Forex 12/September 2012 Forecast


EURUSD

A break above Friday’s highs at 1.2826 (R1), it is expected price to test the psychological level of 1.2892 (R2).

GBPUSD

GBPUSD is attempting to break above 1.6033 (R1), today’s first resistance after the positive data came during the EU session that was reported at only £-7.149B in July, against consensus estimates of £-8.900B. In addition, the Trade Balance: non-EU also exceeded expectations by posting a result of £-2.877B in July, relative to expectations of £-4.500B. Key support remains at 1.5957 (S1) and 1.5909 (S2), while our resistance levels can be found at 1.6033 (R1) and 1.6085 (R2). 

USDJPY

USDJPY fell below the psychological level of 78.14 (S1), today’s first support level and opened the way for next support at 77.92 (S2), which the price tested twice during the EU session. Next key level comes at 77.66 (S2), as a break below that level will confirm the bearish trend over intraday and daily basis. More stops just below 77.66, but demand expected all the way as BoJ intervention risk increases.

EURJPY

EURJPY is losing momentum and at the moment writing, is attempting to break below 99.70 (S1), today’s first support level. The intraday bias remains to the upside and only a break and an hourly close below that level could change it to negative. Therefore, we remain short below 99.70 targeting 99.10 (S2), a strong technical and psychological level.

USDCAD

USDCAD fell in morning’s session, as the price could not hold above 0.9762 (S1), triggering our short positions at that level. Our target remains at 0.9684 (S2), a strong technical and psychological level, as it is expected the bears to face a major hurdle at that level. At the moment writing the current price of USDCAD is around 0.9724.

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