Forex Forum @ ForexAbode

[Himanshu]

As mentioned during weekend analysis for EUR/USD in our weekly analysis section, the 55-day EMA level proved to be of resistance (the red line on the daily chart of EUR/USD below). Still the current level and 1.2620 may prove to be of support and below that some support is expected near 1.2590. if both of these are broken then further decline should come. If these support levels work then there may be some more upward correction.

To be hoest I am not showing my short positions on this chart including the last entry at 1.2723 as I am right now in for some longer term short positions:

EUR/USD daily:

eur-usd-june-18th.gif (28.08 KiB) Viewed 2540 times

[Himanshu]

This post is an extension of the previous post above it. EUR/USD kept on trying to break 55-day EMA resistance (red line in the chart) but kept on failing. The sharp fall seems to have broken the trend line support on the daily chart. This is still early to say as the pair is now near the psychological support of 1.2500 but I would take it as the second indication of deeper downward move. Will watch for the break of 1.2500 as the third indication.

EUR/USD chart:

EUR-USD June 22.jpg (249.16 KiB) Viewed 2499 times

[Himanshu]

As mentioned during weekend analysis for EUR/USD in our weekly analysis section, the 55-day EMA level proved to be of resistance (the red line on the daily chart of EUR/USD below). Still the current level and 1.2620 may prove to be of support and below that some support is expected near 1.2590. if both of these are broken then further decline should come. If these support levels work then there may be some more upward correction.

To be hoest I am not showing my short positions on this chart including the last entry at 1.2723 as I am right now in for some longer term short positions.


EUR/USD daily:

The attachment eur-usd-june-18th.gif is no longer available

In one of the previous posts (quoted above) I had mentioned "To be hoest I am not showing my short positions", because from normal short-term trading perspective those positions were not good. But then, I am into these for a bit of longer-term and saying that "I am not showing" is like saying "I am hiding" and hence the following chart show all the open positions.

I wish to repeat that such trading style is not good in normal situations and not recommended and there less of technical analysis and more of fundamental reasons behind these but then all times are not normal and I believe that the current times are certainly not. These could cause good losses and also some great profits but for normal trading these are not recommended: :

eur-usd-all-positions-1.jpg (326.76 KiB) Viewed 2467 times

[Himanshu]

EUR/USD broke below the support line. This is still a bit early considering a possible support near 1.2215 but more downward move is expected.

Please check the 4-hourly chart:

eur-usd-support-line.JPG (65.2 KiB) Viewed 2277 times

[Himanshu]

GBP/JPY is hesitating at the recent low of 120.96. A break of that should come and that shoud target 120.60/120.50 next.

gbp-jpy-july-25.JPG (66.06 KiB) Viewed 2217 times

[Himanshu]

During last 2 big dips the support for AUD/USD has been coming near the 55-day EMA level. The recent support also seems to be coming there. Unless this support is broken, an upward move may start again. On the other hand if the support breaks then further downeard move to complete Fibonacci 38.2% retracement i.e. towards 1.0110 or more may take place.

Please check the red EMA line of AUD/USD daily chart and below that Fib retracement chart:

aud-usd-55-day-ema.JPG (59.76 KiB) Viewed 2209 times

AUD/USD Fib retracement:

aud-usd-fibonacci.JPG (64.36 KiB) Viewed 2206 times

[Himanshu]

EUR/USD seems to be getting support at the short-term trend line once again. Please check the daily chart:

eur-usd-trend-line.JPG (67.31 KiB) Viewed 1613 times

[Himanshu]

AUD/USD has been moving into parallel channels a lot lately. This has been happening on both sides i.e. short-term downtrends and uptrend.

The currency pair is now at the upper trend line resistance of the current channel. Need to watch for the break to expect any further upward move failure here for further downward consolidation.

Please check the 8-hourly chart of AUD/USD:

aud-usd-trend-channel.JPG (66.44 KiB) Viewed 1274 times

[Himanshu]

AUD/USD has been moving into parallel channels a lot lately. This has been happening on both sides i.e. short-term downtrends and uptrend.

The currency pair is now at the upper trend line resistance of the current channel. Need to watch for the break to expect any further upward move failure here for further downward consolidation.

Please check the 8-hourly chart of AUD/USD:

The attachment aud-usd-trend-channel.JPG is no longer available

Well, the pair broke above the upper trend line resistance and then jumped up as expected. The next resistance should be near 1.0530/1.0540.

AUD/USD 8-Hourly Chart:

aud-usd-trend-channel-break.JPG (70.58 KiB) Viewed 1259 times

[Himanshu]

Since June end any downward consolidation of AUD/USD has been finding support just near 55-day EMA. The currency pair is once again there. If the support holds as it has been then we can expect further upwards move. On the otherside the recent resistance came from a very strong resistance zone. This may cause much deeper consolidation.

The first chart is daily chart showing 55-EMA (red EMA line) supports. The second chart is weekly chart showing possible 38.2% retracemebt in case a decisive break of the mentioned support takes place and the price action sustains below this support.

AUD/USD Daily chart:

aud-usd-55-day-ema.JPG (71.88 KiB) Viewed 1029 times

AUD/USD Weekly chart:

aud-usd-weekly-fibonacci.JPG (72.76 KiB) Viewed 1029 times