Double Top on the S&P 500

After a rally which has lasted since Fed Chairman Bernanke announced on the 60 Minutes TV program that the Fed was “electronically” printing dollars on March 15, 2009, the S&P 500 has made a double top which may indicate a reversal. That doesn’t mean I’m ready to short stocks (and get long the dollar) just [...]

GBP/USD Key Support at 1.5030

The Pound found strong demand at the aforementioned 1.4873 level and has extended a rally towards the previous high just under 1.5200.
Near term bias is slightly turned to the upside as a correction in the pair seems imminent. Medium to longer term continues to be set to the downside on deficit and political concern.
In the [...]

NZD/USD Recovers Above 0.7000

The New Zealand Dollar recovered some the gains lost post-RBNZ rate decision as risk appetite spurred demand for riskier assets.
All eyes will now turn to the U.S. retail sales figures expected to come in on the weak side. Data should help shape the pairs next move.

Trend:
Weekly : Sideways
Daily: Sideways
Hourly: Sideways
Support & Resistance:
From current levels, [...]

AUD/USD Testing Key 0.9193

The Aussie had a volatile day yesterday as the morning began with risk aversion but ended on a positive note. Stocks in U.S. managed to close higher, driving the S&P 500 to its highest level since October 2008.
A stronger-than-expected Chinese inflation number yesterday fueled concern that China may increase interest rates to cool its economy. [...]

EUR/USD Key Resistance Level at 1.3884

The Euro finally broke higher and above the 1.3700 handle as a rise in stocks spurred demand for riskier assets. The S&P500 reached its highest level since October 2008 adding bets a second leg higher may be forthcoming.
Industrial production data out of the euroZone today was also supportive of the pair as it rose by [...]

Forex: The Risk Today

The Risk Today:

EurUsd We’re getting tantalizingly close to the big showdown between our current range (1.3425-1.3735 as if we could have possibly forgotten) and the reigning 3 month downtrend channel that has ruled the EURUSD kingdom since December’s break of the 12-month uptrend. With the US retail sales released later today, one can’t help but [...]

Daily Forecast for Majors

EURUSD Forecast:
The EURUSD had a narrow movement of only 66 pips yesterday and we do not see significant technical move yet so far. The bias remains neutral both in nearest and medium term while the long term outlook remains bearish. The bullish correction scenario testing 1.3750 area remains intact. Price has been moving in a [...]

Daily Forecast for Crosses

EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 123.01 but closed higher at 123.79. On the h4 chart below we have a significant technical movement as the trendline resistance has been violated to the upside indicating a serious threat to the bearish scenario after bullish reversal warning showed by the double bottom formation. [...]

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