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Forexpros.com Daily Analysis - 13/01/2010
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[QUOTE="Forexpros04, post: 8330, member: 1973"] [color=black][u][b]ForexPros Daily Analysis January 13, 2010[/b][/u] [u][b]Free webinar on ForexPros - Identifying Low Risk, High Reward, and High Probability Trading Opportunities For Short Term Forex Traders[/b][/u] Expert: Sam Seiden When: Thursday, Jan 21, 2010, 11:00 EST During this session, we will apply what we learned during session one to the world of active short term trading in the Forex markets. We will walk through the trade selction process, applying our rule based strategy to identify price levels where demand and supply are out of balance and where profit margins are large offering us significant risk/reward opportunities. This webinar is the second of a three part series brought to you by Online Trading Academy and ForexPros[/color]. [b][url=http://www.forexpros.com/live-events/webinars/identifying-low-risk,-high-reward,-and-high-probability-trading-opportunities-for-short-term-forex-traders.-11150][color=black]Click here[/color][/url][/b] t[color=black]o join free. --- [u][b]Fundamental Analysis[/b][/u]: Initial Jobless Claims Traders anticipate the publication of the Initial Jobless Claims report tomorrow, January 14. Initial Jobless Claims is a measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report. The number of jobless claims is used as a measure of the health of the job market, as a series of increases indicates that there are fewer people being hired. On a week-to-week basis, claims are quite volatile. Usually, a move of at least 35K in claims, is required to signal a meaningful change in job growth. A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD. Analysts predict no change in the reading which will remain at 434.00K. ---[/color] [u][b][url=http://www.forexpros.com/currencies/eur-usd][color=black]Euro Dollar[/color][/url][/b][/u] [color=black]For the second day in a row, the Euro did not create any major or technically meaningful moves. We maintained a trading range below Monday's top 1.4555, and above the Asian session bottom for the same day 1.4452. It seems like this trading range is getting tighter & tighter, which is a price behavior that usually happens before large moves. The borders of this tight area are drawn with the two small trend lines on the hourly chart which are at 1.4531 & 1.4464. Thus, breaking any of these levels will move the Euro in the direction of the break. If we break the resistance 1.4531 the odds of going above 1.46 will be high, where the attractive targets 1.4625 & 1.4678 await. But if we break the support 1.4464, the Euro will fall again targeting 1.4409 first, then 1.4331. And as it is the case with all tight ranges, it is highly preferred not to take a bias towards any direction before breaking the limits of the tight range. [b]Support:[/b] * 1.4485: the trend line that limits the tight area from below. * 1.4409: Fibonacci 50% for the short term. * 1.4331: previous well known support/resistance. [b]Resistance:[/b] * 1.4531: the trend line that limits the tight area from above. * 1.4625: Nov 3rd low. * 1.4678: Fibonacci 50% for the medium term. ---[/color] [u][b][url=http://www.forexpros.com/currencies/usd-jpy][color=black]USD/JPY[/color][/url][/b][/u] [color=black]Exactly as we have expected, Dollar-Yen broke yesterday's support 91.70 and successfully reached the suggested target 90.76, stopping only 5 pips below it, before bouncing back above 91. As we can see on the attached chart, this pair has bumped into a support that caused it to bounce more than 60 pips until now. Reaching 90.76 is expected to provide a chance to create a correction for the whole fall from 93.75, which will ideally target 91.87 & 92.59. But before talking about such a correction we should see a break of short term resistance 91.33. If the price goes back to falling, and break short term support 90.95, the down trend will continue, and will target 90.35, and later the important 89.79. [b]Support:[/b] * 90.95: Fibonacci 61.8% for the short term. * 90.35: support/resistance area on the 4-hour chart. * 89.79: Fibonacci 61.8% for the whole rise from 87.35 to 93.75. [b]Resistance:[/b] * 91.33: intraday top. * 91.87: Fibonacci 38.2% for the whole move down from 93.75. * 94.62: Fibonacci 61.8% for the whole move down from 93.75. ---[/color] [u][url=http://www.forexpros.com][color=black]Forex Trading[/color][/url][/u] [color=black]Analysis written by Munther Marji for ForexPros. For information on[/color] [u][url=http://www.forexpros.com/software][color=black]forex software[/color][/url][/u] [color=black]see ForexPros. --- [b]Disclaimer:[/b][/color] [i][color=black]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. ________________[/color][/i] [/QUOTE]
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