Forex Analysis
Mohamed Samy
2014-07-22 15:43:06 UTC+00 13 hours, 53 min. ago
The price levels of 1.7050 constitute a significant support level to meet the pair on its way downwards. It's also the key level to determine how deep a bearish correction can go before resuming the bullish momentum. The GBP/USD pair remains trapped roughly between 1.7170 and 1.7050 (which is being tested today). Breakout in either direction is needed to pursue towards further targets. The bears have already visited 1.7040. Daily closure should be considered. The bears have potential bearish target around 1.6970. However, traders should consider price level of 1.7000 (Important Psychological level).
Michael Becker
2014-07-22 15:37:01 UTC+00 13 hours, 59 min. ago
A pattern of multiple-tops was confirmed after breakdown of the depicted bullish channel. Moreover, the first bearish target was hit around 1.7055. To avoid possible sudden reversals, bearish targets should be located at 1.7055 and 1.7000 where obvious demand levels are located. On the other hand, risky traders may keep their SELL positions until the price level of 1.6965 where the next prominent Demand Level is located.
Michael Becker
2014-07-22 15:30:43 UTC+00 14 hours, 6 min. ago
The bears have already pushed towards 1.3460 which showed immediate bullish recovery. Bullish pressure may be applied around the current prices provided that the bears fail to fixate below 1.3500 on the daily basis. However, the current short-term trend remains bearish towards 1.3420 until proven otherwise.
Hossam Soliman Ali
2014-07-22 14:53:18 UTC+00 14 hours, 43 min. ago
From the today's H4 chart, silver is still stabilizing above the Support level of 20.75 and could not break it. Currently, it is bouncing from it towards the Resistance level of 21.00.
Hossam Soliman Ali
2014-07-22 14:41:17 UTC+00 14 hours, 55 min. ago
In the 4H chart, closing below the Resistance level of 173.30 gives the price an opportunity for a slightly bearish move again
Ahsan Aslam
2014-07-22 12:53:44 UTC+00 16 hours, 43 min. ago
USD/JPY is expected to trade in a higher range. It is supported by the broadly firmer USD undertone (ICE spot dollar index last 80.56 versus 80.51 early Monday) as the greenback benefited from haven flows amid the geopolitical concerns as the West threatened further international sanctions on Russia over the Ukraine conflict. Besides, violence is unfolding in the Middle East.
Ahsan Aslam
2014-07-22 12:51:18 UTC+00 16 hours, 45 min. ago
USD/CHF is expected to trade in a range. It is supported by the broadly firmer USD undertone as well as dovish Swiss National Bank's monetary policy. But USD/CHF upside move is limited by the flows to haven CHF amid escalating geopolitical concerns.
Ahsan Aslam
2014-07-22 12:49:42 UTC+00 16 hours, 47 min. ago
NZD/USD is expected to trade in a lower range. It is undermined by the subdued investor risk appetite and broadly firmer USD undertone. But NZD/USD losses are tempered by the NZD-USD interest differential.
Ahsan Aslam
2014-07-22 12:47:42 UTC+00 16 hours, 49 min. ago
GBP/JPY is expected to trade in a range. It is undermined by the increased risk aversion and Japanese export sales. But downside move of GBP/JPY is limited by the buoyant USD/JPY undertone and demand from Japanese importers.
Petar Jacimoviс
2014-07-22 11:20:24 UTC+00 18 hours, 16 min. ago
Sideways market. Be careful with buying EUR/NZD at this stage since we may see downward movement and potential testing the level of 1.5460. Watch for potential selling opportunities after retracement.
Mourad El Keddani
2014-07-22 11:19:10 UTC+00 18 hours, 17 min. ago
The NZD/USD pair will continue falling straight from the level of 0.8622 in H4 chart. It is probably going to form a double bottom at the level of 0.8620. Therefore, the Kiwi is showing signs of strenght following the break of the highest level of 0.8620. So, it will be a good sign to buy in the short term above the level of 50% of Fibonacci retracement levels in H4 chart (0.8621) with the first target of 0.8680 in order to retest the daily pivot point and further 0.8740 (the price of 0.8740 will act as strong resistance, so it is going to be a good place to take profit). Also, it should be noted that this level of taking profit will coincide at 78.6% of Fibonacci.
Petar Jacimoviс
2014-07-22 11:06:29 UTC+00 18 hours, 30 min. ago
Rejection from Fibonacci retracement 61.8% at the price of 1,324.00. We can observe a strong buying climax bar in the background, which caused the price to start downward movement.
Mourad El Keddani
2014-07-22 11:00:29 UTC+00 18 hours, 36 min. ago
Probably, a strong resistance level of the USD/CHF pair will be set at the level of 0.9050 (below the 127.2% Fibonacci retracement level in the 1H chart). But a double top has been formed at the 0.9036 price. The latest bearish wave for the last month was created, and the level of 0.9050 became strong resistance. So, the saturation is likely to take place around 0.9050, because this level is the second strong support (the previous minor resistance level was set at 0.9010).
Torben Melsted
2014-07-22 06:56:56 UTC+00 22 hours, 39 min. ago
We are currently looking for a break above minor resistance at 1.5598 as confirmation that the next impulsive rally higher to 1.5885 is developing.
Torben Melsted
2014-07-22 06:49:45 UTC+00 22 hours, 47 min. ago
We have seen a correction to 137.34 (well below the 137.50 maximum). Now, we are looking for a break below minor support at 137.20 to confirm that the correction is over and the next impulsive decline lower towards 134.34 is well underway.
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