Daily Forecast: September 28

Filed in Gold, Gold Bullion prices, Yen by on September 27, 2010 0 Comments

EURUSD Forecast The EURUSD bullish momentum was paused yesterday after failed to make a clear break above 1.3500 resistance area. The bias is neutral in nearest term as price is consolidating. The strong bullish outlook remains intact but need a clear break above 1.3500 to continue the bullish momentum testing 1.3700. On the downside, immediate support at 1.3400 and the lower line of the bullish channel. Break below that area could diminish the bullish outlook. As you can see on my h4 chart below, CCI maintain above zero level during the strong bullish momentum. A violation to the bullish channel followed by CCI movement below zero level could trigger significant bearish pressure testing 1.3310 support area. On the other hand, another rejection to move below zero level followed by a clear break above 1.3500 could continue the bullish scenario. My fundamental focus today will be on German Prelim CPI and US CB Consumer Confidence. Risk aversion/appetite sentiment likely to drive the movement during the release so good numbers could continue the upside pressure while bad numbers could trigger downside pullback. GBPUSD Forecast The GBPUSD slipped above 1.5841 yesterday but further bullish momentum was rejected and closed lower at 1.5808. The bias is neutral in nearest term but overall we are still in strong bullish phase indicated by two bullish channels as you can see on my h4 chart below. CCI in neutral area indicates limited bullish pressure so far as price is consolidating. Immediate support remains around 1.5728 followed the lower line of the minor bullish channel (red) and 1.5650. Break below that area could be a serious threat to the current bullish outlook testing the lower line of the major bullish channel (white). On the upside, initial resistance which is also potential technical bullish target is seen around 1.5900 followed by 1.6000. Fundamental focus today will be on UK Current Account and US CB

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Daily Forecast: September 28

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