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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated November 17, 2006, 6:30 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Fri, 17 November 2006 13:10:01
Resistance levels: 1.2800/1.2840/1.2870
Support levels: 1.2760/1.2743/1.2700
EUR/USD has remained below 1.2800 despite the strong EU Trade Deficit numbers earlier today. Now focus will be on US Housing Market numbers at 13:30 GMT. Expected number is at around 1680K, versus 1772K last month. If the number comes out at 1775K or higher it will be positive for the US Dollar sending price lower towards 1.2745-43 strong Support area at least. If on the other side, the number comes out at 1600K or below another spike towards 1.2835-40 is not ruled out again today. First minor Resistance comes at 1.2800 ahead of 1.2840 yesterday spike. Look to sell on strong data from USA for test of 1.2745-43 in near term.

Strategy-neutral.

FXDREAM GBP/USD

Date: Fri, 17 November 2006 13:10:01
Resistance levels: 1.8900/1.8930/1.8960
Support levels: 1.8832/1.8800/1.8740

GBP/USD has remained quiet after London Opening today. As long as price is below 1.8900 first Resistance the bias remains bearish for test of 1.8800 down taget later today and even lower towards 1.8780 and 1.8740. On the other side, a break beyond 1.8900 is needed for deeper recovery towards 1.8960 and 1.9000. Sell on strong Housing Starts numbers from USA for test of 1.8780 later today. As long as price reaches 1.8800 , move stop-loss lower to entry price.

Sell GBP/USD at 1.8850,Stop-loss-1.8885,Take profit-1.8800(1.8745).

FXDREAM USD/JPY

Date: Fri, 17 November 2006 13:10:01
Resistance levels: 118.50/119.00
Support levels: 117.80/117.11/116.57

USD/JPY has risen to 118.48 high in Asia trading session. As long as price is above 117.80 the uptrend remains intact for another test of 118.53 previous high and even further towards 119.70 in longer term. On downside, a break below 117.80 again may send price lower towards 117.40-35 Support area.

Strategy-neutral.



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