Forex and Trading News

EURUSD Forecast
The EURUSD was indecisive last week. As you can see on my h4 chart below price has been moving sideways since January 26. The bias is neutral in nearest term and need a clear break from the range area to see clearer direction. Price is still in a bullish phase since bounced from 1.2625 and broke above the trend line resistance but no further bullish scenario can be expected until a clear break above 1.3240/50 area. On the downside, a clear break back below 1.3000 could stop the bullish phase, testing 1.2930 even lower. Aggressive intraday traders can long around 1.3000/25 or short around 1.3240/50 with tight stop loss.

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EURJPY Forecast
The EURJPY was indecisive last week. The bias is neutral in nearest term. Overall the bullish intraday phase since bounced from 97.02 remains intact but need a clear break and daily close above 100.74 to keep the bullish scenario strong and reactivate my bullish mode still testing 102.48. Immediate support is seen around 100.00. A clear break below that area could trigger further bearish pressure testing 99.00. The movement can still be tricky now so be patient and don’t rush jump into the market.

GBPJPY  Forecast
The GBPJPY was indecisive last week. The bias is neutral in nearest term but overall price is still in a bullish intraday phase since broke above the trend line resistance testing 122.62 key resistance area. Immediate support is seen around 120.50. A clear break and daily close back below that area could trigger further bearish pullback retesting 119.35 support area.

AUDUSD Forecast
The AUDUSD continued its bullish momentum last week, slipped above 1.0751 major resistance, topped at 1.0793 but corrected lower earlier today, hit 1.0709. The bias is neutral in nearest term but as long as stays above 1.0600 I still prefer a bullish intraday scenario at this phase. On the upside, a clear break and daily close above 1.0793 would give further confirmation to the bullish continuation scenario testing 1.0900 even the record high at 1.1079. On the downside, a clear break and daily close below 1.0600 would stop the current strong bullish intraday outlook even could create a major bearish reversal scenario.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

GBPUSD  Forecast
The GBPUSD was indecisive last week and now struggling around 1.5780. The bias is neutral in nearest term. The bullish momentum seems hesitate and still unable to consistently move above 1.5780 but only a clear break and daily close back below 1.5700 could stop the bullish intraday outlook and probably turn the intraday bias to a bearish view testing 1.5600. Immediate resistance is seen around 1.5830. A clear break above that area would keep the bullish scenario strong testing 1.5900 – 1.6000.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

USDJPY Forecast
The USDJPY had another indecisive movement last week. There are no changes in my technical outlook where price is still in a long period of consolidation phase with low volatility since six/seven months ago. However, looks like the nearest term bias turns bullish now testing 77.30 area. I still prefer to have a long term perspective seeing area above record low 75.56 as a buy zone expecting huge bullish reversal scenario.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

USDCHF Forecast
The USDCHF didn’t make significant movement last week. The bias remains neutral in nearest term with range area to be closely watched between 0.9320 – 0.9050. As long as stays below 0.9320 the bearish scenario since the failure to break above 0.9600 should remain intact and I still prefer a bearish intraday scenario at this phase. Immediate support is seen around 0.91750/50 A clear break below that area could trigger further bearish pressure testing 0.9100 – 0.9050 region.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

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Good day forex traders.

In the previous EUR/USD forex forecast review we noted that the SMAs were turning bullish. In fact the short term SMA 20 had already began to slope up. The immediate concern of the Euro Zone budget deficit crisis probably remained to be Greece as an apparent stall in discussions occurred. Private and public debt holders were seen to be different in their opinions.

Technical Analysis

Looking at the EUR/USD chart above, we note that the 1.32 region continued to put up a tough resistance. This is historically evident too. 

SMA 20 = Bullish

SMA 50 = Flat

As the SMA 20 continues to climb, a flip over of SMA 50 and the turning into bullish by the SMA 50 itself would indicate a higher possibility of a sustained bullish momentum. We can observe that the 1.3 – 1.32 regions seemed to be the range for now. The SMA 50 may function as an immediate support too.

Complete the review!

Continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Weekly Review to understand more about the underlying market sentiments

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

The US Dollar rose against the Euro after employers in the US added more jobs than forecast, decreasing speculation that the Federal Reserve will add another round of asset purchases to support growth. In the USA, Non-farm Payrolls rose by 243,000 after a revised 203,000 gain in December and the unemployment rate decreased to 8.3 percent. Data coming out of the USA this year has signaled that the US economy is recovering at an increasing pace. The Institute for Supply Management reported that manufacturing rose in January, at the quickest pace in seven months. Consumer confidence grew last month to its highest level in almost a year, according to an index published by Thomson Reuters/University of Michigan.

Latest version of the Daily Economic Calendar. Broadcast every day from the Dukascopy TV Centre, the calendar is a comprehensive schedule of news likely to be impacting the Forex market and cause the currency rates to move.

Watch the latest analysis of the USD/JPY, EUR/JPY Forex pairs for the upcoming February 6th session in this video. USD/JPY — We had a very bullish day on Friday session, after a stronger than expected Non-Farm Payroll report came out and ran directly in to previous support area — 76.50 and gave up some of the gains at the end of the session. The BOJ is below and if we fall too far, then the Bank of Japan will intervene. So we like buying this pair on pullback for short term gains. EUR/JPY — We had a much stronger day on Friday session as the 100.00 level held as support and looks like it may run to 102.00 level. The Yen looks weak overall, and as a result we feel this pair could continue to rise. Looking at the Fibonacci retracement on the daily chart, this pair bounced at the 50 % retracement level a couple of days ago and approaching the 23.6 % retracement level. With this in mind we like buying on pull backs for this pair on a break of the top of the range for the Friday session.

Watch the latest analysis of the AUD/USD, EUR/AUD Forex pairs for the upcoming February 6th session in this video. AUD/USD — rose again for the Friday session, and managed to reach over the top of the shooting star from the Thursday session after a stronger than expected Jobs report came out of United States. As we see in the daily chart the 1.0750 to 1.0800 region is seen as resistance. This pair is looking bullish. We like buying this pair, however a pullback  would make doing so much easier at this point. A move above 1.08 is seen bullish and we will be seeing 1.10 level. The 1.04 level will remain supportive as we broke out of the triangle couple of weaks back, so we favour the long side in this pair. EUR/AUD — fell below the recent consolidation range on Friday session and bounced back in to it. This pair looks like set to pull back. The direction is to go with the trend, which is down and we look for signs of weakness to sell. Ofcourse we can enter just at this level, as it has broken the consolidation rectangle and should continue lower and 1.25 level looks very resistive at this point.