Forexpros.com Daily Analysis - 09/09/2009

[forexpros]

Forexpros Daily Analysis Sep 9, 2009


- Sharpening Your Edge: Recognizing the Candlestick Patterns

Expert: Andrei Pehar
Date: Thu, Sep 17, 2009, 11:00 EST

Learn to predict where price is likely headed next using the only 6 candlestick patterns you ever need to know. No more need to memorize dozens of patterns or go through stacks of books - just about every other formation you'll run across in your trading is a variation of these basic 6, and once you know them you'll be able to recognize the early warning signs of both continuations and reversals.
Join leading fund manager and trading coach Andrei Pehar for this next exciting installment of the Sharpening Your Edge series.

to join the webinar.

---

Break Major Resistance

The 1.4440-1.4450 was broken yesterday as rates pushed above 1.4500. A successful hold above and/or re-test of the 1.4440 level would confirm another swing higher. This is in alignment with the longer term trend.
Trend line resistance comes in at 1.4530, along with intra-day swing highs at 1.4535. A break above this area indicates movement to 1.4600 and beyond, 1.4650-1.4670.
A move below 1.4460 will likely find support at 1.4440 and 1.4400.

---



Lots of action yesterday just above 92.00 (92.00-92.30) which at least for the short term puts a strong support level in place.
Resistance on the upside is at 92.65-92.70, 92.90 and 93.00-93.10.
Support is at 92.30 and 92.00.
A break below 92.00 (confirmed by a move below 91.90) indicates another swing lower. Support is likely at 91.70 and 91.50.

---

analysis by Forexpros - 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.
__________________
Forexpros.com - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Section.