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GBPUSD Daily Forecast: March 17
The GBPUSD was corrected higher yesterday topped at 1.4852. The bias is bullish in nearest term testing 1.4900 but overall I still prefer a bearish scenario at this phase and any upside pullback now should be seen as a good opportunity …
USDJPY Daily Forecast: March 17
The USDJPY was indecisive yesterday. The bias is neutral in nearest term. Immediate resistance is seen around 121.50. A clear break above that area could trigger further bullish pressure testing 122.00 or higher. Immediate support is se…
USDCHF Daily Forecast: March 17
The USDCHF was indecisive yesterday. The bias remains bullish in nearest term testing 1.0200. Immediate support is seen around 1.0035. A clear break below that area could lead price to neutral zone in nearest term testing 0.9980 but any…
EURUSD Analysis pre London open. Trade Set Up !
Hello traders good to be back on a Monday and a new trading week. Today we have no Data of high impact, however ECB president Draghi speaks at the end of the NY session today. Let us look at the EURUSD trade I feel looks good today and also have some education on this trade as well. We all know all we want to do is sell this pair and buy the dollar. As you can see on this chart we are fighting the daily pivot point and has been rejected four times. At the Open I am looking to see this sell off but I have to say there are issues. We have trouble on this chart as marked with the arrows and I am talking about left of price action. You can see we will have a fight at those price levels and we do not want to trade into that. We like to trade when we have clear wide open spaces on the chart. Take a look at where I look to enter this trade at 1.0460 and you can see we have no junk as I call it left of the chart, it is a clear wide open space to our take profit area. The stop is above the 50 ema and our take profit is at 1.0362 this could be a 100 pip trade if it works all the way. I will be very happy with 30 pips. Have a good trading day and talk soon ….William
EURUSD Daily Forecast: March 16
The EURUSD continued its bearish momentum last week bottomed at 1.0461 but traded higher earlier today hit 1.0534. The bias is bearish in nearest term testing 1.0400. Immediate resistance is seen around 1.0550. A clear break above that area could lead price to neutral zone in nearest term testing 1.0630 but any upside pullback now is normal and should be seen as a good opportunity to sell.
GBPUSD Daily Forecast: March 16
The GBPUSD continued its bearish momentum last week bottomed at 1.4697 but traded higher earlier today hit 1.4771. The bias is bearish in nearest term testing 1.4700 – 1.4650 area. Immediate resistance is seen around 1.4800. A clear break above that area could lead price to neutral zone in nearest term testing 1.4850 – 1.4900 area but any upside pullback now is normal and should be seen as a good opportunity to sell.
USDJPY Daily Forecast: March 16
The USDJPY continued its bullish momentum last week topped at 122.01 but closed a little bit lower at 121.42. Overall I still prefer a bullish scenario at this phase but price is still struggling around the upper line of the minor bearish channel as you can see on my hourly chart below. The bias is neutral in nearest term. Immediate resistance is seen around 121.50. A clear break above that area could trigger further bullish pressure testing 122.00 or higher. Immediate support is seen around 121.00 – 120.80 area. A clear break below that area could trigger further bearish pressure testing 120.40 or lower.
USDCHF Daily Forecast: March 16
The USDCHF continued its bullish momentum last week topped at 1.0126. The bias is bullish in nearest term testing 1.0200 area. Immediate support is seen around 1.0035. A clear break below that area could lead price to neutral zone in ne…
EUR/USD Forecast 16 March 15
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Good day forex traders and readers.
In the previous EUR/USD forecast we noted that the currency pair tested the support of 1.11 as expected. The current technical situation suggested a possible bearish drive to parity. EUR/USD at 1.0 is likely a major psychological support and hence we may expect resistance. The extended bearish target would be 0.98 although this was very much uncertain for now. Resistance targets would have us aiming for 1.12 first.
Looking at the EUR/USD daily chart above we note that the currency pair did edge lower towards 1.0. Having said so, as expected we noted significant support pressure.
The middle of the bollinger bands is likely to serve as an immediate resistance and it sits around 1.1065.
Should the continued bearish momentum achieve 1.0, we may be looking at 0.98. However as mentioned previously, bullish support may be of a challenge.
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EURJPY 60 Minute Chart London Open Trade Set Up !!
Hello traders and welcome to Friday the 13th of march. Well I was going over some charts as nothing really has move from the Asia session and we have no data until the NY session. I was looking at this chart and to my surprise I found what looks like a good set up for the London session. You can see we have bounced off a support area however it has spiked this two times already and I am expecting this to make a closed candle below the support that is marked with the blue line price 128.56. It is also the daily pivot point hard to read on the chart. We just need that close below this support and I am looking to take this sell trade to 128.00 close to a 50 plus pip trade depending where you have entered the trade. The stop looks good at 129.08 depending on your money management. Traders have a good trading day and enjoy your weekend break. Talk Soon…. William