Free webinar on Thursday Aug. 27, 2009

Trend Identification in the Currency Markets

With expert Dan Cook

Date: Thu, Aug 27, 2009, 11:00 EST

One of the oldest sayings in the financial markets is The Trend is your Friend, always Trade with the Trend. At first, that may sound easy enough; but, what is the trend? The goal of this webinar is to help sort out some of the confusion surrounding this concept.

Click here to join the webinar.

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Euro Dollar

Support is currently at a 1.4280 and a break below is expected to target 1.4200. The target, and support, beyond is at 1.4170.

Short-term trend line resistance is at 1.4320. A break above indicates a move to 1.4400 with interim resistance at 1.4340-1.4350 and 1.4375.

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USD/JPY - Early Sell Off

The pair is falling in early trading. The general trend is still down.

Support is likely to come from former trend lines, one providing support in the 93.70 region and the other at 93.30 (these will move lower slightly over the course of the day). 93.40 is also support.

94.25 is minor resistance on the upside, followed by 94.40, 94.60, 94.80 and 95.00. Another trend line comes into play between 94.80 and 94.60 as well providing resistance.

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Forex trading analysis by Forexpros - Written by Cory Mitchell

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Disclaimer

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.