FxInstructor
05-03-2010, 08:37 PM
EURUSD Forecast:
The EURUSD had a bearish momentum yesterday, bottomed at 1.3154 but closed a little bit higher at 1.3193 and traded around 1.3209 at the time I wrote this comment. On h1 chart below we can see that price is moving in triangle formation indicating consolidation but still within a major bearish context. The bias is neutral in nearest term but the fact that price failed to continue its bullish momentum above 1.3267 – 1.3330/40 region should keep the bearish scenario intact especially if price able to break below 1.3125/15 area today testing 1.3040/50 region. On the other hand, another upside pullback above 1.3267 area could change the intra-day bias to bullish view testing 1.3330/40 region.
http://i42.tinypic.com/zo9u9v.jpg
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5210 but was traded higher earlier today in Asian session around 1.5260 at the time I wrote this comment. Note that in medium point of view we are still in a range area of 1.5520 – 1.5128 and need a clear break on either side to see clearer direction. Immediate support at 1.5175. Break below that area could trigger further bearish pressure testing 1.5128. Initial resistance at 1.5315 area. Break above that area could trigger further bullish momentum testing 1.5400 area.
http://i40.tinypic.com/ws45df.jpg
USDJPY Forecast:
The USDJPY had a bullish momentum yesterday. On daily chart below we can see that price is now struggling around 94.70 region. The bias is bullish in nearest term but note that we need a consistent move above 94.70 area to continue the major bullish scenario towards 95.50 and 96.70 this week. Another movement below 94.70 area could lead us back into no trading zone as direction would become unclear.
http://i42.tinypic.com/ngais.jpg
USDCHF Forecast
The USDCHF had a bullish momentum yesterday, but as you can see on my daily chart below price still unable to stay consistently above 1.0888 region. The bias is bullish in nearest term but we need a clear break above 1.0923 area to confirm the bullish scenario targeting 1.1000 area. Immediate support at 1.0785. Break below that area could trigger further bearish momentum testing 1.0700 region.
http://i39.tinypic.com/2qkr0u9.jpg
Have a great day!
The EURUSD had a bearish momentum yesterday, bottomed at 1.3154 but closed a little bit higher at 1.3193 and traded around 1.3209 at the time I wrote this comment. On h1 chart below we can see that price is moving in triangle formation indicating consolidation but still within a major bearish context. The bias is neutral in nearest term but the fact that price failed to continue its bullish momentum above 1.3267 – 1.3330/40 region should keep the bearish scenario intact especially if price able to break below 1.3125/15 area today testing 1.3040/50 region. On the other hand, another upside pullback above 1.3267 area could change the intra-day bias to bullish view testing 1.3330/40 region.
http://i42.tinypic.com/zo9u9v.jpg
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5210 but was traded higher earlier today in Asian session around 1.5260 at the time I wrote this comment. Note that in medium point of view we are still in a range area of 1.5520 – 1.5128 and need a clear break on either side to see clearer direction. Immediate support at 1.5175. Break below that area could trigger further bearish pressure testing 1.5128. Initial resistance at 1.5315 area. Break above that area could trigger further bullish momentum testing 1.5400 area.
http://i40.tinypic.com/ws45df.jpg
USDJPY Forecast:
The USDJPY had a bullish momentum yesterday. On daily chart below we can see that price is now struggling around 94.70 region. The bias is bullish in nearest term but note that we need a consistent move above 94.70 area to continue the major bullish scenario towards 95.50 and 96.70 this week. Another movement below 94.70 area could lead us back into no trading zone as direction would become unclear.
http://i42.tinypic.com/ngais.jpg
USDCHF Forecast
The USDCHF had a bullish momentum yesterday, but as you can see on my daily chart below price still unable to stay consistently above 1.0888 region. The bias is bullish in nearest term but we need a clear break above 1.0923 area to confirm the bullish scenario targeting 1.1000 area. Immediate support at 1.0785. Break below that area could trigger further bearish momentum testing 1.0700 region.
http://i39.tinypic.com/2qkr0u9.jpg
Have a great day!