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.
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Some minor support and resistance levels have developed. A break of those levels is likely to set the tone for the day.
A rise above 1.4360, especially if confirmed by a push above 1.4375, indicates a further move higher. Resistance is expected near 1.4400, 1.4440-1.4450, and by 1.4530.
A drop below 1.4320 will gravitate towards 1.4300. If it holds up well, expect movement back towards 1.4360. Support beyond 1.4300 is 1.4280-1.4270, 1.4200 and 1.4160.
USD/JPY - Short-term Trend Change
Last week ended with a bullish engulfing pattern (daily chart), indicating stregnth to the upside early this week. The start of trading this week has confirmed this as the rate pushes above recent swing highs.
Target on the upside is 95.20 with some resistance expected in the 95 area.
Minor support is expected at 94.65, 94.35 and 94.20-94.15 on corrections.
Forex trading analysis by Forexpros.com - Written by Cory Mitchell
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