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  1. #21
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    Weekly Forex Analysis For Major Currency Pairs
    (June 18 - 23) - Profiforex.com


    EURUSD
    There was sideways movement in the EURUSD for last week which was more in the uptrend. However the trend for most EUR pairs is a downtrend. Therefore for this week, the downtrend would be strengthened if the pair falls down below 1.1100 where there is a crucial support line. For this week, it is possible for the EURUSD to drop down to the support line located at 1.1050, even as further down to the support level located at 1.1000. One thing that would determine price movement of this pair for this week and next is the release of euro zone surveys. Traders will be looking at the PMI reports of Germany and France to gauge the performance of the Eurozone economy.

    Key Levels: R1- 1.1281, R2- 1.1370, R3- 1.1444. S1- 1.1118, S2- 1.1044, S3- 1.0955

    USDJPY
    At the beginning of the previous week, there was sideways movement in the pair. By the end, a weak uptrend was forming such that the USDJPY closed above 110.50 where there is a demand level. Most JPY pairs are facing a downtrend now, therefore any increase this week is unlikely to change the pair to an uptrend. Traders will be looking to the initial jobless claims to be published by the US later this week to know how well the US economy is growing.
    Key Levels: R1- 111.91, R2- 112.97 R3- 114.53, S1- 109.29, S2- 107.73, S3- 106.67

    USDCHF
    By the end of last week, the USDCHF was making slight gains. But these gains are not very significant and are not strong enough to make the trend an uptrend. The condition for this to change is the USDCHF breaking above the crucial resistance level located at 0.9900. One thing that would determine price movement in this pair is statement coming from Fed Vice Chair Stanley Fischer, as well as other Fed officials like Boston Fed President Eric Rosengren. Such comments would give traders hint to the next rate hikes.
    Key Levels: R1- 0.9792, R2- 0.9846 R3- 0.9922, S1- 0.9662, S2- 0.9586, S3- 0.9532

    GBPUSD
    There was increased volatility in the paid by the end of the previous week. This resulted in the pair being neutral for this week. For a clear trend to form, the GBPUSD needs to move significantly in one direction. Therefore for an uptrend to form, the GBPUSD needs to break past 1.2900 where there is a significant distribution territory. On the other hand, for the pair to form a downtrend, the pair needs to break past the accumulation territory located at 1.2600. Till this happens, the trend remains neutral. Price movement will also be affected by Brexit developments as traders look forward to the political drama and how the pull out will be carried out.
    Key Levels: R1- 1.2847, R2- 1.2921 R3- 1.3026, S1- 1.2668, S2- 1.2563, S3- 1.2489

  2. #22
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    Forex Analysis For Major Currency Pairs
    (June 25 - July 1)
    Profiforex.com



    EURUSD
    There is no much movement from this pair. After moving between the resistance line at 1.1250 and the support line at 1.1100, no other significant movement was seen last week. The Dollar index fell to a fresh 12-day low at 96.80. It rose back above the 97 handle as the low summer trading volume is making it difficult for any type of price action to become sustainable. This led to a neutral bias that will hold until that range is breached. An up-move is most likely this week.
    Key levels: R1 – 1.1203, R2 – 1.1208, R3 – 1.1215. S1 – 1.1192, S2 – 1.1185, S3 – 1.1181

    USDJPY
    The pair’s outlook is now neutral. Tomorrow's macroeconomic calendar won't be offering any data that could directly impact the pair's price action. Ahead of Fed Chairwoman Yellen's speech later in the NA session on Tuesday, the pair could continue to move in a consolidation channel. The bullish signal generated on June 15 was rendered ineffectual owing to an inability to push price upwards, and may result in a smooth bearish run before the end of this week as the outlook for JPY pairs is bearish.
    Key levels: R1 – 111.35, R2 – 111.44, R3 – 111.54. S1 – 111.16, S2 – 111.05, S3 – 110.96

    GBPUSD
    Despite the initial reaction to the data, the overall market volatility remains very low on the first trading day of the week. Even the fresh developments from the U.K. couldn't help the pair find a short-term direction. The pair continued its the bearish trend that started on June 9. Price dropped to test the accumulation territory at 1.2600, and later bounced up, to close above the accumulation territory at 1.2700. Meanwhile, the outlook for this and certain other GBP pairs remains bearish for this week. Price may reach the accumulation territories of 1.2700, 1.2650 and 1.2600 - all of which were tested last week.
    Key levels: R1 – 1.2749, R2 – 1.2755, R3 – 1.2764. S1 – 1.2735, S2 – 1.2726, S3 – 1.2720

    EURJPY
    A decline of the yen amid risk appetite and some resilience from the euro, particularly after the upbeat IFO survey data, helped price, move north Bullishness has been maintained, despite the odds against it. Price oscillated between the demand zone at 123.50 and the demand zone at 124.50 (formerly a supply zone) last week and, since price closed above 124.50, imminent bullish intent has been revealed.
    Key levels: R1 – 124.69, R2 – 124.77, R3 – 124.91. S1 – 124.47, S2 – 124.33, S3 – 124.25

  3. #23
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    Forex Analysis For Major Currency Pairs
    (July 2nd - July 7)
    Profiforex.com



    GBPUSD
    This pair saw a rise up to 310 pips last week and ended the week at 1.3000 on Friday. This week, the green back is having some good run, which is making the GBPUSD to dangle around the 1.2995 region. It seems the GBP is about to retreat 0.25 percent with PMI in view. The PMI for the month of June will be relevant to the movement of the pair. There could be further gains during the week, but for now the general outlook is bearish.
    Key levels: R1 – 1.3026, R2 – 1.3036, R3 1.3046, S1 – 1.3006, S2 – 1.2995, S3 – 1.2985


    EURUSD
    The bullish breakout last week put an end to the neutral bias that had been in place since June 12 as price climbed more than 250 pips and almost reached the resistance line at 1.1450 before closing above the support line at 1.1400. A Bullish Confirmation Pattern has formed, making further bullish movements a possibility. The outlook on EUR pairs is bearish for this week, with a bearish run being likely before the end of this week.
    Key Levels: R1 – 1.1427, R2 – 1.1433, R3 – 1.1438. S1 – 1.1416, S2 – 1.1411, S3 – 1.1405


    USDCHF
    There Is no significant movement this week for the USDCHF. Although last week saw a quick drop which tested the support level at 0.9550 before closing near the resistance level at 0.9600. Fundamental outlook shows bearish, but this could change if the EURUSD drops this week.
    Key Levels: R1 – 0.9597, R2 – 0.9604, R3 – 0.9613. S1 – 0.9580, S2 – 0.9570, S3 – 0.9563


    USDJPY

    The pair showed burst strength and has now jumped to fresh new session at 112.80. There was a slow climb last week - testing the supply level at 112.50, but failing to close above it. The defeat of the Japanese Prime Minister during the Tokyo Metropolitan Assembly elections produced a bearish gap for the pair on Monday. However, such weakness was quickly in the past as the pair recovered back to almost one and half month highs as it did on Thursday last week.
    The incoming US ISM manufacturing PMI would hold a great influence on the sentiment surrounding the dollar and would provide a fresh impetus for the USDJPY during the NA early sections. Analysts believe the pair would likely test 113.00 to 113.20 resistant levels.
    Key Levels: R1 – 112.46, R2 – 112.59, R3 – 112.78. S1- 112.15, S2 – 111.96, S3 – 111.83

  4. #24
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    Profiforex Weekly Forex Analysis for Major Currency pairs
    July 9th - July 14th



    EURUSD
    The pair was on a bearish trend from Monday to Wednesday before rallying on Thursday, but closed on a bullish note on Friday. So far, the pair has managed to keep its upward movement, wavering around 1.1400 for now. It definitely needs to beat the 1.1450 region to keep up with its bullish trend. The bulls are losing patience with the EUR after several attempts to break through the critical level at 1.1450. The outlook is bullish for EUR pairs this week.
    Key Levels: R1 – 1.1408, R2 – 1.1413, R3 – 1.1422. S1 – 1.1395, S2 – 1.1386, S3 – 1.1381

    USDCHF
    The pair attempted to push upward last week, breaching the resistant level at 0.9650. Its movement was put to a halt as the pair lacked strength to move past the dominant bias. When the EURUSD came on strong, it caused the USDCHF to take a nose dive on Thursday. The Trend outlook for this pair is still bearish. Meanwhile, there is potential to move towards the 200 EMA once the immediate support represented by the 50 EMA is taken out.
    Key levels: R1 – 0.9644, R2 – 0.9651, R3 – 0.9656. S1- 0.9639, S2 – 0.9628, S3 – 0.9622

    GBPUSD

    Last week Friday the cable dropped from a high of 1.2975 and Forex strategists thinks it would likely remain neutral, navigating between 1.2800 and 1.2975. This pair is bullish in the long-term and bearish in the short-term. Price dropped 110 pips last week and closed below the distribution territory at 1.2900. The outlook for GBP pairs is strongly bullish this week and it is likely to test new high levels.
    Key levels: R1 – 1.2896, R2 – 1.2903, R3 – 1.2912. S1 – 1.2880, S2 – 1.2871, S3 – 1.2864

    USDJPY
    The pair reached a level close to the supply line at 114.06 after a massive 510 pip gain from June 14. Analysts believe that the pair would likely break above 114.36, equaling May high. If it reaches that level, we are likely going to see the price jumping from 114.50 to 115.00. Therefore, this pair is on a bullish trend this week, unless something big happens.

    Key Levels: R1 – 114.04, R2 – 114.16, R3 – 114.24. S1 – 113.83, S2 – 113.75, S3 – 113.63.

  5. #25
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    Forex Analysis For Major Currency Pairs
    (July 16 - July 22nd)
    Profiforex.com



    EURUSD

    The EURUSD has been moving upward since June 27 and it has kept its strength, getting close to a support level at 1.1450 by the end of last week Friday. It tested the 1.1470/75 level during overnight trading at the end of last week. Starting this week, it is posting a marginal loss sliding down to 1.1460. The little loss was a result of adjustments from market participants to Friday’s poor results on U.S. inflation figures for the Month of June. This pair is losing 0.05% on Monday and a breach of 1.1439 could trigger a slide down to 1.1413/1.1369.
    Key levels: R1 – 1.1477, R2 – 1.1481, R3 – 1.1486. S1 – 1.1467, S2 – 1.1462, S3 – 1.1458

    GBPUSD
    It was a slow week for the GBPUSD, but a sharp movement was seen on Friday as it gained 240 pips. This week, the pair took a dive down as the U.S. dollar recovers, pushing the pair down to daily lows of 1.3089. Investors await the sentiment on the European market for fresh outlook later today. Brexit talks phase 2 starts today in Brussels, which would also affect prices depending on the outcome. The pair could get on its way to hit 1.3170 considering the bullish outlook of other GBP pairs.
    Key Levels: R1 – 1.3117, R2 – 1.3125, R3 – 1.3135. S1 – 1.3100, S2 – 1.3089, S3 – 1.3082


    USDCHF

    The pair pulled back from a near three-week top, but has been seen to regain its momentum and traded positively at the start of this week. The market is bearish in the long term and now it is bullish on the short term. Thanks to the disappointing CPI and sales reports, this has been the driving force of the pair as it moved up on Monday, early European session. To end its long term bearish outlook, the pair needs to breach the 0.9750 resistant levels. On the other hand, it could move below 0.9550 for a convincing bearish move.
    Key Levels: R1 – 0.9643, R2 – 0.9650, R3 – 0.9650. S1 – 0.9629, S2 – 0.9622, S3 – 0.9615


    USDJPY

    Bearish movement threatened the current bias for the USDJPY last week. At the start of this week, it recovered part of Friday’s loss (near two-week lows). A little recovery from the U.S dollar helped the pair to a positive bias on Monday, European session. The pair is currently placed at sessions tops near 112.75/80. If price drops below the demand level at 111.50, then a Bearish Confirmation Pattern will form, and only a strong rally can remove the threat to the current bias. On the other hand, if the pair sustains the 112.75/80 area, it could move above the 113.00 handle.
    Key Levels: R1 – 112.48, R2 – 112.71, R3 – 112.80. S1 – 112.34, S2 – 112.26, S3 – 112.12

  6. #26
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    Forex Analysis For Major Currency Pairs
    (July 16 - July 22nd)

    Profiforex.com - Open Live Account|Demo account



    EURUSD

    The EURUSD has been moving upward since June 27 and it has kept its strength, getting close to a support level at 1.1450 by the end of last week Friday. It tested the 1.1470/75 level during overnight trading at the end of last week. Starting this week, it is posting a marginal loss sliding down to 1.1460. The little loss was a result of adjustments from market participants to Friday’s poor results on U.S. inflation figures for the Month of June. This pair is losing 0.05% on Monday and a breach of 1.1439 could trigger a slide down to 1.1413/1.1369.
    Key levels: R1 – 1.1477, R2 – 1.1481, R3 – 1.1486. S1 – 1.1467, S2 – 1.1462, S3 – 1.1458

    GBPUSD
    It was a slow week for the GBPUSD, but a sharp movement was seen on Friday as it gained 240 pips. This week, the pair took a dive down as the U.S. dollar recovers, pushing the pair down to daily lows of 1.3089. Investors await the sentiment on the European market for fresh outlook later today. Brexit talks phase 2 starts today in Brussels, which would also affect prices depending on the outcome. The pair could get on its way to hit 1.3170 considering the bullish outlook of other GBP pairs.
    Key Levels: R1 – 1.3117, R2 – 1.3125, R3 – 1.3135. S1 – 1.3100, S2 – 1.3089, S3 – 1.3082


    USDCHF

    The pair pulled back from a near three-week top, but has been seen to regain its momentum and traded positively at the start of this week. The market is bearish in the long term and now it is bullish on the short term. Thanks to the disappointing CPI and sales reports, this has been the driving force of the pair as it moved up on Monday, early European session. To end its long term bearish outlook, the pair needs to breach the 0.9750 resistant levels. On the other hand, it could move below 0.9550 for a convincing bearish move.
    Key Levels: R1 – 0.9643, R2 – 0.9650, R3 – 0.9650. S1 – 0.9629, S2 – 0.9622, S3 – 0.9615


    USDJPY

    Bearish movement threatened the current bias for the USDJPY last week. At the start of this week, it recovered part of Friday’s loss (near two-week lows). A little recovery from the U.S dollar helped the pair to a positive bias on Monday, European session. The pair is currently placed at sessions tops near 112.75/80. If price drops below the demand level at 111.50, then a Bearish Confirmation Pattern will form, and only a strong rally can remove the threat to the current bias. On the other hand, if the pair sustains the 112.75/80 area, it could move above the 113.00 handle.
    Key Levels: R1 – 112.48, R2 – 112.71, R3 – 112.80. S1 – 112.34, S2 – 112.26, S3 – 112.12

  7. #27
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    Profiforex Weekly Forex Analysis for Major Currency pairs
    July 23rd - July 28th



    EURUSD

    Last week, the pair gained 210 pips and closed above the support line at 1.1650. Following the release of the EMU’s PMI on Monday, there is a recovery in the demand for the dollar and this forced the pair to fall from a near high of 1.1690 to 1.1640 regions. Meanwhile the pair is likely test the resistance lines at 1.1700, 1.1750 and 1.1800 this week.
    Key Levels: R1- 1.1690, R2 – 1.1699, R3 – 1.1714. S1 – 1.1667, S2 – 1.1652, S3 – 1.1643.


    GBPUSD
    The pair begins this week on a positive note, moving upward again to 1.3000 as it awaits the opening bell. It tested the distribution territory at 1.3100 last week before a correction that took it to 1.2950. Concerns over the UK politics and Brexit seem to have eased, and this is why the Pound found its feet again. Movement above the distribution territory at 1.1300 will help restore bullish confidence, but movement below the accumulation territory at 1.2800 could result in a bearish bias. Presently the pair is gaining 0.20% at 1.3040, which opens the door to 1.3115 and 1.3127.
    Key Levels: R1 – 1.3014, R2 – 1.3022, R3 – 1.3033. S1 – 1.2995, S2 – 1.2984, S3 – 1.2976.


    USDJPY

    The pair is yet to recover from 4-week lows and remains near the 111.20 region after the European stocks opened this week. Price dropped 140 pips last week (330 pips since July 11), tested the demand level at 111.00, and will most likely breach it this week. The Hawks could be disappointed this week as investors await the FOMC policy decision due on Wednesday. The pair’s movement is very much uncertain, but there is a strong chance that price will fall further due to the concerns about the US political affairs.
    Key Levels: R1 – 111.10, R2 – 111.32, R3 – 111.43. S1 – 110.77, S2 – 110.66, S3 – 110.44.


    EURJPY

    The pair has shown little or no movement as it flirts around the 129.00 handle. Previously the pair recorded some gains after the ECB actions, but there a reversal and this is still maintained on Monday. Investors are under pressure to sell since the EURO-zone PMI prints failed to boost the pair. However, the Euro strength has allowed the bullish bias to hold but, this week, the supply zones at 130.50 and 131.00 will likely be tested. On the other hand, if the 128.55/50 region is breached; the price could slide towards 128.00 and down.
    Key Levels: R1 – 126.59, R2 – 129.88, R3 – 129.99. S1 – 129.59,, S2 – 129.30, S3 – 129.12.

  8. #28
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    Default Profiforex Weekly Forex Analysis for Major Currency pairs: July 30th - August 4th

    EURUSD

    The Pair climbed 100 pips to 1.1750, but failed to test the 1.1760 region in the process. It even went lower again towards 1.1700 levels as the Dollar recovered across the board. However, the Euro is starting to recover, attempting the 1.1750 levels as traders react negatively to the US GDP report showing a lack of interest in the dollar. The EURUSD will likely reach a price of 1.1800 and 1.1850.
    Traders are looking forward to the Eurozone flash CPI figures, which will determine the ECB next move and direction of the EURUSD pair. What is the outlook of the EURUSD for this week? Well, it is a tough call! TDS analysts are of the view that the pair will fall back toward the 1.1300 handle if it breaches 1.1620-1.1600 support zone.
    Key levels: R1- 1.1757, R2 - 1.1768, R3- 1.1774. S1 - 1.1740, S2- 1.1735, S3- 1.1724


    GBPUSD
    At the start of the new week, the dollar danced around one month low, but the GBPUSD traded above the 1.3100 handle, almost a yeah high. The distribution territory at 1.3150 was repeatedly tested last week and may be breached this week as the distribution territories at 1.3200 and 1.3250 are targeted. Fundamentally, the GBP seems to have a high advantage over the USD following the uninspiring GDP report which promoted a lack of confidence in the Fed's ability to raise interest rates. Technically the pair's outlook for this week is bullish.

    There are some expected events this week, including the BoE monetary policy decision and the NFP print. Both event will be crucial for the GBPUSD next direction.
    Key Levels: R1- 1.3154, R2- 1.3165, R3- 1.3179. S1- 1.3128, S2- 1.3114, S3- 1.3103.


    USDJPY

    Last week Friday, the pair fell to a low of 110.55 due to heightened geopolitical tensions in the Korean Peninsula. It also tested the supply level at 112.00 before dropping to close below the demand level at 111.00. The next target is the demand level at 110.50, which should easily give way as the demand levels at 110.00 and 109.50 are targeted. The outlook on JPY pairs is bearish throughout August, so long trades are not recommended. On Monday, the pair has shifted from neutral to bearish, looking to test the mid 109.00s.
    Key Levels: R1- 110.65, R2- 110.81, R3- 110.89. S1- 110.41, S2- 110.33, S3- 110.17


    USDCHF

    The pair may have drifted to the 0.9660 region last week, but has retraced it steps and it is now trading with small gains for a third straight session. Traders can now hope to see it reach the 0.9700 handle. The CHF is weak, causing most of its pairs to gain higher last week. Today the U.S economic data, Chicago PMI and homes sales data will be released. This will probably serve as impetus to traders on USDCHF next move. This week, the pair is Bullish and it is likely to continue that way till Friday. The resistance levels at 0.9750 and 0.9800 should be tested.
    Key levels: R1- 0.9704, R2- 0.9715, R3 - 0.9728. S1- 0.9681, S2- 0.9669, S3 0.9657.


    EURJPY

    The pair has failed to record significant movement since last week. A short term neutrality has been formed over the last two weeks. The outlook for his week seems to be bearish, but only a slight movement is expected. There is nothing huge happening for the EUR and JPY this week. If the price reaches supply level at 130.50, there will be a Bullish Confirmation Pattern and movement below the demand zone at 128.00 will result in a bearish bias. The August outlook for JPY suggests a break downwards.
    Key Levels: R1- 130.04, R2- 130.25, R3- 130.37. S1- 129.71, S2- 129.59, S3- 129.38

  9. #29
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    Default August 13 - 18 Market outlook for Major Currency Pairs

    EURUSD

    The price rallied around the resistance line at 1.1850 and support line at 1.1700 last week. Further consolidation will result in a neutral bias, movement above 1.1850 will strengthen the current bias, and movement below 1.1700 will threaten it. Renewed pick-up in buying interest seen around the US dollar against its major peers, in the wake of the recovery in Treasury yields, exerts downward pressure on the EURUSD. Any movement above the 1800 this week could result in a bullish trend that will likely see the price move up to the 1900 level. “The bullish momentum could further get extended towards 61.8% Fibonacci expansion level resistance near the 1.1950-55 regions” says Haresh Menghani, Fxstreet analyst.
    Key levels: R1- 1.1832, R2- 1.1837, R3- 1.1843. S1- 1.1821, S2- 1.1814, S3- 1.1810


    USDCHF

    The pair made some upward movement from July 25th to August 8 to make up for some losses. On Friday last week, the price reached 0.9750 before falling back to 0.9650, about 250pips movement. Starting this week, the pair made some upward movement, solely attributed to short-covering amid absent fundamental drivers, in terms of any major market moving economic releases. The trend is more likely to remain bearish this week due to more tensions between the U.S. and North Korea.
    Key Levels: R1 – 0.9628, R2- 0.9645, R3- 9.9654. S1- 0.9619, S2- 0.9610, S3- 0.9602


    GBPUSD

    The pair saw oscillation between the distribution territory at 1.3050 and the accumulation territory at 1.2950 last week. The spot is on the front foot so far this session, as improving risk appetite amid beliefs that the North Korean tensions may have peaked, offers some support to the risk currency GBP. A persistent draw back for the dollar seem to give the pair an upward movement. It is unlikely that the GBPUSD would see more upward movement as its traders continue to weigh the mixed UK macro data released last week. The UK CPI and US retail sales data which is due to be released on Tuesday is now in sight.
    Key Levels:
    R1- 1.3015, R2- 1.3023, R3- 1.3031. S1- 1.2999, S2- 1.2991, S3- 1.2983.




    USDJPY

    Last week Friday, we saw the price for the pair drop from a Month high of 114.47 by 550pips. It went further to test the demand level at 109.00 and closed above it. Now there is a target this week at 109.00 and 108.00. The trend for this pair was bearish until a harami cross pattern unfolded on the USD/JPY daily chart turning the intermediate trend from bearish to neutral.
    Key Levels: R1- 109.21, R2- 109.47, R3- 109.63. S1- 109.12, S2- 108.96, S3- 108.87


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  10. #30
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    August 27 - September 1


    EURUSD

    The pair keeps its march north unabated on Monday, now looking to consolidate the recent breakout of the 1.1900 handle following the speech by President Draghi at the Jackson Hole Symposium on Friday.

    Further weakness around the greenback continues to bolster the upside momentum surrounding spot, which is now seems to have shifted its focus to the critical 1.2000 handle. The US Dollar Index, on the other hand, is navigating the area of fresh YTD lows near 92.30.

    The outlook is bullish in the long term. The resistance line at 1.2000 will try to impede any bullish movement as the outlook for this pair is bearish this week

    Key Levels: R1- 1.1956, R2- 1.1968, R3- 1.1975. S1- 1.1936, S2- 1.1929, S3- 1.1917.


    USDCHF

    Senior Technical Analyst at Commerzbank, believes the pair could re-test the 0.9444/39 band. The view is bearish in the long term. “As long as the .9583/40 area holds on a daily chart closing basis, the current August highs at .9770/72 could be revisited. Slightly higher up significant resistance can be seen between the March low and late May high at .9808/14”.


    “Only failure at the .9553 June low would imply a return visit to the .9444/39 July low and May 2016 low”. So further decline is in view, however, a sharp drop in the EURUSD will cause a significant rally.

    Key Levels: R1- 0.9563, R2- 0.9570, R3- 0.9580. S1- 0.9546, S2- 0.9536, S3- 0.9529




    GBPUSD

    There has been about 450pip loss for the GBPUSD, which produced a Bearish confirmation pattern. The pair will remain bearish as the GBP bulls remain cautious and refrain from extending their control, with looming Brexit concerns. It will be an opportunity to sell unless there is an unexpected event when the EU officials meet for the third round of Brexit negotiations. There is possibility of more rallies, but GBP pairs will be mostly bearish in September

    Key Levels: R1- 1.2920, R2- 1.2937, R3- 1.2947. S1- 1.2892, S2- 1.2883, S3- 1.2865



    USDJPY
    Key quote: “Albeit USD/JPY fell a tad on Yellen’s speech, we note that Bank of Japan’s Kuroda also took the opportunity in Wyoming to stress devotion to accommodative policy and emphasized that the BoJ is watching policy moves elsewhere but that policy must be right for Japanese conditions”.

    Last week was an equilibrium phase, so while the overall outlook is bearish, the weakness in USD prevented a meaningful rally. Further decline is anticipated this week with the next targets being the demand levels at 109.00, 108.50 and 108.00. Rallies should either be ignored or approached with caution.

    Key Levels: R1- 109.47, R2- 109.57, R3- 109.72. S1- 109.22, S2- 109.07, S3- 108.97

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