Forex Trade Alert EUR/USD.
Monday Feb 22, 2010.
The Momentum Indicator and ( Harami ) candlestick pattern indicate a reversal may be coming (D). It may be wise to exit this
trade. Market is holding below the 1.4218 level. 4xGENIE Action: ==> Maintain short position. Price projection of 1.3652 has been reached. Stop at 1.3838. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here! The CCI is below -100. This Currency Pair EUR/USD is oversold at this time.
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Forex Trade Alert EUR/USD
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Forex Trade Alert EUR/USD and USD/JPY
Euro
The euro is in a strong primary down-trend. Talk of Greece being rescued by France and Germany may help to stem the decline at the $1.36 support level. Expect a test of the declining (orange) trendline. Breakout above the declining trendline on Momentum Oscillator (63-day) may provide advance warning of a trend change.
MONTHLY PIVOT ALERT: Support level of 1.3624 was broken today. When the monthly S1 is broken – we can look for a possible drop to the monthly S2 @ 1.3385.
The [R3] or the most extreme high trading range is 1.3860.
The [R2] or the extreme high trading range is 1.3777.
The [R1] or the high trading range is 1.3697.
The [P] or pivot point is 1.3614.
The [S1] or the low trading range is 1.3534.
The [S2] or the extreme low trading range is 1.3451.
The [S3] or the most extreme low trading range is 1.3371.
Japanese Yen
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The Dollar is undergoing a correction against the yen, after making a new high in early January. Recovery above 93.00 would confirm a primary up-trend. Look for early warning from
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Forex Trade Alert EUR/USD and USD/JPY
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Forex Trade Alert for AUD/USD
Australian Dollar.
02.06.2010.
The market is stalling. It may be wise to exit this trade. Market is holding below the 0.8733 level. 4xGenie Action: ==> Maintain short position. Price projection of 0.8655 has been reached. Stop at 0.9083. Wave C could drop down to 0.8300. NOTE: This is a very strong bearish sign with the lower pivot band falling lower and with today’s close below the lower pivot band. The CCI is below -100. This currency pair is oversold at this time.
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Forex Trade Alert for AUD/USD
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US Dollar Index, Gold and Crude Oil Outlook.
The US Dollar Index
The US Dollar Index is in a primary up-trend, having broken through 80.5, and offers a target of 90.0. Reversal below the rising trendline is unlikely, but would warn of a test of primary support at 76.5.
Gold
A strengthening dollar usually signals gold weakness, but there are two factors that mitigate against this: continuing low interest rates (higher rates increase the attractiveness of alternative investments); and rising concern over sovereign debt, causing a flight to the (relative) safety of both gold and the dollar. Breakout above the declining trendline would signal a test of the January high at $1165, while reversal below support at $1080 signal a primary down-trend. A Momentum Oscillator (21-day) peak below zero would also warn of a trend reversal.New Target 1.025
Crude Oil
Crude retreating below the rising (green) trendline warns of trend weakness — and failure of primary support at $72 signal a primary down-trend. Recovery above $76, however, indicates another test of resistance at $80. New Target $68.
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FOREX OUTLOOK for EUR/USD, AUD/USD, GOLD, CRUDE OIL and US DOLLAR INDEX.
Gold
Gold retreated below short-term support at $1120 after breaking the rising trendline on the price chart and on Momentum Oscillator (5-day). Expect a test of primary support at $1080. Reversal above $1140 is unlikely, but would signal an advance to $1220.
Crude Oil
Crude retreated below the rising (green) trendline, signaling trend weakness. Also, the long-term Momentum Oscillator (13-week) displays a large bearish divergence, warning of a reversal. Failure of primary support at $72 would confirm.
Euro – EUR/USD
The primary cause of dollar strength is the euro, which broke through support at $1.42 — signaling the start of a primary down-trend. The Momentum strengthens the reversal signal. The initial target for the decline is $1.38.
Current Day Trading Session:
Momentum is continuing downward at the present time.
Next Day Trading Session:
If the next day’s close is above 1.4449 then that could be a sign that the current downward momentum is reversing.
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FOREX OUTLOOK for EUR/USD, AUD/USD, GOLD, CRUDE OIL and US DOLLAR INDEX
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