USD/CAD, USD/CHF — August 31st 2011
Aug 31, 2011
Watch this Forex video for a latest technical analysis of the USD/CAD and USD/CHF charts. Both currency pairs are going to go down according to this analysis.
Archive for August, 2011
NZD/USD, NZD/CHF — August 31st 2011
Aug 31, 2011
This video offers a technical analysis of the following Forex pairs: NZD/USD and NZD/CHF. While there is some evidence that the NZD/USD is going to continue going up, the NZD/CHF is about to hit a rather strong resistance level.
EURUSD Daily Forecast: August 31
EURUSD Forecast
The EURUSD made a disappointing breakout above the triangle, unable to stay above 1.4500 and now back inside the triangle. This fact keeps price in consolidation phase with unclear direction and momentum. A broader look on bigger time frame may refresh our mind while short term bias remains tricky. As you can see on my daily chart below price is still in a major bullish outlook since the bullish run from 1.1875, moving inside the bullish channel but corrected lower from 1.4939. I expected a valid breakout from the triangle yesterday to end the downside correction and to have clearer direction but that didn’t happen. From this point of view, the bearish correction from 1.4939 is not over yet and another downside attempt testing the lower line of the bullish channel is still potential. This is not a good market especially for intraday traders as many false breakout/down and short lived momentum occur. Selling on overbought or buying on oversold area must be tempting for aggressive intraday traders. Immediate resistance is seen around 1.4450. A clear break above that area could trigger further bullish momentum testing 1.4500/50 area, which could open the door for another breakout scenario testing June’s high at 1.4695. On the downside, immediate support area remains around 1.4400 – 1.4350 followed by the lower line of the triangle.
Daily Forecast for Crosses: August 31
EURJPY Forecast
The EURJPY failed to continue its bullish bias yesterday, moving lower even before touch the trend line resistance and hit 110.43, keep the major bearish scenario intact. The bias is bearish in nearest term testing 109.45. Immediate resistance is seen around 110.85 - 111.00. Another break back above that area would lead price to neutral zone in nearest term but would give another chance for bullish attempt testing the trend line resistance. The ascending triangle scenario is no longer valid, but any move above the trend line resistance is a threat to the bearish scenario.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday, slipped below 124.85 and now struggling around that area. The bias is bearish in nearest term especially if price able to make a clear break below 124.85 testing 124.00 before targeting 122.93. Immediate resistance is seen around 125.20. A clear break back above that area could lead price to neutral zone in nearest term testing 126.00 region but as long as price stays below the trend line resistance the major bearish scenario should remain intact.
AUDUSD Forecast
The AUDUSD was indecisive yesterday, made a Doji on daily chart. The bullish rally was stopped by broad US Dollar strength, but as long as price stays above 1.0600 my intraday bias remains to the upside, still targeting 1.0785.
GBPUSD Daily Forecast: August 31
GBPUSD Forecast
The GBPUSD had another significant bearish pressure yesterday, slipped below the bullish channel as you can see on my daily chart below. I found some interesting price actions this month, where price tend to go lower after unable to close above 1.6420. This fact leads to another threat to the bullish outlook, testing 1.6250 – 1.6200 in nearest term. Immediate resistance is seen around 1.6350/80. A clear break above that area would lead price to neutral zone in nearest term as direction would become unclear.
USDJPY Daily Forecast: August 31
USDJPY Forecast
The USDJPY made another insignificant movement yesterday. There are no changes in my technical outlook where price remains in consolidation phase, moving in a range market. Aggressive intraday traders may take advantage of the current range market by short around 77.50 or long around 76.21 with tight stop loss. A clear break and daily close above 77.50 could trigger further bullish correction scenario testing 78.50 but as long as price stays above 79.55 my major technical outlook remains to the downside. On the downside, 76.21 area has been providing a good/strong support in the last two weeks and price need to make a clear break and daily close below that area to continue the bearish scenario aiming for 75.00.
USDCHF Daily Forecast: August 31
USDCHF Forecast
The USDCHF was indecisive yesterday. The bias is neutral in nearest term but overall still in a bullish correction phase, targeting 0.8275 before testing 0.8550. Immediate support remains around 0.8150. A clear break below that area could trigger further bearish pullback but as long as price stays above 0.8000 my overall intraday bias remains more to the upside.
Consolidation Patterns in Forex
Aug 30, 2011
This free video talks about consolidation chart patterns in Forex trading. The video lists and describes almost all possible FX chart patterns that signal a price consolidation before a larger move.
EURUSD Daily Forecast: August 30
EURUSD Forecast
The EURUSD had a moderate bullish momentum yesterday. Overall price still maintain its bullish bias by stay above the triangle, although there seems to be a little bit hesitation for the bullish run. As long as price stays above 1.4500 my intraday technical bias remains more to the upside, still targeting June’ high at 1.4695. Immediate support remains around 1.4400 – 1.4350. Another movement back below that area would cancel the bullish outlook even create a bearish view which may force me to change the current triangle approach.
Daily Forecast for Crosses: August 30
EURJPY Forecast
The EURJPY had a bullish momentum yesterday and now seems ready to test the trend line resistance and 112.50 region. The ascending triangle bullish scenario still looks strong, ready to challenge the major bearish scenario. A clear break above the trend line resistance and 112.50 region is a threat to the bearish scenario testing 113.40 which could be the early signal of a bullish reversal scenario. Immediate support is seen around 111.40. A clear break below that area could lead price to a neutral zone in nearest term testing 111.00 – 110.50. A clear break back below 110.50 would keep the bearish scenario remains strong retesting 109.45.
GBPJPY Forecast
The GBPJPY had a bullish pullback yesterday and now seems ready to test the trend line resistance and 127.00/30 resistance area. As long as price stays below the trend line resistance the major bearish scenario remains intact, but a clear break above the trend line resistance could be a threat to the bearish scenario even could be an early signal of a new bullish reversal scenario. The trend line resistance and 127.00/30 area is a good place for a short position due to a good risk reward ratio, a tight stop loss above 127.30 and nearest target remains around 124.85.
AUDUSD Forecast
The AUDUSD made a valid breakout above the range area yesterday, topped at 1.0678 and closed at 1.0667. This fact is a part of bullish continuation scenario after bounced from the trend line support as you can see on my daily chart below. The bias remains bullish in nearest term testing 1.0785 region. On the downside, only a movement back below 1.0600 could stop the current bullish intraday outlook.
