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Daily charts shows price breaking upward and found resistance at 1.3830 last week. Price then came down all the way back to 1.3715 to re-test the trendline breakout and prior support.
EURUSD technical analysis points to likely rally up to 1.4000. On the weekly chart, price broke and closed above the upper minor trendline and now looking to head further up towards another trendline. If price continues to move up then we have next resistance at 1.3950 area.
Technical Analysis of weekly chart shows break of the upper trendline. price from here is likely to move up towards the resistance at 1.0230. Price need to close above this level for it to keep moving higher.
Trading Scenario: As per our weekly analysis EURUSD proved to be bullish as it retested 1.3000 key level. Now the question is whether EURUSD Bulls can really win to prove the Stress Test data is real?
1.3000 level is very important in terms of future price movement of EURUSD. If it can really pass through this stress test, price is likely to get momentum and go on towards 1.3660 level. If it happens then it will prove that current downtrend is complete and new journey will start on EURUSD for weeks ahead.
Let’s look into Intraday picture on EURUSD, it is now stuck in a narrow range from 1.2700 to 1.3000 which is 300 pips. The key level of resistance for this pair is 1.3000, a very big test again where this pair failed twice last week. It is now ready for another test. Bulls seems to have much strength, but at 1.3000 level bears are giving a tough fight. It is now traveling in a bullish channel and waiting to come out this narrow range.
If price breaks 1.3000 key level and was able to sustain above that, go long targeting 1.3100 level, where another key test comes into play. At 1.3100 level the daily bearish trendline comes in, where EURUSD will face significant resistance. If it breaks that level, then the road will be cleared targeting 1.3300, 1.3500 & 1.3660.
If this pair fails to breaks 1.3000 stress test level, it is likely to fall to 1.2700 key support level comes in before making any other move.
Entry Strategy: Buying dips in an uptrend at support levels, while market trades above trend reversal level 1.2725
On the fundamental side we saw the troubles in Middle East area, which encouraged traders to avoid risk and invest in safe haven currency is such a Swiss.
We had another great month in April and we finished with +690 pips for Elite Swing Forex Trading Signals. These pips came from total of 7 trades, 6 of which were winners.
In our yesterday's EURUSD market analysis we anticipated bullish movement. Today we expect bulls to continue to put pressure and drive EURUSD further upwards.
Notice how after the breakout price moved lower more than 300 pips. A nice profit for very small stop loss. In live trading room we discuss these trades on multiple timeframes.
Trading Scenario: As per our weekly analysis AUDUSD proved to be bullish my breaking 0.9000 key level and is trading just above that. Will Bulls maintain their battle from this point is a big question. AUDUSD is now in a Big Battle Zone 0.9000 to 0.9100. But as we look at price action it looks to be firmly heading up and staying above 0.9000 key level of support now. In this zone of 100 pips it is going to come close to bearish daily trendline which could be key test for its continuation of uptrend.
As we look into yesterday on AUDUSD it has not made much of a pull back, it holded o.8950 support and bounced of that to 0.9000 level and holding relatively firm above that. Now our scenario in terms of trading this pair is to go long above this key level of support 0.9000 targeting 0.9100 initially.
More conservative approach is to look for a pull back to 0.8850 and 0.8900 levels, where we have significant support and also Bullish channel support as well. Going long from this level will give more good risk to reward ratio, targeting 0.9000 & 0.9100 level as initial targets.
If AUDUSD is able to break 0.9100 level it will push to 0.9186 & 0.9336.
Alternate Scenario: If price fails to trade above 0.9000 level, we could see a fall to 0.8850 to 0.8900 levels. But going short at that point will be a very aggressive counter trend trade.
Entry Strategy: Buying dips in an uptrend at support levels, while market trades above trend reversal level.
EURUSD is at interesting crossroads and good time to analyze this pair both technically and fundamentally.
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EURUSD is at interesting point, both fundamentally and technically. Lets start with EURUSD Technical Analysis first.
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This week's focus is on Yen after the 8.9 Earthquake last Friday, reports of devastation and subsequent reaction from BoJ will determine the fate of this currency.
EURUSD is at interesting crossroads and good time to analyze this pair both technically and fundamentally.
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AUDUSD daily chart shows that price closed above the weekly trendline last week and so far this week it has been hanging around the same area on 4 hour chart. Now it seems to have broken and re-tested the trendline and poised to go up from here.
US Dollar index is till bearish and most likely to head lower. For a sustained upside move it need to go past 78.40 area.
Market Analyst are split with their view regarding usefulness of QE2.0. Some says QE2.0 funds spent to better U.S. economy will help global recovery, other says if funds somehow invested indirectly into emerging economies then it will create new bubbles in those countries. In my opinion, a declining dollar and lower interest rates will eventually cause capital to flow to emerging countries, which in turn will appreciate their currencies and hurt their economies by reducing export potential.
This week there are not many important news releases except for G-20 summit which could be the biggest driver in currency markets.
EURGBP has moved up +200 pips since we first analysed it and +100 after the recap a week later. And there is more to come.
I am not a great fan of just fib ratios, so I would want to see some confirmation that this level will hold. So far we have had 1.06241 as our lowest low. What would make me think that a bottom was in would be a break of the high at.... Please go to my blog @www.haranfx.com for the whole post.
If you are a fan of Elliot Waves then please have a look at the chart of the EurUsd. Elliot waves are certainly something that I never had any joy with. I would recomend that any one wanting to trade Elliot waves should.... Please check my blog for the details - www.haranfx.com.
Why we cut profits early and let losses run? In this article I would address the real trading psychology behind it. Lets start with a simple test.
A decline below 0.85398 would indicate that we have a top in place at 0.86768... Please visit www.haranfx.com for more details.
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EURUSD is at interesting point, both fundamentally and technically. Lets start with EURUSD Technical Analysis first.
Daily chart (captured on Monday) shows price broke above and re-tested the trendline last Friday. Re-test of any trendline, support and resistance confirms the direction of the breakout and in this case it can't get any better. Since the re-test price has already moved up and looking to head higher.
On weekly chart EURGBP clearly broke out of trendline, this was part of triangle formed by two converging trendline. Price moved up and down several time within this triangle before breaking out to the top. Now, with the trendline broken price is looking to move higher.
EURGBP is showing a high degree of clustering at 0.90087-0.09.... Please go to my blog @www.haranfx.com for the whole post.
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Few weeks ago we looked at the possibility of EURUSD reaching 1.45, well it did reach there. Since then EURUSD has come back down to 1.42 and it is time to review it again.
I strongly favour a reversal in the USDJPY certainly around ... Please visit my blog www.haranfx.com for more details
Last week we took 2 trades, EURJPY Short reached all Profit Target at a total of +240 pips, the other EURUSD trade closed at Break Even. Total +2710 pips for the year with over 80% win ratio.
The break of trendline was not sufficient enough for this pair to head upwards. We saw price pulled back from upper range which started 4 weeks ago. Nevertheless, there were several trading opportunities on 4 hour chart to participate in the market.