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2013 October

October 31st, 2013 @ 10:40 am by William Gilday

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The daily chart is in a bullish trend as we look at the last 4 days we see a pullback and could be a correction. 10-31-2013 5-37-54 PM EURUSD PREVIEW So mu bias is to be bullish. So we have placed a ABCD fib with A at the price level 1.3107 and the B is at 1.3700 We are looking for a pullback to the 38.2 fibb at 1.3473. So we can look for a bullish candle stick pattern to the D extension at 1.4066. The 2 Hour chart is bearish as we would expect and we have placed a trend line and an aggressive trend line to see when we start to go with the trend to the long side. I would only take a trade if it breaks the otter trend line to the long side where I will be able to place a fib and have an ABCD. The 1 Hour chart we had the ABCD placed and as I am writing this A was taken out however we have 30 minutes till the candle closes. So it might pull back into the AB range we will wait and see. The 15 minute chart we placed a support and resistance range and the support was taken out and now looks like it is pulling back into the range, as we just had bad data from the EURO Zone. So again there is no trade at the moment and we will have to wait and see what price does as we all know not to chase price and let price come to you from your trade plan.

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October 31st, 2013 @ 5:39 am by Setyo Wibowo

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EURUSD Forecast    

The EURUSD was indecisive yesterday but overall still able to maintain its bearish correction bias. The bias remains bearish in nearest term testing 1.3650 or lower. The major bullish scenario should remain valid and the current short term bearish momentum should be seen as a normal corrective movement. Immediate resistance is seen around 1.3750. A clear break above that area could lead price to neutral zone in nearest term testing 1.3800 which need to be clearly broken to the upside to potentially end the bearish correction phase testing 1.3850 – 1.3935.

eurusddaily

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October 31st, 2013 @ 5:36 am by Setyo Wibowo

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GBPUSD Forecast

The GBPUSD was indecisive yesterday but overall still able to maintain its bearish correction bias. The bias remains bearish in nearest term testing 1.5950 key support area. A clear break and daily close below that area would confirm the double top bearish reversal scenario with 1.5750 as nearest target. On the upside, we need a clear break and consistent movement at least above 1.6100 – 1.6125 to give the bullish scenario another chance retesting 1.6259 key resistance area.

gbpusddaily

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October 31st, 2013 @ 5:32 am by Setyo Wibowo

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USDJPY Forecast

The USDJPY was indecisive yesterday but overall still able to maintain its bullish intraday bias so far. The bias remains bullish in nearest term testing 99.00. Immediate support is seen around 98.00. A clear break below that area could lead price to neutral zone in nearest term testing 97.50. My major technical outlook remains unclear.

usdjpydaily

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October 31st, 2013 @ 5:30 am by Setyo Wibowo

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USDCHF Forecast

The USDCHF was indecisive yesterday but overall still able to maintain its bullish intraday bias. The bias remains bullish in nearest term testing 0.9040 – 0.9070. The major bearish scenario should remain valid but need a clear break back below 0.8940 to give the bearish scenario another chance testing 0.8900 or lower.

usdchfhourly

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October 31st, 2013 @ 2:12 am by Mark De La Paz

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NZDUSD
Resistance: 0.8267 minor / 0.8287 moderate / 0.8313 minor
Support: 0.8228 moderate / 0.8191 moderate / 0.8157 moderate

Kiwi saw a false breakout Wednesday with lows easing to 0.8183, previous false breakout lows in the congestion from late September to early October, only to close with a hammer in the daily charts and long tail. Among indicators we have daily stochastic coming off oversold levels while macd’s are still dropping. Note our hammer is bouncing off a previous congestion floor and 38.2 Fib retracement level of the rally from August 30. In the lower time frames we have mixed signals in bothe 4H and hourly picture stochastic for both are seeing new bear crosses after failing to push overbought. The Moving Average Convergence Divergence indicators for its part is pointing higher for both, though also under the zero line. Given the hammer and supports our preference is for a buy on dips to the 38.2 Fib retracement level at 0.8228.

AUDUSD
Resistance: 0.8267 minor / 0.8287 moderate / 0.8313 minor
Support: 0.8228 moderate / 0.8191 moderate / 0.8157 moderate

Kiwi saw a false breakout Wednesday with lows easing to 0.8183, previous false breakout lows in the congestion from late September to early October, only to close with a hammer in the daily charts and long tail. Among indicators we have daily stochastic coming off oversold levels while macd’s are still dropping. Note our hammer is bouncing off a previous congestion floor and 38.2 Fib retracement level of the rally from August 30. In the lower time frames we have mixed signals in both 4H and hourly picture stochastic for both are seeing new bear crosses after failing to push overbought. The Moving Average Convergence Divergence indicators for its part is pointing higher for both, though also under the zero line. Given the hammer and supports our preference is for a buy on dips to the 38.2 Fib retracement level at 0.8228.

GBPUSD
Resistance: 1.6038 moderate / 1.6077 moderate / 1.6114 moderate
Support: 1.6000 psychological / 1.5957 minor / 1.5918 moderate

Cable saw a high wave candle Wednesday to suggest that bearish momentum is faltering as we form a daily double top. Among indicators we have stochastic in oversold levels while macd is dropping and prices are inside the EMA lines. From the the lower time frames we are seeing mixed signals consistent with a high wave daily candlestick. The 4H stochastic is heading lower as macd’s see a new bullish cross while hourly charts has stochastic heading up and macd bottoming out. For now we see little sense of urgency in Cable with the high wave candle merely serving as a warning signal, given the absence of a big external catalyst we prefer playing the extremes. Consider shorts on rallies to 1.6077, 1.6114 or buys off 1.5957, 1.5918.

EURUSD
Resistance: 1.3738 moderate / 1.3780 moderate / 1.3811 minor
Support: 1.3718c minor / 1.3692 moderate / 1.3669 moderate

As with many of the majors we have a high wave candle in Euro daily charts as bulls and bears read what they wanted from the FOMC statement. Big picture we still view Euro as a rejection from the 61.8 Fib retracement level of the monthly sell-off from 2011 with the daily fractals objective still untouched the 21D EMA at 1.3669. Daily indicators has stochastic poised to push oversold while macd is at risk of a bear cross. Intraday we have mixed signals in the hourly picture with stochastic crossing up and macd’s under zero and below the signal line. In the 4H level we are bearish as stochastic crosses lower once more and macd’s are dropping. It appears that markets look indecisive in the near term despite your big picture. As such we prefer a sell on rallies to yesterdays highs or buy on dips from the 21D EMA.

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October 30th, 2013 @ 7:02 am by Setyo Wibowo

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EURUSD Forecast    

The EURUSD was corrected lower yesterday and hit 1.3732 earlier today. The bias is bearish in nearest term testing 1.3700 – 1.3650. The major bullish outlook remains valid and the current bearish pullback should be seen as a normal corrective movement. Immediate resistance is seen around 1.3755. A clear break above that area could lead price to neutral zone in nearest term testing 1.3800 which need to be clearly broken to the upside to potentially end the current bearish correction and continue the bullish scenario testing 1.3850 – 1.3935 or higher.

eurusddaily

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October 30th, 2013 @ 6:59 am by Setyo Wibowo

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GBPUSD Forecast

The GBPUSD had a bearish momentum yesterday bottomed at 1.6023. The bias remains bearish in nearest term testing 1.6000 – 1.5950 key support area. A clear break and daily close below 1.5950 would confirm the double top bearish reversal scenario. Immediate resistance is seen around 1.6065. A clear break above that area could lead price to neutral zone in nearest term testing 1.6100 – 1.6125 which need to be clearly broken to the upside to interrupt the currrent bearish correction phase and give another chance for the bullish scenario testing 1.6259 key resistance area.

gbpusddaily

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