Oct- 22 Daily Forex Forecast and Trend Analysis

Oct-21 Daily Forex Forecast and Trend Analysis

Oct-20 Daily Forex Forecast and Trend Analysis

EUR/USD Profit Taken

Oct-19 Daily Forex Forecast and Trend Analysis

The US Dollar

EURUSD Weekly Summary

Oct-16 Daily Forex Forecast and Trend Analysis

Oct-15 Daily Forex Forecast and Trend Analysis

Oct-14 Daily Forex Forecast and Trend Analysis




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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.

eurusd4hchart


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.

gbpusddaily


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.

usdjpy4hchart


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.

usdchf4hchart


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.

eurjpyh4

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.

gbpjpyh4

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.

audusdh4

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