Tuesday, July 26, 2011

Weekly Forecast (FX)

Important Fundamentals that will affect the global market:
Raising the debt ceiling, or downgrade?
Or, austerity measures, cutting budgets, increase tax?

If cutting budgets, and increase tax, then Gold might need to face the imminent, or "reckless" fall.



Resistance 1.6440, forecast the market to continue going up towards this resistance, , unless market break above 1.6468, I will be hunting for short.

Once 1.6468 has been taken out, expect GBP/USD to go further up to 1.6550 (May-31 high).


It has broken away from the trendline, and I am bullish on EUR/USD.
Although fundamentally I do not agree with the bullishness in EUR/USD, especially on the recent debt issues... but I have to say from the technical chart, the bullish strength will last until next target 1.4550, ultimate target 1.4900.

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