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Forexpros.com Daily Analysis - 18/08/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Aug 18, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

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    Forexpros.com Daily Analysis Aug 18, 2009

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    Euro Dollar Analysis - Aug 18

    There is a band of resistance between 1.4120-1.4140 which so far has held. There was a downward break from a longer term pattern yesterday, and this is the likely pullback point after the breakout.

    Targets to the downside are 1.4040, the recent swing low, followed by 1.4000 and 1.3960-1.3950.

    A strong move up warns of a bear trap on the downside break from the longer term pattern. Resistance to the upside is at 1.4180 and 1.4250. A rose above this is unexpected and would likely result in a sharp rise higher over the coming days.

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    USD/JPY - Aug 18

    Based on trendlines and previous pullbacks the pair is likely to push into the 95.20-95.40 area. A push above this indicates further strength over the coming days.

    If that area holds a swing lower is very likely. Support is at 94.50, 94.20-94.00. Targets beyond this are unlikely to be hit today but the first is at 93.40.

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    USD/Canadian Dollar Forecast - Resistance Level Cracks

    In an accelerated uptrend the pair briefly broke through resistance at 1.1100. Early trading has provided support and is creating a bullish continuation pattern. A push back above 1.1100 gives early warning of a swing higher but will be comfirmed if rates move beyond 1.1130.

    Resistance on the way up is just below 1.1100.

    A drop below 1.1020 signals selling of the USD pushing the rate down. 1.0970 is the support beyond.


    Forex Trading analysis by ForexPros - Written by Cory Mitchell

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