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Forex daily review-5.07.2012 - AUD/USD-GBP/USD-AUD/USD-USD/CHF-USD/JPY

Discussion in 'Market Predictions and Reports' started by Real-Forex.com, Jul 5, 2012.

  1. Real-Forex.com

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    Forex daily review - 5.07.2012
    AUD/USD
    GBP/USD
    AUD/USD
    USD/CHF
    USD/JPY

    Tracking the EUR/USD pair
    Date: 04.07.2012 Time: 16:04 Rate: 1.2516
    Daily chart

    Last Review
    The price has descend to check the Bollinger moving average which is suppose to use as a dynamic support, in case it will actually become a support- the price should breach the 1.2750 price level since this level is the neckline level of the “Double bottom” pattern and its target is around the 1.3090 price level. On the other hand, if the price will not break the 1.2750 price level and go back under the 1.2436 level, it is possible to assume that in first stage the price will check the last low on the 1.2290 price level.

    Current review for today
    The price has descended under the Bollinger’s moving average and it looks like making its way towards the 1.2436 support level. In case the price will go down under the 1.2436 price level, it will be possible to assume that it will check the 1.2290 last low at first stage. On the other hand, breaching the 1.2750 price level which is the neckline of the “Double bottom” pattern will lead the price towards the 1.3090 price level, the pattern target.

    You can see the chart below:
    1.

    4 Hour chart
    Date: 04.07.2012 Time: 18:11 Rate: 1.2519

    Last Review
    It looks like the price has stopped at the 38.2% Fibonacci correction level of the last uptrend (blue broken line) and it is possible to assume that its first target from this point is the 1.2690, while breaking this level will lead the price towards the last peak on the 1.2750 price level. On the other hand, proven breaking of the 1.2580 price level will probably continue the correction towards the 1.2550 and the 1.2516 price levels.

    Current review for today
    The price has corrected the mentioned move upwards (blue broken line) by two thirds (61.8%) by Fibonacci retracement. Breaking of this level will indicate that the price will reach at first stage the closest support at the 1.2440 price level, while its breaking will probably lead the price towards the last low at the 1.2290 price level. On the other hand, stoppage of the price at the current level and breaching the 1.2690 price level will indicate that the price is headed towards the last peak on the 1.2750 price level.

    You can see the chart below:
    2.


    GBP/USD
    Date: 04.07.2012 Time: 18:24 Rate: 1.5590
    4 Hour chart

    Last Review
    The price is clearly supported by the dynamic support in the shape of the Bollinger’s moving average which sharply goes upwards and brings power to the ascending move. Breaching the 1.5716 price level will probably lead the price to check again the last peak on the 1.5777 price level. on the other hand, breaking the 1.5660 price level will probably lead the price towards the closest support level at first stage.

    Current review for today
    The price has breached the 1.5650 support level and reached the 1.5576 price level, this is a 61.8% Fibonacci correction level of the last ascending move (blue broken line). Breaking of this level will probably lead the price towards the “Wolfe waves” pattern target on the crossing of the price with the line connecting between points 1 and 4, around the 1.5400 price level, while this will be used as a support level. On the other hand, stoppage of the price at the current area and breaching the 1.5716 price level will confirm that the current correction is over and its target will be the last peak on the 1.5777 price level.

    You can see the chart below:
    3.


    AUD/USD
    Date: 04.07.2012 Time: 16:45 Rate: 1.0282
    4 Hour chart

    Last Review
    The price breached the 1.0278 price level and currently going back to check whether this level can switch its role from a resistance to a support. In case it will, the first target will be the 1.0326 price level. On the other hand, breaking of the 1.0224 price level will probably lead the price to a correction towards the 1.0170 price level at first stage, this is a 38.2% Fibonacci correction level of the last move upwards (blue broken line)

    Current review for today
    The price has reached the 1.0326 target (minus 6 pips) and went back to the 1.0278 support level. its descend under this level and under the Bollinger’s moving average will indicate that it will perform a correction in size of between a third and two thirds of the last ascending move (blue broken line), meaning between the 1.0195 and the 1.0119 price levels. On the other hand, breaking of the 1.0326 price level will lead the price towards the next resistance on the 1.0474 price level.

    You can see the chart below:
    4.


    USD/CHF
    Date: 04.07.2012 Time: 16:52 Rate: 0.9593
    4 Hour chart
    The price has breached the 0.9564 price level and reached the 0.9594 resistance level. Breaking of this level will probably lead the price north towards the next resistance on the 0.9653 price level. On the other hand, stoppage in the current area and its descend under the 0.9513 price level will indicate that the price is headed towards the next support on the 0.9463 price level.

    You can see the chart below:
    5.

    USD/JPY
    Date: 04.07.2012 Time: 16:57 Rate: 79.80
    4 Hour chart
    The price is trying to get support above the 79.80 price level, while breaching of the 80.15 price level will lead the price at first stage towards the last peak on the 80.60 price level. On the other hand, descend of the price under the 78.80 price level will indicate that the price will probably descend to check the last low on the 77.66 price level.

    Click here to see the chart


    Important announcements for today:
    12.00 (GMT+1) GBP – Official Bank Rate
    12.45 (GMT+1) EUR – Minimum Bid Rate
    13.15 (GMT+1) USD – ADP Non-Farm Employment Change
    13.30 (GMT+1) EUR – ECB Press Conference
    13.30 (GMT+1) USD – Unemployment Claims
    15.00 (GMT+1) USD – ISM Non-Manufacturing PMI
     

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