EUR/USD

The pass of the expansion of the ESFS's duty does not end the problem. The huge margin in passing signified the seriousness of the problem. Euro flushed down closing below monthly kumo. Daily, weekly and monthly are in line - below respective kumo - is very very bearish. Trend is down. Immediate target 1.3110-1.3220. Taking out these supports shall test 1.30 psychological level in no time. We emphasis again that Euro is doomed. Sit tight with short and we do not suggest to lower stop as stop is only placed to guard from excessive loss, not meant to be hit.

GBP/USD

The big M formation in the monthly chart gave bulls no illusion. Weekly and monthly are in line closing below respective kumo. Trend is down. Immediate target 1.5260. Sit tight with short with stop at 1.5810.

AUD/USD

Weekly's chimney head formation gave bulls no illusion. Monthly bearish reversal confirmed down trend. Immediate target 0.9270. Sit tight with short with stop at 1.0030.

USD/JPY

The announcement that the Finance Ministry is going to intervene will push US to close above 77.00 Sit tight with long with stop at 75.90.

USD/CAD

We smelled that trend had change but last week's low missed our entry by quite a bit. Closing above parity, US shot up and closed consecutively above weekly kumo. Monthly bullish reversal made us believe that monthly kumo at 1.11 will be our immediate target. Buy on dip. Move up buying order to 1.0230. If fill, stop at 1.0150.

USD/CHF

The monthly morning star textbook pattern made our previous bearish sentiment unfounded. Market is going to challenge weekly kumo, taking out kumo upper band will bring parity around the corner. Technical was completely in the opposite direction to what we have believed in. This will be another good example of technicals precedes fundamental. Buy on dip will be a better choice. Market had run away up for over 15% from the low. Suggest sitting aside and letting market digest and run its course.

NZD/USD

This will be our biggest winning trade in 2011. Downward momentum continued as NZD was being downgraded. Move stop profit down to 0.7920 to protect the huge profit. 

GBP/JPY

Closing marginally above 120 gave us a good feeling that bottom is about to form. Unfortunately, no bottoming sign is shown in monthly chart. Suggest to sit aside. 

EUR/JPY

Weekly and monthly chart had broken the bottom. Sit tight with short with stop at 106.10.

Gold

Monthly bearish engulfing confirmed that winter had come. Sit tight with short with stop at 1725.

More Exclusive Reporting on Prosticks and Ichimoku Charting are available on IBTRADE.   

Forex research by ForexTV.com