FxInstructor
12-27-2009, 07:42 PM
EURUSD Forecast:
The EURUSD attempted to push higher on Thursday, topped at 1.4417 but closed lower at 1.4353. This fact lead me to a conclusion that price might be in consolidation phase. It's too early for bullish scenario, but the bearish scenario is not over yet, not until we have consistent move above 1.4420 area. Break above that area should trigger further bullish momentum towards 1.4585 area. The bias is neutral in nearest term. Immediate support at 1.4250 area. Break below that area should continue the bearish scenario testing 1.4170 – 1.4127 area and keep the bearish scenario intact.
http://i46.tinypic.com/bhesd3.jpg
GBPUSD Forecast:
The GBPUSD made another indecisive movement on Thursday, formed a Doji on daily chart. The bias remains neutral in nearest term. However the fact that price still able to stay below 1.6050 area so far should keep the bearish scenario intact with technical target remains around 1.5800 area and I still prefer a bearish scenario. Only break above 1.6050 could be seen as serious threat to the bearish outlook. Immediate support at 1.5920 area. Break below that area should trigger further bearish momentum testing 1.5850 - 1.5800 area.
http://i45.tinypic.com/ej9dag.jpg
USDJPY Forecast:
The USDJPY made indecisive movement on Thursday, formed a Doji on daily chart. The bias is neutral in nearest term but as long as price stay above 90.80 area, I still prefer a bullish scenario at least towards 92.32 area. Only break below 90.80 area and the trendline support (blue) should be seen as potential bullish failure bullish which could produce significant bearish momentum.
http://i49.tinypic.com/2cwk23d.jpg
USDCHF Forecast
The USDCHF attempted to push lower on Thursday, bottomed at 1.0319 but further bearish pressure was rejected as price closed higher at 1.0387. This fact lead me to a no trading zone. The false breakout from 1.0450 area should trigger significant bearish momentum testing 1.0230 area but so far the bearish momentum also seems very limited. I will stand aside and wait for further development. Expected range at 1.0450 – 1.0230.
http://i45.tinypic.com/1r84qr.jpg
Have a great day!
The EURUSD attempted to push higher on Thursday, topped at 1.4417 but closed lower at 1.4353. This fact lead me to a conclusion that price might be in consolidation phase. It's too early for bullish scenario, but the bearish scenario is not over yet, not until we have consistent move above 1.4420 area. Break above that area should trigger further bullish momentum towards 1.4585 area. The bias is neutral in nearest term. Immediate support at 1.4250 area. Break below that area should continue the bearish scenario testing 1.4170 – 1.4127 area and keep the bearish scenario intact.
http://i46.tinypic.com/bhesd3.jpg
GBPUSD Forecast:
The GBPUSD made another indecisive movement on Thursday, formed a Doji on daily chart. The bias remains neutral in nearest term. However the fact that price still able to stay below 1.6050 area so far should keep the bearish scenario intact with technical target remains around 1.5800 area and I still prefer a bearish scenario. Only break above 1.6050 could be seen as serious threat to the bearish outlook. Immediate support at 1.5920 area. Break below that area should trigger further bearish momentum testing 1.5850 - 1.5800 area.
http://i45.tinypic.com/ej9dag.jpg
USDJPY Forecast:
The USDJPY made indecisive movement on Thursday, formed a Doji on daily chart. The bias is neutral in nearest term but as long as price stay above 90.80 area, I still prefer a bullish scenario at least towards 92.32 area. Only break below 90.80 area and the trendline support (blue) should be seen as potential bullish failure bullish which could produce significant bearish momentum.
http://i49.tinypic.com/2cwk23d.jpg
USDCHF Forecast
The USDCHF attempted to push lower on Thursday, bottomed at 1.0319 but further bearish pressure was rejected as price closed higher at 1.0387. This fact lead me to a no trading zone. The false breakout from 1.0450 area should trigger significant bearish momentum testing 1.0230 area but so far the bearish momentum also seems very limited. I will stand aside and wait for further development. Expected range at 1.0450 – 1.0230.
http://i45.tinypic.com/1r84qr.jpg
Have a great day!