Forexpros.com Daily Analysis - 08/07/2009

by ForexAnalysis Wed Jul 08, 2009 2:28 pm

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

Live Trading of FX Markets
Hosted by: Markus Heitkoetter of Rockwell Trading
Date: Thurs, Jul 9, 2009, 16:00 GMT

In this webinar, Markus Heitkoetter will demonstrate a simple yet powerful trading strategy for FX markets. This strategy uses two simple indicators that are available in almost any charting software. Markus doesn't believe in "magic" indicators. He will show you exactly how to set up your charting software that YOU can use this strategy in your own trading. During this presentation Markus will analyze live charts and will take a live trading position if the set up arrives during the event.

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

---

[You must be registered and logged in to see this link.] Recent Lows Hold

The pair once again tested the support area in early trading today after choppy trading yesterday.

The lows have been tested and appear to have succeeded in holding, which means the bias is upwards for today.

The support range is between 1.3880-1.3870. A drop below will likely test 1.3830 and 1.3800. A break below 1.3800 will likely test mid-June lows at 1.3750.

Resistance is at 1.3950, 1.3980-1.3990, and yesterdays high at 1.4050.

---

[You must be registered and logged in to see this link.] Heading Towards Support

In yesterdays post I wrote that the pair had to push above 95.40 resistance in order to set up for a bullish move. It did not, and that has resulted in over a 100 pip dive so far.

Major support is a little ways away still at 93.80, which was a late May low. Support beyond that is at 93.50 and is expected to hold through the session if the pair continues to fall.

A bounce is likely off these support levels.

Resistance currently is at 94.50, 94.70 and 95.00. A move beyond 95.40 is unexpected today but would be favorable for a rise over the next few days.

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

Disclaimers:
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.