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2013 February

February 15th, 2013 @ 3:38 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had another indecisive movement yesterday but slipped below 92.81 earlier today. The bias is bearish in nearest term testing 92.00 but any downside pullback now is normal and overall I remain bullish. Immediate resistance is seen around 93.10. A clear break back above that area could lead price to neutral zone in nearest term testing 93.70 or higher.

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February 15th, 2013 @ 3:37 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bullish momentum yesterday topped at 0.9244. The bias is bullish in nearest term testing 0.9300. Immediate support is seen around 0.9200. A clear break below that area could lead price to neutral zone in nearest term testing 0.9150. Overall I still prefer a bearish scenario.

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February 14th, 2013 @ 9:16 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD attempted to push higher yesterday slipped above 1.3500 but whipsawed to the downside, closed at 1.3443 and hit 1.3381 earlier today. This fact keeps the bearish correction phase remains strong and turns my nearest term bias back to a bearish view testing 1.3350/00. Immediate resistance is seen around 1.3450. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. On the upside, we still need a clear break and daily close above 1.3500 to potentially end the bearish correction phase. As long as stays inside the bullish channel my major technical outlook remains to the upside and it’s too early for a bearish reversal scenario.

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February 14th, 2013 @ 9:14 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD regained its bearish momentum yesterday and slipped below 1.5500 earlier today. The bias is bearish in nearest term testing 1.5450/00. Immediate resistance is seen around 1.5550/70. A clear break back above that area could lead price to neutral zone in nearest term but as long as stays below 1.5700 I still prefer a bearish intraday outlook as a part of the false breakout bearish scenario.

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February 14th, 2013 @ 9:13 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY was indecisive yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term. Immediate resistance is seen around 93.77 followed by 94.45. Immediate support remains around 92.81. A clear break below that area could trigger further bearish pressure testing 92.50/00 but any downside pullback now is normal and overall I remain bullish.

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February 14th, 2013 @ 9:12 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF was indecisive yesterday. Price slipped back above 0.9200 earlier today. There are no changes in my technical outlook. The bias remains neutral in nearest term probably with a little bullish bias. I still prefer a bearish scenario but a clear break and daily close above 0.9200 could trigger further bullish pullback testing 0.9250 or higher. On the other hand, a clear break and daily close below 0.9150 could trigger further bearish pressure testing 0.9100 or lower.

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February 14th, 2013 @ 1:57 am by Mark De La Paz

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GBPJPY
GBPJPY Daily ChartResistance: 145.52 minor / 145.91 moderate / 146.38 minor
Support: 145.05 minor / 144.64(86) strong / 144.24 moderate

GBPJPY is just above a support zone from 144.64 to 144.86; 38.2 Fib of our three week rally, 21D EMA and previous swing highs from January 14. Daily indicators remain bearish with macd’s just crossing lower while stochastic poised to push oversold. Price Action itself has been bearish with back-to-back daily big black candles with little hint of a reversal so far. From the 4H picture we have stochastic in the process of coming off oversold areas while macd is bearish and candlestick is forming a possible bullish engulfing. Hourly charts for their part has macd bottoming out and stochastic coming off oversold levels. For now we are remaining sidelined looking for base building in intraday charts above the strong support zone or bullish reversal candles from the higher time-frames before going long with stops just around 144.50.

USDCAD
USDCAD Daily ChartResistance: 1.0027 minor / 1.0041 moderate / 1.0058 minor
Support: 1.0012 minor / 0.9991 moderate / 0.9971 minor

Wednesday saw USDCAD with a long wick in the daily candle as earlier attempts at a pullback the big sell-off Tuesday were eventually reversed. We now have a daily double top in the making with its trigger at 0.9947. Among indicators we have a flat macd in the daily picture with the signal line also reading the same figure. Daily stochastic has come off overbought areas while the 21D EMA is at 0.9991 38.2 Fib of the rally from January 11. In the lower time frames we have a confluence of bears in 4H macd and stochastic the latter pushing back to oversold levels while hourly charts are mixed. Look for a push under 1.0012 as a bearish entry immediate objective to get to the daily double top trigger at 0.9947. This may not be an intraday trade.

EURUSD
EURUSD Daily ChartResistance: 1.3465 minor / 1.3496 minor / 1.3541 moderate
Support: 1.3432 minor / 1.3403 strong / 1.3353 moderate

Early attempts at a follow through rally in Euro were reversed in midday European trade to see EURUSD with a long wick Wednesday and a ‘shooting star’ for a daily candle. At the moment we have prices just above the 21D EMA with indicators showing a bearish macd though for now stochastic continues to point higher. Note we may be forming a lower high in daily charts with a push under 1.3432, 21D EMA possibly opening us for a reentry of the January range play. Intraday we have 4H stochastic oversold while macd is flat above the signal. Hourly charts has a confluence of bears for the two. Immediate risk calls for a push under the 21D EMA opening the previous swing lows at 1.3353, our projected low is at 1.3358. We risk developing a lower low following our lower highs in daily charts going forward.

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February 13th, 2013 @ 4:07 pm by The Geek

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Good day forex traders and koalas.

In the previous EUR/USD forecast we noted a dive towards the previous consolidation region of 1.3320. This could serve as a support. Policy makers were reported to be concerned about a stronger Euro currency and hence bearish pressure emerged. We need to monitor the start of the new trading week to determine the sentiment.
20130213-232137.jpg

The 1.3320 region did serve as a support of sorts and since then the EUR/USD has resumed a bullish climb. This is pretty consistent with the tone set from the first day of the new trading week. Therefore if you heeded my advise to monitor the start of the trading week, you are probably green now! I love it when my support and resistance analysis works ! If the bullish momentum continues we could be looking at a medium term target of 1.3680 +/- . It is important to consider the immediate resistances in between which are 1.35 and 1.36.

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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