PaxForex Technical Analysis

Dec 3, 2012
British Virgin Islands
EURUSD now projects flat bullish signals


Resistance Levels
R3: 1.3177

R2: 1.3126

R1: 1.3088

Support Levels
S1: 1.2999

S2: 1.2948

S3: 1.2910

For intraday bias, the EURUSD is now showing flat bullish signal in its movement, as prices are now moving at 1.3070 and shows more upside trading confirming its flat bullish movement on its price chart. Its RSI (14) indicates that prices are still moving near the overbought levels. In addition, the weak traction at the moment might project more bullishness in its movement. The MACD (9, 12, 26) also indicates that prices are now moving below the overbought levels.

Meanwhile, the flat bullish signals shown in its Technicals are in conformity with the positive signals shown in its fundamentals, as risk appetite shielded the euro from waning, as Greece’s 13 billion dollar bond buyback plan helped risk appetite to increase in the euro-zone. With Greece, in an effort to reform its worsening economy and reduce its debt at a sustainable level has revealed plans yesterday to spend up to 10 billion euro in bonds buyback program to help ease and stabilize its burgeoning debt. In addition, the region finance ministers have approved a 39.5 billion euro aid to Spanish banks, thereby warding off the threat of Spain for a bailout.

Thus, the strong signals shown in its fundamentals, might push the Euro for more positive trend today and indicates that a buy position is recommended for the coming session.

GBPJPY is now showing a slight bullish pattern


Resistance Levels
R3: 133.24

R2: 132.88

R1: 132.59

Support Levels
S1: 131.94

S2: 131.58

S3: 131.29

For the intraday bias, expect the GBPJPY to show weak bullish signals in its price action as weak signal is causing prices to move at 132.21 confirming its bullish trajectory for the coming hours. Currently, prices are now moving at 132.21 since the 5-day EMA, 9-day SMA and 21-day SMA are creating the three brother bullish pattern at the moment, thus weakness might take place. Meanwhile, the RSI (14) and MACD (9, 12, 26) both indicate that prices are now near the overbought territory and might project more bullish pattern for the pair’s price action for the coming hours. Thus, a buy position is recommended.

EURJPY is showing weak bearish signals


Resistance Levels
R3: 108.34

R2: 107.95

R1: 107.64

Support Levels
S1: 106.94

S2: 106.55

S3: 106.24

For the intraday bias, anticipate the EURJPY to showing bearish pattern in its price action as confirmation is given by the 5-day EMA, 9-day SMA and 21-day SMA at the moment indicating bearishness in its lines, as prices are now moving gradually near the oversold level and currently moving at 107.19, indicating bearishness in its movement. With prices showing weak traction in its movement in which further drop in its traction is projected in its upcoming session, with the confirmation given by its 5-day EMA, 9-day SMA, and 21-day SMA lines in order to confirm its bearish trend in its hourly chart. Thus, a sell position is possible.

EURCHF is now showing strong bullish signal


Resistance Levels
R3: 1.2146

R2: 1.2120

R1: 1.2100

Support Levels
S1: 1.2054

S2: 1.2028

S3: 1.2008

For the intraday bias, expect the EURCHF to now show strong bullish signals in its movement, as prices are currently moving at 1.2132 and which is now hitting its key resistance lines of 1.2100 and 1.2120 which is now showing strong traction in its movement under its hourly chart. Its RSI and MACD are showing that prices are now rising over the overbought levels indicating extremely overbought in its price action. As its prices for now are showing bullish signals at the moment, expect prices to drop due to its overbought levels in its trading for the coming hour as its 5-day EMA, 9-day SMA and 21-day SMA are all bent to show strong pattern for the coming hours.
Dec 3, 2012
British Virgin Islands
NZDJPY Forms Top

The NZDJPY has rallied alongside its bullish price channel as visible in this H4 chart. The pair currently tries to form a top as the last couple candlestick patterns formed hammer as well as inverted hammer formations. We expect this pair to correct to its rising support line.

MACD has formed a negative divergence and shows that momentum has faded away. RSI has formed a negative divergence as well and reached extreme overbought territory. We expect RSI to breakdown which will fuel the correction.

We recommend taking a short position at 68.40. We do not see any further upside potential for this pair and therefore do not recommend a second entry level.

Traders who wish to exit this trade at a loss are advised to place their stop loss level at 69.20. We do not use stop loss levels and will execute this trade as recommended. Place your take profit level at 67.85.


ezekiel chew

Dec 14, 2012
John Murphy Chart Pattern Recognition (CPR) Analysis of British Pound / Euro Dollar (GBPEUR)
On 17/12/12 Closing Price: 1.2305
A Symmetrical Triangle pattern has formed indicating a possible trading opportunity. A Symmetrical Triangle is a neutral pattern that can be preceded by an uptrend or a downtrend. Although the probabilities favor a continuation of the prevailing trend, the Symmetrical Triangle will sometimes act as a reversal pattern. An aggressive trader wanting to front-run a confirmed breakout signal may place a buy-stop for entry at 1.2529 and a sell-stop for entry at 1.2275


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