GBP/USD candlestick analysis for April 7, 2011

GBP/USD is rolling back severely after it failed to break the support level near 1.5960.
Earlier in a daily graph the GBP/USD formed a Three Black Crows candlestick combination, which indicates a downside movement.
This candlestick combination formed after the pair had failed to break the resistance level near 1.6400, which means that the bulls could not solidify here. Further the bears started to increase their influence.
A break of the support level 1.5960 will prove this viewpoint. In this case downside movement to 1.5750, where Fibonacci correction level 61.8 is also located, should be expected.
It is worth mentioning that stop loss should be placed slightly above the 1.6400 level. Since a break of this level will target the pair to 1.6450.
http://instaforex.com/forex_analysis/26315/?x=OUE

EUR/USD Technical Analysis. Support And Resistance Levels For April 06 / 2011

TODAY TECHNICAL LEVEL :
Breakout Buy level : 1.4302.
Strong Resistance : 1.4294.
Original Resistance : 1.4280.
Inner Sell Area : 1.4266.
Target Inner Area : 1.4233.
Inner Buy Area : 1.4199.
Original Support : 1.4186.
Strong Support : 1.4172.
Breakout Sell level : 1.4164.

TODAY OUTLOOK :
Today the EUR/USD tested the 3-days high at the 1.4270 level and it looks like this level has provided a strong resistance for this pair for a few days. Today the pair will face two options, either it will test the 3-days high at 1.4270 or it will test the 1.4250 level as a support level. However, do not expect any significant movement because all market paricipant are still waiting for the ECB press release about their intrest rate tomorow (Thursday).

TODAY SUGGESTION :
BUY if the EUR/USD can break out and close above 1.4275; set Take profit at 1.4300 as the first target and 1.4315 as the second target.

SELL if the EUR/USD can break out and close below 1.4250; set Take profit at 1.4235 as the first target and 1.4221 as the second target.




Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2011
http://instaforex.com/forex_analysis/26239/?x=OUE

EUR/USD Technical Analysis. Support And Resistance Levels For April 06 / 2011

GBP/USD candlestick analysis for April 5, 2011

In a daily graph the GBP/USD is rolling back after it failed to break the support level near 1.5960.
Earlier on a daily graph the GBP/USD has formed a Three Black Crows candlestick combination, which indicates downside movement.
This candlestick combination has formed after the pair failed to break the resistance level near 1.6400, which means that the bulls could not solidify here. Further the bears started to increase their influence.
Break of the support level 1.5960 will prove this viewpoint. In this case downside movement to 1.5750, where Fibonacci correction level 61.8 is also located, should be expected.
It is worth mentioning that stop loss should be placed slightly above the 1.6400 level. Since a break of this level will target the pair to 1.6450.


http://instaforex.com/forex_analysis/26141/?x=OUE

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EUR/USD Weekly Forecast April 4th - 8th/2011

WEEKLY FORECAST :
With the 10 Weeks Periode Simple Moving Avarage slope going up and week closing bar chart heading up and making an Outside bar / railroad (red:engulfing) pattern, all this situation indicates that upside momentum for the pair is strong enough. It seems that next week the EUR/USD will test the next Resistance at the 1.4281 level. If this level can be broken by the pair, it is expected to go up to the 1.4363 level. On the other hand, if the EUR/USD goes back to the downside and breaks out below 1.4185, the pair is to be back to the 1.4185 level that will hold the Bullish momentum of this pair for the next week. Please pay attention to the next Thursday (April; 7th /2011), because there is a chance the ECB hikes the intrest rate.


Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2011

http://instaforex.com/forex_analysis/26033/?x=OUE

USD/JPY Monthly Forecast for April 2011

MONTHLY OUTLOOK :
In monthly charts the USD/JPY is still trading in a downtrend channell, however last month the pair had a strong momentum to break out the support level 80.20 BUT in a short time it came back to the ranged zone at 80.20 - 84.50. Anyway, the pair made a reversal candle pattern in monthly charts last month and this situation mae a Stochastic Indicator form a divergence with candlestick charts (green lines), so we predict this pair to test the Resistance level 84.50 this month; if this level is broken, there's a chance that the USD/JPY will test the next Resistance at 85.68 (Fibonacci Resistance 50%). On the other hand, if the pair is back to the downside, especially if 83.15 can be broken, the USD/JPY will go down to the 81.82 level again.




Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2011

http://instaforex.com/forex_analysis/25939/?x=OUE