Forex Bio

EURUSD Weekly Summary: Euro recovered quickly, trendline support hold, bullish remains intact

This week, the bullish momentum of the EURUSD was limited as price refused to break above 1.5150 resistance area, hit the low at 1.4827 but bullish momentum regain some strength and closed higher at 1.4985 yesterday. My strategy to place a long position  if price move near the trendline support or 1.4850/20 area with tight stop loss proved to be a good strategy . On my daily chart below, we can see that the trendline support  and 1.4850/20 area provided a good support at this phase as price...

Technical Analysis for EURUSD 27 November 2009

Yesterday I said that EURUSD need a consistent move above 1.5150 resistance area to continue bullish towards 1.5300. The fact was, price never got higher than 1.5150 and bullish momentum was rejected. I was right at this point until price unexpectedly made further bearish momentum, fell below 1.5062, bottomed at 1.4959 and closed at 1.5006. I have to admit and realize that my technical study was completely a mess. After broke above 1.5062 and topped at 1.5143 on Wednesday, I thought a...

Technical Analysis for GBPUSD 27 November 2009

GBPUSD Forecast: CCI warning about potential downside pullback was proved to be a fact yesterday. However, I must admit that the bearish pullback was much stronger than I had expected. Price fell significantly, break below 1.6600, bottomed at 1.6466 and closed at 1.6497. On h4 chart below, the trendline support (red) which did a good job prevented further bearish pressure and brought price peaked at 1.6744 on Wednesday was broken yesterday indicating potential technical bearish targeting...

Technical Analysis for USDJPY 27 November 2009

USDJPY Forecast: As I had expected, the USDJPY continued its bearish momentum yesterday, bottomed at 86.28 and closed at 86.39. Earlier today in Asian session, the pair attempted to push lower, bottomed at 84.79 but concern about Japanese government intervention brought the pair higher around 85.95 at the time I wrote this comment. On my h4 chart below, we have a hammer candlestick formation which potentially lead to bullish reversal, or at least correction as traders may respond further to...

Technical Analysis for USDJPY 25 November 2009

USDJPY Forecast: Finally the USDJPY break below the range area, bottomed at 88.34 and closed at 88.50. This fact should trigger further bearish scenario. The bias is bearish in nearest term targeting 88.00. Break below 88.00 area should trigger further bearish momentum towards 87.50. CCI in oversold area and heading up on h4 chart so watch out for potential upside correction testing 88.80 area. Break above that area should lead us into no trading zone as direction would become unclear for...

Technical Analysis for GBPUSD 25 November 2009

GBPUSD Forecast: The GBPUSD attempted to push lower yesterday, bottomed at 1.6496 but further bearish pressure was rejected as price closed much higher at 1.6580. On my h4 chart below we can see that price has violated my new trendline resistance (aqua) indicating bullish view in nearest term testing 1.6692 area, but as long as the pair stay below 1.6692, my bearish scenario should remains intact. Immediate support at 1.6550. Another break below that area should trigger further bearish...