Special Event: Strategic & Tactical FOREX Trading By Forexpros
November 26, 2009 by
Filed under Daily Analysis
Special Event: Strategic & Tactical FOREX Trading
Hosted by: Wayne McDonell, founder of FXBootcamp
Thu, Dec 3, 2009, 11:00 EST/ 16:00 GMT
Forexpros is proud to host Wayne McDonell, world renowned Forex tradingexpert, in a unique webinar which will be held next week.
In this educational presentation Wayne will teach how to use technicalanalysis to align market and price forces for better trading opportunitieswith potentially less risk.
Trade planning, with the use of moving average entries and pivot pointexits, will be discussed in a easy to understand “how to” manner.
Fundamental Events:
The Swiss KOF Economic Research Agency will publish its “Leading IndicatorsIndex” Tomorrow (Nov 27), which determines the overall economic health ofthe country’s economy.
The Index is comprised of 12 indicators related to consumer confidence,banking confidence, production, new orders and housing- and sheds light onthe economic trend and the movement of GDP growth in Switzerland.
A higher than expected reading should be taken as positive/bullish for theCHF, while a lower than expected reading should be taken as negative/bearishfor the CHF.
Analysts predict Tomorrow’s Index to stand at 1.85, rapidly climbing sincelast May’s slump of -1.86.
Euro Dollar:
The Euro broke the resistance 1.5018, and reached both suggested targets1.5082 & 1.5144 successfully and with an unbelievable accuracy (yesterday’shigh in some companies was 1.5143 and in others 1.5144). It looks likereaching 1.5144 will provide a chance to correct the last up-move from1.4887. such a correction will typically target the area 1.5015-1.4985. theimportance of the lower limit of this area is that it combines the risingtrendline on the hourly chart, with short-term Fibonacci 61.8%, which makesit a very important support for setting the direction for what is left ofthe week. But, before considering this scenario the favorite one, we shouldsee a break of 1.5077, then a visit to 1.5015-1.4985 will be highlyanticipated. And if 1.4985 is taken, the Euro will fall under considerablepressure, that will initially lead to 1.4919, on the way to lower targets.Short-term resistance is 1.5138 and only breaking it would improve thetechnical outlook, and target 1.5200 & 1.5260.
Support:
. 1.5077: Fibonacci 61.8% for the micro-term.
. 1.4985-1.5015: a support area combining Fibonacci 50% & 61.8% for theshort-term, with the rising trendline from 1.4800 on the hourly chart.
. 1.4919: previous important intraday support.
Resistance:
. 1.5138: previous resistance from 2008.
. 1.5200: previous resistance from 2008.
. 1.5260: previous resistance from 2008.
–
USD/JPY:
As expected, and in harmony with the trend, Dollar-Yen broke the support88.13 , and successfully reached the two suggested targets 87.10 & 86.40.This move has brought us prices that have not been seen for 15 years. It isonly expected (and logical), that reaching 86.40 would provide us with acorrection for the down leg that started at 89.17, and reached here withoutany significant correction. Such a correction will typically target the area87.73-88.07 where there is Fibonacci 50% & 61.8% resistance levels (for theshort-term). But before jumping on board we should see a break of theresistance 87.01. On the other hand, the support 86.40 will be support ofthe day, and breaking it would mean a continuation of the downtrend thatshowed a lot of strength yesterday, and a continuation of the drop towardsnew levels that have not been seen for a decade and a half, at 85.90, andmay be later the calculated target for the broken wedge formation at 85.33.
Support:
. 86.40: support area from 1995.
. 85.90: support area from 1995.
. 85.33: the calculated target for the broken wedge formation.
Resistance:
. 87.01: Fibonacci 61.8% for the micro-term.
. 87.73: Fibonacci 50% for the short-term.
. 88.33: the bottom of the broken wedge formation.
Forex Trading Analysis Written By Forexpros
_____________________
John Connolly
Forexpros.com Site Manager
Fusion Media Limited.Phone: +1-800-224-4594 (ext. 214)Fax: +1-347-402-0244
=_NextPart_001_00A6_01CA6E8A.6EF91400Content-Type: text/html; charset=”us-ascii”Content-Transfer-Encoding: quoted-printable
Special Event: Strategic & Tactical FOREX Trading
Hosted by: Wayne McDonell, founder of FXBootcamp
Thu, Dec 3, 2009, 11:00 EST/ 16:00 GMT
Forexpros is proud to host Wayne McDonell, world renownedForex trading expert, in a unique webinar which will be held next week.
In this educational presentation Wayne will teach how to use technicalanalysis to align market and price forces for better trading opportunities withpotentially less risk.
Trade planning, with the use of moving average entries andpivot point exits, will be discussed in a easy to understand "how to"manner.
Fundamental Events:
The Swiss KOF Economic Research Agency will publish its "LeadingIndicators Index" Tomorrow (Nov 27), which determines the overall economichealth of the country’s economy.
The Index is comprised of 12 indicators related to consumerconfidence, banking confidence, production, new orders and housing- and shedslight on the economic trend and the movement of GDP growth in Switzerland.
A higher than expected reading should be taken as positive/bullishfor the CHF, while a lower than expected reading should be taken as negative/bearishfor the CHF.
Analysts predict Tomorrow’s Index to stand at 1.85, rapidlyclimbing since last May’s slump of -1.86.
Euro Dollar:
The Euro broke the resistance 1.5018, and reached bothsuggested targets 1.5082 & 1.5144 successfully and with an unbelievableaccuracy (yesterday’s high in some companies was 1.5143 and in others 1.5144).It looks like reaching 1.5144 will provide a chance to correct the last up-movefrom 1.4887. such a correction will typically target the area 1.5015-1.4985. theimportance of the lower limit of this area is that it combines the risingtrendline on the hourly chart, with short-term Fibonacci 61.8%, which makes ita very important support for setting the direction for what is left of the week.But, before considering this scenario the favorite one, we should see a breakof 1.5077, then a visit to 1.5015-1.4985 will be highly anticipated. And if 1.4985is taken, the Euro will fall under considerable pressure, that will initiallylead to 1.4919, on the way to lower targets. Short-term resistance is 1.5138and only breaking it would improve the technical outlook, and target 1.5200& 1.5260.
Support:
• 1.5077: Fibonacci 61.8% for the micro-term.
• 1.4985-1.5015: a support area combining Fibonacci 50%& 61.8% for the short-term, with the rising trendline from 1.4800 on thehourly chart.
• 1.4919: previous important intraday support.
Resistance:
• 1.5138: previous resistance from 2008.
• 1.5200: previous resistance from 2008.
• 1.5260: previous resistance from 2008.
–
USD/JPY:
As expected, and in harmony with the trend, Dollar-Yen brokethe support 88.13 , and successfully reached the two suggested targets 87.10& 86.40. This move has brought us prices that have not been seen for 15years. It is only expected (and logical), that reaching 86.40 would provide uswith a correction for the down leg that started at 89.17, and reached here withoutany significant correction. Such a correction will typically target the area 87.73-88.07where there is Fibonacci 50% & 61.8% resistance levels (for the short-term).But before jumping on board we should see a break of the resistance 87.01. Onthe other hand, the support 86.40 will be support of the day, and breaking itwould mean a continuation of the downtrend that showed a lot of strengthyesterday, and a continuation of the drop towards new levels that have not beenseen for a decade and a half, at 85.90, and may be later the calculated targetfor the broken wedge formation at 85.33.
Support:
• 86.40: support area from 1995.
• 85.90: support area from 1995.
• 85.33: the calculated target for the broken wedgeformation.
Resistance:
• 87.01: Fibonacci 61.8% for the micro-term.
• 87.73: Fibonacci 50% for the short-term.
• 88.33: the bottom of the broken wedge formation.
Forex TradingAnalysis Written By Forexpros
_____________________
John Connolly
Forexpros.com Site Manager
FusionMedia Limited.
Phone: +1-800-224-4594 (ext. 214)
Fax: +1-347-402-0244
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