5905: Aug 2nd & 10th 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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



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