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USDCAD remains in downtrend from 1.0083, the rise from 0.9859 is treated as consolidation of the downtrend. Resistance is now at 0.9930, as long as this level holds, we’d expect downtrend to resume, and another fall towards 0.9800 is still possible. However, a break above 0.9930 resistance will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.0083 has completed, then further rally could be seen to follow, and the target would be at 1.0000 area.



Daily Forex Forecast

[B]BIAS[/B]: Odds seem to favour a sideways consolidation but could be messy but I retain a basic bearish outlook

[B]Resistance[/B]:... 1.5704... 1.5728... 1.5744... 1.5767-77
[B]Support[/B]:........ 1.5674... 1.5653... 1.5636... 1.5595-17

[B]MAIN ANALYSIS[/B]: Losses developed as preferred but the move has been rather messy and has a certain ambiguity about it but more in terms of whether we see a pullback higher, a deeper dip but then correction… or just a plain correction higher. Thus, it's a day to be aware of all possibilities but overall I don't see this extending strongly in either direction. I don't see the 1.5636 swing low being broken just yet. In the meantime this could see a drift back ...

Attached Files

• The Brief Daily Forecaster.pdf (86.8 KB, 53 次查看)

During last week gold and silver didn't do much as gold slipped while silver edged up. There were several reports that were published but none of them seem to have had a substantial impact on precious metals: the Philly Fed Index rose but was still negative, i.e. the manufacturing conditions haven't improved. U.S housing starts fell during July. The American core CPI rose by 0.1% during July; the U.S PPI excluding food and energy, by 0.4%; Euro Area GDP contracted by 0.2% during Q2 2012; U.S retail sales increased by 0.8%, and finally U.S. jobless claims rose by 2k to 366k.
Here is a short forecast for August 20th to 24th; this includes a fundamental analysis of the main publications that may affect precious metals such as: U.S core ...

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Good day forex traders.

In the previous EUR/USD forecast we noted an immediate support right below the price action. Any bullish momentum needs to overcome the double support of 1.24 too. China faces a slowdown on their hands and worldwide sentiments may be threatened.

[I]EUR/USD Chart[/I]

[B]Technical Analysis[/B]

Looking at the EUR/USD chart above, the support trend line is still in play and i am observing a triangle ...