Tuesday, February 24, 2009

Daily Forex Forecast Outlook & Free Webinar

Forex Markets
Free Forex Webinar

Who: "Forex Joe", Forex Trading 'Insider' and Expert Trader

What: "How To Master The Forex in Four Easy Steps" webinar

When: Thursday, February 26, 2009 at 9:00 PM EST

Where: Online Click Here to Register

Daily Forex Forecast Outlook February 24, 2009

The March Dollar was lower overnight as it consolidates some of Monday's rally. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 86.50 are needed to confirm that the rally off December's low has come to an end. If March renews last week's rally, November's high crossing at 89.74 is the next upside target. First resistance is last Wednesday's high crossing at 88.57. Second resistance is the reaction high crossing at 88.71. First support is the 20-day moving average crossing at 86.50. Second support is Monday's low crossing at 85.81.

The March Euro was higher overnight due to short covering as it consolidated some of Monday's decline. Stochastics and the RSI have turned bullish signaling that a short-term low might be in or is near. Closes above Monday's high crossing at 129.890 are needed to confirm that a short-term low has been posted. If March renews the decline off December's high, November's low crossing at 123.630 is the next downside target. First resistance is the 20-day moving average crossing at 128.515. Second resistance is Monday's high crossing at 129.890. First support is last Wednesday's low crossing at 125.080. Second support is November's low crossing at 123.630.

The March British Pound was higher overnight as it extends Monday's rally above the 20-day moving average crossing at 1.4412. Stochastics and the RSI are turning bullish signaling that a short-term low might be in or is near. Closes above the reaction high crossing at 1.4604 are needed to confirm that a short-term low has been posted. If March renews this month's decline, the reaction low crossing at 1.4044 is the next downside target. First resistance is the reaction high crossing at 1.4604. Second resistance is Monday's high crossing at 1.4660. First support is last Wednesday's low crossing at 1.4090. Second support is the reaction low crossing at 1.4044.

The March Swiss Franc was higher overnight due to short covering as it consolidated some of Monday's decline. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at .8728 are needed to confirm that a short-term low has been posted. If March renews this year's decline, the 87% retracement level crossing at .8370 is the next downside target. First resistance is Monday's high crossing at .8728. Second resistance is the reaction high crossing at .8778. First support is last Friday's low crossing at .8416. Second support is the 87% retracement level crossing at .8370.

The March Canadian Dollar was higher overnight and trading above the 10-day moving average crossing at 79.88. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 80.65 would temper the near-term bearish outlook. Closes above the reaction high crossing at 82.48 are needed to confirm that a short-term low has been posted. If March renews this month's decline, January's low crossing at 78.30 is the next downside target. First resistance is the 20-day moving average crossing at 80.65. Second resistance is the reaction high crossing at 8 1.44. First support is last Tuesday's low crossing at 78.88. Second support is January's low crossing at 78.30.

The March Japanese Yen was sharply lower again overnight and is trading below January's low crossing at .10567. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50% retracement level of the August-January rally crossing at .10333 is the next downside target. Closes above the 20-day moving average crossing at .10942 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .10795. Second resistance is the 20-day moving average crossing at .10942. First support is the overnight low crossing at .10446. Second support is the 50% retracement level crossing at .10333.

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