Forex 26/September 2012 Forecast

GBPUSD

GBPUSD made another one attempt to break below 1.6162 (S1) without any success as the last week has increased the pressure on that level, making it strong technical and psychological important for the bears. If the pair do not manage to break below 1.6162 (S1), it is expected the price to continue moving between 1.6271 (R1) and 1.6162 (S1). However, a break above 1.6300 will confirm the bullish trend as the daily outlook remains bullish. On the other hand a break below 1.6162 (S1) will open the doors for a full retracement towards 1.6084 (S2) as is the most likely scenario.

EURUSD

EURUSD is under selling pressure as it broke below the psychological level of 1.2900 – 1.2890, and it seems that sellers are aiming to push the price lower towards the uptrend trendline at 1.2700 areas. Support levels remains at 1.2817 (S1) and 1.2749 (S2) while our resistance levels can be found at 1.2971 (R1) and 1.3047 (R2).

OIL

OIL fell below the psychological level of 90.61 and is now approaching towards our first target at 88.50. We remain bearish on Oil as it is under selling pressure and at the moment writing is at 90.26 (gaining a total of +60). Next support comes at 86.89 and then at 83.66.

EURJPY

EURJPY is under selling pressure as it is approaching dangerously the 99.54 level. First support remains at 99.54 (S1), while resistance levels can be found at 101.02 (R1) followed by 102.18, both of these levels are strong technical for the bears.

GOLD

Gold is moving in a tight intraday range between 1758 – 1765 levels, as if we switch to a higher timeframe Gold has created a trading range channel between 1751 (S1) – 1787 (R1). The bulls will face a major hurdle at 1787 as it has been retested again (Feb 12, 2012) but price did not manage to break above it. Therefore, Gold might start the correction phase soon. Key support remains at 1751 (S1) followed by 1719 (S2) and 1687 (S3).

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