Daily Forecast: November 09
Posted 11-08-2009 at 08:53 PM by Setyo Wibowo
EURUSD Forecast:
The EURUSD made indecisive movement on Friday. On daily chart below we can see that after made a false breakdown on November 03, price now retreat to the upside, traded above the trendline indicating potential further bullish scenario with 1.4950 – 1.5060 as nearest target before 1.5300. Immediate support at 1.4850 – 1.4800 area. Break below that area should diminish my bullish outlook but as long as the pair stay above the trendline, I prefer a bullish scenario.
On fundamental side, after worse than expected NFP and unemployment rate on Friday, the risk aversion had not enough power to reduce optimism about economy recovery and Dollar failed to gain significant momentum. For me this fact means nothing but investors strong belief that recovery is in the right track and might ready to buy more riskier assets and high yield currencies which should continue put pressure on the Greenback.
GBPUSD Forecast:
The GBPUSD also indecisive on Friday. However, as you can see in my h4 chart below, price still convincingly traded above my triangle indicating bullish scenario intact with nearest technical target around 1.6740 area. Immediate support at 1.6595 – 1.6560 area. Break below that area should trigger further bearish momentum and should be seen as potential threat to my bullish outlook.
USDJPY Forecast:
The USDJPY had a significant bearish momentum on Friday. On h4 chart below we can see that my new trendline support (red) has been violated to the downside indicating potential bearish view with 88.80 as potential technical target. However, CCI in oversold area and heading up on h4 chart so watch out for potential upside pullback towards the trendline area (now resistance). I will be watching any reactions around this trendline today before make any decisions. Break above the trendline should be seen as bearish scenario failure and might lead us to further bullish attempt re-testing 92.50 area. Immediate resistance at 90.20/50 area.
USDCHF Forecast
The USDCHF also made indecisive movement on Friday. On h4 chart below we can see that price still struggling around my lower line of range area around 1.0166. This fact indicating consolidation, but I still prefer bearish scenario. However we need a consistent move below 1.0166 and below my new trendline support area (red) to confirm the bearish scenario today with potential downside target remains around 1.0000/40 area.
Have a great day!
The EURUSD made indecisive movement on Friday. On daily chart below we can see that after made a false breakdown on November 03, price now retreat to the upside, traded above the trendline indicating potential further bullish scenario with 1.4950 – 1.5060 as nearest target before 1.5300. Immediate support at 1.4850 – 1.4800 area. Break below that area should diminish my bullish outlook but as long as the pair stay above the trendline, I prefer a bullish scenario.
On fundamental side, after worse than expected NFP and unemployment rate on Friday, the risk aversion had not enough power to reduce optimism about economy recovery and Dollar failed to gain significant momentum. For me this fact means nothing but investors strong belief that recovery is in the right track and might ready to buy more riskier assets and high yield currencies which should continue put pressure on the Greenback.
GBPUSD Forecast:
The GBPUSD also indecisive on Friday. However, as you can see in my h4 chart below, price still convincingly traded above my triangle indicating bullish scenario intact with nearest technical target around 1.6740 area. Immediate support at 1.6595 – 1.6560 area. Break below that area should trigger further bearish momentum and should be seen as potential threat to my bullish outlook.
USDJPY Forecast:
The USDJPY had a significant bearish momentum on Friday. On h4 chart below we can see that my new trendline support (red) has been violated to the downside indicating potential bearish view with 88.80 as potential technical target. However, CCI in oversold area and heading up on h4 chart so watch out for potential upside pullback towards the trendline area (now resistance). I will be watching any reactions around this trendline today before make any decisions. Break above the trendline should be seen as bearish scenario failure and might lead us to further bullish attempt re-testing 92.50 area. Immediate resistance at 90.20/50 area.
USDCHF Forecast
The USDCHF also made indecisive movement on Friday. On h4 chart below we can see that price still struggling around my lower line of range area around 1.0166. This fact indicating consolidation, but I still prefer bearish scenario. However we need a consistent move below 1.0166 and below my new trendline support area (red) to confirm the bearish scenario today with potential downside target remains around 1.0000/40 area.
Have a great day!
Tags: euro, poundsterling, yen
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Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own.
His trading philosophy is "trading should be simple":
Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.
His trading philosophy is "trading should be simple":
- Buy the dips;
- Short the rallies;
- Practice discipline;
- Be patient;
- Have a good money management plan;
Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.
