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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

    Jan 27, 2009
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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.


    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.


    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


    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.

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