Sunday, May 19, 2013

Forex Technical Analysis (19 May 2013) - Next Week Outlook

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: 19 May 2013
Time: 10:19 AM (+8 GMT)

Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Up Down Down Up
Full Stochastic Down Down Up Down
Bollinger Bands N/A N/A N/A N/A
Chart Formation N/A N/A Head/Shoulder Flag
Market Direction Neutral Down Neutral Neutral
Market Comments As discussed here (Forex Technical Analysis) Now that the Head/Shoulder formation is becoming obvious in the weekly time frame and MACD/Stochastic indicators also almost synced downward direction. There is strong indication downtrend is about to continue its course of direction. All along next week could be a major downfalls with the expected price target should be around 1.26XX

Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Down Down Down Down
Full Stochastic Down Down Down Down
Bollinger Bands Bottom Bottom Bottom Bottom
Chart Formation N/A N/A N/A N/A
Market Direction Down Down Down Down
Market Comments As discussed last week (AUD-USD Weekly outlook) the second candle has been formed as expected in the weekly time frame. Sitting at the strong resistant level the movement still have some more gas to go further down as MACD/Stochastic signal still goes down in the monthly time frame. This is the trickiest pair to trade but i have we must believe this time it should go down beyond the resistant 0.97XX

Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Up Up Up Up
Full Stochastic Up Up Down Up
Bollinger Bands Top Top Top Top
Chart Formation N/A N/A N/A Head/Shoulder
Market Direction Up Up Neutral Up
Market Comments All the major time frame MAC/Stochastic already point upwards. Supported by Head/Shoulder formation (reverse) in the monthly time frame and also the squeezing size of the bollinger band. The major breakout that all has been waiting for is about to burst.The month of May should be bullish all along and nothing can stop it this time. The target could be as high as 1.21XX with the estimated volume of 1900 pips altogether. We will wait and see.

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