Saturday, February 19, 2011

Weekly Forecast (FX)


EUR/USD has posted a gain of +167 pips this week, lowest 1.3426, highest 1.3713.
Resistance 2: 1.3850
Resistance 1: 1.3750

If we look into the Day chart, EUR/USD uptrend has been secured with a 1/3 retracement that has completed last week.  Coming week, I am looking at EUR/USD to test R2: 1.3850. Forecast Range for coming week: 1.3550-1.3850.

Support 1: 1.3620
Support 2: 1.3570

Monday: Plan to Long when market comes to 1.3650, SL 1.3620, TG 1.3750
For the Week: Long at 1.3570, SL 1.3530, TG 1.3850 or close by End of Week, whichever come first.


Bullish on GBP/USD, finally GBP/USD it has breakout from the diminished trading range and GBP/USD is set to go!  GBP/USD close at 1.6247, High 1.6261.

Resistance: 1.6350 (Double Top)
Support 1: 1.6170
Support 2: 1.6080

To play safe for coming Week, I will standby to observe for Long when market comes to 1.6180 SL 1.6140-50 TG 1.6350.
Some traders may want to short at 1.6350 resistance, I will close my Long at resistance, and observe for reversal sign to short at 1.6350-450 region.

In case GBP/USD started to slide from current high 1.6260, and formed a bearish candlestick pattern on week chart, I believe the bear will take the Cable South to test 1.5300 in by end of April-2011.


It is not easy to get my entry last week, it missed by 6 hours!  As my order is good till 4pm, I didn't get the short entry... USD/JPY is trading at the middle of the range that I do not wished to trade, I prefer to stay out!

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