Technical Analysis

  • Spot EUR/USD Forecast for 14th January by Daytradeideas.comSpot EUR/USD Forecast for 14th January by Daytradeideas.com

    January 14 2013 9:58 AM

    EURUSD broke last month’s high at 1.3300/08and has reached the next target of 1.3385. We are breaking higher again this morning and if we can hold on above the 100 week moving average at 1.3387 we should start to close in on the next target of 1.3491 this week.

  • EUR/USD Weekly Outlook and Trading IdeaEUR/USD Weekly Outlook and Trading Idea

    January 13 2013 11:00 AM

    Well, I was bullish for the daily chart on EUR/USD but expected a pullback twd 1.2870 prior to another rise. But last week EUR found strong support right above the 1.2995 Fibonacci support and rallied strongly at the end of the week. Thus, we have strong evidence that the larger-degree uptrend on daily chart has resumed. If that's the case, a rally twd 1.3520 and then to 1.3720 is expected.

  • GBP/USD Weekly Outlook and Trading Idea

    January 13 2013 10:58 AM

    GBP was initially under pressure but found support near 1.6000 level and then recoved at the end of the week. The larger-degree outlook however has not changed. The daily chart remains in sideways trend and as long as the prices stay below 1.6300/50 resistance area, we are looking for a trend reversal. A move below 1.5820 is needed to confirm this view.

  • USD/JPY Weekly Outlook and Trading IdeaUSD/JPY Weekly Outlook and Trading Idea

    January 13 2013 10:55 AM

    USD has continued its strong move hihger vs JPY. Initially last week we saw a small pullback but it held abv the indicated 86.70 chart support. Then the market broke out again to new highs. Now, the upmove is overextended and quite overbought. So we may see a pullback soon back twd 87.00/86.80 area. But as long as the prices hold abv the rising 21-day moving average, the bulls are in full control and we expect gains twd 92.10.

  • Spot EUR/USD Forecast for 11th January by Daytradeideas.comSpot EUR/USD Forecast for 11th January by Daytradeideas.com

    January 11 2013 8:25 AM

    EURUSD held just above 1.3022/17 and rocketed through 1.3200/07 as we close in on last month’s high at 1.3300/08. Exit longs as we approach this tough resistance and try shorts with a stop above 1.3340 as a break then targets 1.3385.

  • Spot EUR/USD Forecast for 10th January by Daytradeideas.comSpot EUR/USD Forecast for 10th January by Daytradeideas.com

    January 10 2013 4:38 AM

    EURUSD did hold below 1.3100 and we are just hovering below 1.3070/65, which should now act as resistance. We could be heading for 1.3022/17 next. We do need to exit any remaining shorts if we test last week’s lows at 1.2998 and could be worth buying in to longs here as this is good support. However a stop loss is required below 1.2950 as a break signals continued losses to 1.2920/09. Exit shorts here again and buy in to longs looking for a low for the day. Use a stop loss below 1.2880.

  • GBP/USD Daily Report by CharmerChartsGBP/USD Daily Report by CharmerCharts

    January 08 2013 8:54 AM

    Cable rallied, but as yet we have not broken the 1.6135 stop/loss resistance so we are right at the moment to be short. Only if 1.6135 breaks will buyers regain control of the market and they will drag us higher and we could then be looking at 1.6150 to 1.6180 as a short term objective.

  • Spot EUR/USD Forecast for 7th January by Daytradeideas.comSpot EUR/USD Forecast for 7th January by Daytradeideas.com

    January 07 2013 8:27 AM

    EURUSD held above good support from the 55 day moving average and the 6 month uptrend line at 1.2985/75 last week. We have resistance at 1.3090/95 today but above here we look for a move to 1.3145/55. This may be enough of a rally for today so watch for a high for the day but be ready to buy back in to longs above 1.3170 looking for a move to 1.3200/07 as the next target.

  • EUR/USD Weekly Outlook and Trading IdeaEUR/USD Weekly Outlook and Trading Idea

    January 07 2013 5:11 AM

    EUR failed last week at 1.3300 resistance and declined sharply. While there is still a pattern of higher highs and higher lows from the Nov 2012 low, the techinical picture has deteorated significantly. The current uptrend is considered weak and as the daily oscillators point down, lower prices are expected in the next week or two. That leads me to believe that wave B on the chart above is still unfinished, unfortunately the wave structure of wave B is unclear a this point. Ideally the market will find support either at 1.2870 level or at 1.2670 level and will turn back up again. If the technical picture improves again, I may favor another long position later this month.

  • GBP/USD Weekly Outlook and Trading IdeaGBP/USD Weekly Outlook and Trading Idea

    January 06 2013 6:50 PM

    GBP was extremely volatile last week. It first rose to 1.6339 but then declined sharply. Thus, the bearish idea has been actually re-inforced. Now, we need a move below 1.5820 by the mid February to confirm a majro trend reversal. That's plenty of time and if the market has indeed reversed, it will not be difficult to meet this requirement. If that happens, I will expect weakness twd the key 1.5260 level eventually.

  • USD/JPY Weekly Outlook and Trading IdeaUSD/JPY Weekly Outlook and Trading Idea

    January 06 2013 6:44 PM

    USD/JPY is moving higher even faster than expected. As you know I turned bullish on weekly chart back in March of 2012. Then on daily chart I turned bullish when the pair moved above 79.65 level. And I expected this market to really start moving up after it broke above the key 83.80 resistance level. And sure it did. Now, the daily uptrend is very strong but the market is also heavily overbought. While in storng uptrend overbought conditions do not matter a lot, so we can continue to favor the long side. But my guess is that if the prices return below 86.70 level, a short-term correction will start. So, it makes sense to protect the longs with a stop at 86.70 level....

  • EUR/USD Weekly Outlook and Trading Idea

    December 29 2012 9:52 AM

    EUR/USD has traded sideways since our last update between 1.3155 and 1.3285. This sideways trading is likely to resolve with an upside breakout. To confirm we need a move abv 1.3305 level. The 1st upside target then is expected at 1.3520, then a rally twd 1.3720 is likely.

  • GBP/USD Weekly Outlook and Trading Idea

    December 29 2012 9:45 AM

    GBP was under pressure initially but then recovered on Friday. We cannot confirm the completion of wave E on the chart above because the prices remain abv the November low at 1.5827. We need a move below this level in the 1st half of January to confirm a major reversal. Until that happens, the daily chart remains neutral and the trend is sideways. But a rally abv 1.6310 is not expected....

  • USD/JPY Weekly Outlook and Trading Idea

    December 29 2012 9:27 AM

    USD gapped up on Monday and rallied for entire week. Then on Friday a small reversal occured as the prices made a top at 86.62 but closed near the lows for the day. The daily chart of course, remains as bullish as before but based on the extended rise, we cannot rule out a downside correction now. In fact, a correction becomes more likely with each day. A move below 85.50 will actually signal that such a pullback has started and weakness twd 83.80 may be expected in this case.

  • Euro - U.S. Dollar (EUR/USD) Forecast | EUR/USD Weekly Outlook @ Forex Abode

    December 26 2012 3:31 AM

    As mentioned above that initially we remain in favor of some downward consolidation before another upward move. However instead of going for short-selling, we look forward to buying near the mentioned support levels with tight stop-loss orders.

  • Euro-Japanese Yen (EUR/JPY) Forecast | EUR/JPY Weekly Outlook @ Forex Abode

    December 26 2012 3:20 AM

    As mentioned above that though overall we are expecting further upward gains but there are possibilities for some consolidation. We would be looking forward to buying at the support levels mentioned but with tight stop-loss levels. Any short-selling position at current level would not have a stop-loss above 111.82.

  • GBP/USD Forecast | GBP/USD Weekly Outlook @ ForexAbode

    December 26 2012 3:11 AM

    As mentioned above that though overall we are expecting further upward gains but there are strong possibilities for some more downward consolidation first. We would be looking forward to buying at the support levels mentioned but with tight stop-loss levels. Any short-selling position at current level would not have a stop-loss above 1.6245.

  • AUD/USD Forecast | AUD/USD Weekly Outlook @ Forex Abode

    December 25 2012 3:46 PM

    The break of the price action channel support and the Kijun line support of the daily Ichimoku cloud was then followed by the break of the support of 61.8% retracement of the upward move during November 16th to December 12th 2012. Please check this AUD/USD chart alert of last week.

  • US Dollar - Yen (USD/JPY) Forecast | USD/JPY Weekly Outlook @ Forex Abode

    December 25 2012 3:21 PM

    US Dollar - Japanese Yen (USD/JPY) remained into a volatile sideways mode mainly above 83.80 and below 84.50. There were a couple of attempts to break above this range when the pair went as high as 84.61 but could not sustain. The weekly closing was at 84.23.

  • British Pound-Yen (GBP/JPY) Forecast | GBP/JPY Weekly Outlook @ Forex Abode

    December 25 2012 3:04 PM

    British Pound-Japanese Yen (GBP/JPY) went as high as 137.86 and then went into a volatile sideways mode over the week's low of 135.45. The weekly closing was at 136.21. The support over 135.45 indicates that the support of the psychological 135.00 is in play and the underlying bullish sentiments for the near-term remain in place. However, the wide gap between the highs and the opening prices of the last 3 trading days' red candles make us expect some further downward consolidation initially.