Monday, January 27, 2014

GBPUSD pulled back to 1.6474

Being contained by the upper line of the price channel on 4-hour chart, GBPUSD pulled back to 1.6474, suggesting that the upward movement from 1.6309 had completed at 1.6668 already, and consolidation of the longer term uptrend from 1.5854 (Nov 12, 2013 low) is underway. Deeper decline would likely be seen, and the target would be at the bottom of the channel. On the upside, as long as the channel support holds, the uptrend from 1.5854 could be expected to resume, and one more rise towards 1.7000 is still possible.


gbpusd chart

Sunday, October 13, 2013

GBPUSD is facing trend line support

GBPUSD is facing the support of the upward trend line on daily chart, as long as the trend line support holds, the uptrend from 1.4813 could be expected to resume, and one more rise towards 1.6500 is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 1.6259 already, then the following downward movement could bring price to 1.4500 zone.


gbpusd daily chart

Monday, June 10, 2013

USDJPY remains in downtrend from 103.73

USDJPY remains in downtrend from 103.73, the rise from 94.99 is treated as consolidation of the downtrend. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line support holds, the downtrend could be expected to resume, and one more fall towards 90.00 is still possible. On the upside, a clear break above the trend line resistance will indicate that lengthier correction of the downtrend is underway, then further rise to 100.00 – 101.00 area could be seen.

usdjpy

Thursday, October 08, 2009

Daily Forex Analysis – October 8, 2009

GBPUSD Analysis.
GBPUSD continues to trade in a range between 1.5770 and 1.6125. As long as 1.6125 resistance holds, the price action from 1.5770 is treated as consolidation of downtrend from 1.6741. Moving sideways in the range is still in favor later today. Another fall below 1.5770 would more likely be seen after consolidation, a break below 1.5770 will indicate that the downtrend has resume, then deeper decline could be seen to 1.5600 zone.

USDCHF Analysis.
USDCHF’s downtrend from 1.0452 extended to 1.0237 only, the following rebound suggests that a short term cycle bottom has been formed on 4-hour chart. Consolidation above 1.0237 is expected in a couple of days. However, another fall below 1.0186 is still possible after consolidation and a break below 1.0237 will confirm the resumption of downtrend.

USDJPY Analysis.
USDJPY broke below 88.24 previous low and reached as low as 88.01, suggesting that the downtrend from 97.78 (Aug 7 high) has resumed. Deeper decline is still possible in a couple of days, and next target would be at 87.50 zone. Resistance level is now at 89.40, as long as this level holds, the fall from 90.40 will continue.

Forex Signals

Tuesday, October 06, 2009

Daily Forex Analysis – October 6, 2009

USDJPY Analysis.
USDJPY stays in a trading range between 88.24 and 90.40. As long as 90.40 key resistance holds, the price action from 88.24 is treated as consolidation of downtrend from 97.78 (Aug 7 high) and deeper decline to test 87.12 (Jan 21 low) support is possible after consolidation. However, a break above 90.40 will suggest that the downtrend from 97.78 has completed at 88.24 level already, then the following uptrend will take price to 92.00 or even 94.00.

EURUSD Analysis.
EURUSD breaks above 1.4673 key resistance, suggesting that a short term cycle bottom has been formed at 1.4484 level on 4-hour chart and the downtrend from 1.4843 has completed. Rise towards 1.4843 previous high is expected in a couple of days, a break above this level will indicate that the uptrend from 1.3748 (June 16 low) has resumed, then further rise could be seen to 1.5000-1.5500 area.

GBPUSD Analysis.
GBPUSD continues trading in range between 1.5770 and 1.6125. Moving sideways without trend in the range is expected in a couple of days. As long as 1.6125 resistance holds, the price action from 1.5770 is treated as consolidation of downtrend from 1.6741, deeper decline towards 1.5600 area is still possible after consolidation.

Daily Forex Analysis

Thursday, October 01, 2009

Daily Forex Analysis – October 1, 2009

GBPUSD Analysis.
GBPUSD’s rebound from 1.5770 extended further to as high as 1.6125 level, subsequent pullback could possibly be resumption of downtrend from 1.6741. Deeper decline to re-test 1.5770 previous low support is now in favor, a breakdown below this level will confirm the downside continuation, then further fall could be seen to 1.5600 area. Near term resistance remains at 1.6150, only rise above this level will indicate that the fall from 1.6741 has completed at 1.5770 level already, then the following uptrend will take price to 1.6400 zone.

USDJPY Analysis.
USDJPY pulled back form 90.40 level. Range trading between 88.24 and 90.40 is now in favor and deeper decline to 88.75 would more likely be seen later today. Key support is at 88.24, a break below this level will suggest that the downtrend from 92.53 has resumed, then deeper decline to test 87.12 (Jan 21 low) long term critical support could be seen to follow. However, above 90.40 resistance will indicate that the downward trend from 92.53 has completed at 88.24 level already.

EURUSD Analysis.
EURUSD may be forming a short term cycle bottom at 1.4527 level on 4-hour chart. Further rise to test 1.4724 key resistance is possible later today, a break above this level will confirm the cycle bottom and indicate that the short term downtrend from 1.4843 has completed at 1.4527 already. Near term support is at 1.4527, only fall below this level will signal deeper decline to 1.4450-1.4500 area.

Forex Signals

Wednesday, September 30, 2009

Daily Forex Analysis – September 29, 2009

GBPUSD Analysis.
GBPUSD remains in downward trend from 1.6741 and the rebound from 1.5770 is treated as consolidation of downtrend. Range trading between 1.5770 and 1.6150 is expected in a couple of days. As long as 1.6150 resistance holds, we’d expect downtrend to resume and further fall to 1.5600 zone is still possible after consolidation. Only rise above 1.6150 will suggest that a short term cycle bottom has been formed at 1.5770 level on 4-hour chart, and the downtrend from 1.6741 has completed.

USDJPY Analysis.
USDJPY formed a short term cycle bottom at 88.24 level on 4-hour chart. Range trading between 88.24 and 90.60 is expected in a couple of days. However, the price action from 88.24 would possible be consolidation of downtrend. As long as 90.60 resistance holds, we’d expect downtrend to resume and deeper decline to test 87.12 (Jan 21 low) long term critical support is still possible after consolidation. However, a break above 90.60 resistance will indicate that downtrend from 92.53 has completed, then further rise could be seen to 91.00 or even higher.

EURUSD Analysis.
EURUSD remains in downward trend from 1.4843 and the fall extends further to as low as 1.4527 level. Deeper decline is still in favor later today and target would be at 1.4500 zone. Near term resistance is at 1.4645, as long as this level holds, downtrend will continue. Key resistance is located at 1.4724, above this level will indicate that a short term cycle bottom has been formed, then rebound towards 1.4843 could be seen to follow.

Forex Signals

Monday, September 28, 2009

Daily Forex Analysis – September 28, 2009

EURUSD Analysis.
EURUSD has formed a short term cycle top at 1.4843 level on 4-hour chart. Further decline to 1.4500 zone would more likely be seen later today. Near term resistance is at 1.4724, as long as this level holds, we’d expect downtrend from 1.4843 to continue, however, a break above this level will suggest sideways consolidation between 1.4611 and 1.4843 is underway.

USDJPY Analysis.
USDJPY drops sharply to as low as 88.24 level. Further fall to test 87.12 (Jan 21 low) long term critical support is possible in a couple of days. Near term resistance is at 89.50, as long as this level holds, downtrend from 92.53 will continue.

USDCAD Analysis.
USDCAD broke above 1.0925 key resistance and is now in uptrend from 1.0590. Near term support is located at 1.0859, as long as this level holds, we’d expect uptrend to continue and further rise to 1.1050-1.1100 area is possible later today.

Daily Forex Signals

Thursday, September 24, 2009

Daily Forex Analysis – September 24, 2009

USDJPY Analysis.
Being contained by 90.12 precious low support, USDJPY rebounded from 90.48 level. Further rise to test 92.53 resistance would more likely be seen later today, a break above this level will confirm that the fall from 97.78 has completed at 90.12 level already, then the following uptrend will take price to 94.00 zone. Near term support is at 90.48 and key support is located at 90.12, only fall below 90.12 will indicate that the downtrend from 97.78 has resumed, then deeper decline is expected to 89.00 level.

EURUSD Analysis.
EURUSD is testing the support of rising trend line on 4-hour chart, a clear break below the trend line support will suggest that a short term cycle top is being formed at 1.4843 level, then pullback 1.4450 zone could be seen to follow. Near term resistance is now located at 1.4843, only rise above this level will indicate that the uptrend from 1.4177 has resumed, then the next target would be at 1.5000 zone.

USDCAD Analysis.
USDCAD stays in a trading range between 1.0590 and 1.0925. Deeper decline to test 1.0590 is still possible in a couple of days, a break below this level will signal further fall towards 1.0500 zone. Key resistance is located at 1.0925, above this level will indicate that the fall form 1.1124 has completed at 1.0590 level already, and the following uptrend will take price to 1.1200 zone.

Forex Trading

Wednesday, September 23, 2009

Daily Forex Analysis – September 23, 2009

EURUSD Analysis.
EURUSD breaks above 1.4765 previous high and reaches as high as 1.4841 level. As long as the price stays above the rising trend line on 4-hour chart, we’d expect uptrend to continue and further rally is possible to 1.5000 zone in a couple of days. However, a clear break below the trend line support will suggesting that the rise from 1.4177 has completed, then pullback to test 1.4611 support could be seen to follow.

USDCAD Analysis.
USDCAD trades sideways in a range between 1.0590 and 1.0925. Deeper decline is expected to test 1.0590 previous low support, a break below this level will signal further fall towards 1.0500 zone. Key resistance is located at 1.0925, above this level will indicate that the fall form 1.1124 has completed at 1.0590 level already, and the following uptrend will take price to 1.1200 zone.

USDJPY Analysis.
USDJPY dropped sharply from 92.53, suggesting that a short term cycle top has been formed at 92.53 level on 4-hour chart. Consolidation in a range between 90.12 and 92.53 could be seen in a couple of day and move towards 94.00 would more likely be seen after consolidation. Near term support is at 90.12, only fall below this level will indicate that the downtrend from 97.78 has resumed, then deeper decline is expected to 89.00 level.

Written by ForexCycle.com