Oct 31, 2011
This video looks at a technique to find the ”relative strength” of a particular currency and buy the strongest and sell the weakest. By matching up the correct combinations in the Forex markets, you can not only increase your odds at successful trading, but your returns as well.
Oct 31, 2011
This is the sixteenth video on candlestick tutorial. This video explains about Morning star candlestick reversal pattern with examples. The Morning star pattern is a bullish reversal pattern at the bottom of the downtrend.
EURUSD Forecast
The EURUSD had a strong bullish momentum on Friday, topped at 1.4246 but fell sharply earlier today in Asian session slipped below 1.4000. As you can see on my hourly chart below price is testing the trend line support. The bias is bearish in nearest term but as long as price stays above the trend line support my overall bullish intraday outlook should remain intact. A clear break and daily close below the trend line support and 1.3950 would be a threat to the bullish outlook testing 1.3850/00 support area. Immediate resistance is seen around 1.4100. We need a clear break above that area to keep the bullish scenario remains strong.
EURJPY Forecast
The EURJPY had a huge bullish momentum earlier today in Asian session, broke above the major trend line resistance (white) and hit 111.58 after a broad Yen weakness triggered by intervention by the Japanese government. Technically this fact signals a major bullish reversal scenario testing 111.92 even 113.00 and 114.00 area. Immediate support is seen around 109.90 followed by 118.00.
GBPJPY Forecast
The GBPJPY had a huge bullish momentum earlier today in Asian session, broke above 122.62 and hit 127.28 after an intervention by the Japanese government. Technically this fact gives further confirmation to the double bottom bullish reversal scenario testing 128.00 – 130.82. Immediate support is seen around 125.50 followed by 122.62.
AUDUSD Forecast
The AUDUSD failed to continue its bullish momentum earlier today in Asian session, slipped back below 1.0530. The bias is neutral in nearest term. My overall intraday outlook should remain bullish and only a clear break and daily close below 1.0400 could stop the bullish outlook, even turn my intraday outlook to a bearish view. Immediate resistance is seen around 1.0600/20. A clear break and daily close back above that area would keep the bullish scenario remains strong, still testing 1.0800 area.
GBPUSD Forecast
The GBPUSD failed to continue its bullish momentum earlier today in Asian session and now testing the lower line of the bullish channel as you can see on my h4 chart below. As long as price stays inside the bullish channel my overall bullish outlook should remain intact but this fact is a serious threat to the bullish outlook as a clear break/daily close below the bullish channel and 1.5950 support area could turn the short term technical bias to a bearish view testing 1.5850 support area. Immediate resistance is seen around 1.6035. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish outlook remains strong, testing 1.6100 – 1.6150 resistance area.
USDJPY Forecast
The USDJPY had a significant bullish momentum earlier today in Asian session after an intervention by the Japanese government to weaken the Yen, broke above 77.80 and hit 79.50. Technically this fact signals a bullish reversal scenario, testing 80.23, 81.46, 82.22 even 85.51. Previous interventions this year were failed, and another movement and daily close back below 77.80 would be another failure for the Japanese government.
USDCHF Forecast
The USDCHF was corrected higher earlier today in Asian session after failed to make a break below 0.8550 support area last week. The bias is neutral in nearest term. My overall intraday bias remains to the downside and only a clear break and daily close back above 0.8810 could stop the intraday bearish outlook. Immediate support is seen around 0.8660. A clear break and daily close back below that area would keep the bearish intraday bias remains strong, retesting 0.8550 strong support area.
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In the previous EUR/USD review we noted a bullish correction since the test of 1.32. The bullish momentum is strong as it mana…
The GBPUSD continued its bullish momentum this week, as a part of the bullish phase since made a false breakdown below strong support 1.5330 earlier this month. From a weekly chart outlook as you can see on my weekly chart below, price has been moving inside a triangle formation suggests a consolidation phase. My intraday bias remains strongly to the upside, testing EMA 200 and the upper line of the triangle, a strong resistance area which located around 1.6450 and 1.6635. On the downside, last week’s high at 1.5972 could be an important support at this phase. A clear break and daily close back below that area could stop the current strong bullish intraday outlook.
Oct 29, 2011
This is the fifteenth video on candlestick tutorial. This video explains about Evening star candlestick reversal pattern with examples. The Evening star pattern is a bearish reversal pattern at the top of the uptrend.
