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2013 July

July 23rd, 2013 @ 7:15 am by Setyo Wibowo

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GBPUSD Forecast

The GBPUSD continued its bullish momentum yesterday topped at 1.5383. Like I said yesterday, a clear break above 1.5320/50 could be an early signal of a bullish reversal scenario. The bias remains bullish in nearest term testing 1.5440/80. Immediate support is seen around 1.5350/20. A clear break below that area could lead price to neutral zone in nearest term but only a clear break back below 1.5250 could interrupt the current bullish outlook.

gbpusddaily

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July 23rd, 2013 @ 7:12 am by Setyo Wibowo

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USDJPY Forecast

The USDJPY had a bearish momentum yesterday after another failure to break above 100.80 and hit 99.14 earlier today. The bias is bearish in nearest term testing 99.00 – 98.50. Immediate resistance is seen around 99.70. A clear break above that area could lead price to neutral zone in nearest term testing 100.50/80. As long as stays above 98.00 I still prefer a bullish scenario. A clear break below that area could be an early signal of a major bearish scenario.

usdjpydaily

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July 23rd, 2013 @ 7:01 am by Setyo Wibowo

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USDCHF Forecast

The USDCHF continued its bearish momentum yesterday slipped below 0.9350. The bias remains bearish in nearest term testing 0.9300 – 0.9270. Immediate resistance is seen around 0.9370. A clear break above that area could lead price to neutral zone in nearest term testing 0.9400 – 0.9440.

usdchfhourly

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July 23rd, 2013 @ 1:20 am by Mark De La Paz

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AUDUSD
Resistance: 0.9266 moderate / 0.9288 moderate / 0.9304 moderate
Support: 0.9236 moderate / 0.9204 moderate / 0.9185 minor

Monday saw Aussy bouncing following the after market decision of the PBoC to remove the minimum rate for loans by Chinese banks last week. We now find Aussy in a position to trigger its daily double bottom and start a technical correction for its 1500 pip sell-off from April. Among indicators we have a confluence of buys with stochastic poised to push overbought while daily macd is heading up looking to cross the zero line. In the lower time frames we have a confluence of buys as 4H stochastic push overbought while macd’ tries to rally up. Hourly charts has macd’s with a new bullish crossover and stochastic rising. For now we are looking for an hourly close above the 34D EMA at 0.9266 to get the buy side going for 0.9304 the double bottom pattern trigger. Pattern target is all the way up to the 38.2 Fib at 0.9603(12).

GBPUSD
Resistance: 1.5367 minor / 1.5392 moderate / 1.5410 moderate
Support: 1.5349 minor / 1.5337 moderate / 1.5290 moderate

Cable saw a strong rally helped by the sell-off in EURGBP as we followed through the push through our daily EMA lines. The move managed to take prices all the way up to the 61.8 Fib retracement level of our sell-off for June. Among indicators we have stochastic overbought and daily macd’s looking to push through the zero line. In the lower time frames we have a mixed market as macd’s point up while stochastic is flat though coming off overbought areas in 4H charts. Hourly charts has mixed signals with a bear cross out of macd and stochastic also at risk of crossing lower while price charts show a descending triangle. Immediate risk calls for a pullback with the triangle trigger at 1.5349 though we will be looking for a retest of the 1.5392 61.8 Fib level.

EURJPY
Resistance: 131.40 moderate / 131.78 moderate / 132.26 moderate
Support: 131.06 minor / 130.54 moderate / 130.00 psychological

Monday saw a sell-off in EURJPY following the Japanese election results that saw PM Shinzo Abe’s party gaining more seats in the upper house. With our sell-off we are now thinking mean reversion to the daily EMA lines. Indicators also show stochastic coming off overbought areas and macd’s topping out. Note we are starting the trading day just under the daily pivot at 131.31. From the 4H charts we have macd’s heading lower while stochastic is trying to come-off oversold levels and price charts show a steady build up of bears. Hourly charts for their part has a bullish divergence in stochastic while macd is heading lower. Given the mixed view we are not in a hurry at taking action though bias remains to be for a sell on rallies to the 131.40 region.

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July 22nd, 2013 @ 7:20 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD didn’t make significant movement last week. Price is still in consolidation phase. The bias is neutral in nearest term. The major bearish scenario remains valid but a clear break and daily close above 1.3200 could be an early signal of a bullish reversal scenario. Immediate support is seen around 1.3070. A clear break and daily close below that area could trigger further bearish pressure testing 1.3000 – 1.2980 key support which needs to be clearly broken to the downside to keep the bearish scenario remains strong.

eurusdhourly

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July 22nd, 2013 @ 7:16 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD continued its bullish correction last week and hit 1.5296 earlier today. The bias remains bullish in nearest term testing 1.5320/50. A clear break and daily close above that area could be an early signal of a bullish reversal scenario testing the daily EMA 200 located around 1.5440. Immediate support is seen around 1.5250. A clear break below that area could lead price to neutral zone in nearest term but only a clear break back below 1.5150 could potentially end the current bullish correction and give the bearish scenario another chance.

gbpusddaily

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July 22nd, 2013 @ 7:13 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY didn’t make significant movement last week. The bias is neutral in nearest term but as long as stays above 98.00 I still prefer a bullish scenario. Immediate resistance is seen around 100.50/80 which needs to be clearly broken to the upside to continue the bullish scenario.

usdjpydaily

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July 22nd, 2013 @ 7:10 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF continued its bearish momentum last week bottomed at 0.9393. The bias is bearish in nearest term testing 0.9350 key support area. A clear break and daily close below that area could trigger further bearish scenario. Immediate resistance is seen around 0.9460. A clear break and daily close above that area could trigger further bullish pressure testing 0.9530 or higher. My major technical outlook remains neutral.

usdchfhourly

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