Top Forex Brokers:Weekly Technical Analysis 27.01- 31.01.2014
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IMPORTANT ECONOMIC DATA DURING THE WEEK (GMT)
EURUSD:
The price has bounced in bullish direction from SMA150. We remind that this is the third time in a row when the price bounses in bullish direction from SMA150 on the D1 chart. This only speaks about the importance of this Moving Average. Furthermore, we have the Momentum Indicator, which has crossed the 100-level line in bullish direction during the last week. This gives us another bullish signal. At the same time, after the bounce from SMA150, the price has formed something like a little pennant, which gives additional supportance of the bullish theory. Having these in mind, we could infer that durin this week it is possible to see the price to test the turquoise resistance (trend) again.
USDJPY:
The price has done a strong bearish bounce from the pink resistance, which was the reason for the price to cross the Neck Line of a potential Double Top formation. On its way down the price has found support in one of the previous already broken tops of the price (dark blue).The blue support might bring the price back to the pink resistance but in general, it looks like the price would keep following the direction of the Double Top Formation. The Momentum Indicator signalizes that the price might slow down.
GBPUSD:
On the D1 chart we notice that the price has formed a steeper bullish corridor, which has brought the price out of the regular bullish diapason of the white trend. In this case, we should conform with the blue corridor which would be of a great assistance in the determination of any further supports and resistances and openin long and short positions respectfully. Since the price has last bounced from the upper level of the corridor, we might expect a bearish activity until the lower level of the corridor is reached. At the same time the Momentum Indicator is about to cross the 100-level line in bearish direction.
USDCHF:
After breaking through the light blue bullish trend line the price did a bearish broke which has brought the price to break the Neck Line of a potential Double Top formation. For this reason we believe that the price might continue in bearish direction at least until the already broken white bearish trend line. The potential distance between the white bearish trend line and the Neck Line could then be equal to the distance between the Neck Line and the midpoint of the two tops.
AUDUSD:
After the price broke through the red bearish corridor, the first impression was that the price would eventually change its direction. Then the price demonstrated no intentions to move in bullish direction and it created a bearish trend line (blue). The Momentum Indicator also supports the idea of the bearish movement of the price. For now me could keep following the bearish trend line as a resistance and as an indicator of where to place our stop loss order while going short.
Source From: Forex-Metal Forex Broker
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