Bias: While 87.00-05 (max 87.20) caps I feel we shall see losses extend to 86.25-33 & later 85.54-74
The losses from 87.75 appear to be constructive and I still feel we have further to go. This should see the 87.00-05 resistance cap again (max 87.20) and for the downside to make further progress below yesterday's 86.82 low. We have to take some care at 86.66-71 as it could generate a further pullback so take care - but overall this appears to be setting itself up for a retest of the 86.25-33 lows. I suspect a correction from around here but once complete should then extend lower to the 85.54-74 support. Again, a further correction is expected from here.
Therefore, only above 87.20 would threaten the 87.75 high and potentially then the 87.97-18 resistance. Still take care here but with this break it would tend to confirm the double bottom and therefore probably a total recycling back to the 89.14-20 area.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+55 pips)
The losses from 87.75 appear to be constructive and I still feel we have further to go. This should see the 87.00-05 resistance cap again (max 87.20) and for the downside to make further progress below yesterday's 86.82 low. We have to take some care at 86.66-71 as it could generate a further pullback so take care - but overall this appears to be setting itself up for a retest of the 86.25-33 lows. I suspect a correction from around here but once complete should then extend lower to the 85.54-74 support. Again, a further correction is expected from here.
Therefore, only above 87.20 would threaten the 87.75 high and potentially then the 87.97-18 resistance. Still take care here but with this break it would tend to confirm the double bottom and therefore probably a total recycling back to the 89.14-20 area.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+55 pips)
INTRADAY TRADING SIGNAL BY ACETRADER.COM: EUR/USD
EUR/USD: 1.2925
Late Update At 26 Jul 2010 02:52 GMT
Despite initial brief retreat to 1.2856 in early
NZ trading, euro's present firm breach of Fri's NY high of 1.2930 suggests upside bias remains for retest of 1.2966, break there wud encourage for gain twd 1.2992 but reckon prev. 1.3029 top shud hold.
Raise long entry for this move n only below 1.28
86/90 wud prolong choppy trading, risk 1.2856.
Range Forecast
1.2925 / 1.2955
Resistance/Support
R: 1.2966/1.2992/1.3029
S: 1.2886/1.2856/1.2828
http://www.acetraderfx.com
FXstreet.com (C�rdoba) - In a quiet session, the Pound has managed to rise a few pips against the Greenback over Asia, although it continues capped below 1.5300. Currently GBP/USD is trading at 1.5287, 0.19% above its opening price and approaching to retest Thursday's high.
EUR/USD: 1.2925
Late Update At 26 Jul 2010 02:52 GMT
Despite initial brief retreat to 1.2856 in early
NZ trading, euro's present firm breach of Fri's NY high of 1.2930 suggests upside bias remains for retest of 1.2966, break there wud encourage for gain twd 1.2992 but reckon prev. 1.3029 top shud hold.
Raise long entry for this move n only below 1.28
86/90 wud prolong choppy trading, risk 1.2856.
Range Forecast
1.2925 / 1.2955
Resistance/Support
R: 1.2966/1.2992/1.3029
S: 1.2886/1.2856/1.2828
http://www.acetraderfx.com
Filed under Forex and Currency Trading News, Latest FX Articles · Tagged with Forex, fxstreet com, greenback, pips, retest
Bias: While 1.0502-12 caps I look for extension to around 1.0370
Very clearly the upside did not work and this morning, since writing the general outlook, price has broken below the 1.0466 low to confirm an alternative structure. Right now we are on top of support at 1.0432 and I feel this could well cause a pullback to 1.0466 at least and probably the 1.0502-12 area. Look for bearish trade set ups there for losses back to
1.0432 initially and then to the 1.0360-80 area. Look for bullish trade set ups here for a correction higher.
Only an earlier loss of 1.0350-60 would concern and extend losses more directly through the 1.0320 swing low and down through 1.0265 to the 1.0201-35 area. Take care there as this could provide a larger bounce. Only an earlier break above 1.0515 would cause a retest of the 1.0537 corrective high and above there to the 1.0605 corrective high.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+70 pips)
Very clearly the upside did not work and this morning, since writing the general outlook, price has broken below the 1.0466 low to confirm an alternative structure. Right now we are on top of support at 1.0432 and I feel this could well cause a pullback to 1.0466 at least and probably the 1.0502-12 area. Look for bearish trade set ups there for losses back to
1.0432 initially and then to the 1.0360-80 area. Look for bullish trade set ups here for a correction higher.
Only an earlier loss of 1.0350-60 would concern and extend losses more directly through the 1.0320 swing low and down through 1.0265 to the 1.0201-35 area. Take care there as this could provide a larger bounce. Only an earlier break above 1.0515 would cause a retest of the 1.0537 corrective high and above there to the 1.0605 corrective high.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+70 pips)
Filed under Latest FX Articles · Tagged with bearish trade, bullish trade, pullback, retest, set ups
Hi everyone, and welcome back to a risk aversion Friday. Seems a normal behavior of market lately, but don’t get too used: we are entering summer, and summer equals lack of trend, choppy trading and low volume. Not much of fundamental news this morning, Euro succumbed again under 1.2300 and is testing the strong base in between 1.2240/60, while Pound approaches to 1.4850/60 area, 20 SMA in the 4 hours charts; should bounce back up here, to keep the bullish momentum alive and attempt a retest of the 1.50 levels
Yen remains strong, and despite yen crosses started Asian session heading north, they are back strongly down, seems USD/JPY will be following and testing back the 89.20 zone.
http://www.fxstreet.com/fundamental/economic-calendar/
Have a great day!
Filed under Latest FX Articles · Tagged with economic calendar, fxstreet com, retest, risk aversion, sma
