EURUSD

Daily ended with a Doji.... This looks like a good spot to enter with a short. TP = 3528 to 3492.... SL on top of the Doji

http://cdn.forexfactory.com/images/attach/pdf.gif

2010-10-01_ASIA DAILY FOREX OUTLOOK - Majors (01h34 CET) EUR - to consolidate with risks skewed .pdf (21.8 KB)


ASIA DAILY FOREX OUTLOOK - Majors
01 Oct 2010, 01:37

SINGAPORE (Dow Jones)


EUR/USD - to consolidate with risks skewed lower. Pair undermined by improved USD sentiment, weaker investor risk tolerance, Moody's one notch downgrade of Spain's credit rating to Aa1; news Irish government's bailout bill for Anglo Irish Bank could reach EUR34 billion. But EUR/USD losses tempered by positions adjustment before weekend; news demand at ECB's 6-day tender yesterday only EUR29.3 billion vs forecasts of some EUR70 billion, easing banking-system worries; bigger-than-expected 40,000 fall in German September jobless (vs forecast for 20,000 decline). Data focus: 0600 GMT German August retail sales, 0755 GMT German September manufacturing PMI, 0800 GMT euro-zone September manufacturing PMI, 0900 GMT EU August unemployment. EUR/USD daily chart mixed as MACD bullish, 5- & 15-day moving averages rising; but stochastics turning bearish at overbought. Support at 1.3573 (hourly chart), then at 1.3558 (yesterday's low); breach would expose downside to 1.3506 (previous cap set Monday), then 1.3380 (Tuesday's low), 1.3284 (Sept. 24 low) and 1.3245 (Sept. 22 low). Resistance at 1.3683-1.3691 band (yesterday's high-April 12 reaction high); breach would reinstate near-term positive outlook, exposing upside to 1.3817 (March 17 reaction high), then 1.3839 (Feb. 9 reaction high) and 1.3895 (61.8% Fibonacci retracement of decline from Nov. 25 high of 1.5144 to June 7 low of 1.1875).



USD/JPY - to consolidate as attention shifts to raft of manufacturing PMI data from many major economies today. USD/JPY supported by improved USD sentiment (ICE spot dollar index last 78.81 vs Wednesday's 78.691 settlement) as surprise rise in ISM-Chicago Business Barometer to 60.4 in September from 56.7 in August (vs forecast for drop to 56.0), bigger-than-expected 16,000 drop in latest U.S. weekly jobless claims (vs forecast for 5,000 decline) & above-forecast U.S. 2Q GDP final estimate of 1.7% (vs +1.6 expected) pare expectations of further quantitative measure from U.S. Federal Reserve. USD/JPY also buoyed by higher U.S. Treasury yields, USD demand for import settlements, fear of further Japan MOF JPY-selling intervention; but gains tempered by unwinding of JPY-funded carry trades amid diminished investor risk tolerance (VIX fear gauge rose 1.94% to 23.7) as Wall Street posted modest losses overnight (DJIA off 0.44%) despite upbeat U.S. data; positions adjustment before weekend. Data focus: 2330 GMT Japan August labour force survey, August household spending, 2330 GMT Japan September Tokyo CPI, August nation CPI, 1230 GMT U.S. August personal income & spending, 1230 GMT Fed's Dudley speaks, 1355 GMT September University of Michigan survey of consumers (final), 1400 GMT U.S. August construction spending, 1400 GMT U.S. September ISM manufacturing PMI, 1935 GMT Fed's Fisher speaks. USD/JPY daily chart still negative-biased as MACD & stochastics in bearish mode; 5-day moving average below 15-day and falling. Resistance at 83.81 (yesterday's high); breach would target 84.07 (Wednesday's high), then 84.39 (Monday's high), 85.24 (55-day moving average), 85.38 (Sept. 24 high) and 85.77 (Sept. 21 high). Support at 83.15 (yesterday's low); breach would expose downside to 82.87 (15-year low set Sept. 15), then psychological round-numbered levels from 82.00 down to 80.00, and 79.75 (record low set April 19, 1995).



GBP/USD - to trade with risks skewed lower. Pair undermined by improved USD sentiment, reduced investor risk tolerance, weaker-than-expected UK GfK September consumer confidence index of minus 20 (vs minus 19 forecast). But GBP sentiment soothed by 0.1% gain in Nationwide September house price survey. GBP/USD loses also tempered by positions adjustment before weekend. Data focus: 0830 GMT UK September CIPS manufacturing PMI. GBP/USD daily chart mixed as MACD bullish, but stochastics falling from overbought; bearish key-reversal-day pattern completed yesterday; bearish parabolic stop-and-reverse signal hit at 1.5673 yesterday. Support at 1.5667 (yesterday's low); breach would target 1.5638 (Sept. 24 low), then 1.5600 (Sept. 22 low), 1.5572 (55-day moving average), 1.5501 (Sept. 21 reaction low) and 1.5446 (Sept. 15 low). Resistance at 1.5824 (hourly chart); breach would expose upside to 1.5922 (yesterday's high), then 1.6002 (Aug. 6 top), 1.6069 (Feb. 3 high) and 1.6276 (Jan. 28 high).



;-)

Almost a doji, but if you look at it, you can see a higher low, higher close, higher high, uptrend is still intact.
The thing i don't like is that on a daily basis, it went through 1,3650 but it could not close above it.
A correction back to to 1,3450-1,3500 is not to rule out

well, well... nice vol. i just would like to remind everyone that the level we're heading to has been used as supply quite a few times... so count on it. stay safe

Some real bull pull right now with so low volume...

close but not cigar

EU climbing high in asia... USDJPY showing weakness!

what does that mean used as supply?

Bulls doing some damage again

Price will probably still continue it's move upward to the 1.37950 area. It is resistance zone and 161.8 fib expansion from high 1.3339 to low 1.25880

Input anyone?

draw a line at 3702, switch to weekly chart and look back, how many times this line has changed the direction.

Will do... supply and demand zones... I figured it out after I asked. Sorry.

it's interesting... the more information i get, the less i trade haha... restrictions, barriers everywhere. i have to sneak around the charts like a thief.

Fundimentals, Technicals, Indicators, PA... I feel so sure bu yet so unsure all at the same time.

Need to find a simpler way to trade. I read saily about some of these guys pulling 100 to 200+ pips a day everyday almost seeming to take no effort. I would love to figure out what they already seem to know.

Hey Donnie I was there a couple months ago.

It is actually in Abu Dhabi, UAE in the Emirates Palace Hotel.

We also ate Desserts with edible Gold on them.

This is a pic of what I got out of the machine.

It is 1 gram.

http://img696.imageshack.us/img696/1446/img0877y.jpg

I won't say vol is low, i'd say welcome to the asian trading session.
From what i see vol is increasing on the upside, but it can be so fake, that's why i don't trade this session and alway wait for london.
Asian central banks are just playing, i'm not playing with them

Early Asia taking it back toward 1.3670? This should make for an interesting London/NY session.

almost no effort is wrong. there are some here following people effortlessly, that's true. but those, who give qualified signals are doing quite a bit of work to draw these conclusions.
it doesn't hurt to loose, too often does and is not necessary. just don't listen to all the noise during the ez-sessions, pick a trade you like and think will work out and stick to it. don't reverse if something goes wrong. analyse a loss a lot more than a win.

Yes it is increasing and Asian can be very touchy... I mainly watch at this time unless I have open trades from the previous London/NY.