|Chart Formation||N/A||N/A||N/A||Flag Sideway|
|Market Comments||The overall movement of the EUR-USD still going upwards in the long term.
The gradual upward fluctuation should linger within 1.38046 (resistance) and support (1.33599). This is supported by the monthly time frame MACD and Stochastic both moving upwards direction, but due the correction is already reaching its 1.36733 it may or may not breakout upwards because this is the most ideal correction level based on the Chart Formation structure.
Conclusion: The long-term will have gradual upwards movement. There is a possibility of breakout upwards (the unpredictable situation)
In the weekly time frame both MACD and Stochastic indicators is showing the opposite. There is a strong chances the second candlestick will form another red (bearish) candle for the overall next week movement with the expected target at the previous price level = 1.34849
Conclusion: There is strong chances next week from 3 to 7 Feb 2013 could be a bearish movement for EUR-USD
|Chart Formation||N/A||N/A||N/A||Head Shoulder|
|Market Comments||MACD and Stochastic moving up indicates strong bullish for the GBP-USD pair. However just like the EUR-USD it has reached an ideal place for correction and it will a lot of volumes to breakout. For the time being the long term movement is most likely to be gradual upward sideways movement with chances of breakout.
An opposing direction between MACD and Stochastic in the weekly time frames indicate temporary downwards movement with high chances of reversal. We will see next week could be zig zag fluctuation for this pair within the support resistance range of 1.66220 and 1.62688 by next week from 3 to 7 Feb 2013