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