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2013 February

February 9th, 2013 @ 3:05 pm by The Geek

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Good day forex traders and koalas.

In the previous AUD/USD weekly forecast we noted bearish momentum for the currency pair. 1.0360 was the immediate support. It was reported that Australia manufacturing dropped to the lowest in 3.5 years.
20130209-220245.jpg

Technical Analysis

Looking at the AUD/USD daily chart above we note that the bearish drop had came from some time back and short positions would have done well over the weeks. As the 1.0360 support fails, we see the next support of 1.0230 open up for possible testing. Keep yourself close to the price action as we may see some consolidation / correction after a prolonged bearish momentum.

Don’t miss the fundamental analysis
continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.

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February 8th, 2013 @ 8:18 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had a bearish momentum yesterday broke below 1.3450 and hit 1.3369. The bias is bearish in nearest term testing 1.3300 region. Immediate resistance is seen around 1.3415 (current high). A clear break above that area could lead price to neutral zone in nearest term testing 1.3450 but we need a clear break and daily close at least above 1.3500 to interrupt the current bearish correction phase. As long as stays inside the bullish channel the major bullish scenario should remain valid.

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February 8th, 2013 @ 8:12 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD was volatile but indecisive yesterday but still able to move above 1.5700 so far, keep the intraday bullish bias remains valid challenging 1.5780 – 1.5800. I still prefer a bearish scenario as a part of the false breakout but need a clear break below 1.5700 to keep the bearish outlook remains strong testing 1.5650 – 1.5600 area.

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February 8th, 2013 @ 8:07 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a bearish momentum earlier today hit 92.70. The bias is bearish in nearest term testing 92.50/00. Immediate resistance is seen around 93.30. A clear break above that area could lead price to neutral zone in nearest term testing 94.00. Overall I remain bullish and any downside pullback now should be seen as a normal correction.

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February 8th, 2013 @ 8:04 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bullish momentum yesterday topped at 0.9200 but still unable to break above that area so far. The bias is bullish in nearest term especially if price able to make a clear break above 0.9200 testing 0.9250 – 0.9300. Immediate support is seen around 0.9140/50. A clear break below that area could lead price to neutral zone in nearest term testing 0.9100 or lower. Overall I still prefer a bearish scenario.

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February 8th, 2013 @ 1:57 am by Mark De La Paz

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EURJPY
EURJPY Daily ChartResistance: 125.25 minor / 125.57 minor / 125.93 minor
Support: 124.85 minor / 124.48 minor / 124.03 moderate

It appears that our strong resistance at 127.83 will be holding for now on a dovish ECB and a risk averse tone. We now have a double top that’s nearing its trigger, 124.03, in the daily charts. Daily indicators has macd’s crossing lower and stochastic heading down. From the 4H picture we have mixed signals with stochastic at risk of crossing up while macd is heading lower. Hourly charts for their part has a confluence of bears as macd’s stay flat below the signal line and stochastic starts dropping. For now we are looking to trigger the double top pattern with possible shorts on our way to the breakout point. Look for sells from just under 125.57 or on a push below 124.85 the 200H SMA.

EURNZD
EURNZD Hourly ChartResistance: 1.6096 minor / 1.6170 moderate / 1.6255 minor
Support: 1.6043 moderate / 1.5982 moderate / 15921 minor

As with all the euro pairs we have a sharp sell-off in EURNZD on a surprisingly dovish tone from the ECB’s Mario Dragi in his press conference after the ECB Rate decision. At the moment we have prices at the 50 Fib retracement level of the 3-week rally. Among indicators we have stochastic heading up and the 21D EMA just under the 1.6043 price point, while the macd is still pointing down. In intraday charts we have a bearish bias in 4H indicators as stochastic is poised to push oversold and macd in the process of crossing lower. Hourly indicators are mixed with a bullish stochastic just off oversold areas while macd is dropping. From the floor of 1.6043 we may be able to form a double bottom. For now look for a close above 1.6096 on a hourly basis to form our double bottom the objective a run for 1.6221 the projected high.

EURUSD
EURUSD Daily ChartResistance: 1.3405 moderate / 1.3439 minor / 1.3458 minor
Support: 1.3351 minor / 1.3297 moderate / 1.3265 strong

Following yesterdays big sell-off we have Euro around the 34D EMA with indicators from multiple time frames all looking bearish. We have the daily and 4H stochastic oversold while the hour hourly has just crossed lower even as macd in all three are also bearish. Intraday we have an inverted frag from the hourly price action as markets consolidate following the ECB inspired drop. Recall during the press conference ECB Pres. Mario Draghi implied a possible rate cut in the near-term with inflation relatively weak while describing Euro strength as a possible hindrance to the recovery. For the moment we are just under a moderate resistance at 1.3405 look for shorts from under this area by the time European market open. Alternatively we can use the 21D EMA at 1.3439 as a possible sell-area.

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February 7th, 2013 @ 2:43 pm by The Geek

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Good day forex traders.

In the previous EUR/USD forecast we noted a bearish pressure for the currency pair. 1.3480 seemed to be the immediate support for now. Alleged corruption claims of members from the governing party of Spain probably brought some apprehension to the markets.
20130207-223252.jpg

Looking at the EUR/USD 4 hourly chart above we note multiple tests on the 1.3480 immediate support. The current attempt has momentarily broke beyond it and we need to monitor if it is a clear breach first before considering further bearish pressure. The next support will probably be the 1.34 region. Do remember the support and resistance lines are never a single pip.

Don’t miss the fundamental analysis
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.

Click here to read the full article.

February 7th, 2013 @ 10:41 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD failed to continue its bullish momentum yesterday. There are no changes in my technical outlook. As long as stays inside the bullish channel my overall technical bias remains to the upside but nearest term bias remains neutral. Important intraday range to be closely watched remains between 1.3600 – 1.3450. We need a clear break above 1.3600 to keep the bullish scenario remains strong testing 1.3700 area or higher. On the other hand, a clear break below 1.3450 could continue the bearish correction phase testing 1.3400 or lower. CCI is back in neutral zone on daily chart.

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