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Forexpros Daily Analysis - 14/12/2009

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Dec 14, 2009.

  1. forexpros2

    forexpros2 Member

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    Forexpros Daily Analysis Dec 14, 2009


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    Fundamental Analysis: ZEW Economic Sentiment Report

    German traders await publication of the ZEW Economic Sentiment Report, which will be released tomorrow (Dec 14).
    The report determines sentiment among German institutional investors, with analysts expecting a slight increase from last month's 50.10 to 50.20.
    The Economic Sentiment Report is a leading indicator of business conditions. The reading is concluded from survey of about 350 German institutional investors and analysts.
    A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

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    Euro Dollar

    The Euro surpassed the resistance 1.4734 but stopped very close to Wednesday’s high, before reversing, and breaking the support 1.4692, and then reaching the first suggested target 1.4610. The rising trendline from Tuesday’s low (and the lower limit for the supposed triangle pattern) is currently very close to Fibonacci 61.8% for the short-term at 1.4701. This makes this double resistance the most important, and only breaking it would improve the technical outlook for the Euro. If broken, we will enter a correction for the whole drop from 1.5139, which will target 1.4796 at least, and probably 1.4826. As for the support it is at 1.4656 and breaking it would mean that the rising correction from Friday’s low is probably over, and that would target 1.4597 and then 1.4510.

    Support:
    • 1.4656: rising trendline on the intraday charts.
    • 1.4597: important intraday low from Friday.
    • 1.4510: previous support area that includes several daily lows.

    Resistance:
    • 1.4701: Fibonacci 61.8% for the short-term, and the lower trendline in the supposed triangle formation that was broken on Friday.
    • 1.4796: Fibonacci 38.2% for the drop from 1.5139.
    • 1.4826: Fibonacci 50% for the drop from 1.5139.

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    USD/JPY

    Dollar-Yen broke the resistance 89.05 and successfully reached the first target 89.45, then came close to 90, settling for 89.79. this morning the price dropped to 88.36 again, to find the trendline that we introduced in the past few days providing it with support. That was the 4th time the price encountered this line, which clearly means it deserves our attention. That is why we will consider it as support of the day, and it is currently running at 88.43. If it’s broken, the drop from 89.79 will continue and the next pair of targets will be Fibonacci support levels at 87.78 & 87.08. As for the resistance, it is provided by the falling trendline from 89.79 on the intraday charts, which is currently at 88.87. And if broken, another 89.45 visit will be expected, and if this is also broken, we will jump to 90.08 at least.

    Support:
    • 88.43: a trendline that touched price 4 times.
    • 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75.
    • 87.08: Fibonacci 61.8% for the whole move from 84.81 to 90.75.

    Resistance:
    • 88.87: the falling trendline from Friday’s top on the intraday charts.
    • 89.45: Fibonacci 61.8% for the short-term.
    • 90.08: hourly resistance.

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    Forex trading analysis by Munther Marji for Forexpros. See our new commodities section on Forexpros.

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    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.
     
  2. Rider

    Rider New Member

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    The American Bankers Association released a background statement pointing out that the largest 21 bailed out banks had made $2.2 trillion in new loans since receiving TARP funds. They also blamed Washington for creating an unstable regulatory environment, which has stymied lending.

    "Well-intentioned efforts to address problems can have the unintended consequence of making things worse," the banking lobbying group said in its report.

    Several of the New York chief executives at the largest Wall Street banks didn't make an appearance in Washington, saying fog in Washington delayed their flights. Attending via teleconference were Goldman Sachs (GS, Fortune 500) Chief Executive Lloyd Blankfein, Morgan Stanley (MS, Fortune 500) Chief Executive John Mack, and Citigroup (C, Fortune 500) Chairman Dick Parsons.

    Citigroup Chief Executive Vikram Pandit also skipped the meeting, citing his work negotiating Citgroup's repayment of of the federal bailout, said Citigroup spokesman Jon Diat.

    "Mr. Pandit recognizes the extreme importance of today's meeting and regrets that he will be unable to attend due to today's announcement of Citigroup actions for repaying TARP," Diat said.

    Bank chief executives who did attend in person were American Express (AXP, Fortune 500)' Ken Chenault, US Bancorp (USB, Fortune 500)'s Richard Davis, JP Morgan Chase (JPM, Fortune 500)'s Jamie Dimon, Capital One (COF, Fortune 500)'s Richard Fairbank, Bank Of New York Mellon's (BK, Fortune 500)'s Bob Kelly, Bank of America (BAC, Fortune 500)'s Ken Lewis, State Street Bank (STT, Fortune 500)'s Ron Logue, PNC (PNC, Fortune 500)'s Jim Rohr, and Wells Fargo (WFC, Fortune 500)'s John Stumpf.

    The Financial Services Roundtable, a bank lobbying group, called the conversation with Obama "open and constructive."

    "We share the President's goals of strengthening lending to all sectors of the economy, helping homeowners avoid foreclosure, aligning compensations practices with long-term risk horizons, and modernizing the regulatory framework," said group president Steve Bartlett.
     
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