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

EUR/USD Forecast: Downtrend in control

EUR/USD 21st, April 2015

EUR/USD Analysis

EUR/USD fell again after another test to 1.1050 range and found a minor support around 1.0655. The uptrend is very limited and the trading range too. I am expecting EUR/USD to keep on sideline moves in the next 2 days with a trial to test the resistance line around 1.0950, I am still not recommending to trade EUR/USD really till things become much trendy but, if you’ve to do that so, Selling is your only option (~Watch resistance levels closely).

The EUR/USD still has a minor support at 1.0459 and it tested it once, I am still expecting another test to this support level. Greece’s smoke is still there and it feels like this story will never end. Watch out your steps because the EUR is ready to fall again in no time!

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

  • RESISTANCE: 1.1055
  • 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: 1.0940 – Take Profit 1.0890 (50 pips profits)
  • Sell at: 1.0910 – Take Profit 1.0850 (60 pips profits)
  • Buy at: 1.0650 – Take Profit 1.0750 (100 pips profits)

This signal is valid during trading week: 21st-24th April 2015

Gold Forecast April

Gold Forecast: XAU/USD is heading down

XAUUSD Forecast 20th April, 2015

Gold (currently at: 1202 level) after a false breakout to 1220 level, it fell after touching 1224.45 level to find a minor support around 1183.36. The 1220 level is still a strong resistance to test one more time and due to the false breakout, we’ve to add extra pips to the current resistance to make sure that we will not lose any pips. After revising my chart, I can suggest to raise our resistance to 1235 level.

I recommend that you hold on for a while and do not open long positions for the gold, buying gold in this area seems to be a little bit dangerous (& if you do that, take profit quickly) especially that uncertainty is blurring the trend. I am still waiting for the gold to fall sharply this time before picking the right point to buy.

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 (50 pips stop loss applied):

  • Sell: at 1210 – Take profit 1110 (100 pips profits)
  • Sell: at 1230 – Take profit 1130 (100 pips profits)
  • Sell: at 1160 – Take Profit 1090 (70 pips profits)
  • Buy: at 1080 – Take Profit 1180 (100 pips profits)

This review is valid during trading week: 20th-24th April, 2015

USD/JPY Forecast: Strong selling pressure around 119.10

USD/JPY 17th April, 2015

USD/JPY fell again after testing strong resistance around 120.80 level, it moved back and forth during the last 2 weeks but, this time moves were not easy and the trend was not clear. Although, the same inner voice I’ve talked about in this post is still telling me that uptrend will resume soon. We will stop talking about these strong resistance levels: 120.80 or 122.02 for a while till USD/JPY finds a strong support. Based on my current analysis, I can see that we have 2 strong support levels around 116.60 and 117.50.

Non-farm payroll data was a real shock for the market watchers after expecting strong numbers, the weak numbers stressed on the market worries related to the timing of the rate hike and whether the economy is ready for it or not. Over all, it is too early to judge whether this weak NFP data is just a random fall or it is a new trend for the employment in united states. We’ve to wait for April’s report.

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 119 – Take profit 118.25 (75 pips profits)
  • Buy: at 116.90 – Take Profit 117.90 (100 pips profits)
  • Buy: at 117.60 – Take Profit 119 (140 pips profits)
  • Buy: at 118.20 – Take Profit 120 (180 pips profits)

This review is valid during trading week: 20th-24th April, 2015

EUR/JPY Forecast

EUR/JPY Forecast: Still tempting to buy but, for Limited uptrend

EUR/JPY 17th April, 2015

EUR/JPY Analysis

EUR/JPY took another dip even it seems to be building a bullish trend as I’ve mentioned before in this post. EUR/JPY broke the strong support around 126.89 and found another support around 126.03 which seems to be the bottom line for the moment. Personally, I am still convinced that it will take a nice ride to 130 level. However, I am a little bit afraid from downtrend clouds. But, I will take the risk again and recommend to buy EUR/JPY between 126 to 127 and to take profit around 133 level. No need to mention that 135.40 is still potential target for this rally so, watch out your steps.

Important Note: In the previous post, if you followed my advices – you can see that you lost 50 pips in the 2 buy trades (100 pips in total) and won (110 pips) in single sell trade, if we sum up total pips, you won +10 pips. I’m mentioning this to make sure that everyone knows that even when my advices are not correct. You will be a winner!

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

  • RESISTANCE: 135.40
  • SUPPORT: 126.03

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

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

  • Sell: at 130.10 – Take profit 129.5 (60 pips profits)
  • Buy: at 126.5 – Take Profit 128 (150 pips profits)
  • Buy: at 127 – Take Profit 130 (300 pips profits)
  • Buy: at 127.2 – Take Profit 129 (180 pips profits)

This review is valid during trading week: 20th-24th April, 2015