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Forex Weekly review - EUR-USD - GOLD - 02.07.2012

Discussion in 'Market Predictions and Reports' started by Real-Forex.com, Jul 2, 2012.

  1. Real-Forex.com

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    Forex Weekly review- 02.07.2012


    EUR-USD


    Monthly chart
    The price has stopped around the current low/support after a downtrend from the 1.5000 price level and it is possible that it will stay around this area few more candles before it will continue its way. Breaking of the 1.2230 support level will send it again towards the last low on the 1.1877 price level. On the other hand, it is possible that it will ascend in first stage to the closest resistance at the 1.2890 price level, while its breaching of this level will lead the price towards the 1.3000 to 1.3250 price level.

    You can see the chart below:
    1.

    Daily chart
    The price is moving now in the area of the last low while it is possible that it will perform a Fibonacci correction in size of between a third and two thirds of the last downtrend which started at the 1.3283 price level (more about it in the daily chart). On the other hand, breaking of the last low on the 1.2290 price level will increase the possibility for a continuation of the downtrend while the target of the price is the “Head and Shoulders” (black broken lines), around the 1.1900 price level.

    You can see the chart below:
    2.


    GOLD


    Weekly chart

    Last week review
    The price has stopped for the fourth week at the 1625 resistance level and very close to the 1540 support level, while its proven breaking will probably lead the price towards the 1440 price level at first stage. This is a 38.2% Fibonacci correction level of the last uptrend (blue broken line). Only breaching the 1625 price level and its establishment above the ascending trend line (black broken line), will cancel this assumption.

    Current review for today
    This is the eighth week that the price is ranging between the 1540 and the 1.625 price levels. proven breaking of the 1540 price level is suppose to lead it to the 1440 price level at first stage, this is a 38.2% Fibonacci correction level of the last ascending move (blue broken line). On the other hand, breaking of the 1625 price level and its establishment above the ascending trend line (black broken line), will bring the price back to its first target on the 1800 price level.

    You can see the chart below:
    11.


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