Forex Bull

After breaking above 0.9326 previous high resistance, AUDUSD dropped below 0.9254 key support, suggesting that a short term cycle top has been formed at 0.9368 level on 4-hour chart and

The EURUSD had a significant bearish momentum yesterday, bottomed at 1.4821 and closed at 1.4844.  The valid double top bearish reversal scenario on daily chart I said yesterday surely now in a good progress as bullish momentum seems exhausted but once again, we need consistent movement below 1.4850 and a clear break below the major trendline support in order to confirm the scenario towards 1.4625 even 1.4450 area. On h4 chart below we can see that price slipped below the trendline support but can not stay consistently below the trendline and 1.4850 key support area so far. CCI in oversold area and heading up on h4 chart suggesting potential upside pullback.

EURJPY Forecast Do you remember that on Tuesday, I said that I believe bullish momentum on Monday is the real direction after last week noises from important news? Well, now I think I was wrong as the bullish pressure failed to keep it’s momentum.

GBPUSD Forecast: The lower line of my bullish channel and 1.6510 area was proved to be a good support at this phase. As you can see in my daily chart below, price bounced higher after touched the lower line and closed higher at 1.6580

USDJPY Forecast: The USDJPY had a significant bullish momentum yesterday. As you can see in my h4 chart below, price break above my minor trendline resistance (yellow, now become support), slipped above major resistance (red) but also failed to stay above that trendline so far. I think this will be a battle between those trendlines.

There’s been a lot of talk lately regarding asset market bubbles with the S&P up about 63% since hitting a low on 666 on March 9 of this year and a recent “debate” between NYU professor and RGE Chairman Nouriel Roubini and legendary trader Jim Rogers highlighted the two schools of thought.

USDCHF Forecast Finally the USDCHF made a breakout from the range area, topped at 1.0192 and closed at 1.0173.

China’s annual GDP growth rate could reach 10 percent in the fourth quarter as the economic recovery exceeds expectations, with full-year economic growth at about 8.3 percent, state media quoted a senior government economist as saying.

The so-called ‘risk trade’, where the dollar moves lower while risk assets like stocks and commodities move higher, may be unwinding. Retail earnings season continues with JC Penny reporting.

After all this wand waving by the ECB, will we finally see some magic when the euro zone third quarter GDP reading comes out this Friday?