EUR/USD Forecast: Strong Euro will take a hit!

EURUSD 14th May, 2015

EUR/USD just touched 1.1447 resistance level, 3 pips away from my previous expectations. It was clear that correction is coming and this short term uptrend will last for a while. we can see support around 1.1290 and 1.0655.

I am expecting EUR/USD to keep on sideline moves in the next week with another attempt to test the next resistance around 1.1675, This will not be fast and the pair should move in choppy way within this range (1.12901.1675).

As I mentioned before EUR/USD still has strong support at 1.0459 and it tested it once, I am still expecting another test to this support level. Greece’s smoke is turned off for a while but, this topic is not closed. This topic will be the panic button for the euro buyers during 2015.

The EUR/USD has the following major resistance and support levels:

  • RESISTANCE: 1.1675
  • SUPPORT: 1.0459

Breaking these levels in any direction will take us higher or lower.

My Daily SELL advice (30 pips stop-loss applied):

  • Sell at: 1.1660 – Take Profit 1.1460 (200 pips profits)
  • Sell at: 1.1530 – Take Profit 1.1480 (50 pips profits)
  • Buy at: 1.1350 – Take Profit 1.1550 (200 pips profits)
  • Buy at: 1.1270 – Take Profit 1.1470 (200 pips profits)
  • Buy at: 1.0990 – Take Profit 1.1090 (100 pips profits)

This signal is valid during trading week: 14th to 19th May, 2015

GBP/USD Forecast: Strong uptrend but, its end is not far away

GBPUSD 13th May, 2015

GBP/USD (currently at: 1.5745) continued uptrend run to break 1.5699 and it fell after touching 1.5766. This is what I expected in this post.

The BOE is still watching the economic data of UK with no serious action. However, the recent data was strong enough to push everyone to buy sterling pound, this is what I call the election sales. On the other hand, the dollar is still suffering from uncertainty and mixed expectations about the timing of the first rate hike. In addition, moderate to weak economic data releases had effect too on the US dollar. Sterling pound is strong enough to stay for a while within this range and the way to 1.5805 (the next major resistance) should be very easy.

My technical overview adds another space for the current uptrend rally again and I can see that there is higher chances that this uptrend will last for a while till we break 1.5805 first and then, we will see whether this trend will continue or not. This move will be struggling battles between bears and bulls during the next few days or weeks and the sideline moves will be noticed once we move above 1.5805. Buy GBP/USD and watch this resistance level: 1.5805 as a checkpoint for this rally. Our close support levels are: 1.5000 and 1.5565

The GBP/USD has the following major resistance and support levels:

  • RESISTANCE: 1.6000
  • SUPPORT: 1.4334

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (30 pips stop-loss applied):

  • Sell: at 1.5805 – Take profit 1.5705 (100 pips profits)
  • Sell: at 1.5990 – Take profit 1.5890 (100 pips profits)
  • Buy: at 1.5650 – Take profit 1.5750 (100 pips profits)
  • Buy: at 1.5550 – Take profit 1.5750 (200 pips profits)
  • Buy: at 1.5565 – Take profit 1.5665 (100 pips profits)

This review is valid during trading week: 13th to 15th of May, 2015

Gold Forecast: XAU/USD is taking a nap

XAUUSD 12th May, 2015

Gold (currently at: 1192 level) is still moving slowly within the sideline range. Our current resistance is around 1235 level and our near support is around 1169. I am still convinced that we should buy gold. I might drop the probability that gold will be cheaper or get close to 1100 level before it goes up but, my expectation are not that solid this time so, you gotta expect a fall before going up.

Buying gold in this area seems to be a little bit tempting so, you can do it wisely with caution, putting in mind that uncertainty is still blurring the trend

The GOLD (XAU/USD) has the following major resistance and support levels:

  • RESISTANCE: 1235
  • SUPPORT: 1076

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (30 pips stop loss applied):

  • Sell: at 1210 – Take profit 1160 (50 pips profits)
  • Buy: at 1180 – Take profit 1220 (40 pips profits)
  • Buy: at 1160 – Take Profit 1200 (40 pips profits)
  • Buy: at 1080 – Take Profit 1180 (100 pips profits)

This review is valid during trading week: 12th-15th April, 2015

USD/JPY Forecast: U Turn seems to be closer than expected

USDJPY 6th May, 2015

USDJPY Analysis

USD/JPY trend is not that clear during the last 2 weeks with limited tradable range from 118.40 to 120.50 but, this is normal when we are getting closer to important data release. Although, the same inner voice I’ve talked about in this post is still telling me that uptrend will resume soon but, I am still not convinced that this soon is not that close, it is not a near future. My technical overview is highlighting two strong resistance levels: 121.60 or 122.02. The support for USD/JPY can be found above these levels: 116.60 and 117.50. I am expecting short term downtrend by the end of this week, this depends on how the market will react with the NFP data.

Next Friday, Non-farm payroll data will be essential element for the US dollar watchers. I am expecting supportive data above 200K which might raise the expectations about raising the interest rate in June. I am not expecting any real surprises from Yellen’s speech or ADP Nonfarm employment data today.

The USD/JPY has the following major resistance and support levels:

  • RESISTANCE: 124
  • SUPPORT: 117.50

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (50 pips stop loss applied):

  • Sell: at 121.40 – Take profit 120.40 (100 pips profits)
  • Buy: at 117.60 – Take Profit 118.60 (100 pips profits)
  • Buy: at 119.50 – Take Profit 120.10 (60 pips profits)

This review is valid during trading week: 5th-8th April, 2015