The remains weak, following yesterday�s fall that cracked 1.3000 support and dipped to 1.2972, where the pair found temporary footstep at 50% retracement of 1.2744/1.3200 rally. With quiet overnight trading, concentrated around 1.3000 handle, near-term focus is shifted towards the downside, as 1 and 4h studies hold negative tone and daily diamond pattern has been completed. Penetration through 1.2972 would look for another significant support zone at 1.2930/20, 200 day MA / Fib 61.8% retracement. The upside is seen capped at 1.3080/1.3100, while clearance of 1.3130 barrier would turn focus towards the upside.
Res: 1.3027, 1.3050, 1.3083, 1.3100
Sup: 1.2972, 1.2930, 1.2918, 1.2900
GBP/USD
Cable continues to trade within 1.5200/1.5300 range, as yesterday�s fresh attempt through the near-term base failed. Near-term studies remain negatively aligned and keep 1.5200 in focus, while 1.5286/1.5300 highs are expected to limit the upside attempts. From the other side, larger picture bulls remain in play, as pullback from 1.5410 high, found support at 50% of 1.4830/1.5410 ascend and bull trendline off 1.4830 at 1.5200 zone. Violation of the latter would weaken the daily structure and sideline bulls from 1.4830, in favor of further reversal.
Res: 1.5286, 1.5300, 1.5328, 1.5367
Sup: 1.5225, 1.5200, 1.5175, 1.5121
USD/JPY
The pair recovered most of 22/23 Apr reversal, when repeated failure on approach to 100.00 barrier triggered fresh weakness. With dips finding support at 98.50 and fresh strength through 99.00, approaching 100.00 barrier, near-term bulls are fully in play. Yesterday�s price action was briefly interrupted by news that triggered increased volatility, but price quickly returned to its initial direction. Studies on 1 and 4h charts maintain positive tone and keep the upside favored for another attempt at psychological 100.00 barrier, while 99.00 offers initial support and 98.50, reinforced by ascending 55 day EMA, expected to protect the downside.
Res: 99.74, 99.87, 99.93, 100.00
Sup: 99.22, 99.00, 98.50, 98.00
AUD/USD
The pair remains under pressure, as recovery attempt off yesterday�s fresh low at 1.0220, stayed limited under initial 1.0300 barrier. Downside acceleration, seen overnight and triggered by weaker than expected Australian data, maintain negative sentiment for renewed attempt at 1.0220 and psychological 1.0200 support, ahead of med-term range support at 1.0114, low of 04 Mar 2013.
Res: 1.0274, 1.0300, 1.0336, 1.0357
Sup: 1.0230, 1.0220, 1.0200, 1.0114
]]>The Euro held within tight range during the Asian session, holding below 1.3100 barrier, despite 30-pips gap higher weekly opening. Bounce of recent range bottom at 1.3000 was rejected at 1.3125, Fib 61.8% of 1.3200/1.3000 descend, with Friday�s fall and close below 1.3100, keeping the downside vulnerable. Near-term studies are negatively aligned, as the price was unable to clear 20 day EMA. Immediate support lays at 1.3045, Fri/Thu lows and break lower to re-focus psychological 1.3000, key near-term support. Formation of diamond pattern on a daily chart, signals reversal that requires break below 1.3000 and 1.2972, 50% retracement of 1.2744/1.3200 ascend, to be confirmed. Any bounce through 1.3100/25, would improve near-term structure, however, clearance of 1.3200 would bring bulls fully in play.
Res: 1.3083, 1.3100, 1.3125, 1.3150
Sup: 1.3045, 1.3025, 1.3000, 1.2972
GBP/USD
Cable ended the week under heavy pressure, with negative fundamentals triggering sharp fall. Losses extended overnight and tested near-term base at 1.5200 zone, signaling further weakness. Immediate target and strong support lays at 1.5175, Fib 61.8% of 1.5032/1.5410 rally / daily Ichimoku cloud base, with negative tone on the lower timeframes and double-top left at 1.5380, last week�s highs, supporting the notion. Bearish 20/55 day EMA�s crossover at 1.5280 zone, keeps the upside limited for now
Res: 1.5244, 1.5265, 1.5284, 1.5300
Sup: 1.5200, 1.5175, 1.5121, 1.5100
USD/JPY
The pair flirts with psychological 100.00 barrier again, as strong bounce of last week�s correction low at 95.80, extended close to 100.00. The barrier is strong, as previous attempt here failed and overbought hourly studies suggest hesitation. Indicators on 4h chart, however, see room for test and break above 100.00 barrier, to open next significant barrier at 101.43, Apr 2009 high. Corrective dips should be contained by 99.00/98.50 support zone, to keep near-term bulls intact.
Res: 99.87, 99.93, 100.00, 100.50
Sup: 99.50, 99.33, 99.00, 98.50
AUD/USD
The pair remains under pressure at the beginning of the weeks, continuing broader weakness, sparked on upside rejection at 1.0581 on 11 Apr. Marginally fresh low at 1.0265 was posted overnight, with near-term bears being firmly in play and price being limited by descending 20 day EMA. As daily studies broke in the negative territory, further weakness towards 1.0224/00, Fib 76.4% of 1.0114/1.0581 / round figure support, could be anticipated. Any corrective action faces solid resistance at 1.0357, last Friday�s high, while penetration through 1.0400 barrier, is requires to ease immediate bear-pressure.
Res: 1.0300, 1.0336, 1.0357, 1.0400
Sup: 1.0265, 1.0224, 1.0200, 1.0114
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The single currency erased recent gains on yesterday�s fall, as risk-off mode returns to play. Failure to clear important 1.3200 barrier, left a double-top that triggered sharp fall to psychological 1.3000 support. Denting the near-term base above 1.3000, turns the sentiment negative, as 4h indicators are breaking below their midlines and price holds below 20 and 55 day EMA�s that keeps the downside at increased risk. Break of initial 1.3000 support to open for further easing, with next level to watch at 1.2972/18, 50% / 61.8% of 1.2744/1.3200 rally. Recovery attempts are seen limited for now, with 1.3100 barrier, 50% of yesterday�s fall and near 20/55 EMA�s bearish crossover, seen capping.
Res: 1.3075, 1.3100, 1.3122, 1.3150
Sup: 1.3020, 1.3000, 1.2972, 1.2918
GBP/USD
Cable remains in a negative mode, following upside rejection at 1.5400, with 4h H&S pattern being completed on a break below the neckline at 1.5270. Fresh extension below the latter that also marks previous tops, keeps the downside at risk, with psychological 1.5200 support being in near-term focus, as the price retraced 50% of 1.5032/1.5410 upleg. Hourly indicators are pointing higher, correcting the oversold conditions, butt holding in the red territory, while 4h studies maintain negative tone and the price holds below moving averages. Downside targets lie at 1.5200 and 1.5175, with corrective rallies expected to be limited under 1.5300/40 barriers.
Res: 1.5300, 1.5316, 1.5340, 1.5378
Sup: 1.5220, 1.5200, 1.5175, 1.5120
USD/JPY
The pair stabilizes around 98.00 level, following recovery rally from fresh low at 95.80, posted on 16 Apr. Near-term price action is entrenched within 97.20/98.40 consolidation range, with hourly structure holding neutral tone. Slight improvement on 4h studies still lacks momentum for fresh extension higher that requires break above range top at 98.42, to expose next barrier at 99.00 and shift near-term focus higher. Conversely, loss of range bottom at 97.20, would risk fresh weakness.
Res: 98.42, 98.70, 99.00, 99.52
Sup: 97.62, 97.20, 97.00, 96.57
AUD/USD
The pair remains under pressure, as near-term corrective phase, capped at 1.0400, has been completed and the price posted fresh low at 1.0267. With near-term studies maintaining negative tone and risk-aversion being in play, further weakness is seen as likely scenario, with Fib 76.4% at 1.0224 and psychological 1.0200 levels seen as next target. However, overextended 4h conditions, do not rule out fresh corrective action that is seen for now capped at 1.0400.
Res: 1.0332, 1.0375, 1.0400, 1.0435
Sup: 1.0280, 1.0267, 1.0224, 1.0200
]]>Tips for New Forex Traders
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Forex has always been a magnet for investors and traders, who are looking for an exciting business venture to invest in, giving them the thrill, adventure and excitement, along with an idea of a quick and easy way to make profits.
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First of all what needs to be learnt is, what is Forex and how does it work? What need�s to be known next are a few important trading tips, which will facilitate you during your transactions.
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