Forex Bio

Technical Analysis for GBPUSD 14 January 2010

GBPUSD Forecast: As I had expected, the GBPUSD continued its bullish momentum yesterday, topped at 1.6302 and closed at 1.6278. The bias should remains bullish testing the major trendline resistance (aqua), which is a potential strong resistance are at this phase. Break above the trendline resistance should trigger further bullish momentum towards 1.6430 in nearest term and 1.6700 in longer term. Immediate support at 1.6250. Break below that level should diminish the bullish momentum and lead...

Technical Analysis for GBPUSD 16 December 2009

GBPUSD Forecast: The GBPUSD didn’t make significant movement yesterday, still trapped in triangle area as you can see in my h4 chart below indicating consolidation. The bias remains neutral in nearest term. Although I still prefer a bearish scenario, I will keep waiting for a valid break from the triangle before make any decision. Break above the triangle should be seen as serious threat to my bearish outlook testing 1.6400 while breakdown below the triangle should be seen as potential...

Technical Analysis for GBPUSD 14 December 2009

GBPUSD Forecast: The GBPUSD made another indecisive movement on Friday, formed another Doji on daily chart indicating consolidation phase since Wednesday. The bias is neutral in nearest term. However, on h4 chart below price has break below triangle formation indicating the pressure is more to the downside with technical target remains at 1.6113. Immediate resistance at 1.6270 followed by 1.6340 area. For me, only break above 1.6400 could be seen as potential threat to the bearish outlook....

Technical Analysis for GBPUSD 07 December 2009

GBPUSD Forecast: The GBPUSD was technically a mess on Friday. The pair attempted to push higher, topped at 1.6668 but further bullish momentum was rejected as the pair whipsawed to the downside, bottomed at 1.6421 and closed at 1.6473. On daily chart below we have a false breakout from the trendline resistance (red) indicating potential downside scenario testing 1.6400 area. Break below that area should trigger further bearish momentum towards 1.6250 area. Immediate resistance at 1.6550 –...

Clues from Gold about the US Dollar

Over the weeks, we have seen the gold rising in price while the US Dollar drops. So what is the current situation now. Why is the gold rising? 1) The US dollar is weakening. The US Dollar index, an index placing the US Dollar against a basket of other currencies, has fallen from it’s height of almost 90 last year to the current 70s. The bad unemployment conditions in the US may be contributing to this as investors speculate that the US is still not out of trouble yet. 2) While the...