Forex Bull

Analyzing which currencies have more upside potential and which don’t, with Ray Attrill, global head of research at Forecast Australia & Tony Morriss, senior currency strategist at ANZ Bank, speaking with CNBC’s Oriel Morrison.    Watch Video MEDIA: VIDEO Permalink

Posted By: Reuters Oil prices fell Friday as a stronger U.S. dollar and doubts over the pace of economic recovery halted the commodity’s recent rally.     Read More Topics: United Kingdom | Earnings | U.S.

It’s the last day of the week, my fellow forex traders! Time to lock in those profits, yes? Before you do, make sure you check out today’s economic roundup!

The yuan, euro and sterling are not going to replace the dollar as the world’s reserve currency, believes Richard Gibbs, chief economist at Macquarie Bank. He tells CNBC’s Oriel Morrison why.    Watch Video MEDIA: VIDEO Permalink

Better than expected earnings from companies like Apple, Amazon, Goldman Sachs, JP Morgan, American Express, Capital One and Amazon are buoying the S&P and helping to drive the dollar lower as investors grow more tolerant of risk.

Posted By: Reuters The dollar and euro soared against sterling Friday after data showing the UK economy was still mired in recession stunned investors who had expected it to return to growth.     Read More Topics: Real Estate | Housing | Employment | Central Banks | U.S. Dollar | Yen | euro | Currencies | Economy (Global) MEDIA: PHOTO Permalink

USDCHF stays below the falling trend line on 4-hour chart and remains in downtrend from 1.0452.

EURUSD Forecast: The EURUSD attempted to push lower yesterday but found support at 1.4943, whipsawed to the upside, topped at 1.5037 and closed at 1.5025, indicating bullish momentum remains strong and downside corrections might be over at this phase. I dont’ trade corrections, but I love them My bullish channel on h4 chart below has been a very useful technical tool for me as bullish momentum still move perfectly inside the bullish channel with the lower line provide good technical support area. The bias remains bullish in nearest term still targeting 1.5080 and 1.5140

EURJPY Forecast The EURJPY continued it’s bullish momentum yesterday. I am expecting the “Flag” bullish momentum has enough power to push us higher to hit my 138.67 today. CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 136.90 area as we might see some weekend profit taking today

GBPUSD Forecast: The GBPUSD made a significant downside correction yesterday, slipped below 1.6520 support area, bottomed at 1.6486 before whipsawed to the upside and closed higher at 1.6616. We might complete the downside correction at this phase and I am expecting bullish continuation today targeting at least 1.6740 area before aim for 1.7042