Thursday, February 19, 2009

Forex Daily Forecast Outlook & Conspriacy Report

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Thursday, February 19, 2009 Forex Forecast Outlook

The March Dollar was lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends the overnight rally, November's high crossing at 89.74 is the next upside target. Closes below the 20-day moving average crossing at 86.25 are needed to confirm that the rally off December's low has come to an end. First resistance is Wednesday's high crossing at 88.57. Second resistance is the reaction high crossing at 88.71. First support is the 10-day moving average crossing at 86.69. Second support is the 20-day moving average crossing at 86.25.

The March Euro was higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, November's low crossing at 123.630 is the next downside target. Closes above the 20-day moving average crossing at 128.882 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 127.966. Second resistance is the 20-day moving average crossing at 128.882. First support is Wednesday's low crossing at 125.080. Second support is November's low crossing at 123.630.

The March British Pound was higher due to short covering overnight as it consolidates some of its recent decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the reaction low crossing at 1.4044 is the next downside target. Closes above last Thursday's high crossing at 1.4604 are needed to confirm that a short-term low has been posted. First resistance is the overnight high crossing at 1.4413. Second resistance is the 10-day moving average crossing at 1.4460. First support is Wednesday's low crossing at 1.4090. Second support is the reaction low crossing at 1.4044.

The March Swiss Franc was steady to slightly higher overnight as it consolidates below the 75% retracement level of the November-December rally crossing at .8554. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends this year's decline the 87% retracement level crossing at .8370 is the next downside target. Closes above the 20-day moving average crossing at .8632 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .8632. Second resistance is the reaction high crossing at .8778. First support is Wednesday's low crossing at .8457. Second support is the 87% retracement level crossing at .8370.

The March Canadian Dollar was higher overnight due to short covering as it consolidates some of Tuesday's decline. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Tuesday's decline, January's low crossing at 78.30 is the next downside target. Closes above the 20-day moving average crossing at 80.78 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. First resistance is the 10-day moving average crossing at 80.41. Second resistance is the 20-day moving average crossing at 80.78. First support is Tuesday's low crossing at 78.88. Second support is January's low crossing at 78.30.

The March Japanese Yen was higher due to short covering overnight as it consolidates some of this week's decline. 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, January's low crossing at .10567 is the next downside target. Closes above the 20-day moving average crossing at .11047 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .10903. Second resistance is the 20-day moving average crossing at .11047. First support is Wednesday's low crossing at .10647. Second support is January's low crossing at .10567.

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