On-Line Forex Trading Tips: October 2009

Friday, October 30, 2009

Oct-30 Daily Forex Forecast and Trend Analysis

EURUSD Forecast: Trendline support hold, bullish regain momentum

The trendline support on daily chart I showed you yesterday proved to be an important support at this phase as bearish pressure failed to push lower and EURUSD started to regain it’s bullish momentum, topped at 1.4858 and closed at 1.4839. This fact should be seen as potential end to the bearish correction and price seems to ready re-testing 1.5000 once again. The bias is bullish in nearest term targeting 1.4950 – 1.5000 area but we need a consistent movement above 1.4850 to confirm the bullish scenario. Immediate support at 1.4760 area. Break below that area should lead us into no trading zone as price might retesting the trendline support one more time. Overall, as long as the pair able to stay above the trendline, I prefer a bullish scenario at this phase.

GBPUSD Forecast:
My bearish scenario failed yesterday as GBPUSD had a significant bullish momentum, traded convincingly above the bearish channel, topped at 1.6603 and closed at 1.6560. This fact should trigger further upside momentum at least testing 1.6692 area today. However CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 1.6520 support area. Break below that area should lead us into no trading zone as price might retreat lower towards the upper line of the bearish channel.

USDJPY Forecast:
The USDJPY made a significant bullish momentum yesterday as price made a false breakdown from the bullish channel and now back inside the bullish channel. Usually false breakdown lead to significant bullish momentum with 92.50 area as potential bullish target. The bias is neutral in nearest term but I prefer a bullish scenario at this phase with the lower line of the bullish channel as a potential area to place a long position with tight stop loss below it. Immediate support at 91.20 area. Break below that area should lead us into no trading zone as direction would become unclear for me.

USDCHF Forecast
The 1.0280 area was proved to be a strong resistance area at this phase as price significantly moved lower after failed to break above that area. This fact should be a serious threat to the bullish correction scenario. I will pay attention to the 1.0166 support area as key support level today. Clear break below that area should trigger further bearish pressure retesting 1.0000/40 psychological level.

EURJPY Forecast
The EURJPY failed to continue it’s bearish momentum yesterday, rejected by the trendline support (blue) as you can see on my daily chart below. This fact lead me to no trading zone area but strong rejection to move below trendline support yesterday should open the door for potential further bullish momentum re-testing 138.68 area. Immediate support at 135.25 area. Break below that area scould trigger further bearish pressure.

GBPJPY Forecast
The GBPJPY failed to continue it’s bearish scenario yesterday. As you can see in my h4 chart below the bearish channel has been violated to the upside and price now traded convincingly above 149.40 area indicating bullish view. The bias is bullish in nearest term targeting 153.20 area. Immediate support at 151.00 – 150.70 area. Break below that area should lead us into no trading zone but I prefer a bullish scenario at this phase.

AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, topped at 0.9180 and closed at 0.9155. My technical focus today will be at the trendline resistance (blue) as you can see on my h4 chart below. Break above that trendline should trigger further bullish momentum re-testing 0.9270 area and put the bearish correction to it’s end. Immediate support at 0.9120/00 area. Break below that area should lead us into no trading zone as direction would become unclear for me.

Labels: Forex Analysis, Forex Indicator, forex signal, Forex Trend, Market Analysis, Market Trend, money trading, Moving Average

posted by Matbank at 6:27 AM 0 comments

Thursday, October 29, 2009

Oct-29 Daily Forex Forecast and Trend Analysis

EURUSD Forecast: Bearish correction continues, testing major trendline support

As I had expected, the EURUSD continued it’s bearish momentum yesterday, bottomed at 1.4690 and closed at 1.4715. As you can see in my daily chart below, we area in critical technical phase where price is now testing the major trendline support. This trendline support could be a strong support area since overall in longer term the bullish outlook remains intact, but once violated to the downside, we should have further bearish scenario. So I think what is going to happen on that trendline support today and the rest of this week should be our technical focus at this phase.

On h4 chart below, after violated the bullish channel the bearish momentum seems strong with technical target back towards 1.4500 area. The bias remains bearish in nearest term targeting 1.4580 area but once again, pay attention to the major trendline support on daily chart above. Immediate resistance is seen at 1.4760. Break above that area should trigger further bullish pressure testing 1.4850 area and might be considered as potential end to the current bearish correction.

GBPUSD Forecast:
The GBPUSD made had another volatile but indecisive movement yesterday. On daily chart below we can see that the pair attempted to stay above the bearish channel, topped at 1.6466 but once again failed to close convincingly above the bearish channel indicating that bullish pressure is not strong enough to push higher and might be exhausted and potentially trigger bearish momentum. I still prefer a bearish scenario at this phase with 1.6113 as the bearish target. Immediate resistance at 1.6430/60 area.

USDJPY Forecast:
The USDJPY continued it’s bearish momentum yesterday, bottomed at 90.54 and closed at 90.73. After failed to break above 92.50 resistance area, the pair keep moving lower and now, as you can see on my h4 chart below, has violated the bullish channel to the downside indicating potential further bearish momentum. The bias remains bearish targeting 90.00 – 89.50 area. Immediate resistance is seen at 91.10 area. Break above that area should lead us into no trading zone.

USDCHF Forecast
The USDCHF continued it’s bullish momentum yesterday, topped at 1.0276 and closed at 1.0262. On my h4 chart below we can see that the bullish momentum is now testing the 1.0280 resistance area. The bias remains bullish in nearest term but we need a clear break above 1.0280 to confirm bullish scenario targeting 1.0360 even back towards 1.0450 area. Immediate support at 1.0230 followed by 1.0166.

EURJPY Forecast
As I had expected, the EURJPY had another bearish momentum yesterday, hit my target at 134.40, even further, bottomed at 133.25. The bias remains bearish in nearest term targeting 131.00 before aim for 127.00 area. Immediate resistance at 134.00/40 area. Break above that area should lead us into no trading zone but I still prefer a bearish scenario at this phase and long position is not recommended.

GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday, break below my support area at 149.40, bottomed at 148.28 and closed at 148.69. On h4 chart below we can see that the pair is moving in a bearish channel indicating bearish tone. This fact should lead us to further downside pressure targeting at least 146.50 area. Immediate resistance at 148.50 area. Break above that area should lead us into no trading zone but I still prefer a bearish scenario and long position is not recommended at this phase.

AUDUSD Forecast
The AUDUSD had a significant bearish momentum yesterday, break below 0.9090, bottomed at 0.8961 and closed at 0.8997. On h4 chart below we can see how violation of the bullish channel can trigger a bearish reversal scenario. This fact is nothing but a bullish failure for me and potential further bearish scenario targeting 0.8860 area. Immediate resistance at 0.9030 followed by 0.9090 area. Break above those area should lead us into no trading zone as direction would become unclear in nearest term but I prefer a bearish scenario at this phase.

Labels: Forex Analysis, Forex Factory, Forex Indicator, forex signal, Forex Trend, Market Analysis, Market Trend, money trading

posted by Matbank at 2:36 AM 0 comments

Tuesday, October 27, 2009

Oct-27 Daily Forex Forecast and Trend Analysis

EURUSD Forecast: Bearish correction testing 1.4850

The EURUSD had a significant bearish momentum yesterday, bottomed at 1.4844 and closed at 1.4863. The CCI bearish divergence I showed you on Saturday give us a valid signal about bullish exhaustion and bearish momentum. On h4 chart below we can see that price violated the bullish channel to the downside indicating potential bearish view.

On my daily chart below we can see that we are in critical phase where price now testing my key support level 1.4850. Break below that area could trigger further bearish momentum towards 1.4450 in medium term outlook. The bias is bearish in nearest term but we need a consistent move below 1.4850 to confirm further bearish correction scenario at least towards 1.4700 area. Immediate resistance at 1.4920/50 area. Break above that area should keep the medium term bullish outlook intact but become unclear in nearest term.

GBPUSD Forecast:
The GBPUSD made indecisive movement yesterday, made a Doji on daily chart. My technical strategy yesterday, about to place a short position around the upper line of the bearish channel worked fine, as you can see on daily chart below, that area is a good resistance area and that area remains a good place to keep short with tight stop loss above it. I still prefer a bearish scenario at this phase, with medium term technical target at 1.5800 area. Immediate resistance at 1.6394 (yesterday’s high) and around the upper line of the bearish channel. Break above the bearish channel should lead us into no trading zone as price might start to regain it’s bullish momentum once again, and nearest bias would become unclear for me. The bias remains bearish in nearest term and still targeting 1.6113 area.

USDJPY Forecast:
The USDJPY attempted to push lower yesterday but failed to move below my key support level 91.40 and closed higher at 92.23 indicating bullish momentum is still there. However, like I said yesterday, I will keep stay out for now as 92.50 area remains potential strong resistance. Only valid break above that area could lead us to further bullish scenario. Key support level also remains at 91.40. Break below that area should trigger further bearish momentum back towards 90.50 area. CCI in overbought area and heading down on daily chart suggesting potential bullish exhaustion.

USDCHF Forecast
Finally, my trendline resistance was convincingly violated to the upside and price now traded above 1.0166 resistance area (now become support) indicating serious threat to the current bearish outlook and potential bullish reversal scenario. The bias is bullish in nearest term targeting 1.0280 area. Immediate support at 1.0166 – 1.0120 area. Break below that area should lead us into no trading zone and price might regain it’s bearish momentum once again re-testing 1.0040 area.

EURJPY Forecast
My concern about EURJPY is in transition and we need to wait for further development proved to be right. On daily chart below we can see that price failed to break the upper line of rectangle area at 138.68 and had a bearish momentum. I see interesting relation between the upper line of the rectangle area with the CCI, as you can see in my daily chart below. Every time price failed to break above the rectangle and CCI in overbought area, we had a significant bearish momentum towards the lower line. Now I am expecting the same thing, a bearish momentum at least targeting 136.26 area in nearest term. Only valid break above 138.68 area should lead us into new phase of the bullish scenario. Immediate resistance at 137.70 area. Break above that area should trigger further bullish momentum re-testing 138.68.

GBPJPY Forecast
The GBPJPY had indecisive movement yesterday. The pair attempted to push lower but failed to break convincingly below my support at 149.40 so far. I think we are in no trading zone but I am expecting another downside pressure re-testing 149.40 before aim for 147.03 area. Immediate resistance at 151.16 (yesterday’s high). Break above that area should trigger further upside pressure re-testing 153.20.

AUDUSD Forecast
The AUDUSD continued it’s moderate bearish momentum yesterday. For me, the fact that price able to move away from the bullish channel indicating potential downside pressure testing 0.9090 area but overall we still in range area of 0.9270 – 0.9090 area. Immediate resistance at 0.9180 – 0.9200 area. Break above that area should trigger further bullish momentum re-testing 0.9270.

Labels: Forex Analysis, Forex Indicator, Forex Lessons, forex signal, Forex Trend, Market Analysis, Market Trend, Moving Average

posted by Matbank at 4:05 AM 0 comments

Monday, October 26, 2009

Oct-26 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD bullish momentum was paused on Friday. This may caused by a profit-taking activity on the weekend but some people, including me, start to worry about potential downside correction or even a bearish reversal. Like I said in my weekly summary on Saturday, beside the pair can not really move above 1.5000 area consistently, we also have a CCI bearish divergence on daily chart which potentially trigger bearish momentum.

However, technically the bullish scenario is still intact. As long as the bullish channel on my h4 chart below still valid, the bullish scenario should remains strong. We seem to have a downside pressure as price now testing the lower line of the bullish channel which has been a good support so far. Although not automatically set up a bearish reversal scenario since false breakout/down do happen, a violation to the downside of the bullish channel could be a serious threat to my bullish outlook testing 1.4920 even key support level 1.4850 area. Immediate resistance at 1.5050. Break above that area should trigger further bullish continuation targeting 1.5140 and 1.5300 area.

GBPUSD Forecast:
A big surprise in UK GDP data on Friday hurt Sterling badly. The pair bottomed at 1.6298 and closed at 1.6303. Technically on daily chart below, it was a false breakout which usually trigger significant bearish momentum as price now back in the bearish channel area. The upper line of the bearish channel now became a resistance again, a good place to place a short position with only tight stop loss above it. The bias is bearish in nearest term targeting 1.6113 area. Immediate resistance at 1.6370.

USDJPY Forecast:
As I had expected, the USDJPY had a bullish momentum on Friday. Like I said, a double top scenario failure tend to produce a bullish continuation scenario. The bias is bullish but we have to be careful at this phase. As you can see in my daily chart below, 92.50 area is very important and should be a strong resistance area. So I will stop place long position for now until we have a new phase of bullish scenario once we have consistent move above 92.50. Immediate support at 91.80. Break below that area should be seen as potential threat to the bullish scenario and lead us back towards 91.40 area.

USDCHF Forecast
The USDCHF made a moderate bullish correction on Friday. Technically we might have significant movement here, as you can see in my h4 chart below, price is now challenging my trendline resistance. Note that we have 2 false breakout (circled) before, so if we have another false breakout this time, we can expect further bearish momentum. However, I think the current situation a different now as this time we are faced with a psychological level, 1.0000. A rejection to move below that area could trigger a significant bullish momentum and set up a bullish reversal scenario or at least, significant bullish correction. Immediate resistance at 1.0120 followed by 1.0166.

EURJPY Forecast
The EURJPY continued it’s bullish momentum on Friday, topped at 138.34 and closed at 138.12. The bullish scenario should remains intact but I think we are now in transition phase so we need to wait for further development. As you can see on my daily chart below, the pair is actually still move in a rectangle area with 138.68 level as the upper line, which should be a very important and strong resistance. CCI in overbought area and heading down suggesting potential downside correction. The bias is neutral in nearest term. Immediate support at 137.50. Break below that area should be seen as potential threat to the bullish outlook. Break above 138.68 area should trigger further bullish momentum and lead us into a new phase of bullish scenario.

GBPJPY Forecast
The GBPJPY hit my long target at 153.20 on Friday, but whipsawed to the downside and closed significantly lower at 150.05. On my h4 chart below, we can see that 153.20 area is a very important resistance level and now you can see why that level became my target area during a bullish momentum The bias is bearish now targeting 147.03 but we seem to have a good support at 149.40 area. I think it’s a good idea to wait until we have a consistent move below that area before place a short position. Immediate resistance at 150.60 area. Break above that area could trigger further bullish momentum re-testing 153.20 area.

AUDUSD Forecast
The AUDUSD so far able to move outside the bullish channel with the lower line now become a resistance. Technically, this fact opens the door for further bearish correction scenario testing 0.9090 support area but short position is not recommended at this phase and I think I will stay out from the market for now. Key resistance level remains at 0.9270. Break above that area should continue bullish momentum targeting 0.9350 area before aim for 0.9500.

Labels: Forex Analysis, Forex Lessons, forex signal, Forex Trend, Market Analysis, Market Trend, money trading

posted by Matbank at 3:21 AM 0 comments

Friday, October 23, 2009

Oct-23 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD attempted to push lower yesterday but found support at 1.4943, whipsawed to the upside, topped at 1.5037 and closed at 1.5025, indicating bullish momentum remains strong and downside corrections might be over at this phase. I dont’ trade corrections, but I love them

My bullish channel on h4 chart below has been a very useful technical tool for me as bullish momentum still move perfectly inside the bullish channel with the lower line provide good technical support area. The bias remains bullish in nearest term still targeting 1.5080 and 1.5140. Key support level remains at 1.4950/60 area and the lower line of the bullish channel. Short position is not recommended.

GBPUSD Forecast:
The GBPUSD made a significant downside correction yesterday, slipped below 1.6520 support area, bottomed at 1.6486 before whipsawed to the upside and closed higher at 1.6616. We might complete the downside correction at this phase and I am expecting bullish continuation today targeting at least 1.6740 area before aim for 1.7042. Immediate support at 1.6575. Break below that area should lead us into no trading zone as price might entering consolidation phase but I still prefer a bullish scenario and short position is not recommended.

USDJPY Forecast:
My technical strategy and study was a mess yesterday. My double top scenario failed as price break above the double top formation, but price still unable to move consistently above my trading range (90.10 – 91.50). The double top scenario failure tend to lead me to a bullish scenario targeting 92.50 area. My risk-reward ratio looks good with immediate support around 91.10 area. Break below that area should lead us into no trading zone as direction would become unclear.

USDCHF Forecast
The Dollar attempted to fight back yesterday as the pair topped at 1.0121 but failed to corrected further and closed lower at 1.0048. Like I said yesterday, we are near the psychological 1.0000 area so volatility and hesitation in the market won’t be a surprise for me. The bearish trendline on h4 chart below should be our guide that the bearish scenario remains strong and intact. I think I will stay out from the market for now and see any reactions around 1.0000 area today before make any decisions. Long position is not recommended. Break below 1.0000 area should take us into a new phase of bearish scenario. Immediate resistance at 1.0120/66 area.

EURJPY Forecast
The EURJPY continued it’s bullish momentum yesterday. I am expecting the “Flag” bullish momentum has enough power to push us higher to hit my 138.67 today. CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 136.90 area as we might see some weekend profit taking today. Break below that area should lead us into no trading zone but short position is not recommended.

GBPJPY Forecast
The GBPJPY was corrected lower yesterday, bottomed at 150.55 but further downside correction was rejected as the pair closed higher at 151.71. I think the correction is over at this phase and we are ready to continue the bullish momentum targeting 153.20 area. Immediate support at 151.50 area. Break below that area should lead us into no trading zone but I still prefer a bullish scenario so short position is not recommended.

AUDUSD Forecast
The AUDUSD made another indecisive movement yesterday. The pair slipped below my bullish channel but further downside correction was rejected as the pair now back struggling to get back inside the bullish channel and above 0.9270 area. If the price able to get inside the bullish channel, then this is a false breakdown which usually lead to significant bullish momentum. In the current strong bullish condition, the false breakdown scenario would be a perfect tool to place a long trade plan today targeting 0.9350 before aim for 0.9500. Short position is not recommended.

Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading

posted by Matbank at 3:44 AM 0 comments

Thursday, October 22, 2009

Oct- 22 Daily Forex Forecast and Trend Analysis

EURUSD Forecast: Break above 1.5000, entering a new phase of bullish scenario

The EURUSD continued it’s bullish momentum yesterday, topped at 1.5045 and closed at 1.5007. The bullish power succeed to pass the test and move above critical area 1.4850 – 1.4950. I think we are now entering a new phase of a bullish scenario with 1.6000 area as potential long term technical target. A look at my daily chart below reveals my reason. On February 2008, after prevented further upside momentum by being a strong resistance area for a few months, 1.4950 level became a starting point of a new bullish phase which peaked at 1.6000 area on April 2008 once it broken to the upside.

Compared to current situation, the 1.4950 resistance level is much easier to break without significant downside correction, indicating the bullish momentum is much stronger than what happened on 2008.

The bias is bullish in nearest term targeting 1.5080 and 1.5140 area before aim for 1.5300. Key support level for today is 1.4950/60 area and the lower line of the bullish channel (see the h4 chart below). As long as the pair able to stay above that area, bullish momentum should remains strong. Break below that area should trigger further downside correction towards 1.4880/50 but short position is not recommended.

GBPUSD Forecast:
The GBPUSD violated my bearish channel yesterday, indicating nothing but the end of bearish scenario and the beginning of a bullish scenario with technical target at 1.6740 and 1.7042 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside correction testing 1.6570/20 support area. Short position is not recommended.

USDJPY Forecast:
The USDJPY attempted to push higher yesterday, topped at 91.27 but closed lower at 90.99. On h4 chart below we can see that the lower line of the bullish channel still provided a good resistance. Another technical side that could be a support for a bearish scenario after violation of the bullish channel is that we have a double top formation, as you can see on my h4 chart below, indicating potential downside scenario. While we might still moving in range area of 90.10 – 91.50 today, but I am expecting a downside pressure than upside. Break below 90.10 should lead us into a bearish scenario confirmation.

USDCHF Forecast
The USDCHF continued it’s bearish momentum yesterday, bottomed at 1.0033 and closed at 1.0062. The bias remains bearish with 1.0000 as potential target. However, that area also could be a strong support area, so I think I will be very careful at this phase and keep an eye to any reactions around that support area. A break below that area should take us into a new phase of a bearish scenario. Immediate resistance at 1.0080 and 1.0166 area. Long position is not recommended.

EURJPY Forecast
The “Flag” bullish scenario worked perfectly yesterday. On h4 chart below we can see that after breakout from the “flag” area, we had a nice bullish momentum hit my first target 136.88, topped at 136.95 and closed at 136.57. The bias remains bullish targeting 138.67. CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 136.20 area. Break below that area could trigger further downside correction but short position is not recommended at this phase.

GBPJPY Forecast
My breakout strategy worked perfectly yesterday. As you can see on my h4 chart below, after breakout above 149.40, we had a nice bullish momentum, hit my first long target at 150.35, topped at 151.53 and closed at 150.96. The bias remains bullish targeting 153.20 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 150.35 support area. Break below that area could trigger further downside correction towards 149.40 area but short position is not recommended at this phase.

AUDUSD Forecast
The AUDUSD made indecisive movement yesterday, indicating consolidation after some significant bullish. We still have valid bullish channel so the bullish mode still on with 0.9350 as nearest targeting before aim for 0.9500 area. The lower line of the bullish channel should provide immediate support. Violation to the downside should diminish the bullish view but short position still not recommended.

Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, Moving Average

posted by Matbank at 4:26 AM 0 comments

Wednesday, October 21, 2009

Oct-21 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD made another correction yesterday. The pair attempted to push higher, topped at 1.4993 but whipsawed to the downside, bottomed at 1.4881 and closed at 1.4936. On h4 chart below we can see that this was a case of a false breakout, which potentially produce significant downside correction. 1.4850 area and the lower line of the bullish channel are my important support area. As long as the pair stay above that area the bullish scenario should remains strong. Any movement below 1.4850/30 could trigger further significant bearish correction towards 1.4760/20 area and could be a potential threat to my bullish outlook. Technically I don’t have any good sign of a bearish reversal so far, so short position still not recommended. The bias is neutral in nearest term and we might have another downside correction and but overall I still prefer a bullish scenario with 1.5300 as potential target. I think we are in transition phase with 1.4850 – 1.4950/1.5000 area as critical area, so volatility and hesitation in the market are actually normal.

GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, slipped above the upper line of the bearish channel, topped at 1.6488 but failed to consistently move above the bearish channel and closed lower at 1.6384. I think the upper line of the bearish channel is still a good area to place a short position at this phase. A false breakout usually lead to significant bearish momentum. Immediate support at 1.6300. Break below that area should trigger further bearish momentum towards 1.6140 area. Initial resistance at 1.6488 (yesterday,s high). Break above that area should be seen as the end of the bearish scenario.

USDJPY Forecast:
The USDJPY had a volatile but indecisive market yesterday. As you can see on my h4 chart below the bullish channel has been violated to the downside indicating bullish failure and price retreat to the upside, found resistance around the lower line of the bullish channel. The bias is neutral in nearest term and I think I will stay out from the market for now. I am expecting range market between 90.10 – 91.50 at this phase. Break on either side from the range area should give us a clearer direction.

USDCHF Forecast
The USDCHF made indecisive movement yesterday. The pair attempted to push higher, found resistance at my key resistance level around 1.0166 and closed lower at 1.0122. On h4 chart below we can see that the trendline resistance still doing a good job preventing further bullish attack. The bias is neutral in nearest term but as long as the pair stay below 1.0166 I still prefer a bearish mode. I will be watching any reactions around that area before make any decisions. Break above that area should trigger further bullish momentum towards 1.0220 area but long position is not recommended at this phase. On the downside, the 1.0000 remains a potential bearish target.

EURJPY Forecast
The EURJPY has been moving in indecisive market for the last three days. On my h4 chart below, we have a “flag” formation which is a bullish pattern. Price consolidating after significant bullish before continue the bullish momentum especially if we have a breakout from the “flag” targeting 136.88 and 138.67. Immediate support remains at 134.70/50 area. Break below that area should be seen as potential threat to my bullish outlook.

GBPJPY Forecast
The GBPJPY still consolidating after some bullish momentum, moving in a rectangle area of 147.03 – 149.40 as you can see in my h4 chart below. The bias is neutral in nearest term and we need a break from the rectangle area for a clearer direction. I still prefer a bullish scenario so I expect a breakout above 149.40 targeting 150.35 and 151.75 area. Break below 147.03 should trigger further bearish momentum and could be potential threat to my bullish outlook.

AUDUSD Forecast
The AUDUSD failed to continue it’s bullish momentum yesterday. On h4 chart below we can see that this was a case of a false breakout, which potentially lead to significant bearish correction. However, correction is just a correction. Unless we have a bearish reversal signal, short position is not recommended. Price is now testing the lower line of the bullish channel. Violation to the bullish channel should trigger further downside correction back towards 0.9090.

Labels: Forex Analysis, Forex Indicator, Forex Lessons, forex signal, Forex Trend, Market Analysis, Market Trend, money trading

posted by Matbank at 6:39 AM 0 comments

On-Line Forex Trading Tips

Advertising bar

Forex Quotes

About Me

Previous Posts

Archives

Links

Sponsored Links

Forex Tools