Trading and Investing Forum

Go Back   Trading Forum and Blogs > Forex Trading


Reply
 
Thread Tools Display Modes
  #1  
Old 05-08-2012, 01:50 AM
FxInstructor's Avatar
FxInstructor FxInstructor is offline
Senior Member
 
Join Date: Apr 2007
Posts: 1,829
FxInstructor is on a distinguished road
Default Daily Forecast: May 08

EURUSD Forecast
The EURUSD was corrected higher yesterday, filled the weekend gap, topped at 1.3064 and closed at 1.3058. The bullish momentum should be seen just as a corrective movement and overall I remain bearish. Immediate resistance is seen around 1.3064/80. A clear break above that area could trigger further bullish correction testing 1.3135/50 resistance area. On the downside, a clear break and daily close below 1.3000 would keep the bearish scenario remains strong testing 1.2880 support area.



GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.6197 and closed at 1.6188. The bias is bullish in nearest term but note that as long as stays below 1.6250, price is still in a bearish correction phase testing 1.6100 – 1.6000 support area. Immediate support is seen around 1.6150. A clear break below that area could lead price to neutral zone in nearest term but would keep the bearish correction phase remains strong. On the upside, a clear break above 1.6200 could trigger further bullish pressure testing 1.6250.



USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term but 80.23 – 79.52 area remains a good place to buy with tight stop loss below 79.52. On the downside, a clear break and daily close below 79.52/35 could be a threat to the bullish reversal scenario testing 78.27 or lower. Immediate resistance is seen around 80.00. A clear break above that area could lead price to neutral zone in nearest term but only a clear break and daily close back above 81.80 could end the current bearish correction phase and continue the major bullish reversal outlook after hit the record low.



USDCHF Forecast
The USDCHF failed to continue its bullish momentum yesterday, bottomed at 0.9193. There are no changes in my technical outlook and I remain neutral. Overall price is still in a bullish intraday phase since bounced from 0.9041 but need a clear break above 0.9269 to continue the bullish pressure testing 0.9320 key resistance area. Potential daily range is seen between 0.9150 – 0.9270.



Have a great day!
__________________
--
FX Instructor, LLC
analyst@fxinstructor.com
www.fxinstructor.com
Reply With Quote
Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 03:15 PM.


Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.