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2012 April

April 30th, 2012 @ 7:17 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD was indecisive last week, but overall still able to maintain its short term bullish bias since bounced from 1.3000 two weeks ago. As you can see on my h4 chart below price is ready to challenge the upper line of the descending triangle which is a key resistance at this phase. The bias is bullish in nearest term testing 1.3300 – 1.3350. A clear break and daily close above 1.3350 could be a beginning of a bullish reversal scenario. On the other hand, a failure to break above the triangle would keep the major bearish scenario remains intact. Immediate support is seen around 1.3229 (current low). A clear break below that area could lead price to neutral zone in nearest term testing 1.3170 – 1.3150 area. A clear break and daily close below 1.3150 could give the major bearish scenario another chance testing 1.3100 – 1.3000. As long as stays inside the triangle I still prefer a bearish scenario with sell on rallies strategy but keep my stop loss tight above 1.3350.

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April 30th, 2012 @ 7:11 am by Setyo Wibowo

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EURJPY Forecast
The EURJPY failed to continue its bullish momentum last week. This fact could create a false breakout bearish scenario at least in nearest term testing 105.60. The bias is bearish in nearest term. Immediate resistance is seen around 106.75. A clear break above that area could lead price to neutral zone in nearest term retesting 107.45 resistance area. On the upside, we still need a clear break and daily close above 107.45 to activate my bullish mode.

GBPJPY  Forecast
The GBPJPY bullish momentum was stopped last week. The bias is bearish in nearest term testing 130.00 which remains a good place to buy with tight stop loss below 130.00 targeting 133.50. Note that the Japanese Yen is currently having broad strength, probably due to fundamental sentiment and could be a threat for the technical bullishness. On the downside, a clear break and daily close below 130.00 would postpone the bullish scenario and activate my wait and see mode. On the upside, we need a clear break at least back above 131.00 to keep the bullish scenario remains strong.

AUDUSD Forecast
The AUDUSD attempted to push lower last week, bottomed at 1.0246 but whipsawed to the upside and slipped above 1.0450 on broad US Dollar weakness. This fact forces me to activate my wait and see mode and turn nearest term bias to a bullish view testing 1.0600. I still prefer a bearish scenario at this phase but would need a clear break back below 1.0400 to reactivate my bearish mode.

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April 30th, 2012 @ 7:02 am by Setyo Wibowo

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GBPUSD  Forecast
The GBPUSD continued its bullish momentum last week and hit 1.6287 earlier today. The bias remains bullish in nearest term testing 1.6350 – 1.6470 area. Immediate support is seen around 1.6250. A clear break below that area could lead price to neutral zone in nearest term testing 1.6200 – 1.6150 but overall I remain bullish on this pair and still prefer to buy on dips.

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April 30th, 2012 @ 6:58 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY continued its bearish momentum last week and now testing 80.23 – 79.52 support area. The bias remains bearish in nearest term but from a longer term outlook 80.23 – 79.52 remains a good place to buy with stop loss below 79.52 at least targeting 83.00 area. On the downside, a clear break and daily close below 79.52 would postpone the bullish reversal scenario and give another chance for downside pressure retesting the record low. I still prefer a bullish scenario at this phase and the reason is because the risk – reward ratio is much better.

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April 30th, 2012 @ 6:52 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF was indecisive last week but nearest term bias seems more to the downside right now, testing 0.9000 – 0.8930. Overall price remains sideways without clear direction and momentum. Buying around 0.8930 is not a bad idea as well, with a tight stop loss. Immediate resistance is seen around 0.9080. A clear break above that area could lead price to neutral zone in nearest term testing 0.9130 area.

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April 29th, 2012 @ 3:04 pm by The Geek

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Simultaneous Release at
TheGeekKnows.com  Learn Forex Trading and read exclusive EUR/USD Reviews.

Good day forex traders!

In the previous EUR/USD forex forecast review we noted that the SMA 20 was bearish while the SMA 50 was turning bearish. Fundamentally, both sides of the Atlantic are facing strains in their economies and hence this currency pair is probably a comparison of the weaker side.

Technical Analysis

Looking at the EUR/USD chart above, we do note that the currency pair has shifted higher in range.

SMA 20 = flat

SMA 50 = flat

While the range includes 1.32 and above for now, it is notable that no candles closed above the 1.32 line. There is a gentle bearish trend line sloping down to meet the recent steep bullish trend line. A possible technical squeeze in the making?

Do note that the long term SMA 200 is approaching the current price action and it is usually an immediate support and resistance region.

Don’t miss the fundamental analysis,

continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forex Forecast Weekly Review to understand more about the underlying market sentiments

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April 28th, 2012 @ 7:39 am by Setyo Wibowo

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The EURUSD attempted to push lower this week, bottomed at 1.3104 on Monday but whipsawed to the upside and closed higher at 1.3252 on Friday, keep the intraday bullish bias remain strong. As you can see on my daily chart below price is moving inside a descending triangle formation, suggests a consolidation phase but still in a context of a major bearish outlook. We have seen many false breaks during this consolidation phase, making intraday trading activities a little bit harder. The current short term bullish phase, which is a result of another failure to break below 1.3000, is now challenging the upper line of the triangle, EMA 200 and 1.3300 – 1.3350 key resistance area. From a longer term outlook (although short term bullish bias remains strong), selling around those resistances is not a bad idea. In fact, it is the best place with the best risk reward ratio in current context, targeting 1.3000 or lower with stop loss above 1.3350. On the upside, a clear break and daily/weekly close above the descending triangle and EMA 200 could be an early signal of a major bullish reversal scenario testing 1.3500 – 1.3600 or higher. Immediate support is seen around 1.3170 – 1.3150. A clear break and daily close back below that area could trigger further bearish pressure retesting 1.3000 strong support area.

Have a great weekend and see you guys next week.

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April 27th, 2012 @ 7:06 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD attempted to push higher yesterday, topped at 1.3261 but further bullish pressure was rejected, closed lower at 1.3191 and slipped below 1.3170 earlier today. A clear break below 1.3170 area could trigger further bearish pressure testing 1.3130 – 1.3100. Immediate resistance is seen around 1.3211 (current high). A failure to make a clear break below 1.3170 and movement back above 1.3211 would keep the bullish phase since bounced from 1.3000 remains intact aiming for the upper line of the descending triangle and 1.3300 – 1.3350 region. The major bearish scenario remains intact and I still prefer a bearish scenario expecting a movement below 1.3000 strong support area. Only a clear break above the descending triangle and 1.3350 could cancel the major bearish outlook.

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