EURUSD Weekly Summary:
The EUR/USD bearish pressure was paused this week. On h4 chart below we can see that price is now testing the upper line of the bearish channel. Violation to the upside of the bearish channel could be a serious threat to the bearish outlook but I still believe that only a movement above the right shoulder of the head and shoulders formation around 1.2930 will cancel my bearish technical outlook. We also have a rising wedge formation inside the bearish channel. A break below the rising wedge confirms the bearish continuation targeting 1.2523 1.2470 region.
Have a great weekend and see you guys next week.
The EUR/USD bearish pressure was paused this week. On h4 chart below we can see that price is now testing the upper line of the bearish channel. Violation to the upside of the bearish channel could be a serious threat to the bearish outlook but I still believe that only a movement above the right shoulder of the head and shoulders formation around 1.2930 will cancel my bearish technical outlook. We also have a rising wedge formation inside the bearish channel. A break below the rising wedge confirms the bearish continuation targeting 1.2523 1.2470 region.
Have a great weekend and see you guys next week.
Filed under Latest FX Articles · Tagged with bearish outlook, continuation, head and shoulders, technical outlook, wedge formation
EURUSD Forecast:
The EURUSD had a significant bullish momentum yesterday, break above the rising wedge formation as you can see on my daily chart below. This fact confirms the bullish continuation scenario which is started after price break above the falling wedge on June 14 targeting 1.3340. Immediate support at 1.3115 area. Break below that area could lead us into neutral zone in nearest term but overall we are still in strong bullish phase.
GBPUSD Forecast:
The GBPUSD also had a significant bullish momentum yesterday. Not only my short and medium term technical outlook are in bullish mode, but I think now is also the time to think about the long term outlook where the bullish power seems ready to test the trendline resistance (white). Nearest bullish target around 1.6000/50 while weekly bullish target is seen around 1.6150. Immediate support at 1.5815. Break below that area could lead us into neutral zone in nearest term but overall we are still in strong bullish phase.
USDJPY Forecast:
The USDJPY didn't make significant movement yesterday. The bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance at 86.87. Break above that area could trigger further upside recovery testing 87.50 and the trendline resistance area but I still prefer short on rallies strategy at this phase. Initial support at 85.96. Break below that area could continue the bearish pressure testing 84.82 region.
USDCHF Forecast
The USDCHF was volatile but indecisive yesterday. On h4 chart below we can see price is now struggling around the 1.0399 support area. The bias remains neutral in nearest term but still within a major bearish scenario. Nearest bearish target remains at 1.0320 before testing 1.0220. Immediate resistance at 1.0500. Break below that area could diminish the bearish pressure and activates my wait and see mode.
Have a great day!
The EURUSD had a significant bullish momentum yesterday, break above the rising wedge formation as you can see on my daily chart below. This fact confirms the bullish continuation scenario which is started after price break above the falling wedge on June 14 targeting 1.3340. Immediate support at 1.3115 area. Break below that area could lead us into neutral zone in nearest term but overall we are still in strong bullish phase.
GBPUSD Forecast:
The GBPUSD also had a significant bullish momentum yesterday. Not only my short and medium term technical outlook are in bullish mode, but I think now is also the time to think about the long term outlook where the bullish power seems ready to test the trendline resistance (white). Nearest bullish target around 1.6000/50 while weekly bullish target is seen around 1.6150. Immediate support at 1.5815. Break below that area could lead us into neutral zone in nearest term but overall we are still in strong bullish phase.
USDJPY Forecast:
The USDJPY didn't make significant movement yesterday. The bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance at 86.87. Break above that area could trigger further upside recovery testing 87.50 and the trendline resistance area but I still prefer short on rallies strategy at this phase. Initial support at 85.96. Break below that area could continue the bearish pressure testing 84.82 region.
USDCHF Forecast
The USDCHF was volatile but indecisive yesterday. On h4 chart below we can see price is now struggling around the 1.0399 support area. The bias remains neutral in nearest term but still within a major bearish scenario. Nearest bearish target remains at 1.0320 before testing 1.0220. Immediate resistance at 1.0500. Break below that area could diminish the bearish pressure and activates my wait and see mode.
Have a great day!
The Euro crosses are mixed while the Yen crosses show signs of topping.
Here is the technical outlook for the EUR/USD:
http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-07-30.html
Longer term trends in the Yen crosses are bearish but I can't rule out near term strength just yet.
