Archive for November 25th, 2009
GoLearn Forex Analysis 25/11/2009
The ’09 Gold Rush Continues by GoLearn Forex
Global Equities Market futures are pointing slightly higher for Wednesday’s open. The DJIA finished lower after a mixed day on Wall Street, losing 17.24 points to close at 10,433.71. The Fed conceded in minutes released yesterday that a weak dollar may be fueling unwarranted speculation in the markets and that the weak dollar needs to be monitored for fear of creating inflationary conditions.
The DXY was mixed as it responded to the equity market’s whiplash. The Gold rush of 2009 continues at it made new intra-day highs bouncing off 1,180.20 before closing at 1,169.40. Oil gave up some ground to close at $76.45 a barrel.
We are expecting lighter than normal volumes today ahead of the U.S Holiday on Thursday although there will be a lot of economic data published tomorrow. Headline data prints will focus on U.K GDP and in the U.S; Crude Oil Inventories, Initial and Continuing Jobless claims, and New Home Sales.
Upcoming Forex Events for November 25, 2009
GBP GDP (QoQ) Forecast -0.30% Previous -0.40%
USD Core Durable Goods Orders (MoM) Forecast 0.80% Previous 0.90%
USD Initial Jobless Claims Forecast 500.00K Previous 505.00K
USD New Home Sales Forecast 408.00K Previous 402.00K
EUR, GBP and AUD Support and Resistance by GoLearn Forex
Key Levels of Support & Resistance
EUR, GBP, & AUD
As the market continues its sideways movement it is a good idea to keep cognizant of important key levels of S&R as well as the 50 SMA and 100 SMA. When markets move sideways for an extended period of time ensuing price action on a breach of major S&R or an MA can be quick, therefore you want to be in a position to execute.
INSERT AUD CHART
AUD key levels of Resistance are as follows; .9300 , .9500, and .9650.
AUD key Support levels are the 50 SMA which is currently at .9038. The next support level is at .8890 which was the prior low and also represents the 76.4% Fibonacci Retrace level going back to July of 2008.
______________________________________
The EUR is in between 2 key levels of Resistance with the lower level handle at 1.4870 and the near term Resistance at 1.5055. If we break near term Resistance at 55 then we expect the 76.4% Fibonacci Retrace level from July 2008, at a handle of 1.5165 to stand as the next key Resistance level. Looking north just a bit further 1.5345 would represent R4
INSERT EUR CHART
A candle appearing below the Support level of the 50 SMA would signal a Short EUR entry. A very strong Short EUR signal would be a close below 61.8% Fibonacci Retrace level from July 2008, which is perfectly in sync with the prior low at 1.4621
GBP is sitting between 2 near term Resistance levels. We have R1 at 1.65, R2 at 1.66 and R3 at 1.70. the 100 day MA is sitting at 1.6404 and in line with the important Fibonacci Retrace level of 38.2% from November of 2007.
INSERT CHART GBP
When a 100 SMA is above a 50 SMA, as it is with the Cable, it is usually indicative of a falling price environment. A close below the 50 SMA,currently at 1.6340 would generate a near term Short Pound entry. The next level of Support at S2 is 1.6130. A breach of S2 would more than likely send us south of 1.60.
The longer price spends consolidating between 2 points the more price action we expect to see when a breakout finally occurs. It is analogous to a spring placed in a box. The longer the spring and the more coils one forces into a confined space the more resistance the spring builds. Conversely, a short spring in the same space has less potential energy. Break open the box and the larger spring is going to move quicker and further than the smaller spring. Therefore the longer we consolidate price into a range the more price action we expect to see when it finally breaks key levels of Support and Resistance.
GoLearn Forex.net Optimizes Social Networking to Reach Out to Forex Traders
By utilizing such tremendously popular social networking sites such as Twitter and Facebook, GoLearnForex is reaching forex traders with important educational tools.
Newly re-launched forex educational portal, GoLearnForex.net is reaching out to traders through social networking. Sites such as Twitter and Facebook are valuable social networking sites for millions of users worldwide. Members of these popular social sites connect with friends, do business and participate in other social causes and groups via these platforms.
There is a growing presence of forex trading communities on these networking portals and GoLearnForex is reaching out to share their mission of educating those who participate in the foreign exchange market. Highly trained financial analysts provide unique analysis daily that GoLearnForex seeks to share with traders of all backgrounds.
“Without the proper education forex can become a negative investing experience for traders,” shared Michael Law, editor of GoLearnForex.net. “We want to empower those seeking a profit in forex to really reap the full benefit of the largest market in the world.”
Communities of “friends” and “followers” that utilize GoLearnForex range from all types of traders and are located all over the globe. You can find GoLearnForex on Twitter and Facebook under the username “GoLearnForex.”
About us:
GoLearnForex.net was created in 2006 by a team of Forex professionals to offer traders a one-stop shop for all their Forex needs. The portal offers the latest up-to-the minute technical and fundamental analysis from some of the leading providers around, as well as relevant forex related news, and directories of brokers, fund managers , software and education providers.
Analysis by http://www.golearnforex.net
Daily Review 25/11/2009
USD Dollar (USD)
The Dollar lost an important part of previous gains after the minutes of the FOMC showed that the FED sees a slow recovery and expects the unemployment rate to remain at high levels. Earlier, The GDP came out 2.8% worse than expected 2.9%. The U.S. markets ended with minor losses. Dow Jones ended the session with a loss of -0.16%, NASDAQ fell by -0.31% and the S&P 500 decreased by -0.05%. Gold (XAU) did not reach new highs closing at 1168$ an ounce. Crude Oil tumbled and closed under 76$ a barrel. Today, The Core Durable Goods Orders expected 0.8% vs. 0.9% previously. The Initial Jobless Claims expected 500K vs. 505K previously. The New Home Sales expected 408K vs. 402K previously.
EURO (EUR)
The Dollar lost daily gains against the Euro but the Euro failed one more time to break above 1.5. The pair is still moving sideways between 1.5050 and 1.48. The German GDP came out as expected unchanged at 0.7%. The German IFO Business Climate Index came out 93.9 better than expected 92.5. The Industrial New Orders came out 1.5% also better than expected 0.6%. Overall, EUR/USD traded with a low of 1.4888 and with a high of 1.4988. Today, The Gfk German Consumer Climate expected 4.3 vs. 4 previously.
EUR/USD – Last: 1.4968
|
Resistance |
1.5000 |
1.5020 |
1.5050 |
|
Support |
1.4920 |
1.4890 |
1.4850 |
British Pound (GBP)
The Dollar rose against Pound. Cable ended a few pips below the opening price against the Dollar after being rejected from levels below 1.65, but the Pound failed to get back above 1.66. The BBA Mortgage Approvals came out 42.2K worse than expected 44K. The Business Investment came out -3% better than expected -3.5%. Overall, GBP/USD traded with a low of 1.6496 and with a high of 1.6617. Today, the GDP expected -0.3% vs. -0.4% previously.
GBP/USD – Last: 1.6605
|
Resistance |
1.5505 |
1.6650 |
1.6775 |
|
Support |
1.6530 |
1.6500 |
1.6460 |
Japanese Yen (JPY)
The Yen was the best performer among major and rose across the board. USD/JPY consolidated below 89.00 and broke below the support. The Trade Balance came out 0.42T better than expected 0.31T. Overall, USD/JPY traded with a low of 88.34 and with a high of 89.06. Today, The Bank of Japan (BOJ) Monetary Policy Meeting Minutes expected.
USD/JPY-Last: 88.48
|
Resistance |
88.80 |
89.10 |
89.30 |
|
Support |
88.35 |
88.20 |
87.95 |
Canadian dollar (CAD)
The Canadian Dollar weakened against its U.S. counterpart as crude oil, the nation’s largest export, and global equities slide, diminishing the appeal of currencies tied to growth. Overall, USD/CAD traded with a low of 1.0552 and with a high of 1.0642. Today, No economic data expected.
USD/CAD – Last: 1.0560
|
Resistance |
1.0645 |
1.0667 |
1.0690 |
|
Support |
1.0560 |
1.0540 |
1.0505 |
Research by http://www.ufxbank.com
Selecting a low spread Forex platform
When you begin your Forex trade you will find out that the Forex brokers – online or conventional and also linked with the Forex Trading and the Forex Trade do not ask for a charge for their service. But of course, they do not execute their operations for free. They make money by charging a “spread” from the saver. It is therefore very important to discover out a low spread Forex trading platform for one who is related with Forex Trading and the Forex Trade. This particular spread is the dissimilarity between the bid cost and the ask value for the money being traded. The broker adds this spread onto the cost of the trade and keeps it as their charge for trading. So you can think this as a hidden commission. One good fascination about the increase is you pay out it when you buy and not when you sell. A trade of 4 pips against. 5 pips make a difference of 25% on your trading fixed costs.
This makes the point obvious why you would call for a near to the ground spread Forex trading platform. The established currency pairs like the EUR/USD and the GBP/USD classically have the lowest spreads. Some brokers offer far removed from spreads for unlike types of accounts. A low make bigger Forex trade platform may not be in attendance good mini trading and may have advanced spreads than a full contract account. Obviously the lesser the increase on the currency pairs the better the setting for you as shareholder and the trader.
You will determine many online sites that offer varied platforms for Forex trading. Through these platforms you can in fact buy or sell the Forex. You will have to organize a low spread Forex trade platform from them.
A superior Forex trading platform shows live prices that you can in fact trade at, and not indicative quotes. The low spread Forex trading platform is supposed to be fair and should let you know the real prices so that you can have an idea of the spread. While choosing the low spread Forex trade stage you wish to trade from the factors you should consider are Platform implementation – This refers to how rapid and steady the implementation of the trades are. User friendly – The trade stage should be trouble-free to use and understand. It should be reliable during fast moving markets. The platform should offer services like one click trade or selling, trading in a in a straight line from a chart, supports mobile strategy, trailing stops, etc. Minimum conjecture – The Forex trade platform should present the smallest quantity of money to unlock a trade account.
Go ahead and keep all these factors in mind and then check out what you wish to choose from the plentitudes of the low spread Forex platform. It is always sensible that you are to educate yourself for everything and this is also not an exemption.
Advertisement
Tags
Recent Posts
- Ringgit, Rupee Lead Increases in Asian Currencies on Enlargement, Rising Rates
- Tropical Tempest Don Figures Off Mexico’s Yucatan on Track for Texas Coastline
- Boehner Wrestles Internal Rivalry on Liability Plan
- Dollar Drops Versus Swiss Franc on Liability Upper Limit Impasse; Yen Pares Gains
- Asian Currencies Fortify to 14-Year Soaring on New Greek Liberate Package