Forexpros.com Daily Analysis - 23/06/2009

by ForexAnalysis Tue Jun 23, 2009 12:01 pm

Free, Live Forex Webinar Tomorrow!

Sharpening Your Edge Series: Pivot Points
Hosted by: Andrei Pehar of Fx Knight
Date: Wed, Jun 24, 2009, 15:00 GMT

Discover one of the best-kept secrets of bank traders. Pivot points and their medians have long been a favorite of the biggest institutional players, and since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. But too many traders calibrate their pivots incorrectly since they lack an understanding of their meaning and how the markets work.

In this webinar fund manager and trading coach Andrei Pehar will take you inside the world of institutional trading and show you step-by-step how to set up and use pivot points on the popular MetaTrader platform. Attendees will receive links to a free copy of MetaTrader so you can practice what you learned (on commodities and stocks, not just forex), free pivot indicator downloads, and other free webinars to help further your learning.

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[You must be registered and logged in to see this link.] Choppy Trading

Support is established at 1.3830 and is also present at 1.3820 through 1.3800. This likely means the sideways swings will continue. Although minor trends within the broader range can still occur.

A break below 1.3800 will likely test the recent lows in 1.3750 area. Minor resistance is at 1.3880 but prices will need to push above 1.3900 to indicate strength.

1.3930 will provide moderate resistance with significant resistance at 1.3990-1.4000.

[You must be registered and logged in to see this link.] Starts Its Move

After holding in a tight range late Friday and Monday, the pair has now broken several significant short term support levels.

Short term target for the move is 94.00, although a move to that level is very unlikely today. A move to 94.50, which is the next support level, is more likely and should stall further declines today.

Upside resistance is now 95.50-95.60 as well as 95.80 which is the former support level for the range the pair just broke out of. 96.00 provides resistance, as well as 96.20-96.30 beyond that.

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

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