Yesterday saw initial downside attract buyers. The resulting improvement kept GBPUSD above the key 13 day moving average but lacked the momentum to sustain levels beyond the Marabuzo line created on Oct 29th. With the highs given up, minor net movement reflects a degree of investor uncertainty but intraday signals indicate scope for the upside failure to deepen with potential for 1.6049 or even 1.6018.…Continue
Added by Alan Collins on November 15, 2013 at 7:17am — No Comments
Currently we are at 1.6053 and attempting a breakout north. IF the break is successful we are looking for a bullish continuation to the R4 resistance area @ 1.6085.The average daily true range (ATR) for the pair currently is 104 pips.…Continue
Added by Scott Barkley on November 14, 2013 at 1:50pm — No Comments
The pair recovered much of this week and is held by the resistance at 1.3501. A
breach of this level would open the way to 1.3627. Support is at 1.3397 ahead of
USDJPY BULLISH Resistance is at 100.61, a break above which would open 101.53. Support is at
98.71 ahead of 97.62.
GBPUSD NEUTRAL Resistance is at 1.6118, a break above which would open the critical 1.6260.
Support is at 1.5855 ahead of 1.5708.
USDCHF NEUTRAL The pair has been…
Added by Daologic on November 14, 2013 at 7:44am — No Comments
FX Set-up: Deciphering Fed Signals
The BoE Inflation report has been the focus overnight, and the overall takeaway is that the outlook is officially a bit more optimistic now. That’s not too surprising…Continue
EURUSD NEUTRAL The recent weakness found support at 1.3293 and this
level prompted a mini rebound. Any recovery will be limited to
resistance at 1.3438 ahead of 1.3501.
USDJPY NEUTRAL Initial resistance is at 99.41, a break above which would
open 100.61. Support is at 97.62 ahead of 96.57.
GBPUSD BULLISH There's a strong support at 1.5894. While this holds,
there's scope for resumption of strength to break through resistance at
Added by Daologic on November 11, 2013 at 8:48am — No Comments
Euro: Convincingly violated the July-September up trend line and the 5-day moving average has crossed below the 20-day average. The US jobs data failed to drive the euro below the ECB-spurred lows, which correspond to a (50%) retracement of the rally since July (~$1.3290). The euro traded below its 100-day moving for the first…Continue
Added by Daologic on November 11, 2013 at 7:30am — No Comments
Recommendations: SHORT positions around 1.6117 with 1.6000 & 1.5893 as next target.
Alternative scenario:The upside breakout of 1.6259 will open 1.6380/1.6440.
Description:A short term top has been confirmed at the the 1.6259 levels, stability below this level will keep the pair under pressure with risk towards the 1.5893 levels, losing the 1.5893 levels will have large bearish implication towards the 1.5750 ahead of 1.5426…
Added by Haitham653 on November 10, 2013 at 3:53pm — No Comments
Currently we are at 1.6032 after the turn on the trend line. IF we can break the 1.6030 support we are looking for a bearish continuation to the 0.382 Fibo area @ 1.5942 and the next target is the S5 @ 1.5880. The average daily true range (ATR) for the pair currently is 110 pips.…Continue
Added by Scott Barkley on November 7, 2013 at 1:53pm — No Comments
Markets are very slow at the start of the European sessions ahead of ECB and BoE rates decisions. From a technical point of view we see EURUSD still moving up in wave c of a corrective retracement so our bias is bearish but the intraday structure could see a spike up to 1.3560/1.3570 before going sharply lower. That is what technicals say, so maybe Draghi comments will be catalyst.
EURUSD Elliott Wave Analysis1h…
Added by Gregor Horvat on November 7, 2013 at 9:00am — No Comments
Recommendations: SHORT positions below 1.6259 with 1.6000 & 1.5893 as next target.
Alternative scenario:The upside breakout of 1.6259 will open 1.6380/1.6440.
Description:A short term top has been confirmed at the the 1.6259 levels, stability below this level will keep the pair under pressure, losing the 1.5893 levels will have large bearish implication towards the 1.5750 ahead of 1.5426 levels.On the upside , to resume its…
Added by Haitham653 on November 4, 2013 at 4:57am — No Comments
Recommendations: SHORT positions below 1.6252 with 1.5893 & 1.5528 as next target.
Alternative scenario:The upside breakout of 1.6252 will open 1.6700/1.7000 levels.
Description:The GBPUSD has been trading below the 1.6252 levels for almost 2 years, this level served as strong resistance in medium term , stability below this level on a monthly basis will keep the pair under pressure with risk towards 1.5893 levels, losing this…
Added by Haitham653 on November 4, 2013 at 4:53am — No Comments
Currently we are at 1.3765 after putting in a top. The Trend is your friend till it bends and we are bending. Look for the square up at 1.3710 as the next target down. The average daily true range (ATR) for the pair currently is 113 pips.…Continue
Added by Scott Barkley on October 30, 2013 at 1:03pm — No Comments
The USD moved slightly higher during the Asian trading session, particularly against the GBP, AUD and NZD. Meanwhile the EUR is doing well, it’s trading slow which is fine as we are tracking a corrective retracement from latest highs. EUR is the strongest compared to other currencies, so if you want to be short USD then EUR long may not be a bad idea.
Well, on the hourly chart of the EURUSD we see prices moving down in three legs from the peak with an ending diagonal in wave c)…
Added by Gregor Horvat on October 29, 2013 at 9:00am — No Comments
EURUSD : With the key support 1.3740 intact , further upside couldn't be ruled out, but the pair needs to clear 1.3832 first( 61.8%) retacement of the big run 1.2042/1.4940, there's a risk of topping around this level , support comes at the 1.3740 levels, a break below this level will turn focus on the 1.3650 levels, further out will aim the 1.3472 levels, losing this level will confirm topping at 1.3832 and should open 1.3104 levels.
On the upside: to resume its…
The GBPUSD maintained some bearish momentum yesterday , topped at the 1.6256 levels, and bottomed at the 1.6118 levels, now pressure will be on the 1.6118 levels.
The GBPUSD will have told below the 1.6118 levels on a daily closing basis to push the market for further downside losses,If seen , It will target the 1.5893 levels, a halt is strongly suggested and we might see reversal to the upside ,but If 1.5893 fails, expect the market to weaken further towards the 1.5426…
Added by Haitham653 on October 24, 2013 at 9:53am — No Comments
GBPUSD spiked down to 1.5890 last week but then reversed strongly to the upside, above 1.6120 swing. If we take a look on the latest decline more closely then we can actually count 7 legs down from 1.6260 which is the number of subwaves in corrective retracement. With that said, we suspect that GBPUSD will remain supported and attack 1.6260 high and probably extended up to 1-6300 while 1.5892 holds as a support.
GBPUSD 4h Elliott Wave Analysis…Continue
Added by Gregor Horvat on October 23, 2013 at 3:49am — No Comments
The GBPUSD recovered strongly last week, printed a new support at the 1.5893 levels, this development leaves the pair targeting the 1.6259 levels ; to resume its upside offensive ,the GBPUSD will have to hold above the 1.6259 levels on a weekly closing basis ,If seen ,It will target the 1.6380/1.6440 levels where a breach will turn focus on the 1.6750 levels.
Alternatively , a failure to hold above the 1.6259 levels could mean a return to the 1.5893 levels, losing this level on a…Continue
Added by Haitham653 on October 19, 2013 at 7:00pm — No Comments
Currently we are at 1.5934 after the break of the bear flag. This is a 2 part trade opportunity. 1) We are looking for a bearish continuation to the S5 @ 1.5881 and 2) the next target the support @ 1.5826. The average daily true range (ATR) for the pair currently is 102 pips.…Continue
Added by Scott Barkley on October 15, 2013 at 12:55pm — No Comments
EURUSD : No change , with the key support 1.3104/1.3325 intact on a weekly basis, further upside couldn't be ruled out , on daily support is at 1.3461 levels, so more upside is suggested , resistance is at 1.3645 levels , a break would target the 1.3710 levels. further upside will aim the 1.3785 levels, above the 1.3785 will look for the 1.3870 levels ahead of the 1.4025 levels.
On the downside, losing 1.3461 on a daily basis will confirm short term topping and is…Continue
US is trading higher for the last 24 hours after President Barack Obama nominated Janet Yellen to head the Federal Reserve. USD index is at new swing high after recent corrective retracement to 79.90. Current bullish leg is quite strong so we believe it’s a new impulse leg that should unfold in five waves. As such, we expect more upside in the next two sessions, ideally up to 80.70. Meanwhile other currencies should remain under pressure.
Below we are looking at cable, which fell…Continue
Added by Gregor Horvat on October 9, 2013 at 2:25pm — No Comments