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Forex Discussions
Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 107314, member: 29894"] [B]Forex Analysis and News for Major Currency pairs August, Week 2[/B] This Analysis is brought to you by PROFIFOREX Here’s the market outlook for this week: [B]EURUSD[/B] [I]Price Trend: Bearish[/I] The EURUSD actually started going up in the ending of last month. But then the prices could not stay up for long. Although the EURUSD made a slight attempt to resume its rise on Monday and Tuesday last week; impressing in its climb above 1.1200 (a notable resistance line). Even rising as far as 1.1231 which is a weekly high. But at this point, prices fell massively, dropping down by 180 pips such that the currency pair closed above the resistance line at 1.1050. This point was actually tested on Friday before the market closed for the week. For now, we can say the price trend is bearish; as such prices still falling lower is a possibility. Thus we can expect prices to fall down approaching the support lines located at 1.1050 and 1.1000. Then at this point a reversal could occur. But if it does, it will not last long. The bearish trend needs to be very strong for the EURUSD to break below 1.1000 which is a significant support line. [B]GBPUSD[/B] [I]Price Trend: Bearish[/I] On the 4-hour chart, the price trend is bearish. This is the same on the daily chart as well. Yet the market neither went up or down on Monday last week; only to make some gains rising upward the following day. But on Wednesday the market back to being flat. Then on thursday and Friday, prices started falling. For now we can say a Bearish Confirmation Pattern exists. There are the expectations that GBP will suffer losses against its major rivals across the next four days. With the prospects of a decline versus most major currencies this week. While prices are expected to fall, the GBPUSD will still make attempts however slight to rise up. [B]USDCHF[/B] [I]Price Trend: Bearish[/I] The fact that the USDCHF had remarkably gone up by 180 pips doesn't really change the trend from being bearish. For the trend to turn around to an uptrend, USDCHF would still have to climb an additional 200 pips. Thus the latest gains in the USDCHF are not strong signals of an uptrend yet. Prices still look very likely to still fall this week. [B]EURJPY[/B] [I]Price Trend: Bearish[/I] Slowly, prices went down last week falling by an additional 200 pip decline. For now, there exists a Bearish Confirmation Pattern for the EURJPY pair (and on a general note, the bias for JPY pairs is bearish). In this light, we expect prices to fall further by as much as 200 pips and even more. It is not really safe to open long positions; long positions could become cool to open when there is a change in the situation of the market. [B]USDJPY[/B] [I]Price Trend: Bearish[/I] Only Tuesday last week was a there a trending movement - the remaining days of the week, prices were neither moving up or moving down. Thus last week Friday,we saw prices trying to force a push up; although this was short-lived. Considering this, the trend still remains bearish with prices looking to fall down further. Points of interest we should be watching out for this week in the USDJPY is 100.50 and 100.00; both of which are critical demand levels. [/QUOTE]
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