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Forexpros.com Daily Analysis - 24/03/2010

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Mar 24, 2010.

  1. forexpros2

    forexpros2 Member

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    ForexPros Daily Analysis March 24, 2010


    Free webinar on ForexPros - Inter-Market Analysis and 2010 Forecast for the
    Dollar and Commodities


    Expert: Nour Eldeen M. Al-Hammouri
    When: Thu, Mar 25, 2010, 15:00 GMT

    In this webinar Nour Eldeen M. Al-Hammouri will discuss the Inter-Market
    Analysis and markets relationships. He will relate to the issue of how to
    use Moving Averages to track the best support and resistance area, which
    will be a signal for the Buy areas or Sell areas.


    Click here to join free.

    ---

    Fundamental Analysis: Retail Sales

    Great Britain traders anticipate the publication of the Retail Sales. 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.
    A higher 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 future reading of 0.60%.

    ---

    Euro Dollar

    The Euro broke the support specified in yesterday's report 1.3502, and
    dropped a little, then it bounced back to stop accurately at the resistance
    specified in the report 1.3566 (the highest price after issuance the report
    is 1.3561). After that, the dropped & went back to confirm the 1.3502 break,
    and successfully reached the first suggested target 1.3422, reaching 1.3405
    until the moment of preparing this report. With this move, the Euro finally
    penetrated the important support area which contains 5 daily lows, which we
    talked about in details yesterday. Also, with this move, the technical
    outlook for the medium term has "officially" turned negative, and we do
    expect the Euro to sink below 1.30 in the near future. As for the short
    term, the resistance is 1.3446 & the support is 1.3390. If we break the
    support at 1.3390, the price will confirm the break which has already took
    place for the wide support area 1.3434-1.3462, the price will start falling
    targeting 1.3326 and may be 1.3256. But if the resistance 1.3446 is broken,
    the price will take off, looking for Fibonacci resistance levels which will
    form today's targets 1.3501 first, and if broken 1.3611.

    Support:
    * 1.3390: Apr 13th high.
    * 1.3326: Jan 28th high.
    * 1.3256: Mar 27th 2009 high.

    Resistance:
    * 1.3446: the falling trend line from 1.3561 on the intraday charts.
    * 1.3501: Fibonacci 61.8% for the short term.
    * 1.3611: Fibonacci 50% for the drop from 1.3816.

    ---

    USD/JPY

    The Dollar-Yen moved in a very tight range between 90.17 & 90.60 without
    being able to break the most important resistance 90.78. Boredom is still
    the headline, awaiting a potential break of 90.78, or starting to drift away
    from it. Last week, we adjusted the lines that frame the current area, to
    make the upper limit at Monday's & Thursday's top 90.78, which is very close
    to last Wednesday's top 90.80, and close to Friday's top 90.70. And today we
    will adjust the lower limit for this area, by re-drawing the rising trend
    line from 89.61 to contain the recent price behaviour. The above mentioned
    line is at 89.99. In case we break the magnetic resistance 90.78 we will see
    the Dollar take control, and drive this pair higher, as we see it targeting
    the important 91.60 first, then 92.31 which is important as well. But in
    case we break the new trend line at 89.99, the expected drifting away from
    90.78 will start, and we will be heading to 89.37 & 88.53.

    Support:
    * 89.99: the rising trend line from 89.61 on the hourly chart, after
    adjustment.
    * 89.37: Mar 2nd low
    * 88.53: Feb 4th low.

    Resistance:
    * 90.78: Monday's high.
    * 91.60: Oct 29th high.
    * 92.31: Oct 27th 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.
     
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