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Friday Caution

Be very careful as the GDP report is out and any substantial deviation in the forecast will inevitably cause wild swings for or against the USD. Better perhaps to stand aside. The good news, is that the report will help to establish the market’s direction for next week, although I’ll still be looking for any moves to be limited in their price appreciation or depreciation extensions until the NFP report, and its numbers, and the market’s reaction to those numbers to “settle”.

EURUSD target hit from yesterday

The EURUSD hit our target from yesterday and the R5.  Should see a little profit taking and then a march to the 1.618 fib extension at 1.3168.  Downside target is now 1.3031 on a pullback if any.

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EURUSD keeps its head up

The EURUSD is still trying to move northward to the 1.3110 target (1.270 fib extension).  Currently consolidating so watch for a breakout to get that target.  Downside risk is at 1.2938 ( R3 and .618 fib retracement).

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AUDUSD - From Danny Attridge

I have attached a AUD Daily Chart. We have a potential large reversal in and around this area of .9100 . This is a beautiful Gartley pattern.  We got within 30 pips, which on a daily is acceptable. I would still expect to hit .9110 to complete the ABCD.

 

The rf10 could be the early entry on this. If indeed we do reverse, a move back to the 50%retrace at .8591 should be a minimum.

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EURJPY

US Consumer Confidence and Richmond Fed Fall Slightly which should be bearish for the USD.  During Fundamental Announcements a different strategy is to trade a NON USD currency cross after the reaction.  The EJ is poised to continue the up move to the 618 and 786 FIB EXTENSIONS after  a pullback.  Targets are the 114.40 and 114.86.  downside target is the 113.00 at the trendline.

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EURUSD

A word of caution on the EurUsd: While the results of the Bank Stress Tests are now public, many analysts are not buying into those results and believe there lie unresolved larger issues of sovereign debt bond holders. Yet, it matters not what they think if the market for the Euro (or any market for that matter) does what it does best….prove the analysts wrong.

GBPUSD Thoughts - Nick Kanger

GbpUsd: Big Picture Analytics

Technicals:

In looking at the Daily chart, looking at fibs first, starting with the small attempted swing high on 2/16/10@ 1.5816 to the swing low @ 1.4830, one can observe the .768 fibo creating a solid barrier top. However, this top was tested (and thereafter rejected) way back in March. Now, prices are re-approaching that level near 1.5550.

Fundamentals:

USDJPY thoughts- Nick Kanger

The Week Ahead for the UsdJpy

The following is only an OPINION, not a recommendation to trade.

I wanted to do a bit of focus on the UsdJpy. The Yen has had broad appreciation over most of the major crosses of late due to negative economic news coming out of the US and concern over the outcome of the European bank stress tests.

What ProAct Traders sees in the Forex starting the week of July 25th, 2010 -

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!

Article to read: http://tinyurl.com/252guj8

CLICK ON IMAGES TO ENLARGE

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EURUSD

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EURUSD approaches .786 fibo

Market is squaring up yesterdays move and is approaching the .786 retrace of yesterday.  Barring a bounce here the targets south are 1.2771 ( S3) and then the support at 1.2738.  Further target lies at 1.2682 - not out or reach for the week closing and a square up day.

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