Aud/Jpy is in final stage of it’s triangle formation. Once pattern is complete, a person can expect a sharp thrust off towards it’s initial target of previous wave 4. For more details of target, kindly visit my previous posts. 

Recommendation: short can be build up slowly here

• 100.85 – ⅓ position…

EUR has found a temporary support at 1.2800, but we have still chances to go to 1.2700 this week, for this we need another test of 1.2900. The price is currently very shy going upside, and seems that at any moment this would reverse to the downside again.Tomorrow will be the key as EU leaders' summit starts and later in the day mr.Bernarke will speak, finally the FOMC decision which will be a no surprise. With some good EU data and a little help from mr.Bernarke EUR may reach the 1.2990 area…

EU GBP Gold and Oil Forecast 21 May 2013





EUR/USD



Buy AT:1.2893

Stop Loss:1.2857



Tp1:1.2898

Tp2:1.2909

Tp3:1.2932

Follow Till:1.2984



Sell AT:1.2857

Stop Loss:1.2893



Tp1:1.2852

Tp2:1.2841

Tp3:1.2818

Follow Till:1.2766



GBP/USD



Buy AT:1.5262

Stop Loss:1.5220



Tp1:1.5267

Tp2:1.5276

Tp3:1.5301

Follow Till:1.5358





Buy AT:1.5262

Stop…

Good afternoon forex,

Nice to see all seven currencies meet or exceed my expectations today as per my trading plan. Support and resistance lines tracked according to my specs and volatility was equally matched. After reviewing today's price action here's my technical blueprint.

USDCAD: Closed at 1.0239. Resistance now at or near 1.0295. Minor support at or near 1.0218 followed by stronger support at or near 1.0150. BIAS: Mildly bearish. Catalysts: CAD…

UBS - "The dollar remains our favoured currency for 2013. The US economy is likely to expand more than its peers. The Federal Reserve is set to exit uncoventional monetary policy before other major central banks. Dollar diversification by central bank reserve managers and sovereign wealth funds is subdued, and America's shale energy revolution is cutting its current account deficit. Our bullish view on the greenback has become more consensus now. But if the dollar does embark on a multi-year…

For today:

SHORT EUR below 1.2850 SL 1.2860 TP 1.2800-1.2770

LONG EUR above 1.2860 SL 1.2840 TP 1.2905-1.2925-1.2950

SHORT GOLD below 1370 SL 1375 TP 1300-1290

Good luck!

EUR has bounced back from the fibo level at 1.2915 and currently is trading around support of 1.2850. We are in a quite interesting technical situation. 1.2850 is a serios support level, breaking below have to take us far more down, breaking above that again will be hard too. Technically breaking of 1.2850 will take us at least 150 pips down to 1.2700, downside may extend even to 1.2620. One of these both has to bounce and the price will reverse to the upside reaching 1.3000 once again…

TD Securities - "USD/CAD’s rally from the 1.0014 low last week struggled at the 50% retracement point before the advance resumed and we largely expect a similar pattern of trade as the market stalls around the 76.4% retracement resistance now. A minor consolidation in the market should be followed by renewed gains through the 1.0225 resistance area (intraday pivot as well as retracement resistance). We look for good support intraday to the mid 1.01 area (some risk of a slip back to the…

Another day - another fall, deeper and deeper we go and seems there is no end. First test of 1.2850 was unsuccessful, there was only about 30 pips pullback for now and maybe another test will follow today, breaking of 1.2850 will lead us quickly to 1.2730-1.2700. Weekly indicators are negative and heavily point to the downside with first target 1.2760. Daily indicators show that soon a correction will follow. H4, H1 and smaller frames show that correction is trying to begin. The correction…

Westpac - "USD strength has been a key theme of late. The bulk of its gains however have been posted against a motley bunch of currencies. In the last month USD strength has been concentrated primarily against the likes of AUD, SEK, NZD and CHF. Over the last week JPY, NZD, AUD and CHF have ceded the most ground to the USD. EUR on the other hand, while lower over both the last week and month against the USD, has weathered the USD’s rally comparatively well.

(...) Our longer term…

TD Securities - "We have upgraded our outlook for the USD across a broad front. We are adjusting our views to reflect some market developments that have occurred a little more rapidly than we had expected (such as the push up in USD/JPY). But we are also recognising the emergence of some trends that we feel support our long-held view that the USD’s secular bear trend is very mature and is poised to show signs of a further recovery.

(...) We have upgraded out USD/JPY forecast to reflect…

Societé Generale - "The FX markets are now under the influence of a trilogy of themes: the American economic revival, diverging monetary policy expectations and the (unfinished) euro area (EA) crisis.

Those themes all point in the same direction: a stronger dollar. Dollar strength is now far less dependent on risk conditions; the US economic outperformance and the fears of a not-too-distant Fed exit imply that the dollar is no longer a funding currency of choice in the carry trade. The…

BMO Capital Markets - "We foresee at least two powerful factors acting in favour of the USD over the short-run: improving spreads vis-à-vis the rest of the world and reasonably light US capital outflows relative to the middle of the last decade. On the former point, there is every reason to believe that the concurrent economic weakness in Asia and inside of EMU as well as very low rates in general outside of the US will favour US rates over foreign rates. Despite this short-term…

J.P. Morgan - "As has occurred about twice a year during the post-Lehman era, a global rates sell-off is ripping through currency markets. Month-to-date, 10-yr Japan is up 11bp, Germany and Australia +13bp, UK +18bp and US +21bp, while the dollar has rallied versus 70% of currencies (exceptions this month have been NOK, CNY, MXN, MYR and PEN). FX correlations, which had fallen to 2.0% multi-year lows in the presence of numerous country-specific events this year, have popped higher, as one of…

EUR performed a flat consolidation within a narrow range yesterday and tested once again support 1.2940-50 but quickly recovered showing that around 1.2950 there are a lot of buyers. This morning we have a jump higher reaching the MA200 on H4 @ 1.3025. breaking above that MA200 will take us to 1.3070. However further upside today will be difficult and is very possible the price to reverse this afternoon back to 1.3000. Daily and H4 indicators are bullish, smaller too, just H1 is bearish at…

Aud/Usd broken it’s bearish trend-line in 60min chart, while in 240min chart, it’s complete it’s ending diagonal pattern, as a part of wave v of wave [3].

I am expecting pull back here, we are looking for possible target zone in wave [4] as follow:

1) 1.0027 – 23.6% Fibonacci Target

2) 1.0085-1.0095 –…

EUR dropped down on Friday as the second test of 1.3190 was unsuccessful. In fact i was expecting a fail a little above and making a double top. Currently EUR has stopped at the 1.2960 support but the downside pressure is still too strong on H4, indicators on H1 show a close recovery to 1.3020 and drop again to 1.2950 at least. The target will be 1.2860 area, where is the diagonal support line starting from in 1.2050. I think it will bounce this time too, so go long close to 1.2860 and…

Rabobank - "We have been arguing over the past month that while the yen should remain on a weakening trend that the upside potential of USD/JPY would be slowed if the market was paring back the size of its USD positions. This view seems to have been upheld in April though yesterday’s break of the psychologically important USD/JPY100 levels has injected fresh life into the currency pair. Over the coming weeks we continue to expect that the tone of the USD will be key in determining the pace…

GBP/USD is forming the bullish setup as mentioned on my earlier post.So Keeping that in mind, we require to have see 1.5700-1.5750 in coming days. Pair already confirmed the bullish idea by breaking the channel out and can label as described in below image. Any long should have stop loss @ 1.5465

On alternate idea, we can expect a flat correction, but the probability of flat correction is very…

EUR has made some progress to the upside and the diagonal support line of which i have talked yesterday has done a good job. EUR has reached three of my long targets and now consolidates around the support zone 1.3150-65. It is very likely in the following hours to make another test of 1.3195 and if unsuccessful to reverse back to 1.3130. Please note that any drop below 1.3085 will take us quickly to 1.3000 and maybe below. For now 1.3130 serves as a good support so you may enter LONG there…