Thursday, May 9, 2013

Forex Technical Analysis (09 May 2013)

MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9
Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Period Full =7
Bollinger Bands Settings:- Average = 20 | Standard Deviation = 2
Date: 09 May 2013
Time: 09:51 PM (+8 GMT)


EUR-USD
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Down Up Down Up
Full Stochastic Down Down Up Down
Bollinger Bands Middle Middle Middle Middle
Chart Formation N/A Head/Shoulder Head/Shoulder Flag Down
Market Direction Down Neutral Neutral Down
Market Comments Ever since the EUR-USD made its correction upward it has been fluctuating within 1.30028 Support and 1.3215 Resistance level. There were 3 attempts to break the resistant level of 1.3215 but seems to fail. This indicates a strong bearish trend in the long-term period and could make a breakout in just a matter of time. The contra-direction between MACD and Stochastic in the weekly and monthly time frames will keep the market movement sideways at least at this time around. Until both indicators synchronize in one direction (down), the breakout could be massive.

GBP-USD
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Up Up Down Down
Full Stochastic Up Down Up Down
Bollinger Bands Middle Top Middle Bottom
Chart Formation N/A N/A N/A Head/Shoulder
Market Direction Up Up Sideways Sideways
Market Comments GBP-USD is having a weird movement and it may continue gradually sideway down trend. Although there is Head/Shoulder and MACD + Stochastic both synced downtrend, the market is already moving on its lowest ground. There was no history of record price lower than the current market. 

GBP-JPY
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Down Up Up Up
Full Stochastic Up Up Up Up
Bollinger Bands Top Top Top Top
Chart Formation N/A N/A N/A N/A
Market Direction Sideway Up Up Up
Market Comments All major indicators showing the way up, this is obvious bullish with most likely target could be reaching as high as 231.805 previous record price.

EUR-JPY
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Up Up Up Up
Full Stochastic Up Up Up Up
Bollinger Bands Top Top Top Top
Chart Formation N/A N/A N/A N/A
Market Direction Up Up Up Up
Market Comments Just like the GBP-JPY, the graph is identical as much as the market movement almost the exact replica of one another. Obvious bullish.

AUD-USD
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Up Down Down Down
Full Stochastic Up Down Down Down
Bollinger Bands Middle Bottom Bottom Middle
Chart Formation Head/Shoulder N/A N/A N/A
Market Direction Up Down Down Down
Market Comments The AUD-USD is getting weirder everyday, despite the massive drop in Gold prices there seems to be no impact to the pair. Although all indicators synced downtrend but it still stays strong at the top. Could be getting higher against all odds?

USD-CAD
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Up Down Down Up
Full Stochastic Up Down Down Up
Bollinger Bands Bottom Bottom Bottom Middle
Chart Formation N/A N/A Head/Shoulder Head/Shoulder
Market Direction Up Down Down Up
Market Comments It has been long-time crawling at the bottom, and completed the Head/Shoulder reverse formation. This will be waiting for long-long term bullish trend. Further downtrend would be the impossible as the current position is the lowest at all time record.

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