Monday, August 23, 2010

Weekly Forecast


Current Resistance 1.2930
Current Support 1.2700 region.
Next Support 1.2550

EUR/USD has formed a nice reversal candlestick pattern in 30 minutes and 60 minutes chart at 1.2663 and closed above 1.2710.

I foresee the market to do a correction up to 1.2900 region.

My Plan for next week:
1. Long at current support at 1.2700 region, place my SL 40 pips away and TG 1.2900.
2. However, if market has break below current support, market to fall to test the next support 1.2550 region. ALWAYS protect ourselves with Stop Loss.


Resistance: 1.5670
Support: 1.5460

I forecast this pair to fall to 1.5180 region in another 1-2 weeks.
We can see that the weekly candle has actually formed a small bodied candle signal market indecision.

I prefer to wait for market to come up to 1.5650 region to plant my shorts.

My trading plan for next week:
1. Look for Opportunity to Short near resistance level, preferably 1.5630-5670 (Intraday).
2. If market has break above this 1.5670, check for market reversal when it approach to next resistance 1.5730.


I have a very good profit from AUD/USD last week, +380 pips! ^__^

Strong Resistance: 0.9080
Resistance: 0.9050
Current Resistance: 0.9020
Current Support: 0.8840
Trading Range should be 0.8870 - 0.9050

My Trading Plan for next week is:
1. to hunt for short around 0.8960-9000 with SL slightly above 0.9020.
2. It current resistance level 0.9020 has been taken out convincingly, I would wait for market to come to 0.9050 before I initiate any trades.

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