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Forexpros.com Daily Analysis - 23/06/2009

Discussion in 'Fundamental Analysis' started by ForexAnalysis, Jun 23, 2009.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

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    Free, Live Forex Webinar Tomorrow!

    Sharpening Your Edge Series: Pivot Points
    Hosted by: Andrei Pehar of Fx Knight
    Date: Wed, Jun 24, 2009, 15:00 GMT

    Discover one of the best-kept secrets of bank traders. Pivot points and their medians have long been a favorite of the biggest institutional players, and since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. But too many traders calibrate their pivots incorrectly since they lack an understanding of their meaning and how the markets work.

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    ---

    EUR/USD Choppy Trading

    Support is established at 1.3830 and is also present at 1.3820 through 1.3800. This likely means the sideways swings will continue. Although minor trends within the broader range can still occur.

    A break below 1.3800 will likely test the recent lows in 1.3750 area. Minor resistance is at 1.3880 but prices will need to push above 1.3900 to indicate strength.

    1.3930 will provide moderate resistance with significant resistance at 1.3990-1.4000.



    USD/JPY Starts Its Move

    After holding in a tight range late Friday and Monday, the pair has now broken several significant short term support levels.

    Short term target for the move is 94.00, although a move to that level is very unlikely today. A move to 94.50, which is the next support level, is more likely and should stall further declines today.

    Upside resistance is now 95.50-95.60 as well as 95.80 which is the former support level for the range the pair just broke out of. 96.00 provides resistance, as well as 96.20-96.30 beyond that.


    Analysis by: http://www.forexpros.com - Written by Cory Mitchell

    Disclaimers:
    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.
     
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