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Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 109997, member: 29894"] [B]Forex Analysis and News for Major Currency pairs September, Week 3[/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] There was sideways movement in prices of the EURUSD last week from Monday to Thursday. And by Friday, the currency pair had dropped by 85 pips. If that break down had not happened, then the trend for this week would have been neutral. But for now the trend still remains bearish with the possibility that prices may fall down to touch 1.1100 and even 1.1050 which are crucial support levels for this week. The trend for now which is a downtrend may change should prices move up above 1.1300. [B]EURJPY[/B] [I]Price Trend: Bearish[/I] Prices fell down for the EURJPY on Monday. But the currency pair recovered from its losses the next day such that by Wednesday the pair had hit 116.08. After this prices slipped down by 200 pips by Friday. This decline made the trend a downtrend. There is the possibility that prices for the EURJPY may move towards the demand zones located at 113.50 and 113.00 across the next four days. [B]GBPUSD[/B] [I]Price Trend: Bearish[/I] Across last week, the GBPUSD had fallen by over 280 pips. Such that the GBPUSD fell below the distribution territory located at 1.3000 by last week ending. Across the next two weeks, the trend is a downtrend. We have now found a bearish confirmation pattern. Because of this, it is possible the GBPUSD may rise up to 1.2950, 1.2900 and 1.2850 (all are accumulation territories) across the next four days. One thing that can change this is major data macroeconomic data turning out other than expected. For now the trend for all the GBP currency pairs (minus the EURGBP) is a downtrend. [B]USDJPY[/B] [I]Price Trend: Neutral[/I] Between Monday and Friday last week, prices were between the supply level located at 101.50 and the demand level we have at 103.50. This made the trend neutral. Across the next four days, the trend will most likely become a downtrend. The trend will become stronger and clearer when we have rising momentum. There is high chance that the trend for every JPY currency pair will become a downtrend this week - even with the downtrend extending to next week. [B]USDCHF[/B] [I]Price Trend: Neutral[/I] Despite the fact that prices had went up by last week Friday, this was not enough to really change the trend from being neutral. Prices tried to push above an important resistance level located at 0.9800. Because of this, if the USDCHF can rise as far as 0.9855, the trend will become an uptrend. The uptrend will become very solid if prices can rise as far as 0.9910. This though for now is not very likely. On the other hand, should the USDCHF drop down below the support level we have at 0.9650, the trend will then change from neutral to a downtrend. [/QUOTE]
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