Wednesday, March 04, 2009

Forex Daily Forecast & Auto Trade Program

Forex Auto Trade System

Forex Daily Forecast

The March Dollar was higher overnight as it extends 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 this winter's rally, November's high crossing at 89.74 is the next upside target. Closes below last Monday's low crossing at 85.81 are needed to confirm that the rally off December's low has come to an end. First resistance is the overnight high crossing at 89.71. Second resistance is November's high crossing at 89.74. First support is the 10-day moving average crossing at 88.06. Second support is the 20-day moving average crossing at 87.32.

The March Euro was lower overnight and spiked below February's low crossing at 125.080. Stochastics and the RSI are 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 last Monday's high crossing at 129.890 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 126.916. Second resistance is the 20-day moving average crossing at 127.534. First support is the overnight low crossing at 124.560. Second support is November's low crossing at 123.630.

The March British Pound was steady to slightly higher overnight as it consolidates some of Monday's decline. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends Monday's decline, January's low crossing at 1.3492 is the next downside target. Closes above the reaction high crossing at 1.4660 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.4273. Second resistance is the 20-day moving average crossing at 1.4370. First support is Monday's low crossing at 1.3990. Second support is January low crossing at 1.3492.

The March Swiss Franc was lower overnight as it extends this week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March renews this year's decline, the 87% retracement level crossing at .8370 is the next downside target. Closes above last Monday's high crossing at .8728 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .8552. Second resistance is the 20-day moving average crossing at .8573. First support is the reaction low crossing at .8416. Second support is the 87% retracement level crossing at .8370.

The March Canadian Dollar was lower overnight as it extends this week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends the decline, December's low crossing at 76.93 is the next downside target. Closes above the 20-day moving average crossing at 79.85 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 79.16. Second resistance is the 20-day moving average crossing at 79.85. First support is the overnight low crossing at 77.09. Second support is December's low crossing at 76.93.

The March Japanese Yen was lower overnight and has renewed last week's decline to test the 62% retracement level of the August-January rally crossing at .10058. Stochastics and the RSI are oversold but remain neutral signaling that sideways to lower prices are possible near-term. If March renews this year's decline, the 75% retracement level of the August-January rally crossing at .9751 is the next downside target. Closes above the 20-day moving average crossing at .10642 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .10332. Second resistance is the 20-day moving average crossing at .10642. First support is the overnight low crossing at .10053. Second support is the 75% retracement level crossing at .9751.

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