Thu, 30th of April, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD continued it’s bullish momentum yesterday. The pair topped at 1.3338 and closed at 1.3269. On h4 chart below we can see that the pair is challenging the upper line of the triangle. A breakout from the triangle could be a potential signal for further bullish scenario in medium term. However, as long as the price still in the triangle area, the bias remains neutral in medium term. CCI in overbought area and about to cross the 100 line down on h4 chart suggesting a potential bullish exhaustion and downside pullback testing 1.3200 support area. Break below that area could trigger further bearish momentum back towards 1.3100.

EURUSD Daily Supports and Resistances:

  • S1= 1.3146
  • S2= 1.3023
  • S3= 1.2927
  • R1= 1.3365
  • R2= 1.3461
  • R3= 1.3584
  • GBPUSD Outlook

    After 2 days of indecisive movement, the GBPUSD had a bullish momentum yesterday. On h4 chart below we can see that after breakout to the upside of the triangle formation, the pair topped at 1.4810 and closed at 1.4767. The bias is bullish in nearest term and the price might challenge the trendline resistance once again but should remains neutral in medium term.  I think it’s better to stay away from the market and wait for further development. Immediate support is seen at 1.4690. Break below that level could trigger further bearish pullback towards 1.4600 and 1.4515 area. Initial resistance at 1.4850. CCI in overbought area and heading down on h4 chart suggesting a potential downside pressure.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.4648
  • S2= 1.4529
  • S3= 1.4448
  • R1= 1.4848
  • R2= 1.4929
  • R3= 1.5048
  • USDJPY Outlook

    The Hammer formation gave us a valid warning of a bullish reversal scenario. The pair had a bullish momentum yesterday, topped at 97.92 and closed at 97.63. The bias remains bullish in nearest term targeting 98.25 area. However CCI in overbought area and heading down on hourly chart so watch out for a potential downside pullback testing 97.00/20 support area. Break below that area could trigger further bearish momentum.

    USDJPY Daily Supports and Resistances:

  • S1= 96.70
  • S2= 95.77
  • S3= 95.16
  • R1= 98.24
  • R2= 98.85
  • R3= 99.78
  • USDCHF Outlook

    The combination of a hanging man and a shooting star candlestick formation gave us a valid bearish scenario. The pair bottomed at 1.1300 but closed higher at 1.1361. We seem to have good support around 1.1300 area. Break below that area could trigger further bearish scenario towards 1.1200 area. CCI just cross the -100 line up on h4 chart suggesting a potential upside rebound testing 1.1400 resistance area.

    USDCHF Daily Supports and Resistances:

  • S1= 1.1292
  • S2= 1.1223
  • S3= 1.1147
  • R1= 1.1437
  • R2= 1.1513
  • R3= 1.1582
  • Have a great day!