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Forexpros.com Daily Analysis - 26/07/2010
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[QUOTE="Forexpros04, post: 13449, member: 1973"] [color=black][u][b]ForexPros Daily Analysis July 26, 2010[/b][/u] [u][b]Free webinar on ForexPros - Let's do some simple Trend Trading[/b][/u] Expert: Kellie Durazo When: Tue, August 17, 2010, 10:00a.m. ET Why spend hours analyzing charts when you can learn a few simple trading strategies that are effective and easy to learn. During this webinar, Kellie Durazo will teach you how to follow and trade the trend "making the trend your friend", enhancing your technical analysis and giving you more trading opportunities for profit in the fx market.[/color] [url=http://www.forexpros.com/live-events/webinars/let%27s-do-some-simple-trend- trading-11171][color=black][u]Click here to join free[/u][/color][/url] [color=black]--- [u][b]Fundamental Analysis[/b][/u]:[/color] [url=http://www.forexpros.com/economic-calendar/cb-consumer-confidence-usd][color=black][u]CB Consumer Confidence[/u][/color][/url] [color=black]The Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict the consumer spending, which is a major part in the total economic activity. Higher readings point to higher consumer optimism. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. The analysts predict a future reading of 51.00. ---[/color] [url=http://www.forexpros.com/currencies/eur-usd][color=black][u][b]Euro Dollar[/b][/u][/color][/url] [color=black]The Euro fluctuated violently on Friday, breaking both the support & resistance specified in the report, but only reaching the target in the case of the support. After breaking 1.2860, the Euro reached the first suggested target 1.2807 successfully. When looking at the hourly chart, we find that Friday's dive has stopped at the bottom of a new rising channel which will be placed under our focus for today. The bottom of the channel is at 1.2807, but after the strong bounce we seen late Friday, the price built another support ahead of the channel bottom at 1.2883. In case we break today's support (1.2883) we will drop to test the bottom of the channel at 1.2807 as a first target. And if this one is also broke, then the rising channel is broken, which would leave the Euro vulnerable to more downside activity, targeting 1.2731 as a first & immediate target for this break on the way to lower targets. On the other hand, the resistance is at the important 1.2942. If broken, the price will resume its bounce from channel bottom, targeting yet another test of 1.3026, and may be then 1.3075. [b]Support:[/b] * 1.2883: the rising trend line from Friday's low on intraday charts. * 1.2807: the bottom of the rising trend channel on the hourly chart. * 1.2731: yesterday's low. [b]Resistance:[/b] * 1.2942: Asian session top, and the falling trend line from last weeks top on the hourly chart. * 1.3026: Tuesday's & 2-month high. * 1.3075: Fibonacci 61.8% for the drop from 1.3816 to 1.1875. --- [u][b]USD/JPY[/b][/u] As we have said several times in last week's reports, signs show that the possibility of a rising correction to correct the fall from June 3rd top 89.09 to July 16th low 86.25 is growing. On the top of these signs: the inverted hammer formation, which appeared on the daily chart, and the completed 5-wave move, and further more what looks to be the corrective waves (a) & (b) forming in an ideal manner (please refer to the attached chart), and wave (c) developing in an ideal fashion. Therefore, and even though we are negative about this pair on the medium term, we should not neglect these signs which force themselves upon us for today! Short term support is at 87.33, and if broken, the price will resume its drop after a 3-wave correction, targeting 86.72 & 85.84. Resistance is at 87.67. A break here indicates that the odds of c continuation of the correction of the 5 waves down from 92.87 are still massive. This will target 88.37, then 88.78. It is worth mentioning that breaking wave 5 bottom 86.25 even with a few pips would strongly indicate the termination of the correction we are currently living. [b]Support:[/b] * 87.33: the rising trend line from Thursday's low on the hourly chart. * 86.72: Friday's low. * 85.84: Nov 30th 2009 low. [b]Resistance:[/b] * 87.67: important hourly resistance, stopped the price several times after the open. * 88.37: Jul 12th low. * 88.78: Fibonacci 38.2% level for the whole drop from 92.87 (the 5 waves down). ---[/color] [url=http://www.forexpros.com][color=black][u]Forex[/u][/color][/url] [color=black]trading analysis written by Munther Marji for 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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