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Forexpros.com Daily Analysis - 09/07/2009

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Forexpros.com Daily Analysis - 09/07/2009

Post by ForexAnalysis on Thu Jul 09, 2009 3:40 pm

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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.


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[You must be registered and logged in to see this link.] We are currently seeing continued choppy trading around the lower part of this long term range.

Support is at 1.3890-1.3880, 1.3850 and 1.3830. A break below 1.3830 would signal a move to 1.3750 with support at 1.3800.

Resistance is at 1.3910 and 1.3940. A break above would target 1.4040 with minor resistance at 1.3980.

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[You must be registered and logged in to see this link.] Yesterdays collapse blew through strong support levels and surprised many traders. The break below 94.00 signifies a longer term downward move, but a successful retest of the 94.00 is needed.

Therefore upside resistance is now at 93.50 and 94.00. If 94.00 can hold by the end of today's sessions it is quite likely the pair will continue to head lower over of the next week or so.

Minor support is likely in the 92.90 area, followed by 92.40 and 91.80. News out of the US could make for another volatile day.


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

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.

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