Trade Idea: EUR/USD – Sell at 1.3225 , Feb 28 2013

Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 28 13 07:23 GMT

EUR/USD – 1.3137

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Near term down

Tenkan-Sen level              :1.3147
Kijun-Sen level                 :1.3112
Ichimoku cloud top              :1.3168
Ichimoku cloud bottom          :1.3064

Original strategy                              :

Sell at 1.3225, Target: 1.3080, Stop: 1.3260

Position: -
Target:  -
Stop:-

New strategy  : 

Sell at 1.3225, Target: 1.3080, Stop: 1.3260

Position: -
Target:  -
Stop:-

Yesterday's rebound has retained our view that further consolidation above this week's low of 1.3019 would be seen and risk of corrective rise to the Ichimoku cloud top (now at 1.3168) cannot be ruled out, break there would bring retracement to 1.3200-05 (61.8% Fibonacci retracement of 1.3319-1.3019), however, renewed selling interests should emerge around 1.3225-30, bring another decline later. A break of the Ichimoku cloud bottom (now at 1.3064) would bring test of yesterday's low at 1.3042 but break there is needed to signal rebound from 1.3019 has ended and bring retest of this level, below this support would confirm recent decline from 1.3711 top has resumed and extend weakness to previous support at 1.2998.

In view of this, we are looking to sell euro on recovery as 1.3227 (50% Fibonacci retracement of 1.3434-1.3019) should limit upside, bring such a decline. Only above 1.3275 (61.8% Fibonacci retracement) would abort and signal a temporary low is formed instead and risk a stronger rebound towards resistance at 1.3319 later.

The Daily Wave Analysis , Feb 22 2013

Daily Forex Technicals | Written by Admiral Markets | Feb 22 13 02:33 GMT

The Daily Wave Analysis

Currency pair USD/CHF

Presumably, the Impulse (v) of [a] is close to completion . If this assumption is correct, after its completion we can expect a downward price movement in line with the correctional wave formation [b] of 2.

Currency pair EUR/USD

Presumably, the Impulse formation (v) of [v] is close to completion . If this assumption is correct, after its completion we can expect an upward price movement in line with the correctional wave formation B of (2).

Currency pair GBP/USD

Presumably, the correctional wave [iv] of 5 is forming . If this assumption is correct, after its completion we can expect a downward price movement in line with the Impulse or Diagonal Triangle formation [v] of 5.

Currency pair USD/JPY

Supposedly, the correctional wave iv of (v) Is taking the shape of the Horizontal Triangle. If this assumption is correct, after its completion we can expect an upward price movement in line with the Impulse or Diagonal Triangle formation v of (v) of [iii].

The Daily Forecaster: EURUSD , Feb 22 2013

Daily Forex Technicals | Written by FX-Forecaster | Feb 22 13 02:43 GMT

The Daily Forecaster: EURUSD

Price: 1.3192

Bias: While 1.3194 - 1.3231 caps there still remains downside risk

The underlying MT direction is neutral while the daily bias is bearish. Therefore it may be better to sit out of the market or trade breaks when supported by bullish or bearish set up patterns. It is advisable to study both lower and higher time frame charts for evidence to support a trade in either direction. 2 It may well be advisable to take profits when seen or if there is a larger break out to consider using a trailing stop to protect profits. 3

Consider buy set ups at: 1.3019-37

Consider sell set ups at: 1.3190-20

Resistance	1.3194-08	1.3231	1.3254-62	1.3282-01	1.3320	1.3335-55
Support	1.3160	1.3136	1.3109	1.3091	1.3064	1.3019-37

Daily outlook

Yesterday's upside was hardly much at all and losses developed very directly once again even reaching the lower 1.3186 target and then 1.3160 early this morning. This new low looks more like the start of the next decline. I suspect it can still edge a bit higher but holding within the broad 1.3190-1.3231 area. From there we should see losses below 1.3160. At this point we cannot not yet identify intermediate stalling points although I suspect it may be in the 1.3091-09 area... Depending on how deep this current correction develops will imply the depth of the correction in or around 1.3090-09. However, the next larger downside target is identifiable and appears to be in the 1.3019-37 area. This should trigger a modest correction higher (130-150 points approx.) Do also keep in mind the 1.3064 projection.

An earlier break back above 1.3231 would surprise and complicate things a little. We should watch the 1.3254-62 area but there would seem to be more chance of seeing 1.3282-01 in a loose double bottom target and deeper retracement target. Also note 1.3320. I'd still then look for losses.

Medium Term Outlook

22nd February: Things are moving very quickly at the moment with targets being hit and further projections developing. With 4-hour momentum bearish my feeling is that we should see direct losses down to 1.3064 at least and I feel 1.3019-37 is a more likely target. This should provoke a much deeper correction to around 1.3150-80 approx. Beyond will still require further losses...

Only a break above 1.3320-50 would take this back higher directly

EUR/USD Holds Losses Above 1.32, But Still Vulnerable , Feb 22 2013

Daily Forex Technicals | Written by ZIFX.com | Feb 22 13 05:37 GMT

EUR/USD Holds Losses Above 1.32, But Still Vulnerable

EUR/USD Open 1.3190 High 1.3289 Low 1.3159 Close 1.3187

On Thursday Euro/Dollar continued decreasing with 130 pips. The European currency depreciated from 1.3289 to 1.3159 yesterday, matching the negative money flow sentiment at almost -26%, closing the day at 1.3187. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.

On the 1 hour chart new downward channel is forming, while on the 3 hour chart the upward channel is turning into range trading. Break above the nearest resistance and yesterday's top at 1.3289 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3159, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3045.

Today's focus is on Germany Gross Domestic Product Q4, Italy CPI and HICP, Germany IFO business climate index, and Italy Consumer confidence, at 7, 9, and 10 GMT respectively.

Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.

Technical resistance levels: 1.3289 1.3400 1.3524
Technical support levels: 1.3159 1.3045 1.2920

EUR/USD Forecast February 19, 2013, Technical Analysis

Posted February 19, 2013 3:35 (GMT) | By FX Empire Analyst - Christopher Lewis 

The EUR/USD pair did very little during the session on Monday, essentially treading water at the 1.3350 level. This level represents a fair amount of noise and support going down to the 1.33 handle, and as a result with the lack of look quiddity as the Americans took their vacation day, market simply did not have the momentum to break either way.

However, one observation that we would make is that the Euro has sold off significantly since a few random words from the ECB. In other words, we feel that the selloff been a little bit extreme, but do not have the buy signal quite yet in order to start going long. Because of this, we are on the sidelines in the Euro at the moment.

EUR/USD Forecast February 19, 2013, Technical Analysis

Trade Idea: EUR/USD – Sell at 1.3450 , Feb 19 2013

Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 19 13 07:29 GMT

EUR/USD – 1.3341

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Near term down

Tenkan-Sen level              :1.3351
Kijun-Sen level                 :1.3350
Ichimoku cloud top              :1.3379
Ichimoku cloud bottom          :1.3347

Original strategy                              :

Sell at 1.3450, Target: 1.3310, Stop: 1.3485

Position: -
Target:  -
Stop:-

New strategy  : 

Sell at 1.3450, Target: 1.3310, Stop: 1.3485

Position: -
Target:  -
Stop:-

Euro’s near term sideways trading after last week’s anticipated resumption of recent decline is likely to continue, as long as Friday’s low of 1.3307 holds, risk of another corrective bounce to Friday’s high of 1.3394 remains, however, the upper Kumo (now at 1.3413) should limit upside and renewed selling interests should emerge around 1.3440-45 (50% Fibonacci retracement of 1.3577-1.3309), bring another decline later. A break of said support would extend recent decline from 1.3711 top for weakness to 1.3285-90 but loss of downward momentum should prevent sharp fall below 1.3250, risk from there is seen a strong recovery later.

In view of this, we are looking to sell euro on recovery. Only above 1.3455-60 would defer and risk a stronger rebound to 1.3485-90 but still reckon resistance at 1.3520 (with a shooting star) should continue to cap euro’s upside, bring another decline later this week.

Technical Analysis for Major Currencies , Feb 19 2013

Daily Forex Technicals | Written by ICN.com | Feb 19 13 07:38 GMT

Technical Analysis for Major Currencies

EURO

The pair tried to move to the upside yesterday but remained limited below 1.3355 levels, as stability below it keeps the affect of the AB=CD bearish harmonic Pattern valid. The previously mentioned might push the pair to extend bearishness reaching 1.3270 levels as we might see more of the downside move if the mentioned level was broken. The possible negativity remains valid by stabilizing below 1.3440 levels; stability below 1.3380 levels keeps the bearish possibility valid for today.

The trading range for today is among the key support at 1.3235 and key resistance at 1.3440.

The general trend over short term basis is to the upside targeting 1.4375 as far as areas of 1.2990 remains intact.

Support: 1.3310, 1.3270, 1.3235, 1.3200, 1.3235
Resistance: 1.3380, 1.3405, 1.3440, 1.3485, 1.3500

Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.3355 targeting 1.3305, 1.3270 then 1.3235 and stop-loss with four-hour closing above 1.3405 might be appropriate

GBP

The pair’s trading stabilized below 1.5525 levels as Linear Regression Indicators tends to be negative now and might extend the bearish move. Stochastic is showing oversold signals which might cause great volatility. Meanwhile trading below 1.5580 levels today might extend the downside move, while stability below 1.5525 levels strengthens this possibility.

The trading range for today is among key support at 1.5340 and key resistance at 1.5610.

The general trend over short term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.

Support: 1.5455, 1.5415, 1.5380, 1.5365, 1.5340
Resistance: 1.5500, 1.5525, 1.5580, 1.5610, 1.5630

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5525 targeting 1.5455, 1.5415 then 1.5340 and stop-loss with four-hour closing above 1.5610 might be appropriate

JPY

Stochastic is showing the extension of the negative bias after the pair touched the upside key support that was broken earlier and turned to resistance. The pair should stabilize below Linear Regression Indicators around 93.35 levels. Trading below 94.50 levels keeps the possibility of the negative bias valid, but breaking 93.35 levels is important to confirm negativity.

The trading range for today is among key support at 92.05 and key resistance at 94.85.

The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.

Support: 93.35, 93.10, 92.70, 92.50, 92.05
Resistance: 93.80, 94.05, 94.25, 94.85, 95.00

Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 93.35 targeting 92.70, 92.50 then 92.05 and stop-loss with four-hour closing above 94.50 might be appropriate

CHF

The pair stabilized above Linear Regression Indicators yesterday despite moving to the downside, proving that the bullish move is still valid. Stochastic offers some negativity as RSI shows weakness of the upside move; yet since the pair is stable above 0.9130 levels, the possibility of an upside move remains. Stability above 0.9200 levels strengthens the positive outlook, especially that MACD is trending higher eying a breakout above zero line to the upside.

The trading range for today is among key support at 0.9080 and key resistance at 0.9370.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.

Support: 0.9200, 0.9180, 0.9165, 0.9130, 0.9100
Resistance: 0.9235, 0.9270, 0.9305, 0.9320, 0.9350

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9200 targeting 0.9270, 0.9305 then 0.9370 and stop-loss with four-hour closing below 0.9130 might be appropriate

CAD

The pair stabilized above 1.0085 levels indicating that the upside move might extend. Despite the importance of 1.0120 resistance, stability above 1.0085 levels might extend the bullish move toward 1.0205 levels. Linear Regression Indicators are very positive forcing us to turn bullish after the extension of the bearish correction failed due to stability above 1.0085.

The trading range for today is between the key support at 1.0005 and the key resistance at 1.0205.

The general trend over short term basis is to the downside with daily closing below levels 1.0125 targeting 0.9400.

Support: 1.0085, 1.0055, 1.0030, 1.0005, 0.9980
Resistance: 1.0120, 1.0160, 1.0180, 1.0205, 1.0240

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0085 targeting 1.0120, 1.0160 then 1.0205 and stop-loss with four-hour closing below 1.0025 might be appropriate

AUD

Areas of 1.0275 remained stable against the downside move, confirming the attempts to the upside to retest the ascending channel's broken support -turned to resistance-. Positivity is valid now unless the bearish move extends below the mentioned 1.0275 levels, while breaching 1.0375 levels will extend the upside move.

The trading range for today is among key support at 1.0200 and key resistance at 1.0475.

The general trend over short term basis is to the downside with daily closing below levels 1.0710 targeting 0.9400.

Support: 1.0310, 1.0275, 1.0220, 1.0200, 1.0185
Resistance: 1.0345, 1.0385, 1.0400, 1.0430, 1.0475

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0310 targeting 1.0385, 1.0400 then 1.0475 and stop-loss with four-hour closing below 1.0275 might be appropriate

NZD

The pair proved stability above 0.8400 levels supporting that possibility of positivity again. Stochastic is still moving negatively but we will ignore that unless the pair holds below 0.8355. We suggest an upside move today depending on the ascending channel and stability above the mentioned support, but we prefer stability above 0.8480 levels to further confirm positivity.

The trading range for today might be among key support at 0.8355 and key resistance at 0.8565.

The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.

Support: 0.8415, 0.8400, 0.8385, 0.8355, 0.8310
Resistance: 0.8450, 0.8480, 0.8500, 0.8535, 0.8565

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8415 targeting 0.8480, 0.8535 then 0.8565 and stop-loss with four-hour closing below 0.8355 might be appropriate

EUR/USD In Narrow Range, Where To Next? , Feb 19 2013

Daily Forex Technicals | Written by ZIFX.com | Feb 19 13 05:38 GMT

EUR/USD In Narrow Range, Where To Next?

EUR/USD Open 1.3345 High 1.3380 Low 1.3320 Close 1.3349

On Monday Euro/Dollar traded within narrow 60 pip range. The European currency appreciated from 1.3394 to 1.3305 yesterday, matching the neutral money flow sentiment at nearly -9%, closing the day at 1.3349. This morning the Euro is trading quietly, with movements within yesterday's range for now.

On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3380 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3320, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3205.

Today's focus is on Germany ZEW economic expectations index, and US Housing Market Index, at 10 and 23:50 GMT respectively.

Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral to light short signals.

Technical resistance levels: 1.3380 1.3493 1.3620
Technical support levels: 1.3320 1.3205 1.3080

EUR/USD - Triangle Within The 1.33-1.34 Range, Breakout Scenarios, Feb 19 2013

Daily Forex Technicals | Written by FXTimes | Feb 19 13 02:41 GMT

EUR/USD - Triangle Within The 1.33-1.34 Range, Breakout Scenarios

Range: Since late Thursday session (2/14), EUR/USD has been settling within a range roughly between 1.33 and 1.34. This comes after a recent bearish trend that started from a high around 1.37. As we begin the week, President’s Day trading has been quiet, and the volatility in EUR/USD dried up as can be seen in the 1H chart, as it goes into triangle mode. A break from this triangle is not significant, but a break out of the 1.33-1.34 range can give new directional clues.

Breakout scenarios: Without considering prevailing trend and momentum, a break of a range 100-pip wide, could project 100 pips away from the breakout point, making the targets 1.35 to the upside and 1.32 to the downside. However, there are some challenges on both sides. To the upside, a falling trendline connecting the 1.3710 and 1.3520 highs might meet a rally around 1.3450. To the downside, the 1.3255 area is a previous consolidation support. Below that is a key rising trendline support going back to July, when the current bullish trend in the daily chart started.

The Daily Wave Analysis , Feb 19 2013

Daily Forex Technicals | Written by Admiral Markets | Feb 19 13 02:10 GMT

The Daily Wave Analysis

Currency pair USD/CHF

Presumably, the Impulse (v) of [a] is close to completion . If this assumption is correct, after its completion we can expect a downward price movement in line with wave formation correctional [b] of 2.

Currency pair EUR/USD

Presumably, the Impulse [v] of A is close to completion . If this assumption is correct, after its completion we can expect an upward price movement in line with wave formation correctional B of (2).

Currency pair GBP/USD

Presumably, the Impulse (5) of [5] is forming . If this assumption is correct, in the course of the formation development we can expect a downward price movement.

Currency pair USD/JPY

Presumably, the Impulse v of (v) of [iii] is forming . If this assumption is correct, in the course of the formation development we can expect further upward price movement.

Trade Idea: EUR/USD – Sell at 1.3415 , Feb 18 2013

Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 18 13 07:19 GMT

EUR/USD – 1.3338

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Near term down

Tenkan-Sen level              :1.3341
Kijun-Sen level                 :1.3343
Ichimoku cloud top              :1.3418
Ichimoku cloud bottom          :1.3375

Original strategy                              :

Sell at 1.3480, Target: 1.3380, Stop: 1.3515

Position: -
Target:  -
Stop:-

New strategy  : 

Sell at 1.3415, Target: 1.3310, Stop: 1.3450

Position: -
Target:  -
Stop:-

Despite last week’s anticipated resumption of recent decline, as the single currency rebounded after falling marginally to 1.3307 on Friday, suggesting consolidation above this level would take place and another corrective bounce to 1.3365-70 and possibly Friday’s high of 1.3394 cannot be ruled out, however, the upper Kumo (now at 1.3418) should limit upside and bring another decline later. A break of said support would extend recent decline from 1.3711 top for weakness to 1.3285-90 but loss of downward momentum should prevent sharp fall below 1.3250, risk from there is seen a strong recovery later.

In view of this, we are looking to sell euro on recovery. Only above 1.3455-60 would defer and risk a stronger rebound to 1.3485-90 but still reckon resistance at 1.3520 (with a shooting star) should continue to cap euro’s upside, bring another decline later this week.

EUR/USD Steady And In Range Since Thursday,Feb 18 2013

Daily Forex Technicals | Written by ZIFX.com | Feb 18 13 05:42 GMT

EUR/USD Steady And In Range Since Thursday

EUR/USD Open 1.3337 High 1.3394 Low 1.3305 Close 1.3360

On Friday Euro/Dollar traded within 85 pip range. The European currency depreciated from 1.3394 to 1.3305 on Friday, matching the negative money flow sentiment at around -16%, closing the week at 1.3360. This morning the Euro is trading quietly, with movements at the lower end of Friday's range for now.

On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and Friday's top at 1.3394 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3305, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3190.

Today's focus is on EMU Current account at 9 GMT.

Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.3394 1.3510 1.3632
Technical support levels: 1.3305 1.3190 1.3064

Technical Analysis for Major Currencies, Feb 18 2013

Daily Forex Technicals | Written by ICN.com | Feb 18 13 07:15 GMT

Technical Analysis for Major Currencies

EURO

The pair is still trading negatively, as it started this week negatively below 50% correction of CD Leg of the AB=CD bearish harmonic Pattern. The previously mentioned shows the possibility of extending the second target of the pattern at 1.3270 levels, which by breaching it the bearish move might extend reaching the key support level of the upside move shown on the graph. Linear Regression Indicators supports our negative expectations, but great volatility is expected due to entering oversold areas as shown on Stochastic.

The trading range for this week is among the key support at 1.3150 and key resistance at 1.3545.

The general trend over short term basis is to the upside targeting 1.3990 as far as areas of 1.3350 remains intact.

Support: 1.3305, 1.3270, 1.3235, 1.3170, 1.3120
Resistance: 1.3355, 1.3405, 1.3440, 1.3480, 1.3500

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.3355 targeting 1.3305, 1.3270 then 1.3235 and stop-loss with four-hour closing above 1.3405 might be appropriate

GBP

The pair is still stable below 1.5525 levels which is considered negative and capable of cancelling any oversold signals the pair might show. Linear Regression Indicators are resistances for the pair and leading it to the downside; all of that forces us to think that the bearish move might extend reaching 1.5340 levels during the upcoming short period. Breaching 1.5690 levels will fail our expectations, but this week we prefer stabilizing below 1.5580 levels to keep the possibility of moving to the downside valid.

The trading range for this week is among key support at 1.5340 and key resistance at 1.5690.

The general trend over short term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.

Support: 1.5455, 1.5415, 1.5380, 1.5365, 1.5340
Resistance: 1.5525, 1.5580, 1.5635, 1.5690, 1.5715

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5525 targeting 1.5415, 1.5380 then 1.5340 and stop-loss with four-hour closing above 1.5635 might be appropriate

JPY

This week’s trading started positively with the pair, but the rise was due to a price gap that got Stochastic into overbought areas. The pair couldn’t stabilize above key support level of ascending channel that was broken earlier. Therefore, trading below 94.50 levels might bring back the downside move this week. Breaching the mentioned level might test 95.50 levels before any new attempt to the downside.

The trading range for today is among key support at 89.00 and key resistance at 91.70.

The general trend over short term basis is to the upside targeting 91.70 as far as areas of 83.40 remain intact.

Support: 93.30, 93.05, 92.50, 92.05, 91.70
Resistance: 94.00, 94.15, 94.50, 95.15, 95.50

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 94.00 targeting 93.30, 93.05 then 92.05 and stop-loss with four-hour closing above 94.50 might be appropriate

CHF

The pair managed to stay positive and stabilize above Linear Regression Indicators since it stabilized above key resistance level of the downside move as shown on the graph. Stability above 0.9200 levels might extend the bullish move this week, as there might be great volatility and retesting to levels close to the mentioned support level 0.9200 to cover the price gap of this week, in addition to reduce the overbought signals. Trading above 0.9130 levels might extend the upside move.

The trading range for this week is among key support at 0.9080 and key resistance at 0.9425.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.

Support: 0.9200, 0.9170, 0.9155, 0.9130, 0.9080
Resistance: 0.9280, 0.9305, 0.9370, 0.9400, 0.9425

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9200 targeting 0.9280, 0.9305 then 0.9370 and stop-loss with four-hour closing below 0.9135 might be appropriate

CAD

Despite that the pair didn’t breach 1.0085 levels till now, but moving above 1.0055 levels with Friday closing above it weakens the possibility of negativity. Meanwhile, we cannot confirm extending the upside move now till we see the pair reacting around the referred to 1.0085 levels. Therefore, we prefer to remain neutral in our weekly report waiting for confirmation signals.

The trading range for this week is between the key support at 0.9910 and the key resistance at 1.0290.

The general trend over short term basis is to the downside with daily closing below 1.0125 levels targeting 0.9400.

Support: 1.0055, 1.0030, 1.0005, 0.9980, 0.9965
Resistance: 1.0085, 1.0100, 1.0120, 1.0160, 1.0200

Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move

AUD

The pair dropped and is still limited above 1.0270 levels. Meanwhile, Stochastic and Linear Regression Indicators are showing negativity, as the pair stabilizes below 1.0345 levels again. These negative conditions should be confirmed by stability below 1.0275 levels, and till that happen we prefer to be neutral.

The trading range for this week is among key support at 1.0085 and key resistance at 1.0440.

The general trend over short term basis is to the downside with daily closing below levels 1.0710 targeting 0.9400.

Support: 1.0270, 1.0220, 1.0200, 1.0165, 1.0135
Resistance: 1.0310, 1.0345, 1.0375, 1.0440, 1.0465

Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move

NZD

The pair dropped again and is trading below 0.8480 and 0.8450 resistance levels weakening positivity. Meanwhile, the pair stabilized above Linear Regression Indicators and this week’s negative opening was due to the price gap. Therefore, we might witness a new attempt to the upside by stabilizing above 0.8355 levels this week. Stochastic is showing a negative bias that requires stability again above 0.8480 to cancel it.

The trading range for this week might be among key support at 0.8310 and key resistance at 0.8600.

The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.

Support: 0.8415, 0.8380, 0.8355, 0.8310, 0.8275
Resistance: 0.8450, 0.8480, 0.8500, 0.8520, 0.8565

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8415 targeting 0.8480, 0.8535 then 0.8620 and stop-loss with four-hour closing below 0.8355 might be appropriate

Technical Analysis for Crosses , Feb 18 2013

Daily Forex Technicals | Written by ICN.com | Feb 18 13 07:23 GMT

Technical Analysis for Crosses

GBP/JPY

GBP/JPY dropped to a low at 142.78 last week, and before touching 142.60 it rebounded upwards back into the rising channel, as seen on the graph. Stochastic reflects a bullish bias on momentum however, the pair trades below Linear Regression Indicators as to this moment. Relative Strength Index shows weakness in the uptrend – the event that requires trading back within the aforesaid channel. Hereon, we prefer to stand aside in our Weekly Report, searching for signs of a specific direction.

The trading range expected for this week is between the key support at 142.60 and the key resistance at 149.60

The short-term trend is downside targeting 112.00 if 150.00 remains intact

Support: 145.00, 144.65, 144.15, 143.55, 143.10
Resistance: 146.00, 146.85, 147.25, 147.40, 148.25

Recommendation Based on the above graph and explanation, we recommend neutrality in our Weekly Report

EUR/JPY

EUR/JPY rebounded bullishly from levels surrounding the uptrend's key support, and it has settled above Linear Regression Indicators. Nonetheless, Stochastic is in overbought areas, and the pair is influenced by a bearish technical setup, or correction. Breaching 126.15 is necessary to assert the continuity of the bullish surge but since the pair is trading back within the rising channel, we propose a bullish trend this week. In order for the outlook to stand valid, stability above 123.50 is required.

The trading range expected for this week is between the key support at 122.15 and the key resistance at 128.75

The short-term trend is upside targeting 128.75 if 116.15 stands intact at weekly closing

Support: 125.00, 124.85, 124.50, 123.85, 123.20
Resistance: 125.75, 126.15, 126.65, 127.40, 127.90

Recommendation Based on the above graph and explanation, we recommend buying the pair above 124.50 targeting 125.75, 126.15 and 127.40 and stop-loss at four-hour closing below 123.20

EUR/GBP

Extension of the bearish correction did not succeed last week as we have seen the pair hovering around 0.8575 before rising to settle above the Exponential Moving Average 50, as well as above Linear Regression Indicator 55. LRI 55 and 34 are trading positively – circumstance we think will deliver a potential uptrend this week. The forecasted trend may attempt to touch levels around 0.8700 however if the pair breaks and resides below 0.8575, chances of the extension of the correction will be restored.

The trading range expected for this week is between the key support at 0.8480 and the key resistance at 0.8740

The short-term trend is upside targeting 1.0370 if 0.7785 remains intact

Support: 0.8600, 0.8575, 0.8535, 0.8500, 0.8480
Resistance: 0.8650, 0.8675, 0.8700, 0.8720, 0.8740

Recommendation Based on the above graph and explanation, we recommend buying the pair above 0.8600 targeting 0.8675, 0.8700 and 0.8740 and stop-loss at four-hour closing below 0.8575 this week

Daily FX Report ,Feb 18 2013

Daily Forex Technicals | Written by Varengold Bank | Feb 18 13 07:55 GMT

Daily FX Report

Good morning from cold Hamburg and welcome to our first Daily FX Report in this week. ECB Executive Boards member Asmussen said yesterday that Cypriot banks' integration in the Greek financial system show a risk to the stability of the euro which have to be taken under consideration if the island should gain rescue aid or not.

We wish you a great start into a new trading week

Markets review

The final G-20 communique released in Moscow on the weekend fell short of last week's Groupof- Seven statement. There was a risk that they might have fired a warning shot at Japan, but they did not do so. Japanese officials denied driving down their currency on purpose as they commented that its depreciation was a byproduct of their effort to revive their economy. The G- 20 finance ministers and central bankers ended on the 16th of February pledged not to target exchange rates for competitive purposes and to avoid currency wars. The market will continue to focus on the JPY and on the replacement BOJ Governor, who will step down on March 19. The new Prime Minister Shinzo Abe will probably nominate Asian development bank President Kuroda, who might pursue the government's anti-deflation course. The G-20 also agreed to work together to curb multinational companies' leeway to shift profits to low-tax countries. They also stated that the world economic growth remains weak and unemployment is too high in many countries. So it requires more work to create a stronger monetary and economic union in the euro area. Japan's currency continued its downward trend and dropped 0.2 percent versus the USD to 93.72. The EUR/JPY increased 0.1 percent to 125.04. Tomorrow minutes of the Reserve Bank of Australia' meeting will be released and the market expects that the Governor Glenn Stevens might cut Australia's key rate to record this year. An additional report already showed that New Zealand's service industries expanded at a faster pace. The Perfomance of Service Index climbed to 52.6 in the past month from 51.5 from December. The AUD/NZD was 0.3 percent away from a 2 ½ year low at 1.2185 and the AUD/USD depreciated 0.1 percent to 1.0297. The AUD/JPY rose 0.2 percent to 96.56 while the NZD/JPY also rose 0.3 percent to 79.22. The EUR/USD declined to 1.3339. Today the U.S. financial markets are shut today for a holiday.

Technical analysis

GBP/USD (4 Hours)

As we can see on the screenshot, the GBP has been weakening versus the USD, and is trading below a bearish Fibonacci fan for the past three weeks. Although the RSI is on a low level a continuation of this bearish trend might be possible if the GBP/USD fails to recover at the support line around 1.54604 and enters at least the lowest channel of the fan.

Support Levels around	Resistance Levels around
1.54604	1.56813
N/A	1.58214
N/A	1.58795

EUR/CHF (4 Hours)

Since the middle of the past month the EUR decreased from its high around 1.2566 along a bearish Fibonacci fan. At the beginning of February the bulls took again control of the pair and pushed it up to the resistance line around 1.23684 by traversing the fan. There the pair rebounded but based on the stochastic another bullish movement and a breakout of the fan might be possible.

Support Levels around	Resistance Levels around
1.22484	1.23684
1.20806	1.24901
N/A	1.25662

EUR/JPY (Daily)

At the beginning of November the EUR/JPY started its long term bullish trend and is now close to a three year high. Based on the oversold Momentum and the Moving Average the EUR/JPY might be strong enough to cross in its next attempt the resistance line around 127.61.

Support Levels around	Resistance Levels around
116.984	127.610
113.195	N/A
105.232	N/A