Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
Stock Market Dow Elliott Wave Analysis Forecast - 13th Oct 19
The Most Successful IPOs Have This One Thing in Common - 13th Oct 19
Precious Metals & Stock Market VIX Are Set To Launch Dramatically Higher - 13th Oct 19
Discovery Sport EGR Valve Gasket Problems - Land Rover Dealer Fix - 13th Oct 19
Stock Market US Presidential Cycle - Video - 12th Oct 19
Social Security Is Screwing Millennials - 12th Oct 19
Gold Gifts Traders With Another Rotation Below $1500 - 12th Oct 19
US Dollar Index Trend Analysis - 11th Oct 19
China Golden Week Sales Exceed Expectations - 11th Oct 19
Stock Market Short-term Consolidation Does Not change Secular Bullish Trend - 11th Oct 19
The Allure of Upswings in Silver Mining Stocks - 11th Oct 19
US Housing Market 2018-2019 and 2006-2007: Similarities & Differences - 11th Oct 19
Now Is the Time to Load Up on 5G Stocks - 11th Oct 19
Why the Law Can’t Protect Your Money - 11th Oct 19
Will Miami be the First U.S. Real Estate Bubble to Burst? - 11th Oct 19
How Online Casinos Maximise Profits - 11th Oct 19
3 Tips for Picking Junior Gold Stocks - 10th Oct 19
How Does Inflation Affect Exchange Rates? - 10th Oct 19
This Is the Best Time to Load Up on These 3 Value Stocks - 10th Oct 19
What Makes this Gold Market Rally Different From All Others - 10th Oct 19
Stock Market US Presidential Cycle - 9th Oct 19
The IPO Market Is Nowhere Near a Bubble - 9th Oct 19
US Stock Markets Trade Sideways – Waiting on News/Guidance  - 9th Oct 19
Amazon Selling Fake Hard Drives - 4tb WD Blue - How to Check Your Drive is Genuine  - 9th Oct 19
Whatever Happened to Philippines Debt Slavery?  - 9th Oct 19
Gold in the Negative Real Interest Rates Environment - 9th Oct 19
The Later United States Empire - 9th Oct 19
Gold It’s All About Real Interest Rates Not the US Dollar - 8th Oct 19
A Trump Impeachment Would Cause The Stock Market To Rally - 8th Oct 19
The Benefits of Applying for Online Loans - 8th Oct 19
Is There Life Left In Cannabis - 8th Oct 19
Yield Curve Inversion Current State - 7th Oct 19
Silver Is Cheap – And Getting Cheaper - 7th Oct 19
Stock Market Back to Neutral - 7th Oct 19
Free Market Capitalism: Laughably Predictable - 7th Oct 19
Four Fundamental Reasons to Buy Gold and Silver - 7th Oct 19
Gold and Silver Taking a Breather - 7th Oct 19
Check Engine Warning Light ECU Dealer Diagnostic Cost - Land Rover Discovery Sport - 6th Oct 19
Natural Gas Reloads For Another Price Rally - 6th Oct 19
Understanding and Purchasing different types of Plastic Building Materials Online - 6th Oct 19
Craig Hemke: Ignore the Elliott Wave “Buffoons” Calling for a Gold Crash - 6th Oct 19
Stock Market 6 Month Trend Forecast Conclusion - Video - 6th Oct 19
The True Causes Behind the Yield Curve Inversion and Gold - 5th Oct 19
Strategies on how to be a Successful CFD Trader - 5th Oct 19
Gold Stocks Correction Underway - 5th Oct 19
Climate Change When the Levee Breaks - 5th Oct 19
Federal Reserve Bank ‘Guarantees’ Dow Will Not Sink Below 26k - 5th Oct 19
The Russell and Transportation Tell A Completely Different Stock Market Story - 4th Oct 19
Confidence Drives the Economy and Trump’s Trade War Is Killing It - 4th Oct 19
ADL Predicts Crude Oil Prices Will Fall Below $40 - 4th Oct 19
Investing Money? Why You Need a Reputable Accountant - 4th Oct 19
Stumbling Manufacturing and Rising Gold – Now or Later? - 4th Oct 19
Silver Eyes Fourth Quarter Rebound - 4th Oct 19
Gold Price Forecast to Exceed $10,000/Ounce - 3rd Oct 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Currency Trading for 10th December

Currencies / Forex Trading Dec 10, 2009 - 07:17 AM GMT

By: ForexPros

Currencies

Fundamental Analysis: US Census Bureau

The US Census Bureau will release the Core Retail Sales report tomorrow (Dec 11).
The report is a monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes in the US, excluding auto. It is an important indicator of consumer spending and also correlated to consumer confidence and considered as a pace indicator of the US economy .


Analysts predict tomorrow's report to indicate a rate of 0.60%, an increase form last month's rate of 0.20%.

Euro Dollar

The Euro surpassed the resistance 1.4734 without being able to advance, but at the same time, it did not break or approach the support 1.4649. It seems that the fluctuation we have seen has started building a small triangle pattern, with its limits at 1.4734 & 1.4681, and breaking any of these limits is what will set the direction for the short-term.

If we break support at 1.4681 we will target Fibonacci 38.2% (for the rise from 1.3747) which is now closer than ever at 1.4610, and then the support area 1.4510/1.4518 that includes several daily bottoms. Short-term resistance is at the supposed triangle pattern limit 1.4734, breaking it would mean that the Euro will have a chance to catch a breath after this big drop. Breaking this resistance will target at least 1.4847, and may be 1.4903 as well.

Support:
• 1.4681: the lower limit for the supposed triangle pattern.
• 1.4610: Fibonacci 38.2% for the long-term (for the rise from 1.374).
• 1.4510: previous support area that includes several daily lows.

Resistance:
• 1.4734: the upper limit for the supposed triangle pattern.
• 1.4847: Fibonacci 38.2% for the drop from 1.5139.
• 1.4903: Fibonacci 50% for the drop from 1.5139.

USD/JPY

Dollar-Yen broke the support 88.16 and successfully reached the first suggested target 87.78, but stayed relatively far from the second target, and the most important support for now 87.08. The importance of 87.08 will carry on for the rest of the week, since it is Fibonacci 61.8% support for the rise from 84.81. As we can see from the attached chart, the rising move during the Asian session has bumped into the previously broken trendline.

And for the technical outlook for the Dollar, we should surpass this line which is currently at 88.25. Therefore, we should wait for a break of the support or resistance before we can predict the direction of short-term. If we break the resistance 88.25 this pair can surprise some by reaching areas above 89 such as 89.17 or 89.70. on the other hand, if the most important support for now 87.08 is broken, the downtrend will continue with confidence, and the next set of targets will be 86.29 & 85.71.

Support:
• 87.08: Fibonacci 61.8% for the whole move from 84.81 to 90.75.
• 86.29: important intraday level on hourly chart.
• 85.71: important intraday level on hourly chart.

Resistance:
• 88.25: broken trendline.
• 89.17: important intraday level on hourly chart.
• 89.70: important intraday level on hourly chart.

Analysis by: http://www.Forexpros.com - Written by Munther Marji for Forexpros

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading tools which provides brokers, traders and everyone involved in the financial market with an all-round guide to Forex.

Copyright © 2009 by ForexPros.com All rights reserved.

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.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules