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  • Forex4you Technical Analysis 24 May 2013

    EUR/USD: Bouncing Off Trend-Line

    The EUR/USD exchange rate is still trading on the July '12 trend-line however it is rising bullishly at the moment. We have had a surge this morning which has taken it up to 1.2980 where a thick band of resistance, including the 50-day MA is situated. If it manages to break above 1.3000 then it is possible we could see a move higher to the 1.3170 highs. It's looking less likely the trend-line will break and we will get a bearish drive lower, but a move below 1.2795 would be required for a fall to the downside target at 1.2580.

    (click to enlarge)

    USD/JPY: Falling Within Channel

    The USD/JPY pair has fallen from the 103.73 highs, pulling back just shy of fulfilling the 104.00 target and whilst it is possible it could go higher again to 104.00 we may count the target reached, indicating a short-term top is in place. We will probably now see a move down within the channel to the lower border-line at 100.00. I break below that would initiate a stronger bearish correction perhaps to the trend-line at roughly 97.80.

    (click to enlarge)

    Analysis By: Joaquin Monfort, Forex4you Analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether forex trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

    May 24 4:11 PM | Link | Comment!
  • Forex4you Technical Analysis 23 May 2013

    AUD/USD: Bouncing in Down-Trend

    The aussie has resumed its descent and reached close to previous lows at 0.9580 which might be expected to provide support. It has recovered strongly today and climbed back up although it will meet resistance at 0.9765 from the down-sloping trend-line for the move, at which point it could stop and resume its descent. The 0.9387 lows are next in focus although ultimately the target from the recent breakout of the multi-month triangle at 0.8010 provides the eventual endpoint for the move down down.

    (click to enlarge)

    EUR/USD: Still on Trend-Line Support

    The EUR/USD pair is still trading at the level of the July '12 trend-line having pulled back to it after last Friday's decisive break proved premature. We have had three days in a row trading around the level of the trend-line but eventually I think it probably will break lower again targeting 1.2580, with a move below the 1.2795 lows confirming. In the event of a bounce I'd want to see a break above the 1.3000 level acting as confirmation for a possible rally up to the 1.3170 highs.

    (click to enlarge)

    GBP/USD: Bearish Target Reached

    The GBP/USD has fallen to the target at 1.5010 generated after the breakdown from the bullish channel on the 10th of May. It is currently consolidating on an old trend-line at the same level and could bounce higher to perhaps the level of the monthly pivot at 1.5190. Eventually we shall probably see a move down to match the 1.4831 lows. From an Elliot-wave perspective the pattern we are presented with from the December '12 highs is probably an impulse wave with wave 5 unfolding at the moment, and likely to match the end of 3 at the very least.

    (click to enlarge)

    Analysis By: Joaquin Monfort, Forex4you Analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether forex trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

    May 23 12:58 PM | Link | Comment!
  • Forex4you Technical Analysis 22 May 2013

    EUR/USD: Tentative Recovery

    The EUR/USD pair failed to follow-through after the bearish break below the July '12 trend-line. It has started to rebound, forming an inverted head and shoulders pattern with a neckline at 1.2930; a decisive break above which could lead to a rally up to 1.3070 eventually, although strong resistance at 1.2980, composed of the 50 and 200-day MA could slow progress on the way up. Given the overall bearish tenor of the chart, however, and the high event risk of Bernanke's testimony today, a continuation lower is also a possibility, with a penetration of 1.2840 required for confirmation, and - in a steep down-trend - a follow-through expected down to 1.2580.

    (click to enlarge)

    USD/JPY: Still Channeling Up

    The USD/JPY pair continues to rise within its bullish channel, although at a much slower rate then previously, and it looks vulnerable to a bearish breakdown. Momentum has, however, come off over-bought highs and given the dominant up-trend the pair will probably now rally up from the lower-channel line towards the upper line and an eventual target set after the breakout from the ascending triangle at 104.00. A move below yesterday's lows, however, at 102.34 could confirm a channel breakdown to a target at 101.35. Fed Chairman Ben Bernanke's speech today will probably cause some volatility in any case.

    (click to enlarge)

    Analysis By: Joaquin Monfort, Forex4you Analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether forex trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

    May 22 4:19 PM | Link | Comment!
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