Forex Forum to Share, Discuss, Communicate and Trade Forex

Forex Analysis and News for Major Currency pairs

Dive deeper into the fundamentals of the market. If you come across any major Forex related news item or wish to share your opinions and ideas related to the local or global economy, this forum is the place for you. Share the news and views about Fundamental Analysis and economic events here.
Image

Forex Analysis and News for Major Currency pairs May 30 - Ju

Postby Profiforex_Victory » Tue May 31, 2016 5:21 am

This Analysis is brought to you by PROFIFOREX


EURUSD

Today Monday, the American dollar recorded gains against the euro. This was as the dollar was well boosted by comments coming from Janet Yellen the Federal Reserve chair. These comments pointed strongly in the direction of interest rates hike soonest. Janet Yellen had precisely indicated we could have interest rates in the closest months to come saying it "was appropriate" for the Federal Reserve to increase US interest rates "gradually and cautiously" if the growth in the US labour market as well as the US economy is maintained.
Thus today we saw the EURUSD pair moving up past 1.1125. This is quite close to 1.1098 which is a 10-week lows it had fallen to overnight.


There was much reduced trade today as markets in New York and London were shut observing a public holiday. Although European CPI data were quite positive; yet they were not strong enough to push the euro against the dollar as the hopes of interest rates which had been expected for too long had strongly supported the dollar.

The last time we had hike in interest rates was far back in December last year (which was almost the first time we saw US interest rates hike in about ten years). Janet Yellen had been particularly cautious of increasing interest rates pointing to a weak global economy. Certainly, should interest rates be increased, the American dollar would be the centre of attraction in the market. Also suggesting an interest rate hike soonest were statements coming from James Bullard who is the St. Louis Fed President. According to him today Monday, global markets seemed to be “well-prepared” for a possible interest rate hike from the US this summer, but he didn't dive further into details of what date particularly we could have the policy move.

Data coming from the United States had already been indicating a strengthening US economy. This is as the anticipated slowdown in the first quarter growth in the US economy was not as sharp as initial estimates had suggested. The US first quarter GDP-Growth had been revised upwards. Gross domestic product had gone up by a margin of 0.8% annual rate- initial estimates had suggested a growth of just 0.5% last month. And then the US economy had gone up by 1.4% according to the US Commerce Department. The EURUSD pair thus went up further moving up to 1.1132; an upward move of about 0.15% from the trough of two and half months the pair had fallen to overnight.

Support levels:1.0987, 1.1049, 1.1080
Resistance levels:1.1173 , 1.1235, 1.1266


EURUSD support and resistance: Image

EURUSD indicators: Image


Now looking forward. The dollar is looking set to maintain its gains up as the vibrant support from the hopes of Federal Reserve raising interest rates is still fresh. Janet Yellen had said this interest rate hikes would come if the US economy and labour market keeps growing. Thus this week, investors will be critically looking at the very crucial data on the U.S. non-farm payrolls as well. Should data on the U.S. non-farm payrolls be impressively positive, it will greatly increase anticipations of a possible June interest rate hike thus pushing the dollar up further against the euro.


USDJPY


The dollar rose to a four-week high against the yen today Monday. This was as a result of Federal Reserve Janet Yellen had given indications of a possible interest rate in the following months. Thus today, the dollar went up rising past 111.00 handle which is a one-month high as the dollar climbed up to 111.39 yen.

In the last G7 finance ministers meeting which was convened in Tokyo, there was an intense disagreement between Japan and the US pertaining to statements come from Japan of late. These comments had threatened that Japan would intervene should the yen begin its aggressive gains again as it had sometime of late. Taro Aso who is the Japanese Finance Minister Taro Aso had maintained his stand that those sharp gains we saw in the yen were “one-sided and speculative” and the previous gains of the yen had been "disorderly". US Treasury Secretary Jack Lew had gone against his opinion that the gains which the yen had earlier recorded were not disorderly. Yet today movements in the USDJPY were not inspired by this as the movement in the pair were dominated by Fed statements.

The rise of the US dollar in the market as of now is majorly due to very realistic hopes of rates increase. According to the reputable CME’s Fedwatch program ( a fed watchtool monitoring US economic policies), the chances that we can see interest rates hike in the meeting by June 14 had notably gone up to about 34% while that of a possible interest rate hike in the policy meeting to hold by June 26-27 had gone up to about 60%. This is about two times of what it posted last month.

From Japan, demand for the yen as a safe haven had been greatly affected as reports emerged that Shinzo Abe, Prime Minister of Japan is aiming to postpone the planned sales tax by over a year. This would mark the second time we have seen a delay in sales tax increase from Japan. Thus today we saw the USDJPY pair rising up to 113.34. This is a move up of about 0.9%. This increase in the currency pair is the peak it had gotten to since the 28th of April.

As well, data on Japanese Retail Sales had shown a decline. This is the second consecutive month the Japanese retail sales is contracting. The Japanese National Core CPI was not encouraging either as it posted a fall of 0.3%. This disappointing data coupled with a dollar strengthening on the prospects of close interest rates hike had pushed the dollar up against the Japanese yen with the USDJPY pair gaining as far up as 111.44. This move would set the dollar in its most impressive run of gains against the yen for the month of May.

Support levels:108.68, 109.07, 109.65
Resistance levels:110.62, 111.01, 111.59


USDJPY support and resistance: Image

USDJPY indicators: Image


Looking forward, for now, the US dollar is on strong form owing to the comments coming from the Federal Reserve on possible interest rate hike. Investors are heavily expecting that this June, the Federal Reserve would increase interest rates. Should data on US non-farm payrolls coming this week be positive,the dollar will only be stronger, gaining more against the yen.


GBPUSD

Today, in early trade, the GBPUSD turned around moving up from a low of 1.4588, the pair gained enough strength to move up to 1.4637. The strengthening British pounds defied the dollars despite statements from the Federal Reserve on potential rise in interest rates.

Opinion polls which are greatly going against a departure of the UK again from the EU. This seeming possibility that the UK will not leave the EU come the next critical referendum had reasonably boosted the British pound. Just last week, the pair had gone up, increasing for the second straight week. The pair had hovered today around the region of 1.4600 after struggling to break above the 1.4700 handle.

The pound thus made a recovery today after initially falling to the strength of the dollar when Janet Yellen immediately said interest rates were "appropriate". Job data as well as Investor sentiment will be coming from the United States will be a big decider as to if the Federal Reserve would make announcements of tighter monetary policy when they meet by the 15th of next month. This is just days before we have the very crucial UK referendum.


As the market went on Today, the odds that we could have an increment in the rates next month had doubled up. This is as federal funds futures which surveys the likeliness of the Federal Reserve raising rates had sprung up their reading for May; with the chances of increase rates rising as far as 30%. Thus eventually the pound fell to the further strengthening dollar as the GBP/USD went down by a decline of about 0.29 percent, dropping to 1.4596.

Support levels:1.4333, 1.4419, 1.4517
Resistance levels:1.4701, 1.4787, 1.4885


GBPUSD support and resistance:Image

GBPUSD indicators: Image

Looking into the future, the swings in support of the UK staying in the EU which is yet confusingly followed by swings supporting the UK to leave has caused great uncertainty in the UK; even pressuring the British pound. This uncertainty had even caused investment to drop in the UK as well as the UK service sectors showing decline; this uncertainty is making the pound less attractive now while dollar is going stronger as interest rates look to be increased. Thus the dollar could go up against the British pound.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for Major Currency pairs June 6 - 10

Postby Profiforex_Victory » Tue Jun 07, 2016 5:20 am

This Analysis is brought to you by PROFIFOREX

EURUSD
Dominant bias: Bullish

There was no big movement in the EURUSD either up or down as the USD looked likely to go down against the euro. Subsequently, prices for the EURUSD jumped up significantly by 220 pips closing last week at 1.1365. For now the pair looks set for the euro to make gains up though this could be compromised with Federal Reserve officials still maintaining a positive tone for interest rates to be hiked.

Though it is more likely that the pair could sustain its move up. With the UK on the verge of a pull out from the European Union, the general outlook of the euro is bearish. This means it could fall in its major pairs including the EURUSD.


USDCHF
Dominant bias: Bearish

The pair struggled to move past the resistance level of 0.9950. This occurring many times across the span of last week. Despite the zeal displayed by the pair to cross above 0.9550, it could not thus maintaining a distance from the mark of 1.0000. The pair saw large movement last week, waiting till Friday to consolidate, at which the pair notably fell even up the extent of dropping past the support level at 0.9750. This noteworthy fall formed a bearish confirmation thus establishing the possibility for the pair to drop further down to the support levels at 0.9650 and 0.9700. Now it can be inferred that if the EURUSD drops further, USDCHF is likely to see more traders scrambling to buy the pair.


GBPUSD
Dominant bias: Bearish

The pair made a push last week to rise remarkably. Prices attempted to rise above the 1.4700 mark only for the pair to fall down largely by 300 pips. This fall reduced the pair to the region of 1.4400. This was before it had risen up owing to disappointing data from the US on non farm payrolls. While a good number of currency pairs stand to experience weakened volatility this month, contrary to this, the GBP pairs stand out to see much volatility and movement this month majorly as a result of the upcoming Brexit referendum. This had resulted in an array of bullish and bearish movements. There is the possibility that the pair could be affected by many traders rushing to buy it. But this may not last long as for now those clamouring for the UK to leave the EU are gaining a louder voice. This is the first time this will be happening as regards those pushing for a UK exit to be leading.


USDJPY
Dominant bias: Bearish

There was also sideway movements in the pair as well, after failing to either move up or down notably last week. Last week Monday and Tuesday, the pair was on a losing end; falling freely with great speed. The fall in the pair last week Friday happened to be the largest such that the accumulated losses of the pair ran in to 420 pips. It is likely this week that the pair could push back, even ascending as far to the levels of 105.50 and 106.00. After this a reversal becomes a solid possibility.

EURJPY
Dominant bias: Bearish

The pair struggled to put together a push in the upward direction last week. But such move was halted at the level of124.00. After failing to rise past that 124.00 handle, the EURJPY began a fall; climbing down to 121.50. Just in the same character of the USDJPY currency pair, it appears it could drop further to the level of 120.50 or even worse at 120.00 before it attempts an upward comeback.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Here’s the market outlook for this week June 13- 17

Postby Profiforex_Victory » Tue Jun 14, 2016 5:20 am

EURUSD
Dominant bias: Neutral

For most of last month, the EURUSD currency pair was on the downward trend. But by June 3, there was an indication the pair would turn around and rise owing to a powerful bullish breakout. Despite this, the EURUSD failed to keep its pace up as the pair went down after attempting to rise above 1.1400 which is a resistance level. This has the made the trend quite unclear as gains of June 3 have been cleared by the strong downward movement of the pair across the last four days. But then, it is not certain that the pair would is on a downtrend- not until the pair falls as far below 1.1150. Only when the pair drops below this point can we surely expect a long fall of the currency pair. And then for the trend of the EURUSD to be up again, the pair has to at least cross above 1.1350 which is a vital resistance line.


USDJPY
Dominant bias: Bearish
Last week,there was no big movement with neither the dollar nor the yen gaining on each other. The pair was almost flat across last week. Though on Monday, the dollar made a push to move up against the yen, there is the strong possibility that the yen would reverse and make gains against the dollar. Thus it appears the USDJPY might go down this week even going as far down as 105.50 and 106.00 which are notable demand levels.


GBPUSD
Dominant bias: Bearish


Between last week Monday and Tuesday, the GBPUSD had risen up by 260 pips. This was not really in line with expectations as the pair had dropped down noticeably by 460 pips following its test of the distribution territory located at 1.4650. However big movements in the GBPUSD have been shocking so far. In fact, this month, we expect heavy movement in the pair as a very crucial referendum comes up the 23rd of this month where it will be decided whether Britain remains in the European Union or not. The swings in the chances of Britain breaking out have been responsible for the GBPUSD moving up and down so far. But on a longer term, we can say the british pound could drop further against the dollar.



EURJPY
Dominant bias: Bearish

For this pair, prices had risen up by over 165 pips across last week. But the push up for the EURJPY was halted at 122.50 which is a supply zone. On Friday, the pair had dropped to close at 120.37 which is about a fall of 250 pips. The points 110.00 and 120.00 being demand levels are very important to look out for as there is real chance the pair would fall down further.

USDCHF
Dominant bias: Bearish

This pair had dropped across last by week by over 178 pips. The decline has pushed the pair as far below to 0.9600 which is a noteworthy support level. Since the third of June when we had the crucial US jobs data turn out very disappointing, the USDCHF pair had dropped to 0.9577 which is a weekly low. This drop is over a fall of 290 pips. For now, it seems the pair might even fall further dropping past the levels of 0.9550. A detailed move up for the pair could be a solid reality should the pair rise to touch 0.9800 which is a critical resistance level.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for Major Currency pairs June 20- 24

Postby Profiforex_Victory » Tue Jun 21, 2016 3:43 am

This Analysis is brought to you by PROFIFOREX

EURUSD
Dominant bias: Neutral

All of the upward movement of the EURUSD last week have been nullified by downward movements. Gains in the pair so far across last week have been cancelled keeping the EURUSD stuck between 1.1150 which is a support line and 1.1300 which is a resistance line. Since there has been no distinct movement either up or down so far, we can say the market has been neutral. This neutrality of the market would not change unless prices fall below the 1.1100 support or on the other hand break above the 1.1400 resistance line. Now going further, should prices break past 1.1400, we could have a long stretch of upward movements or gains in the pair. Equally, should prices fall down below the 1.1100 support line, there could be stretch of downward movement or losses. For now the trend is not clear but then there is the solid chance there would be lot of movement in the pair for this week. Most likely, it appears it could be downward movement in the pair.


EURJPY
Dominant bias: Bearish

At the moment, it appears the EURJPY is on a downtrend just like it is across many JPY pairs. Now there is a Bearish Confirmation Pattern in place now in the market so it is possible prices could get to demand zones at 117.00, 116.00; even dropping down to 115.00 next week.
The EURJPY had briefly touched 117.00 and 116.00 levels last week; thus there is the prospects that it could be tested again across the next four days. Worth noting here is should the euro face any pressure this week, then any tangible gain in the EURJPY would be quite hard to see.


GBPUSD
Dominant bias: Bearish

No unusual movement is really expected on GBP pairs for the next four days. This is because to have very sharp market movements, we need to have event we never anticipated
the least. Whereas the possible exit of Britain from the EU is well anticipated as of now. There could be large moves of course, but most likely they wouldn't be beating what we have had so far this year. Now due to the referendum to hold on Thursday, the GBPUSD (as well as a lot of other GBP pairs) could go in one unique direction with no reversal ( or very little if there must be) but then it wouldn't be enough to surprise us. As such for the week the outlook remains bearish, thus it is possible for the pair to fall further.


USDJPY
Dominant bias: Bearish

Just in line with our previous forecast, the USDJPY had actually crashed across last week by over 295 pips. This massive fall brings the USDJPY below the demand level of 104.00 after which it start swinging sideways again. So far the USDJPY has dropped by almost 548 pips since this June began. It is even likely the decline of the USDJPY would stretch a while longer as prices aim for 103.00 and 103.50 both of which are demand levels.


USDCHF
Dominant bias: Bearish

Last week, there was sideways movement in the pair with up and down movements. The sideway movement is more in the downward direction. Now, for the USDCHF to continue to fall, it will have to drop below the 0.9550 support line. And then should the pair fall further, it could spark a reversal with the USDCHF turning around to make gains even rising as far to reach the 0.9800 resistance line setting up a Bullish Confirmation Pattern.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for Major Currency pairs July 4- 8

Postby Profiforex_Victory » Tue Jul 05, 2016 5:18 am

This Analysis is brought to you by PROFIFOREX


EURUSD
Dominant bias: Bearish
Last week, prices for the EURUSD climbed up by 150 pips; even attempting to break above the resistance line located at 1.1150. Despite this remarkable run up, the overall trend is still bearish. For this to change and the trend reverse to bullish, prices may have to move up by a minimum amount of 300 pips from here. If this doesn't happen, then it is very likely that this week, prices would fall down further even as far as touching the support lines at 1.1100, 1.1050 and 1.1000. Prices had actually crossed these support lines before, and would happen again with the trend remaining bearish.


USDCHF
Dominant bias: Bullish

Some weeks ago prior to June 23, the USDCHF market has been almost flat with no notable gains from neither the American dollar or the Swiss franc. But since the referendum of June 23, the USD has been gaining on the CHF in face of a weakening EURUSD. Just last week the USDCHF's bullish push to keep gaining was halted as the prices for the pair were drawn down falling on the the 4-hour chart. Thus we can see that the latest push up of the pair is quite dangerous with no solid certainty. This is as the pair could be forced down back into the neutral region the pair was prior June 23. But for this week, the pair has to make big gains to keep the trend bullish.



GBPUSD
Dominant bias: Bearish

Last week, the GBPUSD hovered around in a neutral region (making no significant losses nor gains) with the possibility increasing that the pair would crash down. On the 4-hour, weekly, as well as monthly charts - there was Bearish Confirmation Patterns. This pointed to the reality that the British pound was yet to fully recover from its losses.There are also the hopes that GBP pairs would still fall further - just in the similar fashion of decline must GBP pairs have been in since the previous two weeks. Although prices could make attempts to sustain their rise up at most by a few hundred pips, at the tail end, the trend for the GBPUSD would still be bearish with the pair more likely to fall. Though it is possible that this month, GBP pairs will still face strong movements.



USDJPY

Dominant bias: Bearish

Last week, prices for the USDJPY went flat. Now considering the chances of the USDJPY rising, it is not very likely that prices could make a notable climb up this week. This is because the trend being bearish is very strong now. Thus there is the heavy chance that prices for the USDJPY would still fall down this week. There is thus the likelihood that prices could crash farther down by a minimum of 200 pips at the beginning of the following week.

EURJPY

Dominant bias: Bearish

Despite the trend being bearish, prices contradicted this by making an impressive rise of 250 pips last week.There are supply zones located at 115.50 and 116.50. This week, it is possible prices might cross this zones. But then we don't see a quick end to the bearish trend for the EURJPY. In fact in the behavior of other JPY pairs, the EURJPY could fail to make a recovery in the next few months thus maintaining a downtrend. But this doesn't mean we will not be seeing gains from the EURJPY at all across this span of time.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for major currency pairs July, Week

Postby Profiforex_Victory » Tue Jul 19, 2016 5:10 am

This Analysis is brought to you by PROFIFOREX


Here’s the market outlook for this week:


EURUSD
Price Trend: Neutral

There was no significant movement in the EURUSD last week. The pair was stuck in the region between the support line placed at 1.1000 and the resistance line at 1.1150. Although last week Friday, prices attempted to cross below, but then it is very likely prices will remain above the support line at 1.1000. Now for this week, the chances are higher that prices would go up such that the EURUSD may rise as far as crossing the resistance levels 1.2000 before this week runs out.

EURJPY
Price Trend: Bullish

Last week the EURJPY rose up by 700 pips. Thus on the 4-hour chart, this gain formed a bullish confirmation pattern. Though as Friday came, the pair went down by over 200 pips on Friday. At the moment, the Bullish Confirmation Pattern is still valid. With this in mind, it is thus possible for prices to further go up this week. The trend will reverse from an uptrend to a downtrend should prices fall below 114.00 which is a significant demand zone.



GBPUSD
Price Trend: Bearish

Just in line with expectations, the GBPUSD made an attempt to rise up. Despite the push up, the trend remains downwards. A number of other GBP pairs like the GBPNZD and the GBPJPY had made attempts to push up too. The GBPJPY even went as far as climbing up by 1300 pips. Prices for the GBPUSD had moved up by a margin of 550 pips finishing the run up at 1.3480. At this point, the pair began crashing again. A bullish signal is forming on the 1 hour charts and the 4 hour charts, but then the general outlook for the GBPUSD remains bearish though it is possible prices may move up even turning the general trend upwards.



USDJPY
Price Trend: Bullish

As against what was anticipated, the price went up notably across last week (this increase was shared by other JPY pairs). The USDJPY remarkably moved up by 550 pips which pushed prices up to 106.00. With 106.00 being a supply level. Consequently there was a slight fall in prices last week Friday. At the moment, we have a Bullish Confirmation Pattern in the chart. What this implies is that there is the solid chance that prices would still move up. One thing that could prevent this is the American dollar getting weaker. This could cause a lot of traders to sell the dollar.


USDCHF
Price Trend: Bullish


Despite major attempts by the USDCHF to fall down,the pair managed to avoid a big crash last week. Prices impressively moved above 0.9850 which is a crucial resistance level. But then the move up was not strong enough to push the USDCHF to the resistance level at 0.9900. This very resistance level at 0.9900 has been one significant resistance level which prices have struggled to break above. Prices experienced a brief bearish correction on Wednesday and Thursday, yet this doesn't change the direction of the trend from being upwards. Prices may even move higher this week but there are some conditions that may play against the further move up. The first condition is that the CHF could gain strength any time for the month of July. The second condition is that the American dollar may lose strength by Friday this week. Thus the uptrend would be maintained for the USDCHF unless one of the above conditions happens.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for Major Currency pairs July, Week

Postby Profiforex_Victory » Tue Jul 26, 2016 4:22 am

This Analysis is brought to you by PROFIFOREX


Here’s the market outlook for this week:

EURUSD
Price Trend : Bearish

This past week, the downtrend got stronger, with the EURUSD falling lower by 100 pips. This fall dragged the EURUSD down such that the pair on Friday closed above 1.0950 which is a support line.
Existing for the EURUSD is a “sell” signal in the market. This has the possibility of testing the support lines at 1.0900, 1.0850 as well as 1.0800 for the next four days. Across this week, we expect the dollar to get stronger. Last week, there was no significant movement in many of the big pairs, but then there is a greater chance the major pairs would make big movements this week.

EURJPY
Price Trend: Bullish

The pair made a significant move to rise, but it halted at 118.46. Considering the strong possibility that the JPY pairs could fall this week, it becomes likely that the pair may drop down below the demand zones located at 115.50, 115.00 and 114.50. Now should prices fall below 114.00 which is a crucial demand level, the trend may turn downwards causing prices to crash.


USDJPY

Price Trend: Bullish
Last week, the USDJPY had gone up by 200 pips. This rise brought it very close to the supply level at 107.50. An attempt to move higher for the pair broke down as the USDJPY dropped down by about 150 pips. Despite the fact that on the 4-hour chart,we see a Bullish Confirmation Pattern, there is still a bearish trend for JPY pairs across the next four days. Having this in mind,we see that that the pair may even fall lower this week. The only likely thing to prevent this decline is the USD getting stronger.


GBPUSD
Price Trend: Neutral

There was sideways movement for the pair for last week that made the short-term trend look neutral. Yet for this week, we expect the pair to see big movement in the pair up and down which may eventually cancel out. The pair may attempt to push up but may find this difficult owing to a strengthening dollar. There are the expectations of mixed results for GBP pairs. The reason behind this is that the GBP currency pair could gain strength against some currencies which includes the NZD and the AUD. But then the GBP may get weaker against the Japanese yen.



USDCHF
Price Trend: Bullish

Despite many attempts to fall down, the USDCHF managed to keep its way up. This was actually impressive considering that there was not much gain above 0.9800 which is a crucial support line. There is yet one point that the pair is struggling to break past. This is the resistance level at 0.9900. But then there is hope for the USDCHF to break above this week. Movement in the USDCHF this week is very crucial as it is necessary for the pair to cross this 0.9900 resistance level so as to avoid falling back. One factor that will contribute to the push up for the pair is the USD getting stronger.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for Major Currency pairs August, Wee

Postby Profiforex_Victory » Tue Aug 09, 2016 4:23 am

This Analysis is brought to you by PROFIFOREX


Here’s the market outlook for this week:

EURUSD

Price Trend: Bearish


The EURUSD actually started going up in the ending of last month. But then the prices could not stay up for long. Although the EURUSD made a slight attempt to resume its rise on Monday and Tuesday last week; impressing in its climb above 1.1200 (a notable resistance line). Even rising as far as 1.1231 which is a weekly high. But at this point, prices fell massively, dropping down by 180 pips such that the currency pair closed above the resistance line at 1.1050. This point was actually tested on Friday before the market closed for the week. For now, we can say the price trend is bearish; as such prices still falling lower is a possibility. Thus we can expect prices to fall down approaching the support lines located at 1.1050 and 1.1000. Then at this point a reversal could occur. But if it does, it will not last long. The bearish trend needs to be very strong for the EURUSD to break below 1.1000 which is a significant support line.


GBPUSD

Price Trend: Bearish


On the 4-hour chart, the price trend is bearish. This is the same on the daily chart as well. Yet the market neither went up or down on Monday last week; only to make some gains rising upward the following day. But on Wednesday the market back to being flat. Then on thursday and Friday, prices started falling. For now we can say a Bearish Confirmation Pattern exists. There are the expectations that GBP will suffer losses against its major rivals across the next four days. With the prospects of a decline versus most majorcurrencies this week. While prices are expected to fall, the GBPUSD will still make attempts however slight to rise up.



USDCHF

Price Trend: Bearish


The fact that the USDCHF had remarkably gone up by 180 pips doesn't really change the trend from being bearish. For the trend to turn around to an uptrend, USDCHF would still have to climb an additional 200 pips. Thus the latest gains in the USDCHF are not strong signals of an uptrend yet. Prices still look very likely to still fall this week.

EURJPY
Price Trend: Bearish

Slowly, prices went down last week falling by an additional 200 pip decline. For now, there exists a Bearish Confirmation Pattern for the EURJPY pair (and on a general note, the bias for JPY pairs is bearish). In this light, we expect prices to fall further by as much as 200 pips and even more. It is not really safe to open long positions; long positions could become cool to open when there is a change in the situation of the market.


USDJPY

Price Trend: Bearish

Only Tuesday last week was a there a trending movement - the remaining days of the week, prices were neither moving up or moving down. Thus last week Friday,we saw prices trying to force a push up; although this was short-lived. Considering this, the trend still remains bearish with prices looking to fall down further. Points of interest we should be watching out for this week in the USDJPY is 100.50 and 100.00; both of which are critical demand levels.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for Major Currency pairs August, Wee

Postby Profiforex_Victory » Mon Aug 15, 2016 11:21 am

This Analysis is brought to you by PROFIFOREX


Here’s the market outlook for this week:

EURUSD

Price Trend: Bullish


Last week, prices were moving sideways on Monday. Then the next day on Tuesday, prices attempted to break above the resistance line located at 1.1200 after it had climbed about 130 pips. At the end, the EURUSD finished above the support line located at 1.1150. For this week, it is possible prices could rise up. But then it is also likely prices may fall due to the growing weakness of the euro against other major currencies (though the euro will not likely fall against the GBP). The uptrend for now could change if the EURUSD drops below 1.1050 which is a critical support line.   



USDJPY

Price Trend: Bearish

We actually saw the decline we were expecting last week. This has cut short the rise up of the USDJPY. Despite the several attempts the pair made to rise, they failed such that the trend remained bearish. For this week, it is likely prices may push towards 100.50 and
100.00, both of which are demand levels. The trend could change if the yen gets weaker across then week.



USDCHF

Price Trend: Bearish


There is a strong signal to sell the USDCHF for now; the signal is even stronger in the near-term. This week, prices may rise as fall as much as attempting to break below the support levels at 0.9700 and 0.9650. 
Yet there is the chance that decline in the pair may be cut short such that there will be a rise in prices forming in a Bullish Confirmation Pattern. But then if we don't see the EURUSD going weaker this week, the USDCHF will keep on falling.



GBPUSD

Price Trend: Bearish

Just as we had expected, the GBPUSD fell further last week. It had dropped by 170 pips to close the week on Friday below 1.2950 which is an important distribution territory. In the same manner like other GBP pairs (minus the EURGBP), the future of the GBPUSD for this week is more of a decline. The pair could fall such that the accumulation territories at 1.2900, 1.2850 and 1.2800 could be tested. The very condition that can turn around the weakness of the GBPUSD is a remarkably positive data or news for GBP or disappointing news from the US concerning the dollar.  
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

Forex Analysis and News for Major Currency pairs August, Wee

Postby Profiforex_Victory » Mon Aug 22, 2016 5:52 pm

This Analysis is brought to you by PROFIFOREX

Here’s the market outlook for this week:

EURUSD

Price Trend: Bullish

The EURUSD made gains of 200 pips across last week. With these gains, the EURUSD rose up attempting to break beyond 1.1350 which is an important resistance line before the current shallow retracement. Thus for this new week, the currency pair may rise as far as 1.1400 and 1.1450; both which are resistance lines. But the rise of the EURUSD this week may be threatened as the pair could fall; even reversing the trend to a downtrend.



EURJPY

Price Trend: Neutral

The price trend became neutral in the near term due to fourteen days of consolidation (although the long-term trend is still a downtrend). If we have more sideways movement in the EURJPY, this will indicate that the trend is still neutral. There are the chances however that we can have a breakout in this week or the following week most likely in the direction of the demand zones at 112.50, 112.00 and 111.50.


USDJPY

Price Trend: Bearish

Last week Monday and Tuesday, there was a fall of 170 pips in the USDJPY. But then over the remaining days in the week, the pair experienced sideways movement. For now, the future of the JPY pairs has not changed from being bearish (although CADJPY could go up in the condition that the CAD makes gains). This very week, it is possible for the USDJPY to test 100.00, 99.50 and 99.00; all three which are demand levels. This would be the same way USDJPY tested 100.00 and 99.50 last week. But then the USDJPY was quick to fall below them last week.
ProfiForex - Where I became a successful trader
User avatar
Profiforex_Victory
 
Posts: 60
Joined: Wed Mar 26, 2014 8:21 am

PreviousNext

Return to Dive Deeper - Forex News and Fundamental Analysis

 

Who is online on Forum

Registered users: Baidu [Spider], Bing [Bot], GDMFX, Google [Bot], Google Adsense [Bot], l3imadi, SuperForex