Forexpros.com Daily Analysis - 21/05/2009

by ForexAnalysis Thu May 21, 2009 2:01 pm

2 Free, Live Forex Webinars, Today!

The Technical Analysis Wrap-Up
Hosted by Jeffrey Baskin from FXDD

Thu, May 21st, 16:00 GMT (12:00 EDT)
This educational webinar by FXDD's Jeffrey is a wrap-up of the last three webinars about technical analysis, synthesizing together the different elements of technical analysis and culminating in the performance of an actual trade.

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Trading Cloud Breaks with the Ichimoku Cloud
Hosted by Chris Capre

Thu, May 21st, 17:00 GMT (13:00 EDT)

The Ichimoku cloud is one of the most unique indicators around which was originally slated for trading Japanese instruments but is now being used across all markets. One of its most elegant components is the Kumo or Cloud.

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[You must be registered and logged in to see this link.] Watch the Breakout

As we head into the London session expect the highs and lows to be tested of the current range. The pair has consolidated within a 70 pip range. A move above the highs at 1.3830 would indicate a profit target of 1.3900 and beyond this 1.3990.

A sustained move below 1.3750 would indicate further selling into the 1.3680 area. Support is likely be found here. Further support extends down towards recent swing lows just above 1.3580.

The uptrend is still intact and strong on daily charts and hourlies. Hourly trend line support is currently at 1.3650 heading into the London session. Daily trend line support sits just above 1.3500

[You must be registered and logged in to see this link.] Continuation Pattern

The USD has fallen off over the last 2 days against the JPY. Certain chart patterns point to a continuation of this downtrend.

As we head into the London session a break from the current range is likely.

A sustained move above 94.70 would offer a profit target of 95.00-95.10. This level is expected to hold. Resistance beyond is found at 95.40 and again through 95.60-95.80.

A break below 94.40 would give early indication of selling pressure, but a break below 94.25 indicates another leg in the downtrend. Initial target for the downswing is 94.00 (a move just below is expected on initial probes). A move beyond this would indicate profit targets of 93.70 and the March 19 low in the 93.50 area.

Analysis by: [You must be registered and logged in to see this link.] - Written by Cory Mitchell

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