Forex News Blog
Back to The Headlines
Thursday January 21, 2010 - 10:05:13 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 21/01/2010ForexPros Daily Analysis January 21,
Fundamental Analysis: Retail Sales
Traders anticipate the publication of the UK Retail Sales on Friday
(January 22). It is a monthly measurement of all goods sold by retailers based
on a sampling of retail stores of different types and sizes in the UK. It is an
important indicator of consumer spending and also correlated to consumer
confidence and considered as a pace indicator of the UK economy.
than expected reading should be taken as positive/bullish for the GBP, while a
lower than expected reading should be taken as negative/bearish for the GBP.
Analysts predict a change in the future reading to 1.30% versus a previous
reading of -0.30%.
broke yesterdayâ€™s support 1.4185, and successfully reached the suggested target
for this break 1.4103. With approaching 1.40, and most of the indicators going
oversold on most time frames, we should ask ourselves, have we reached a bottom
at yesterdayâ€™s low 1.4065? Price behavior has founded a support at 1.4079,
before going back above 1.41. Keeping this support is step one in using this
bottom to create a strong bounce, that serves (at least) as a correction for the
whole move from 1.4577. Step two would be breaking the Asian session top 1.4135,
then we can say that a correction has already started. Breaking resistance of
the day 1.4135, would target the previous important bottom 1.4216, and then
1.4321. But if the unexpected happens and we break 1.4079, the strong &
sharp drop from 1.4577 that has gained 500 pips until this moment will carry on,
and will target the important 1.4006, and may be later
â€¢ 1.4079: the most important intraday support
for the last few hours.
â€¢ 1.4006: the important bottom of Jul 29th.
1.3928: Jul 15th low.
â€¢ 1.4315: Asian session
â€¢ 1.4216: Dec 22nd bottom.
â€¢ 1.4321: Fibonacci 50% for the whole
drop from 1.4577.
broke the resistance specified in yesterdayâ€™s report 91.30 and successfully
reached the modest target for this break 91.64, but it did so with an
astonishing accuracy since the Asian session high was exactly 91.64. This very
accurate stopping indicates that Fibonacci 38.2% has stopped in the way of more
rising, and could cause it trouble. Thus, we will consider 91.64 to be a
resistance capable of reversing the short term direction and initiate a falling
move from these levels. In case this resistance is broken the rise will
continue, targeting the most important Fibonacci levels 92.04 & 92.44. In
this case 92.44 will be a critical resistance for both short & medium term.
But, in the case of holding below 91.64, the price will move down to challenge
the rising trend line from 90.30, which is currently at 91.25. Breaking this
line will bring back 90.76 into the spotlight, which will be a first target for
this break, and then target 89.79 which is not less important at
â€¢ 91.25: the rising trend line from 90.30.
90.76: Fibonacci 61.8% for the whole rising move from 88.91 to 93.75.
89.79: Fibonacci 61.8% for the whole rising move from 87.35 to
â€¢ 91.64: Fibonacci 38.2% for the whole move
down from 93.75.
â€¢ 92.04: Fibonacci 50% for the whole move down from
â€¢ 92.44: Fibonacci 61.8% for the whole move down from
---Forex Trading Analysis written by Munther Marji for ForexPros.
information on world indices rates see
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
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 LIVE to YOUR charts
GVI Trading. Potential Price Risk Scale
Mon 27 May 2019
AA: Major, A: High, B: Medium
Tue 28 May 2019
A 14:00 US- Consumer Confidence
C 13:00 US- Case-Shiller
Wed 29 May 2019
A 08:55 DE- Employment
AA 18:00 US- BOC Decision
A 18:30 US- EIA Crude
Thu 30 Mar 2019
A 12:30 US- Weekly Jobless
Fri 31 Mar 2019
AA 10:00 EZ- Flash HICP
A 12:30 US- Personal Income, Spending, Deflator
AA 14:00 US- Final Univ of Michigan
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Start trading with forex broker Markets Cube