moneytree123
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AUD/USD
There has been a long term downtrend on the AUD/USD but there seems to be a strong support level creeping in 0.9058 which is the same level seen in the centre of the double bottom pattern between July and September. Although there is still momentum for this to reach the 0.9000 level there could be pull backs 0.9150 and even 0.9205
EUR/USD
The Euro hasn’t been an easy one to call the past couple of weeks, with the ECB trying talk it down and traders pushing for a higher high it is trapped around the 1.3600. Although a brief high has been made it has struggled to hold 1.3600 as support and one would expect to see a return to 1.3480 early in the week where it will see another support base form before breaking into a downward trend long term.
GBP/USD
The economy is looking good for the U.K. and the British pound has been reflecting this in the forex market against the US dollar. The currency pair has made new highs since the end of 2012 and there is no sign of this momentum slowing down. The currency was stuck in a channel for quite some time and although it has broken out, it cannot be ruled out that a pull back to the top of the channel might still happen around the 1.6250 mark.
USD/CAD
The fundamental analysis on the Canadian dollar coincides with the currency movement and suggests a weakening Canadian against the US. This is due to poor interest rates and should extend into the next coming months. The price should see a pull back to 1.0594 before a further up move.
USD/CHF
Still in a downward channel this could struggle once at the 0.9060 level where it is currently resting and the 0.9000 level that it bounced off on Friday. The price should see a return to the top of the falling channel before making another attempt at breaking the support.
USD/JPY
This currency pair has been bullish since it broke out of the symmetrical triangle at the beginning of November. With a 1000 pip possible target we are just 400 pips into the bullish trend. Expect pull backs to the 101.70 level before a further up move. This could be a text book symmetrical triangle breakout with the target pips being the same distance as the triangle entry pips. It will be interesting to see how far this goes before it starts on a long term downtrend.
Trade with me in the live room
There has been a long term downtrend on the AUD/USD but there seems to be a strong support level creeping in 0.9058 which is the same level seen in the centre of the double bottom pattern between July and September. Although there is still momentum for this to reach the 0.9000 level there could be pull backs 0.9150 and even 0.9205
EUR/USD
The Euro hasn’t been an easy one to call the past couple of weeks, with the ECB trying talk it down and traders pushing for a higher high it is trapped around the 1.3600. Although a brief high has been made it has struggled to hold 1.3600 as support and one would expect to see a return to 1.3480 early in the week where it will see another support base form before breaking into a downward trend long term.
GBP/USD
The economy is looking good for the U.K. and the British pound has been reflecting this in the forex market against the US dollar. The currency pair has made new highs since the end of 2012 and there is no sign of this momentum slowing down. The currency was stuck in a channel for quite some time and although it has broken out, it cannot be ruled out that a pull back to the top of the channel might still happen around the 1.6250 mark.
USD/CAD
The fundamental analysis on the Canadian dollar coincides with the currency movement and suggests a weakening Canadian against the US. This is due to poor interest rates and should extend into the next coming months. The price should see a pull back to 1.0594 before a further up move.
USD/CHF
Still in a downward channel this could struggle once at the 0.9060 level where it is currently resting and the 0.9000 level that it bounced off on Friday. The price should see a return to the top of the falling channel before making another attempt at breaking the support.
USD/JPY
This currency pair has been bullish since it broke out of the symmetrical triangle at the beginning of November. With a 1000 pip possible target we are just 400 pips into the bullish trend. Expect pull backs to the 101.70 level before a further up move. This could be a text book symmetrical triangle breakout with the target pips being the same distance as the triangle entry pips. It will be interesting to see how far this goes before it starts on a long term downtrend.
Trade with me in the live room
