Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
Chifbaw Technical analysis and trade recommendations
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="Chifbaw, post: 41216, member: 18366"] [B][SIZE="5"]Weekly analysis and trade recommendations[/SIZE] [/B] Posted on February 24, 2013 by [SIZE="3"][B]Recommendations: [/B][/SIZE] Medium: Short the USDJPY at 97.30, SL 97.70, targets 96.70, 96.00, 95.00. Risky: Buy the EURUSD at 1.3060, SL 1.3020, targets 1.3130, 1.3250. Risky: Short the GBPUSD at 1.5450, SL 1.5600, targets 1.5200, 1.4800, 1.4200. Analysis: Last week, the USDJPY continued to stagnate in the 92-94 range in a typical saturation pattern. The absence of a more sustained fall to the low 90x and below suggests the supply of buyers remains very deep. This week going short against the USDJPY is more risky and we don’t advise it anymore except if we reach levels above 97.00. The EURUSD has fallen as we suggested to the 1.31x level. Our trade recommendation to buy at 1.318 has almost worked at a few pips close. The pair ended the week back to the level of 1.318. The downside movement does not seem to be over and trend line support has been broken. The 100-DMA comes in at 1.311 together with previous historical highs and this level represents a resistance area but we do not think it will hold. A key area for the EURUSD is around 1.306-1.307 which corresponds to the 61.8% retracement of the major impulse from 1.20 to 1.37 as well as the 38.2% Fibonacci retracement of the minor move from 1.26 to 1.37. In our view, this Fibonacci area offers a decent long opportunity. On a side note, the British pound is witnessing a bearish acceleration. The contraction in volatility in the GBPUSD has now probably peaked (see very tight Bollinger bands) and a volatility spike might be starting. The anticipated rating downgrade of the UK has indeed occurred. This coupled with negative economic data and strong expectations of easing from the BOE suggest that the break to the downside of the horizontal resistance (1.52-1.53) is set to occur in the coming days/weeks. The downside potential is easily superior to 1000 pips, which is why it is worth looking for this trade. The difficulty with trades based on monthly charts is that stop losses need to be very large. A possible trade is to wait for a rebound towards 1.54/1.55 to enter short. [IMG]http://www.chifbaw.com/en/wp-content/uploads/2013/02/eurusd13.gif[/IMG] [IMG]http://www.chifbaw.com/en/wp-content/uploads/2013/02/gbpusd1.gif[/IMG] [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…