Daily Forecast : September 07

Filed in Gold, lead, silver by on September 6, 2010 0 Comments

EURUSD Forecast: The EURUSD didn’t make significant movement yesterday, but we had bearish pressure earlier today in Asian session, hit 1.2789 at the time I wrote this comment. On h1 chart below we can see the bullish channel has been violated to the downside indicating potential bullish failure at least testing 1.2777 – 1.2740 support area. CCI in oversold area and heading up in h1 chart so watch out for potential upside pullback testing 1.2854 region. Break above that area could lead us into neutral zone as nearest term direction would be unclear. Above 1.2854, next resistance to be tested is 1.2930, which is my key level in medium term. GBPUSD Forecast: Overall the GBPUSD still move in choppy market in the last three weeks, but the main scenario remains to the downside. On h1 chart below we can see the bullish channel has been violated to the downside indicating potential bearish view but we have a good support at the trend line support (white) as you can see on my h1 chart below. We need a clear break below the trend line support to continue the bearish scenario testing 1.5250 region. CCI in neutral area on h1 chart. Immediate resistance at the minor trend line resistance (yellow) and 1.5415. Break above that area could trigger further upside recovery testing 1.5450 – 1.5487 area. USDJPY Forecast: The USDJPY didn’t make significant movement yesterday. Overall price has been indecisive since last week but the main scenario remains bearish. The bias remains neutral in nearest term as there is no significant technical move so far and we might see one if price break below 83.59 or above the trend line resistance. Break above the trend line resistance could be a beginning of bullish reversal in nearest term while break below 83.59 could trigger

Read the rest here:
Daily Forecast : September 07

Tags: , , , , , , , , , , , , ,

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *