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Forex Trading

DAILY DAILY FX FORECASTS BY FX DREAM

*Last Updated October 12, 2006, 6:37 am

Daily report by Fx Dream

Website: http://www.fxdream.com

Email: contact@fxdream.com

DAILY FX FORECASTS

FXDREAM EUR/USD

Date: Thu, 12 October 2006 13:10:05
Resistance levels: 1.2570/1.2630/1.2670
Support levels: 1.2505/1.2460/1.2400
EUR/USD has remained ranged below 1.2570 earlier today as it was suggested on negative German Consumer Confidence Index. Today focus will be on US Trade Balance Numbers at 12:30 GMT. The bias remains bearish for further squeeze towards 1.2505 in near term and 1.2460-57 area in mid-term as long as price is below 1.2630 trend Resistance. Numbers below -65 Bln. may send price for test of 1.2460. On the upside, US Trade Balance above - 68 Bln may push price with at least 50 pips higher.

Strategy-neutral.

FXDREAM GBP/USD

Date: Thu, 12 October 2006 13:10:05
Resistance levels: 1.8615/1.8640/1.8740
Support levels: 1.8510/1.8460/1.8380

GBP/USD has eased back towards 1.8525 earlier today. The bias remains bearish for test of 1.8460 and 1.8380 in longer term. Now markets are waiting for US Trade Balance Numbers. Strong numbers may send price directly to 1.8460 after the event. On the upside, weak data from USA may cause retrace towards 1.8640 in the next trading sessions.

Sell GBP/USD at 1.8535, Stop-loss-1.8570,Take profit-1.8460(1.8410)

FXDREAM USD/JPY

Date: Thu, 12 October 2006 13:10:05
Resistance levels: 119.70/120.00/120.30
Support levels: 119.15/118.80/118.40

USD/JPY has found temporary Support at 119.15 and rebounded back towards 119.70. As long as price is below 119.70 there are chances of further fall towards 118.80 at least after US Trade Balance later today at 12:30 GMT. Only above 119.70 may turn the uptrend towards 120.30 and 121.30 in longer term intact. Stay aside for now and react after the event for retest of 120.00 top and 120.30 or drop towards 118.80.

Strategy-neutral.



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