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2013 February

February 20th, 2013 @ 6:40 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a bearish momentum earlier today hit 93.12. The bias is bearish in nearest term testing 92.50. Immediate resistance is seen around 93.50. A clear break above that area could lead price to neutral zone in nearest term. I still prefer a bullish scenario at this phase and any downside pullback is normal but need a clear break at least back above 94.00 to keep the bullish scenario remains strong testing 95.00.

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February 20th, 2013 @ 6:38 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bearish momentum earlier today slipped below 0.9200. The bias is bearish in nearest term testing 0.9150 or lower. Immediate resistance is seen around 0.9230. A clear break above that area could lead price to neutral zone in nearest term. On the upside, a clear break and daily close above 0.9250 could trigger further bullish pressure testing the upper line of the bearish channel.

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February 20th, 2013 @ 1:52 am by Mark De La Paz

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EURJPY
EURJPY Daily ChartResistance: 125.97(02) moderate / 126.53 minor / 126.94 minor
Support: 125.55 minor / 125.20 minor / 124.91 minor

An early follow through rally off the New York trade has EURJPY currently testing the hypotenuse of a two week long descending triangle, 125.97(02) area. Daily indicators has stochastic poised to push overbought though macd is still decidedly bearish. In the lower time frames we have a confluence of buys with stochastic poised to push overbought while macd is also heading up. Note we have the 4H candle in the previous period ‘Wellington Market’ with a decent body size, suggesting buying interest despite what is usually a boring time for the market. Hourly charts has stochastic overbought while macd is also heading up. For now with prices just under the hypotenuse and indicators bullish we prefer looking for a close above 125.97(02) before going long.

GBPJPY
GBPJPY 4-Hour ChartResistance: 145.13 minor / 145.88 minor / 146.52 minor
Support: 144.42 minor / 143.84 moderate / 143.15 minor

Tuesday saw GBPJPY bouncing off the 34D EMA with a hammer for a daily candlestick. This gives us a higher low against Friday’s 142.76 and a bounce off the 50 Fib retracement for the rally from January 23. Among indicators we have a mixed view with stochastic coming off oversold areas while macd is heading lower. From the 4H picture we have mixed signals with stochastic off oversold areas while macd is flat below its signal line. Hourly’s has macd just crossing up while stochastic has also just crossed lower though we may be oscillating around 80 to suggest a bullish trend. For now we prefer a buy on dips to 144.42 or seeing a close above 145.14 for a bullish entry, projected highs are at 145.88. Note GBPJPY has been using the 34D EMA as a strong bounce off point lately.

EURUSD
EURUSD Daily Chart
Resistance: 1.3438 moderate / 1.3464 minor / 1.3496 minor
Support: 1.3405 strong / 1.3381 minor / 1.3358 minor

After stalling for much of Tuesday we saw EURUSD finally rallying in New York trade as gains in equities could no longer be ignored. At the close we saw the pair above the 34D EMA nad now completely out of the daily EMA lines generating a follow through rally to the bounce off 23.6 Fib and 55D EMA at 1.3316. Daily indicators has stochastic with a bullish divergence while macd is now poised to cross higher. In the lpwer time frames we have a confluence of buys in 4H macd and stochastic the latter overbought. Hourly charts for its part has stochastic heading up along with macd and a flag pattern triggered. For now we are looking for a rally to the previous low highs, 1.3519 to establish the return of bullish sentiment. For now we prefer looking for a buy on dips to the key 1.3403 support from the daily charts.

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February 19th, 2013 @ 6:01 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD was indecisive yesterday. There are no changes in my technical outlook. A quick look at the hourly chart reveals that price has been moving sideways between 1.3400 – 1.3300 since Friday and need a clear break from the range area to see clearer direction. Price is still in a bearish correction phase but as long as stays inside the bullish channel the major bullish scenario should remain valid. A clear break and daily close above 1.3400 could trigger further bullish pressure testing 1.3485 or higher. On the other hand, a clear break and daily close below 1.3300 could trigger further bearish correction testing 1.3250 or lower testing the lower line of the bullish channel.

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February 19th, 2013 @ 5:59 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD was indecisive yesterday but overall still able to maintain its bearish bias. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 1.5400 or lower. Immediate resistance remains around 1.5550. A clear break above that area could lead price to neutral zone in nearest term testing 1.5600 but overall I still prefer a bearish outlook as a part of the false breakout bearish scenario.

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February 19th, 2013 @ 5:58 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY was indecisive yesterday. The bias is neutral in nearest term but overall I remain bullish. Immediate support is seen around 93.30. A clear break and daily close below that area could trigger further bearish correction testing 92.50. Immediate resistance is seen around 94.00 which need to be clearly broken to the upside to continue the bullish scenario testing 94.50 – 95.00.

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February 19th, 2013 @ 5:56 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF was indecisive yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term especially if price able to make a clear break above 0.9250 testing 0.9300 and the upper line of the bearish channel. I still prefer a bearish scenario but need a clear break and daily close at least back below 0.9200 to keep the bearish scenario remains strong testing 0.9150 or lower.

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February 18th, 2013 @ 5:14 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD was indecisive last week but overall still able to maintain its bearish correction bias. As long as stays inside the bullish channel the major bullish scenario should remain valid but nearest term bias remains bearish testing 1.3300. A clear break and daily close below that area could trigger further bearish correction testing 1.3250 or lower testing the lower line of the bullish channel as a key support at this phase. Immediate resistance is seen around 1.3370. A clear break above that area could lead price to neutral zone in nearest term testing 1.3400/25.

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