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Forex Technical analysis and forecasts

23.05.2012 / 17:25

Forex Technical Analysis 2012/24/05 (EUR/USD, GBP/USD, USD/CHF, USD/CAD, AUD/USD) Forecast FX

The EUR/USD currency pair is still under pressure and continues moving downwards. Today it has reached a new local minimum at the level of 1.2616. Judging by the H1 chart structure, we should expect the price to test the area of 1.2725, where one can consider selling Euro with the tight stop. In this area there is a strong support level, and if the test fails, the pair may be corrected to the level of 1.29. The analysis of Euro Index also indicates a possible correction. At the H4 chart the RSI indicator was supported by the trend’s ascending line, we should expect Euro Index to rebound in an upward direction.

Forex Wave analysis and forecast

23.05.2012 / 09:06

Wave Analysis 23.05.2012 (NZD/USD, EUR/USD)

The price continues falling down inside the descending trend. It looks like the pair is forming an extension in wave (3). In the near term we can expect the price to complete wave 5 and then start the correction.

Forex Murray math lines and forecasts

23.05.2012 / 14:33

Murray Math Lines 23.05.2012 (USD/CAD, USD/JPY, GBP/JPY)

After rebounding from the Super Trend’s line once again, the bulls are trying to break the 8/8 level one more time. The market may enter an “overbought zone” within the next couple of days and break the +2/8 level. After that the lines at the chart will be redrawn.

Forex Ichimoku cloud analysis and forecast

23.05.2012 / 13:49

Ichimoku Cloud Analysis 23.05.2012 (GBP/USD, GOLD)

GBPUSD, Time Frame Н4 – Tenkan-Sen and Kijun-Sen are under pressure of “Dead Cross”, Tenkan Sen is horizontal, and Kijun-Sen turned downwards. Ichimoku Cloud is going down, Senkou Span A is directed downwards, and Senkou Span B is also horizontal. Chinkou Lagging Span is below the chart, the price is below the indicator’s lines. In the near term, we can expect resistance of Tenkan-Sen and the price to try to stay inside the channel between Tenkan-Sen and Kijun-Sen.
23.05.2012 / 11:57

Japanese Candlesticks Analysis 23.05.2012 (EUR/USD, USD/JPY)

The H4 chart of the EUR/USD currency pair shows a continuation of the descending trend after Tweezers pattern. Three Line Break and Heiken Ashi candlestick charts confirm a descending movement.