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Archive for May, 2013

Daily Forex Analysis – May 31, 2013

Friday, May 31st, 2013

USDCAD Analysis.
USDCAD is facing 1.0286 key support, a breakdown below this level will indicate that the uptrend from 1.0013 had completed at 1.0420 already, then the following downward movement could bring price back to 1.0100 zone. On the upside, as long as 1.0286 support holds, the price action from 1.0420 could be treated as consolidation of the uptrend from 1.0013, one more rise to 1.0500 area to compete the upward movement is still possible.

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Daily Forex Analysis – May 30, 2013

Thursday, May 30th, 2013

EURUSD Analysis.
EURUSD is facing 1.2998 key resistance, a break above this level will indicate that the downward movement from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 area. On the downside, as long as 1.2998 resistance holds, the price action in the trading range between 1.2796 and 1.2998 is treated as consolidation of the downtrend from 1.3242, one more fall to test 1.2747 support is possible after consolidation.

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Daily Forex Analysis – May 29, 2013

Wednesday, May 29th, 2013

EURUSD Analysis.
EURUSD continues its sideways movement in a range between 1.2796 and 1.2998. Key resistance is at 1.2998, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3242, another fall to test 1.2747 support is still possible. However, a break above 1.2998 resistance will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.

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Daily Forex Analysis – May 28, 2013

Tuesday, May 28th, 2013

GBPUSD Analysis.
GBPUSD failed to break above the upper line of the price channel on 4-hour chart, suggesting that the pair remains in downtrend from 1.5605, the price action from 1.5014 could be treated as consolidation of the downtrend. Range trading between 1.5014 and 1.5156 would likely be seen in a couple of days. Key resistance is now at 1.5156, as long as this level holds, we’d expect the downtrend to resume, and one more fall to 1.4900 is still possible. On the upside, a break above 1.5156 will indicate that the downtrend from 1.5605 had completed at 1.5014 already, then the following upward move could bring price to 1.5400 – 1.5500 area.

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Daily Forex Analysis – May 27, 2013

Monday, May 27th, 2013

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5605, the rise from 1.5014 is treated as consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.4900 area is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downward movement from 1.5605 had completed at 1.5014 already, then the following upward movement could bring price back to 1.5400 – 1.5500 area.

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Urgent Free Metals Report: Read Bob Prechter’s Big 5 Gold Warnings for Bulls and Bears

Friday, May 24th, 2013

Gold and silver have been THE financial news in recent weeks. The coverage began during mid-April’s three-day price decline, but the real precious metals story goes back further than that. Since 2011, gold and silver have declined more than 30% and 50%, respectively. Continue reading to learn more, or get ahead of the trend by reading Bob Prechter’s Big 5 Gold Warnings for Bulls and Bears. Read more about Prechter’s urgent report now.

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Daily Forex Analysis – May 24, 2013

Friday, May 24th, 2013

EURUSD Analysis.
EURUSD remains in downtrend from 1.3242, the price action from 1.2796 is treated as consolidation of the downtrend. Range trading between 1.2796 and 1.2998 would likely be seen in a couple of days. Key resistance is at 1.2998, as long as this level holds, the downtrend could be expected to resume, and one more fall to test 1.2747 support is still possible after consolidation. On the upside, a break above 1.2998 will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.

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Daily Forex Analysis – May 23, 2013

Thursday, May 23rd, 2013

USDJPY Analysis.
USDJPY remains in uptrend from 97.01, and the rise extends to as high as 103.73. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 105.00 area. On the downside, a clear break below the trend line support will indicate that the uptrend from 97.01 has completed, then the following downward movement could bring price back to 95.00 area.

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Daily Forex Analysis – May 22, 2013

Wednesday, May 22nd, 2013

EURUSD Analysis.
EURUSD’s rise from 1.2796 extends to as high as 1.2938. However, the rise is likely consolidation of the downtrend from 1.3242. Resistance is located at the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and one more fall to test 1.2747 support is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.3242 had completed at 1.2796 already, then the following upward movement could bring price to 1.3500 zone.

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Daily Forex Analysis – May 21, 2013

Tuesday, May 21st, 2013

USDCAD Analysis.
Being contained by 1.0341 resistance, USDCAD pulls back from 1.0312. However, the fall is likely consolidation of the uptrend from 1.0013, one more rise to re-test 1.0341 resistance is possible, a break above this level will signal resumption of the longer term uptrend from 0.9632 (Sep 14, 2012 low), then next target would be at 1.0500 area. On the downside, as long as 1.0341 resistance holds, the rise from 1.0013 would possibly be correction of the downtrend from 1.0341, another fall towards 0.9500 is still possible after correction.

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