FX-Arabia

m.youssif · 18-01-2011, 11:19 AM

EURUSD Forecast
The EURUSD had a bearish momentum yesterday, continued the bearish short term bias after unable to make further upside pressure testing 1.3500 key resistance area on Friday. While medium term outlook remains neutral as price still moving in a wide range area of 1.3500 – 1.2950/00, nearest term technical bias still suggest more bearish potential especially if price able to make a clear break below 1.3244/50 testing 1.3150 support area. As you can see on my h1 chart below, 1.3250 support area is a key intra-day support level that should be watched closely as any price action around that level could be very important for intra-day trading activity. Immediate resistance at 1.3320. A failure to make a clear break below 1.3250 and break above 1.3320 could trigger further bullish momentum re-testing 1.3450 – 1.3500 key resistance area.

m.youssif · #**381** 18-01-2011, 11:19 AM

EURUSD Forecast
The EURUSD had a bearish momentum yesterday, continued the bearish short term bias after unable to make further upside pressure testing 1.3500 key resistance area on Friday. While medium term outlook remains neutral as price still moving in a wide range area of 1.3500 – 1.2950/00, nearest term technical bias still suggest more bearish potential especially if price able to make a clear break below 1.3244/50 testing 1.3150 support area. As you can see on my h1 chart below, 1.3250 support area is a key intra-day support level that should be watched closely as any price action around that level could be very important for intra-day trading activity. Immediate resistance at 1.3320. A failure to make a clear break below 1.3250 and break above 1.3320 could trigger further bullish momentum re-testing 1.3450 – 1.3500 key resistance area.

m.youssif · 18-01-2011, 11:19 AM

GBPUSD Forecast
The GBPUSD was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term. A look on daily chart shows us that price is making smaller bullish candle in the last three trading days compared to the big bullish candle on January 12 suggests that the bullish power is decreasing, but for me that is just a normal consolidation and still within the context of a bullish scenario testing psychological level at 1.6000 which is a key level at this phase. Clear break above that area could trigger further bullish scenario testing 1.6300 this week. Immediate support at 1.5834 (yesterday’s low). Break below that area could trigger further bearish pullback testing 1.5780. Below 1.5780, we have 1.5650 as a key support level. I don’t expect a movement below 1.5650 as it would be a threat to the bullish scenario.

m.youssif · #**382** 18-01-2011, 11:19 AM

GBPUSD Forecast
The GBPUSD was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term. A look on daily chart shows us that price is making smaller bullish candle in the last three trading days compared to the big bullish candle on January 12 suggests that the bullish power is decreasing, but for me that is just a normal consolidation and still within the context of a bullish scenario testing psychological level at 1.6000 which is a key level at this phase. Clear break above that area could trigger further bullish scenario testing 1.6300 this week. Immediate support at 1.5834 (yesterday’s low). Break below that area could trigger further bearish pullback testing 1.5780. Below 1.5780, we have 1.5650 as a key support level. I don’t expect a movement below 1.5650 as it would be a threat to the bullish scenario.

m.youssif · 18-01-2011, 11:20 AM

USDCHF Forecast
The USDCHF made another indecisive movement yesterday. The bias remains neutral in nearest term and there are no changes in my daily technical outlook. Price still consolidate in range area of 0.9550 – 0.9800 and need a clear break on either side to see clearer direction. Aggressive intra-day traders may long around 0.9550 or short around 0.9800 with tight stop loss. I personally still prefer a bullish scenario and expecting a nice breakout above 0.9800 targeting 1.0000 this week.

m.youssif · #**383** 18-01-2011, 11:20 AM

USDCHF Forecast
The USDCHF made another indecisive movement yesterday. The bias remains neutral in nearest term and there are no changes in my daily technical outlook. Price still consolidate in range area of 0.9550 – 0.9800 and need a clear break on either side to see clearer direction. Aggressive intra-day traders may long around 0.9550 or short around 0.9800 with tight stop loss. I personally still prefer a bullish scenario and expecting a nice breakout above 0.9800 targeting 1.0000 this week.

m.youssif · 18-01-2011, 11:21 AM

USDJPY Forecast
The USDJPY made another indecisive movement yesterday. Price attempted to push lower but once again, 82.33 support area did a good job preventing further bearish pressure. The bias remains neutral in nearest term as price still consolidate lower after a strong break above 82.33 with nearest bullish target remains around 84.40. There might be another downside attempt today but I still prefer a bullish scenario until the 82.33 support area is clearly broken to the downside testing 81.00 and 80.00 support area.

m.youssif · #**384** 18-01-2011, 11:21 AM

USDJPY Forecast
The USDJPY made another indecisive movement yesterday. Price attempted to push lower but once again, 82.33 support area did a good job preventing further bearish pressure. The bias remains neutral in nearest term as price still consolidate lower after a strong break above 82.33 with nearest bullish target remains around 84.40. There might be another downside attempt today but I still prefer a bullish scenario until the 82.33 support area is clearly broken to the downside testing 81.00 and 80.00 support area.

m.youssif · 18-01-2011, 11:22 AM

EURJPY Forecast
The EURJPY was corrected lower yesterday and now seems ready to test 109.50 support area, but as long as price stays above 190.50, we are still in a bullish scenario. In fact, although nearest technical bias is bearish, 190.50 is a good level for a long position as the risk-reward ratio is very good there with small stop loss and big potential bullish target at 111.60. However, a clear break below 109.50 could trigger further bearish pressure testing 108.70 and could be a threat to the bullish outlook testing 107.60.

m.youssif · #**385** 18-01-2011, 11:22 AM

EURJPY Forecast
The EURJPY was corrected lower yesterday and now seems ready to test 109.50 support area, but as long as price stays above 190.50, we are still in a bullish scenario. In fact, although nearest technical bias is bearish, 190.50 is a good level for a long position as the risk-reward ratio is very good there with small stop loss and big potential bullish target at 111.60. However, a clear break below 109.50 could trigger further bearish pressure testing 108.70 and could be a threat to the bullish outlook testing 107.60.

m.youssif · 18-01-2011, 11:22 AM

GBPJPY Forecast
The GBPJPY was indecisive yesterday. The bias is neutral in nearest term but still within the context of a bullish scenario targeting 133.00 this week especially if price able to make another strong break above 131.85 area. Immediate support remains at 130.40. Break below that area could trigger further bearish pullback in nearest term but as long as price stays above 129.30 I still prefer a bullish scenario at this phase.

m.youssif · #**386** 18-01-2011, 11:22 AM

GBPJPY Forecast
The GBPJPY was indecisive yesterday. The bias is neutral in nearest term but still within the context of a bullish scenario targeting 133.00 this week especially if price able to make another strong break above 131.85 area. Immediate support remains at 130.40. Break below that area could trigger further bearish pullback in nearest term but as long as price stays above 129.30 I still prefer a bullish scenario at this phase.

m.youssif · 18-01-2011, 11:23 AM

AUDUSD Forecast
The AUDUSD was volatile but indecisive yesterday. The bias is neutral in nearest term and I think we are in a no trade zone now. Overall we are still in a bearish correction phase since the pullback from the all time high but still need a clear break below 0.9800 to continue the bearish scenario testing 0.9550 this week. On the upside, key resistance area is seen around 1.0020. A clear break above that area would give further validation to the double bottom bullish scenario re-testing all time high at 1.0182 and 1.0256.

m.youssif · #**387** 18-01-2011, 11:23 AM

AUDUSD Forecast
The AUDUSD was volatile but indecisive yesterday. The bias is neutral in nearest term and I think we are in a no trade zone now. Overall we are still in a bearish correction phase since the pullback from the all time high but still need a clear break below 0.9800 to continue the bearish scenario testing 0.9550 this week. On the upside, key resistance area is seen around 1.0020. A clear break above that area would give further validation to the double bottom bullish scenario re-testing all time high at 1.0182 and 1.0256.