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Thread: Forex Analysis and News for Major Currency pairs MARCH 14- 18

  1. #11
    Senior Member Fatehpuri is on a distinguished road Fatehpuri's Avatar
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    Dear aj ki date k mutabiq agar dekha jay to first eur/usd again down ja raha ha jab k gpb/usd ka time sell ka os ko sell kar 1.4500 pe tp ka margin le sakte hian aur aise hi agar baqi b currencies dekhi jay to eur ke jitne b pair ha wo ab down ja rahe hain os pe ap little bit profit abi le sakte hian.

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  3. #12
    Junior Member Profiforex_Victory is an unknown quantity at this point Profiforex_Victory's Avatar
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    Forex Analysis and News for Major Currency pairs May 23- 27

    This Analysis is brought to you by PROFIFOREX

    EURUSD

    On Monday, the euro went down following data released which showed that the speed of growth in the private sector region of the Eurozone had dropped down to a low of sixteen months for the month of May. This was despite reasonable growth coming from France and Germany. Thus today, we had the EURUSD going down to 1.1209 which is a decline of about 0.13%. This fall brings the pair closer to 1.1176 which was the least point the pair had fallen to for almost 10 weeks now.

    Today saw a weakening euro after the preliminary reading of the euro zone composite PMI (purchasing managers index). This economic indicator tries to estimate the combined output of both the service sector and the manufacturing sector measuring growth of private sector in Europe. The reading had slid down from 53.0 which it posted last month to 52.9. This fall as said brings it down to sixteen months lows.


    The report was released on monday after data released on the German private sector had shown a growth. This month's impressive posting from the German private sector would mark the first time this indicator would actually post impressive readings this year. On the other hand, the private sector in France had even grown at an improved speed-its best in almost twenty eight weeks. Yet these impressive data from France and Germany were not enough to support the euro as they were yet overshadowed by the disappointing preliminary data of the Eurozone composite PMI. Thus, the euro retreated down to $1.1190 which is decline of about 0.28%.


    From the US, the dollar gained support from the April minutes of meeting of the Federal Reserve which had shown that there is a strong possibility that the federal reserve may raise interest rates by June. William Dudley who is the New York Federal Reserve President revealed last week said that the US economy boasts sufficient strength to prompt interest rates hikes this July or earlier by June. Such sentiments of soon interest rate hikes were supported by Eric Rosengren, Boston Fed president who said the US economy was approaching very closely the needed conditions to be met to warrant possible interest rates hikes. The EURUSD went further to touch lows of 1.1200.

    Support levels: 1.1065, 1.1131, 1.1176
    Resistance levels: 1.1287, 1.1353, 1.1398

    EURUSD support and resistance:

    EURUSD indicators:

    Looking into the future, the market is full of speculations that the upcoming June meeting of the Federal Reserve would mark a significant push for interest rate hike. This has greatly boosted the dollar thus suppressing the euro. The dollar thus looks set to enjoy a run of gains against the euro for now. This makes the trend of the EURUSD likely bearish.



    USDJPY

    Trade data coming from Japan on Monday were notably impressive. This brought the yen back up against the dollar as the yen had earlier on been suffering three weeks losses against the American dollar. The Japanese yen was well supported after this data had shown that trade surplus from Japan for the month of April came out as high as 823.5 billion. This was well exceeding anticipated figures put forward by analysts who were expecting something in the region of 493 billion. This even suppressed a strengthening dollar supported by strong sentiments of June interest hike from the Federal Reserve.

    Other than this, reports released on Japanese factory activity revealed that factory activity from the Asian giants was squeezed and reduced at the greatest speed in over thirty six months now as there was a decline in new orders. The dollar thus went down to 109.42 yen which is about a fall of 0.60%.

    Also data released on Japan's export had also shown a decline this April of over 10% as compared to what it posted same time last year. This Monday, thus we had the USDJPY falling down past 109.60 thus retreating from the highs of last week which it set at 109.67. This would make a fall of over 0.37% last week on the USDJPY.

    It would now appear that these string of unimpressive data would push the Bank of Japan further to introduce more stimulus measures as against gains of the yen. But then it is not very clear that Japan would clamp down on further gains of the yen by intervention. This is as a group of the finance ministers of the seven biggest economies in the world met on Saturday with the US further cautioning Japan against intervention aimed at deliberately weakening the yen. The USDJPY thus went down further on Monday from 110.58's high of almost a month dropping down to 109.44.

    Daily Support levels: 109.01, 109.43, 109.75
    Resistance levels: 110.49, 110.91, 111.23

    USDJPY support and resistance:

    USDJPY indicators:

    Looking into the future, even in face of warnings from the US, should the gains in the yen be sustained added with unimpressive growth and low inflation levels, the Bank of Japan could stubbornly go ahead with its threats of intervention to devalue the yen. Thus since we need data on inflation levels to hint at the direction of the Bank of Japan, we would be looking at data to come on Tokyo Core CPI. This inflation indicator would tell us the needed inflation levels to know whether or not to expect intervention moves as well as easing measures from Japan. But for now, it appears the yen would maintain its gains against the dollar.



    GBPUSD


    The British pound had dropped down on Monday after its had gained over 1% last week against American dollar. This is as there were still concerns among traders over the June 23 referendum which could bring about Britons casting their votes to exit the EU. Such worries moved traders towards safe haven assets.

    David Cameron Prime Minister as well as finance minister George Osborne gave warnings that should Britons vote to leave the EU, Britain could suffer a recession running into twelve months and cause Britain to possibly lose about 500,000 jobs.

    This fears of a UK exit from the EU played a significant role in the movements of the GBPUSD. Reports coming from the UK Treasury Report had predicted that UK's economy would experience job cuts of about 800,000 across two years should the June 23 referendum result in the UK leaving the EU. In the words of Chancellor George Osborne, a Leave vote would result in an "immediate and profound" economic shock. Going further to reveal that growth could decline by about 3%-6% if the UK leave the EU. All this brought the GBPUSD to a low of 1.4484 coming down from the region of 1.4475.


    On the other hand, demand for the American dollar has been increasing as minutes of meeting of the Federal Reserve had brought up again the hopes that come this June, we could see interest rate hikes from the Federal Reserve. As Fed officials had demonstrated strong expectations of interest rates hikes this June should growth in the US economy come at an impressive pace for the second quarter of the year with healthy data on inflation and employment. But having earlier traded as high as $1.4550, the sterling fell down to $1.4464 which is over a decline of 0.1% as riskier assets fell as well.


    The dollar appears much more attractive now supported by speculations of interest hikes coming soonest. San Francisco Fed J.Williams had expressed his calculations of the appropriateness of 2-3 rate hikes this year as well as 3-4 hikes in following year. He also expressed his hopes further that inflation in the US could come down. This brought the GBPUSD down crashing past the 1.45 handle.

    This is quite contrasting to last week when the GBP/USD had made reasonably strong gains with the pair moving up as far as 150 points. In fact, the British pound was among the most impressive currencies for last week about the world's largest ten economies.

    Daily Support levels:1.4324, 1.4404, 1.4451
    Resistance levels: 1.4578, 1.4658, 1.4705

    GBPUSD support and resistance:

    GBPUSD indicators:

    Looking into the future, considering the sound prospect of the Federal Reserve increasing interest rates this June, the dollar would be strong for a while. Coupled with the uncertainty of June 23 referendum pressing down on the pound, the strengthening dollars would go up against the pound. Thus the trend of the GBPUSD could be bearish.

  4. #13
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    Forex Analysis and News for Major Currency pairs May 30 - June 3

    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 "****ually 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:

    EURUSD indicators:


    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 CMEs 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:
    USDJPY indicators:


    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:

    GBPUSD indicators:

    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.

  5. #14
    Junior Member Profiforex_Victory is an unknown quantity at this point Profiforex_Victory's Avatar
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    Forex Analysis and News for Major Currency pairs June 6 - 10

    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.

  6. #15
    Junior Member Profiforex_Victory is an unknown quantity at this point Profiforex_Victory's Avatar
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    Heres the market outlook for this week June 13- 17

    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.

  7. #16
    Junior Member Profiforex_Victory is an unknown quantity at this point Profiforex_Victory's Avatar
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    Forex Analysis and News for Major Currency pairs June 20- 24

    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.

  8. #17
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    Forex Analysis and News for Major Currency pairs July 4- 8

    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.

  9. #18
    Junior Member almi is an unknown quantity at this point almi's Avatar
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    for gbp/usd :The trend is your friend. Its one of the markets great old sayings and this is exactly the kind of situation it refers to.
    After a massive decline, the Pound has begun to rally. At this stage, my presumption is that this is a corrective rally. As such its likely to present an opportunity to sell, taking a short position that sticks with the major downtrend.

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    Junior Member mzahidnwaz is an unknown quantity at this point mzahidnwaz's Avatar
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    well if in current time period we start to compare the forex pairs of US DOllar and euro then we would be surprise to know that due to decline in world economy DOllar is alos losing its worth and so as euro. Hope that it inclined again.

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    Forex Analysis and News for major currency pairs July, Week 3

    This Analysis is brought to you by PROFIFOREX


    Heres 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.

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