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Forexpros Daily Analysis - 02/11/2010
ForexPros Daily Analysis November 02, 2010
Pound Trying to Break Range, Yen Near All Time Low
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Euro Dollar
The euro is in a range, in a wedge. The range is narrowing into a wedge.Euro is holding extension long setup at 1.3748, with target at 1.4355.Larger multi year short at 1.3396, is acting as resistance. Near a clear break of 1.416 or 1.369 for direction.
On a 15 min chart, euro holding a dirty long (setup broke in its previous measured move long). Target is 1.4075.
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GBP/USD
Looks stronger than the euro, and is knocking at the top of its range. Pound is in long setup at 1.5704, with target at 1.6297, which coincides with target of longer term long from 1.539. The multiyear short, 61.8% line at 1.5967 has acted as strong resistance.
On 15 min chart, the pound has been in measured moves longs and is currently holding and front running the long at 1.5983, with target at 1.614.
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USD/JPY
Yen hit new yearly low at 80.23 and close to breaking all time lows at 79.7. This is a major area of support and we must remain alert for possible Bank of Japan intervention. Trade carefully.On the 15 min chart. In measured moves short, off 50% at 80.75, target at 80.116. Larger 50% at 81.108, with target at 79.823.
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Forex trading analysis written by Diana Rochford for Forexpros.
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 04/11/2010
ForexPros Daily Analysis November 04, 2010
Euro, Pound March Towards Long Target
Fed day provided some volatility with Euro and Pound pulling back into their next long setups. Interest rate decisions in the euro area (8:45am est) and the UK (8am est) should provide additional volatility Thursday morning.
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EUR/USD
Daily: Euro has just broke range. Not as convincingly as the pound. Marching towards target of 1.4355, from large 50% extension long at 1.3748. Extension longs like to run to their 61.8% line, in this case, 1.467. Still need to watch for real break from range.
In 15 minutes, euro holding long at 1.4088, with target at 1.4225.
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GBP/USD
Daily:Confirmed its long setups of 50% of 1.539 and 1.5704, with joint targets of 1.6299.
15min: The pound is in its long setup 50% at 1.6079, and is currently being held up by daily pivot at 1.6068. Today the pound pulled back to next setup at 50% at 1.6024. targets at 1.6228, 1.6247.
USD/JPY
Still in short setups. In extension short at 81.52, with target at 79.55. A retracement would not be strange after hitting its yearly 21.3% target.
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Forex Trading analysis written by Diana Rochford for Forexpros.
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 04/11/2010
ForexPros Daily Analysis November 04, 2010
Euro, Pound March Towards Long Target
Fed day provided some volatility with Euro and Pound pulling back into their next long setups. Interest rate decisions in the euro area (8:45am est) and the UK (8am est) should provide additional volatility Thursday morning.
---
EUR/USD
Daily: Euro has just broke range. Not as convincingly as the pound. Marching towards target of 1.4355, from large 50% extension long at 1.3748. Extension longs like to run to their 61.8% line, in this case, 1.467. Still need to watch for real break from range.
In 15 minutes, euro holding long at 1.4088, with target at 1.4225.
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GBP/USD
Daily:Confirmed its long setups of 50% of 1.539 and 1.5704, with joint targets of 1.6299.
15min: The pound is in its long setup 50% at 1.6079, and is currently being held up by daily pivot at 1.6068. Today the pound pulled back to next setup at 50% at 1.6024. *targets at 1.6228, 1.6247.
USD/JPY
Still in short setups. In extension short at 81.52, with target at 79.55. A retracement would not be strange after hitting its yearly 21.3% target.
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Forex Trading analysis written by Diana Rochford for Forexpros.
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 08/11/2010
ForexPros Daily Analysis November 08, 2010
Forex Analysis For EUR/USD, GBPUSD and GBP/JPY
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
The overall trend for this pair is DOWN for the week.
Forex Technical Analysis
Weekly Chart
For the GBPJPY, the price failed to break below the support level of 126.791 last week and has move upward toward its resistance level. The trend channel resistance level is pretty strong as it has been retested several times before. (See Middle Top Attached Picture)
4 Hourly Chart
An upward trend channel has been formed on this time frame which is opposite to the trend channel formed on the weekly chart. At the time of writing, the price has hits the resistance level and is moving down.
Hourly Chart
On the hourly chart, you well see the formation of a MACD negative divergence which is a sign that the price will move down. (See Bottom Attached Picture)
Overall Forex Analysis
The MACD negative divergence on the hourly chart is in confluence with the price hitting the resistance level on the 4 hourly chart. Therefore there is a high chance that the price will move down and there is an opportunity to go SHORT.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
The overall trend for EURUSD is bullish for the week.
Forex Technical Analysis
Weekly Chart
The formation of several spinning tops and inverted hammer shows that the price is in a state of indecision and maybe looking to move back down. However the down move is being supported by a Fibonacci 0.382 level. (See Top Right Attached Picture)
Daily Chart
Last week, the price has finally fulfilled its full Fibonacci extension by hitting the 1.618 level.
Overall Forex Analysis
There are opportunities to go SHORT this week due to the reversal candlestick patterns as well as the price fulfilling its full Fibonacci run.
3) Forex Trading Signal For GBPUSD
Forex Trend Analysis
The overall trend for this pair is UP for this week as there is a strong upward trend on the hourly, 4 hourly and daily charts.
Forex Technical Analysis
Weekly Chart
There is a Gartley pattern formation on this pair and there is a trading opportunity at 1.77860. (See Top Left Attached Picture)
Hourly Chart
At the time of writing, the price has broken below a trend channel formation and it constitutes a breakout trade. However it is too late to enter any trade now and if you are interested in trading this breakout, you can wait for the price to come back to retest this trend channel.
Overall Forex Analysis
In the short run, you can trade the breakout but in the long run, it seems that the price is heading up towards the 1.77860 level and you should be looking to trade the Gartley pattern
I will keep you updated about the Gartley pattern formation again.
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Forex Trading analysis written by Kelvin Lee for Forexpros.
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New on Forexpros the Forex Brokers Directory!
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 09/11/2010
ForexPros Daily Analysis November 09, 2010
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Euro, Pound Pulling Back to Next Long Setup. Yen Still in Short
Technically we are still in long setups. We are pulling back to the next long, ready for the next leg. Hard to say otherwise until we break below these levels.
Euro: The next extension long is at 1.3808. The line in the sand is 1.3696. A move below here may indicate a larger pull back. The target on the new long is 1.4503.
On the 15 min chart, we are in measured moves short. The euro reacted off it short (third measured move) at 1.3901, with a target at 1.3821. We are below the daily pivot at 1.3963, which may keep pressure on the shorts. At the moment S1 at 1.3842 is holding the market.
Pound: Hit its target on the daily chart and is now pulling back into its next long setup. The next traditional long setup is at 1.5976, with target at 1.646. Extension long is at 1.6, with 61.8% at 1.6053. If this breaks it can indicate it will pullback to its traditional long at 1.5976.
On 15min chart, between short at 1.6163 and long at 1.6079. Daily Pivot at 1.615 may place downwards pressure. Need to breakout either way to confirm direction.
Yen: Still in a short setup. Reacting off its next extension short at 81.49, with a target at 79.56.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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New on Forexpros the Forex Brokers Directory!
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.