FxInstructor
06-10-2010, 08:34 PM
EURUSD Forecast:
The EURUSD continued its bullish correction yesterday. On h1 chart below we can see that price is ready to test the minor trendline resistance indicating critical technical point at this phase. A break above the trendline and consistent move above 1.2150 resistance area could trigger further recovery testing 1.2325 region. On the bearish side, we have a rising wedge formation indicating potential bearish view especially if the formation violated to the downside testing 1.2000 and the lower line of the bullish channel. Note that we still need a violation to the bullish channel to end this upside correction phase.
http://i48.tinypic.com/111jrd1.jpg
GBPUSD Forecast:
The GBPUSD had a significant bullish momentum after violated the bearish channel yesterday. The bias is bullish in nearest term testing 1.4769 area. Consistent move above that area could trigger further bullish momentum testing 1.4850 before testing 1.5000 region. However note that overall the main scenario remains bearish both in medium and long term point of view. Immediate support at 1.4640/50 region. Break below that area could trigger further bearish pressure testing 1.4550 region.
http://i50.tinypic.com/2cdwm8o.jpg
USDJPY Forecast:
The USDJPY didn't make significant movement yesterday. The bias remains neutral in nearest term. The descending triangle scenario failed, so it's time to look for another technical view. On h4 chart below we can see that price is moving in a big triangle formation indicating consolidation. Expected range at 92.07 – 90.83. I will stay away from this pair from now as direction is unclear.
http://i48.tinypic.com/s3iopk.jpg
USDCHF Forecast
The USDCHF continued its bearish pressure yesterday. On h4 chart below we can see that price still struggling around 1.1445 but so far looks like the bearish pressure still in control in nearest term at least testing 1.1300 area. Although the bullish scenario surely in a serious threat, another consistent movement above 1.1445 should keep the major bullish scenario intact testing 1.1695 region.
http://i45.tinypic.com/9bhkp3.jpg
Have a great day!
The EURUSD continued its bullish correction yesterday. On h1 chart below we can see that price is ready to test the minor trendline resistance indicating critical technical point at this phase. A break above the trendline and consistent move above 1.2150 resistance area could trigger further recovery testing 1.2325 region. On the bearish side, we have a rising wedge formation indicating potential bearish view especially if the formation violated to the downside testing 1.2000 and the lower line of the bullish channel. Note that we still need a violation to the bullish channel to end this upside correction phase.
http://i48.tinypic.com/111jrd1.jpg
GBPUSD Forecast:
The GBPUSD had a significant bullish momentum after violated the bearish channel yesterday. The bias is bullish in nearest term testing 1.4769 area. Consistent move above that area could trigger further bullish momentum testing 1.4850 before testing 1.5000 region. However note that overall the main scenario remains bearish both in medium and long term point of view. Immediate support at 1.4640/50 region. Break below that area could trigger further bearish pressure testing 1.4550 region.
http://i50.tinypic.com/2cdwm8o.jpg
USDJPY Forecast:
The USDJPY didn't make significant movement yesterday. The bias remains neutral in nearest term. The descending triangle scenario failed, so it's time to look for another technical view. On h4 chart below we can see that price is moving in a big triangle formation indicating consolidation. Expected range at 92.07 – 90.83. I will stay away from this pair from now as direction is unclear.
http://i48.tinypic.com/s3iopk.jpg
USDCHF Forecast
The USDCHF continued its bearish pressure yesterday. On h4 chart below we can see that price still struggling around 1.1445 but so far looks like the bearish pressure still in control in nearest term at least testing 1.1300 area. Although the bullish scenario surely in a serious threat, another consistent movement above 1.1445 should keep the major bullish scenario intact testing 1.1695 region.
http://i45.tinypic.com/9bhkp3.jpg
Have a great day!