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2013 February

February 22nd, 2013 @ 1:58 am by Mark De La Paz

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GBPUSD

GBPUSD Daily ChartResistance: 1.5261 strong / 1.5321 minor / 1.5400 moderate
Support: 1.5220 moderate / 1.5168 moderate / 1.5132 minor
Cable has seen a huge sell-off over the past two weeks since getting rejected from the 21D EMA. For Thursday daily candles gave us a hammer closing just around the supposed strong support at 1.5261, lows for the range play in the last two year. Prices for their part has a big gap with the daily EMA lines suggesting mean reversion risk. Among indicators we have daily stochastic coming off oversold areas while macd is still pointing down. From the lower time frames we have stochastic overbought in the 4H picture while macd has just crossed up. Hourly charts are mixed with stochastic crossing lower and macd above the signal. Given the daily hammer and the close for the week we prefer looking for a technical correction, consider buys on an intraday close above 1.5261.

EURJPY
EURJPY Daily ChartResistance: 123.44 strong / 124.15 moderate / 124.65 minor
Support: 122.48 moderate / 121.57 minor / 120.77 strong

Thursday saw EURJPY closing below the 21D EMA and triggering a descending triangle breakout among the daily charts. Pattern target calls for 118.85, a moderate support. Intraday we have 4H indicators mixed as stochastic comes off oversold levels while macd is dropping. Hourly indicators are also mixed with stochastic crossing lower and macd’s heading up. Given the mixed signals and a press conference by the Economic and Finance Ministers we prefer remaining sidelined. Still with a strong resistance at 123.44 our pattern breakout point shorts may be consider under the said price on bearish candlestick patterns.

USDJPY
USDJPY Daily ChartResistance: 93.25 moderate / 93.52 minor / 93.87 minor
Support: 92.78 minor / 92.22 moderate / 91.79 minor

With USDJPY breaking lower yesterday we have a clear should-head-shoulder pattern in the daily charts while indicators also have a bearish bias with daily stochastic heading down and macd dropping. From the big picture we have prices just under the 38.2 Fib retracement level of the sell-off from June 2007, 94.11. In the lower time frames we have mixed signals with 4H macd heading lower and stochastic coming off oversold areas while hourly charts are the opposite with stochastic bearish and macd just crossing up. At this point we prefer remaining sidelined ahead of the Japanese Cabinet meeting where the Finance Minister and Economic Minister, Taro Aso and Akira Amari, will be holding a press conference afterwards. Still a close under 92.22 the SHS neckline could trigger a bigger pullback.

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February 21st, 2013 @ 6:56 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had a bearish momentum yesterday after failed to make a clear break above 1.3400 and hit 1.3234 earlier today. The bias is bearish in nearest term testing 1.3200 – 1.3170 and the lower line of the bullish channel as you can see on my daily chart below. However, from a longer term perspective, buying around the lower line of the bullish channel is a good idea with a tight stop loss. A clear break and daily close below the bullish channel and 1.3170 will be a threat to the bullish scenario and could be an early signal of a bearish reversal outlook challenging the daily EMA 200 and psychological level 1.3000. Immediate resistance is seen around 1.3300. A clear break above that area could lead price to neutral zone in nearest term but need a clear break and daily close at least above 1.3350 to interrupt the current bearish correction phase and keep the major bullish scenario remains intact.

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February 21st, 2013 @ 6:55 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD continued its bearish momentum yesterday and hit 1.5130 earlier today. The bias remains bearish in nearest term testing 1.5100 – 1.5050. From a longer term perspective as you can see on my weekly chart below, price broke below a major trend line support suggest potential further bearish scenario testing 1.4800. Immediate resistance is seen around 1.5280. A clear break above that area could lead price to neutral zone in nearest term but overall I remain bearish.

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February 21st, 2013 @ 6:53 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY was indecisive yesterday. The bias is neutral in nearest term. Important intraday range is seen between 94.00 – 93.00. A clear break below 93.00 could trigger further bearish correction testing 92.50. On the upside, a clear break and daily close above 94.00 could trigger further bullish pressure testing 94.50 – 95.00. Overall I remain bullish and any downside pullback now should be seen as a normal correction.

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February 21st, 2013 @ 6:52 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bullish momentum yesterday and slipped above 0.9300 earlier today. The bias is bullish in nearest term testing 0.9350 and the upper line of the bearish channel as you can see on my daily chart below. From a longer perspective, selling around the upper line of the bearish channel is a good idea with a tight stop loss. A clear break and daily close above the bearish channel and 0.9350 could be a threat to the bearish scenario and could be an early signal of a major bullish reversal scenario. Immediate support is seen around 0.9250. A clear break below that area could lead price to neutral zone in nearest term but need a clear break and daily close at least back below 0.9200 to keep the bearish scenario remains intact.

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February 20th, 2013 @ 3:59 pm by The Geek

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

Good day forex traders and koalas !

In the previous EUR/USD forecast I mentioned of a fundamental view by some experts that the Euro currency strength might not be due to economic factors but rather perhaps political. If indeed so, should adverse economic data surface, a substantial drop in value might be seen.

20130220-224915.jpg

Looking at the EUR/USD chart above, we note a tight trading range for the week. The price action remains slightly above the consolidation region of 1.3320 for now. We can see a weak head and shoulders chart pattern and if indeed so, we may see 1.3100.

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.

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February 20th, 2013 @ 6:43 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD had a bullish momentum yesterday and slipped above 1.3400 earlier today. The bias is bullish in nearest term testing 1.3485 or higher. Immediate support is seen around 1.3380/70. A clear break back below that area could lead price to neutral zone in nearest term as direction would become unclear testing 1.3300 area and keep the bearish correction phase remains intact but as long as stays inside the bullish channel the major bullish scenario should remain valid.

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February 20th, 2013 @ 6:41 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday bottomed at 1.5414. The bias remains bearish in nearest term testing 1.5400 – 1.5350 or lower. Immediate resistance is seen around 1.5470. A clear break above that area could lead price to neutral zone in nearest term testing 1.5500/50 but overall I still prefer a bearish outlook as a part of the false breakout bearish scenario.

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