Weekly Forecast (FX)

EUR/USD

As mentioned in last week forecast, Euro has successfully hit my forecast of 1.33 region.
EUR/USD has reached to High of 1.3333 on Friday 6 Aug 2010.

I foresee the rally to continue to hit to my next Target 1.35.
Support: 1.3080
Resistance: 1.3350 (EMA200 on Day Chart)

1) to Long (Trade with Trend):
Buy at 1.3110 region. SL 40 pips. TG1: 1.33, TG2: 1.35.
2nd way to enter market, look for reversal at 4 Hour chart, likely to happen on Tuesday.

2) to Short:
Patience..... 1.35 is still my favorite resistance level, observe for reversal sign.


GBP/USD

There will be some figure release on Wednesday.
GBP/USD hit the high of 1.5997 on Friday 6 Aug 2010.

Resistance: 1.6000.
Weekly chart - stochastic oversold.

1) to Long
Buy at 1.5780 region, SL 45 pips, TG: 1.5980
Also can observe for reversal at 4 Hour chart.

2) to Short
Short at 1.5980 region, with stop loss above resistance level (1.6030).


USD/JPY

USD/JPY dipped to 85.02 on Friday.
It is hard for USD/JPY to spell BULL at the moment unless it successfully crossed 86.00 and stayed above 86.50.

Support 85.00
Resistance 86.50
Traders may wish to trade Long at 85.00 region, or Short at 86.50 region with 30 pips SL.