Forexpros'  Instablog

Forexpros
Send Message
Founded in 2007, Forexpros is a definitive source for tools and information relating to the financial markets such as real-time quotes and streaming charts, up-to-date financial news, technical analysis, brokers directory & listings, an economic calendar, and tools & calculators. The site... More
My company:
Forexpros
  • Forexpros.com Daily Analysis - 26/08/2011 0 comments
    Aug 26, 2011 7:43 AM
    Euro In Long Wedge, Pound in Shorts, Yen Rebounding

    Be careful trading overnight ahead of Bernanke's speech at Jackson Hole Wyoming. Last year the same event sent the markets into a tailspin. So. Have your stops in. Remember that news events don't start new trends, they generally take trends to their targets. So, stay with the trend. Bernanke will be explaining the US interest rate policy. We already know rates will be staying low to 2013.

    Euro: 

    Talking of trends, hopefully Bernanke can bring some clarity to the euro. It is in a very choppy formation and still looks like a wedge, though on the daily, the euro continues in a long from 1.42883 with a target at 1.46285. This is not pretty though.

    On the 15 min chart, the euro is in a range. The next traditional short is at 1.4392, which coincides with the daily pivot at 1.4393. The target is at 1.4296.

    Pound: 

    On the daily, the pound broke its long setups and is in extension shorts since on the 15 min chart.

    On the 15 min chart, the pound is in an extension short at 1.6302, with a target at 1.624. The line in the sand is at 1.6312.

    Yen: 

    On the daily, the yen rebounded after hitting all time low 75.944 and is moving up into its next traditional short at 78.09, with a target at 74.93, which would obviously be another all time low. The break in trend is at 78.59.

    ---

    Also, Visit our World Indices Page!

    ---

    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.
Back To Forexpros' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.