USD Pairs may rise in gap trading.Me expecting that the USD pairs may open in gap because of the oversold region of the RSI and the Stoch .I feel that we can see a consolidation on Monday ,though we have to be very much cautious as the downtrend channel is very much intact and we can see another easy 150-100 pips down movement in these pairs in the coming week .
USD/JPY Forecast – USD/JPY is in a downtrend and within 10-12 days the pair already saw almost 300 pips downfall .Now the pair is in the 111.11 level which came down from the 114.39 level .Now me expecting some bounce due to retracements because the RSI and the Stoch are showing oversold in every timeframe.
USD/JPY Technical Analysis –
Resistance levels –
R1 – 111.82
R2 – 112.16
R3 – 112.58
Comments & Trading recommendation – The USD/JPY pair may make a bounce in retracement as the oversold region is reached .
If we see the daily timeframe we can see that the USD/CHF in a downtrend but i feel that in the near term we can see some more strong down fall in this pair and some more correction is remaining here and from this level we can see some 200 pips atleast down fall but yes as the stoch and the RSI are oversold ,we can see some retracement also
The USD/JPY breaks down and its going to touch the 111 handle pretty soon .Though i feel that there may be some retracement near the 111.50 handle as the stoch is entering the oversold region in the daily chart and for that we can see a dead cat bounce at any time but yes after that we can see some deeper correction so we have to be extra cautious .
GBP/USD Forecast – 19/07/17
GBP/USD is in a range bound trend after it falls from the 1.3130 level ,the pair actually hold the 1.3000 level tight and now the pair is in a consolidation phase ,feel that the pair may re-test the previous high level before going down .Overall though my prediction is downtrend and i feel that the pair may touch the 1.2980 level before any uptrend .So its a wait and watch thing to make a perfect entry here .
AUD/USD Forecast – AUD/USD pair is in a uptrend and now as the USD weakness grows ,the pair breaks the uptrend and a major resistance which is now in this years high ,now the pair is running towards the main resistance towards the 0.8030 level and from that we can get a very good retracement .
GBP/USD pair overall is in a uptrend and if that level can break in a strong manner ,we can see another 300 pips which is the AUG 2016 high ,just in retracement the pair may come to the 1.300 level and from that level we can see a good hike .Me overall in a upper trend mentality till the pair breaks the 200 EMA in a strong manner .
USD/JPY Forecast (16/07/17) :-The USD/JPY went down at the last moment of the week but i feel that the 200 EMA is giving a good support in the H4 chart frame and me expecting a bounce upto the 113.20 level before going down to the 111.80 level.So for me its a buy call for a short term buy in this pair but yes in the long run the pair is in a downtrend channel and for that we should be cautious here .
yesterday in my post about EUR/JPY i mentioned that the pair got some good support at the 128.50 level and from that as my prediction the pair moved upto the 129.09 level from which i collected some safe 10 pips and another trading order is running from which i think that i can get some good 20-30 pips safely .I feel that last week the pair already done the homework of consolidation for about 5-6 hours but stopped just below the 200 EMA in the H5 chart frame .Next week my prediction is that the pair may be flat or we can see some 20-30 pips up with a gap .
EUR/JPY is in a downtrend for the last 3-4 days but the pair is finding a good support level near the 128.50 mark which indicates that a upward movement may take place in a temporary pattern .So its a good opportunity for the short time traders to grab some 30-50 pips cleanly .My target would be near 129.50 or may be higher .If we look at the h1 timeframe we can see that the pair is in a downtrend and for that we should be little cautious and for that a strong stop loss of 128.30 is required .