FXOpen - Forex Analytics

EURUSD Daily Forecast: February 09

FxOpen — Mon, 08 Feb 2010 18:45:26 GMT

EURUSD Forecast:
The EURUSD made indecisive movement yesterday. Price attempted to push higher, topped at 1.3713 but closed lower at 1.3647. We have nothing significant so far and the market seems consolidating but still in a bearish scenario. However the hammer candlestick pattern I showed yesterday, remains indicating potential upside correction testing 1.3750 key resistance area and only a break below 1.3585 could cancel the bullish correction scenario, continue the bearish momentum targeting 1.3490 - 1.3400 area this week. On the upside, break above 1.3750 should trigger further bullish correction towards 1.3850 - 1.4030 area.

Daily Forecast for Crosses: February 09

FxOpen — Mon, 08 Feb 2010 18:36:56 GMT

EURJPY Forecast
The EURJPY made another indecisive movement yesterday. The bias remains neutral as price seems to trapped in range area of 123.30 - 120.69 area but still within a bearish scenario. The best strategy in this situation is to short around 123.30 or long around 120.69 area with a tight stop loss.

GBPJPY Forecast
The GBPJPY made indecisive movement yesterday, formed a Doji on daily chart indicating consolidation but still in a bearish scenario outlook. The bias is neutral in nearest term. On daily chart below we can see that price is now struggling around key level 139.30 area. We need a consistent move below that area to continue the bearish momentum targeting 137.30 area before testing 134.50 level. Immediate resistance at 140.00 area. Break above that area should trigger further bullish correction testing 141.50 area as bearish momentum might get exhausted.

AUDUSD Forecast
The AUDUSD didn't make significant movement yesterday indicating consolidation phase. On h4 chart below we can see that price trapped between 0.8717 - 0.8575 area. The bias remains neutral but still in a bearish scenario outlook. Break above 0.8717 should trigger further bullish momentum testing 0.8780 and the upper line of the bearish channel. Break below 0.8575 should continue the bearish scenario towards 0.8467 area.

GBPUSD Daily Forecast: February 09

FxOpen — Mon, 08 Feb 2010 18:28:29 GMT

GBPUSD Forecast:
The GBPUSD also made indecisive movement yesterday indicating consolidation after significant bearish momentum. No significant movement so far. The bias is neutral in nearest term but still in the bearish scenario. Immediate resistance remains at 1.5650 - 1.5707 area. Break above that area should trigger further bullish correction testing 1.5800. Initial support at 1.5550 - 1.5500 area.� Break below that area should trigger further bearish scenario towards 1.5250 area this week.

USDJPY Daily Forecast: February 09

FxOpen — Mon, 08 Feb 2010 18:23:57 GMT

USDJPY Forecast:
The USDJPY didn't make significant movement yesterday. On h4 chart below we have a triangle formation indicating consolidation. The bias remains neutral in nearest term but my bearish scenario targeting 86.60 area this week should remains intact. A breakout above the triangle should trigger further bullish momentum testing 90.00 area while a breakdown below the triangle should trigger further bearish momentum testing 88.50 area. As long as price stay below 90.00, I still prefer a bearish scenario.

USDCHF Daily Forecast: February 09

FxOpen — Mon, 08 Feb 2010 18:18:09 GMT

USDCHF Forecast
The USDCHF attempted to push lower yesterday, slipped below 1.0700, bottomed at 1.0683 but closed higher at 1.0733. This fact should keep the bullish scenario at least targeting 1.0850 intact but overall we are still in consolidation phase as there is no significant technical movement so far. Initial support at 1.0683 - 1.0650 area. Break below that area should trigger further bearish correction testing 1.0600 - 1.0507 area.

EUR/USD Daily Review 08 Feb 10

FxOpen — Mon, 08 Feb 2010 09:09:47 GMT

Simultaneous Release at www.thegeekknows.com

Hello all,

anyone suffering from the blues? I am o k . surprisingly indeed

The EUR/USD gained a relief of sorts today as it crosses back to 1.3700+.

The S&P 500 gained some bullish momentum similarly.

Oil has dropped below $70 for now and i am monitoring it closely for signs of breakdown. I mentioned previously that oil can be an indicator of economic health and being under $70 may suggest further breakdown of the economy.

Gold is currently valued around $1066+. It is affected by the strengthening US Dollar as it is priced in US Dollar. However as gold may be a "safe asset" of choice when it comes to stormy weather, there may be demand behind the scene.

***

Two points i will like to talk about that may have caused sentiments to improve.

Firstly, in the G7 meetings over the weekend, ministers of the various countries agreed that economic stimulus measures should continue despite growing pressure on deficit issues. While this may bring about positive sentiments, let us not forget that growing pressure may hamper progress. For example Greece's strike issues.

Next will be analysts recommendation lift of Google Inc., Amazon.com Inc. and Home Depot Inc. A lift among a majority of dampening outlook should be a great welcome. However the market does not revolve around a few companies and more remains to be seen.

There you have it, each "positive" sentiment can be matched with an equally "negative" one. Hence we can see this reflected in the charts now. Slow moving price action with no determined push in either directions. We have to understand the issues such as countries having problems with their deficits are far reaching and a few better than usual developments will probably not be enough to flip the sentiment switch to positive.

ECB President Trichet is due to spend a few hours later and hence do be on a look out for unexpected spikes. Investors will usually dissect the speech for possible clues and indications for future policies.

Bullish pressure may target 1.3740/1.3800.

A comeback of the bears may mean a visitation to 1.3680/00.

***

Arrggh! I am very late for my date with sleep. She is very petty and may throw a temper of migraine if i am too late. Sigh. Well at least i am not blue today. ( At least not blue enough to be "blue" ) Take care and i'll see you soon koalas!

Trade Safely.

Read more Forex Articles and Views by The Koala at www.thegeekknows.com

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EURUSD Daily Forecast: February 08

FxOpen — Sun, 07 Feb 2010 19:52:04 GMT

EURUSD Forecast:
The EURUSD attempted to push lower on Friday, bottomed at 1.3585 but closed higher at 1.3664, formed a hammer candlestick formation on daily chart indicating potential upside correction testing 1.3750 resistance area, but overall the bearish scenario should remains intact as long as price move inside the bearish channel and I still prefer to sell on rallies. Break above 1.3750 area could trigger further bullish correction back towards 1.3850 even 1.4030 area. Initial support at 1.3585 (Friday's low). Break below that area should trigger further bearish momentum with technical target around 1.3490 - 1.3400 area this week.

Daily Forecast for Crosses: February 08

FxOpen — Sun, 07 Feb 2010 19:45:21 GMT

EURJPY Forecast
The EURJPY made indecisive movement on Friday. On h4 chart below we have a hammer formation indicating potential upside pullback after significant bearish momentum on Thursday, especially if price able to move consistently above 122.10, testing 123.30 today. Initial� support at 120.69 (Friday's low). Break below that area should continue the bearish scenario towards 117.50 in longer term.

GBPJPY Forecast
The GBPJPY attempted to push lower on Friday, bottomed at 138.23 but closed higher at 139.69. I still prefer a bearish scenario at least targeting 137.80 area but the nearest bias is neutral. CCI in oversold area and heading up on h4 chart suggesting potential upside pullback testing 140.28. Break above that area could trigger further upside correction testing 141.50 resistance area. Initial support at 139.30. Consistent move below that area should trigger further bearish momentum.

AUDUSD Forecast
The AUDUSD made indecisive movement on Friday. Price attempted to push lower, bottomed at 0.8576 but closed higher at 0.8670. The bias is neutral in nearest term but overall I still prefer a bearish scenario with sell on rallies strategy. Expected range at 0.8575 - 0.8780.

GBPUSD Daily Forecast: February 08

FxOpen — Sun, 07 Feb 2010 19:37:49 GMT

GBPUSD Forecast:
The GBPUSD continued its bearish momentum on Friday, break below 1.5707, bottomed at 1.5557 but closed a little bit higher at 1.5629. This fact should trigger further bearish scenario in long term targeting 1.5250 area but the nearest bias is neutral. CCI in oversold area and heading up on h4 chart suggesting potential upside correction testing 1.5650 - 1.5707 area. Break above 1.5707� should trigger further bullish momentum towards 1.5800. Immediate support at 1.5550 - 1.5500 area. Break below that area should trigger further bearish scenario towards 1.5250 area this week.

USDJPY Daily Forecast: February 08

FxOpen — Sun, 07 Feb 2010 19:30:48 GMT

USDJPY Forecast:
The USDJPY was corrected higher on Friday, topped at 89.87 but closed lower at 89.37. The bias is neutral in nearest term but overall I still prefer a bearish scenario with technical target around 86.60 area this week after the trendline support (red) was violated on Thursday (Feb 04). Immediate resistance at 90.00 area. Initial support at� 88.50.