USD/CAD is showing inverted hanging man dailycandlestick

After topping at 1.0082 Yesterday failing to remain high the pair gave daily closure at 1.0046 giving a reflection of bearish rejection.

Today the bulls tried harder topping at 1.0085 few pips above Yesterday’s high. However, the formed candlestick depicted on the chart ” inverted hanging man ” reflects sever bearish rejection and possiblity of revrese of the ongoing movement.

Level 0.9960 would be targetted as long as this bearish scenario remains valid by cosnolidating below 1.0080..
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GBP/USD bounces off backside of long-term broken downtrend

GBP/USD is showing significant bullish price action towards 1.5570-1.5590 . Thus, bouncing off a long-term downtrend line that was broken Last september,,

This is accompanied by failure of the cable to stay below 1.5630 which correpsonds to many daily lows during last week.

This may be bullish signal on the short term indicating lack of bearish steam to push lower this time.

Price level 1.5750 would be the first bullish target if consolidation above 1.5630 remains intact.

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EUR/USD bounces off an uptrend line for February 5, 2013

The EUR/USD price found support after testing the trendline that went back to Jan. 10, 24 which came to be located around 1.3460.

I noted that there was also an established support around  1.3430-1.3460 that needs to be broken first to show bearish tendency for the pair.

Breakdown of 1.3430-1.3460 renders 1.3390 reachable for the pair.

It’s important to be noted that the upper limit of the long-term bullish channel is located around 1.3630 which needs to hold price above. Otherwise, the bearish scenario wouldl be threatened

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GBP/JPY technical situation for February 5, 2013

The GBP/JPY has been consolidating in the short-term between 146.30 – 144.80, we see a brief break above the 146.30 , topping at 147.15 which ended in forming inverted “hanging man” 4H candlestick which might be an early bearish domination alert.

A break below the pivot of that broken range, at about 145.60 confirms the bearish tendency towards 144.80 then 144.00.

Price action should be watched carefully around 144.00 in order to get a good buy entry with small SL.

to be updated.

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USD/CAD intraday update for technical analysis


The USD/CAD pair strongly rose last week pushing steadily above psychological barrier 1.0000. The upside move has been extending during this week towards 1.0100 and the possibility of a bullish move remains valid unless 0.9920 – 0.9960 zone was broken.
The trading range for this week is expected to be between key support around 0.9900 and key resistance around 1.0240.
Obvious bearish price action was seen around price levels of 1.0100 which is manifested in inverted “hanging-man” daily candlestick that gave us early indications that the bullish momentum has faded away, resulting in the depicted long RED daily candlestick of Tuesday, then the same scenario was repeated on Wednesday and Thursday recording low at 0.9957.
Price Zone 1.0000 provided temporary support before bullish momentum faded away allowing its breakdown to take place.

Today we witness some bullish recovery off 0.9960 which is taking. Therefore, we need to the daily and weekly closure to consider the bullish bias of the ongoing recovery.
Support: 0.9960, 0.9915, and 0.9830.
Resistance: 1.0010, 1.0050, 1.0120, 1.0155, 1.0205, and 1.0270
Recommendation:
Buying the pair is recommended above 0.9920 targeting 0.9970, 1.0120 then 1.0205 and SL as 4H closure below 0.9900.

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Gbp/USD daily technical analysis update..


The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone.
It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000.
The pair remained under heavy SELLING pressure before recovery attempt from 1.5675 zone succeeded to push the pair above 1.5750 level.
Brief consolidation around 1.5700 was expected as indicators were entering oversold state. However, the pair dipped down reaching 1.5675 expressing significant bullish price action manifested in the bullish engulfing daily candlestick that closed again above key-level 1.5750. Therefore, price level 1.5830 was expected to be the next station which got visited yesterday.
we mentioned few hours ago that consolidation above 1.5895 invalidates the bearish scenario in the short-term. Moreover, the pair needs to consolidate again below 1.5830 to resume further bearish movements which took place shortly after reaching 1.5750.
Theoretically speaking, the pair has confirmed a giant “double-top” pattern to be targeting 1.5350 as long as the pair is consolidating below neck-line around 1.5830 – 1.5890.

Today we need daily closure below 1.5750 in order to keep the bias bearish for the pair next week.

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USDCHF technical analysis intraday update for 30 January, 2013.

USD/CHF has pushed lower breaking below  support levels of 0.9200 & 0.9170 and  now moving towards the lower limit of the  range around 0.9080.

Price zone 0.9105-0.9115 corresponds to January 11 low constituting a significant support zone.

Price Zone 0.9080 constitutes a valid BUY entry with tight SL located just below 0.9050.

To be updated.

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GBP/USD Intraday update for january 30, 2013.

Brief consolidation around 1.5700 was expected as indicators were entering oversold state. However, the pair dipped down reaching 1.5675 expressing significant bullish price action manifested in the bullish engulfing daily candlestick that closed again above key-level 1.5750.

Earlier today, the GBP/USD checked 1.5750 before it expressed a quite significant bullish momentum .

Price Level 1.5830 is expected to be the next station.
Theoretically speaking, the pair has confirmed a giant “double-top” pattern to be targeting 1.5350 as long as the pair is consolidating below neck-line around 1.5830 – 1.5880.

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EUR/USD technical analysis for January 30, 2013


After ten days of continuous ranging between the levels of 1.3275 and 1.3380, the price has broken the upper limit level and has rose to the next resistance level of 1.3485, a level which is being a target level of breakout mentioned above.
A breakthrough above the price level of 1.3485 is likely to achieve the full target level of the “reversed head and shoulders” pattern, at the level of 1.3620 initially.
On the other hand, a blocking of the current bullish trend will initially lead the price to support level around 1.3380 where price action should be watched.

One more thing to mention, price level 1.3575 corresponds to the upper limit of the ongoing bullish channel which may constitute temporary resistance for the pair.

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USD/CAD Regression Channels review for January 23, 2013

USD/CAD pair has suddenly broken through its intraday resistance level around 0.9945-0.9955 corresponding to the upper limit of the Blue, Violet channels and the mid-line of the Yellow one.

This led to a sharp rise towards the upper limit of the Yellow channel around 0.9990 which is being tested now.

Price action watching on small time frames is necessary to catch a valid low risk SELL entry upon expressing significant price action on the 15M, 5M  time frames..

SL should be located above 1.0000 while TP levels are to be located at 0.9955 initially.

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