Forexpros.com Daily Analysis - 04/05/2010

[forexpros]

ForexPros Daily Analysis May 4, 2010


Free webinar on ForexPros - "Money Management for Forex & Futures"

Expert: Mark Hodge, Rockwell Trading
When: Wed, May 12, 2010, 10:00 EST

Money Management is one of the keys to becoming a consistent and self-sufficient trader. But many traders are unaware of what money management really is and how it can have a dramatic effect on growing and protecting their trade equity. In this FREE webinar, Mark Hodge (Head Coach of Rockwell Trading) will cover the following important topics:

* What money management is and what it isn't
* Share several different money management techniques
* Show why Fixed Ratio Money Management is his favorite

This webinar is #2 in a 3-part educational series brought to you by Rockwell Trading.

Click [color=black]to join free.

Fundamental Analysis: ADP Nonfarm Employment Change

Traders of the US anticipate the publication of the ADP National Employment Report. It is a measure of the monthly change of nonfarm private employment, based on a subset of aggregated and anonymous payroll data that represents approximately 400,000 U.S. business clients. This release, 2 days before the government-released employment data , is a good predictive to the government's non-farm payrolls data. The change in this indicator can be very volatile. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 30.00k.

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Euro Dollar

The Euro broke Fibonacci 61.8% support for the short term at 1.3202, and fell to 1.3153. Although we did not reach the suggested target for this break, it was a pretty important break, since it weakened the technical outlook, because this support was the last notable support protecting this cycle