Weekly Outlook

Week 36 of 2010 (Aug 30 – Sep 03)

2010-08-30T13:55:00.000+05:00

USDJPY

USDJPY seems to be moving in a very nice downward trend and it don’t seems to change during this week as well and we will be seeing traders interested in selling USDJPY on rise to retracement levels. The RSI is also nicely placed just above 35 and thus suggesting that it has more than enough space for a nice move. A god selling level can be seen around 85.85 level.

Week 33 of 2010 (Aug 09 – Aug 13)

2010-08-08T16:44:00.000+05:00

GBPUSD

GBPUSD is moving nicely toward 1.6000 level but it seems that it might take a dip from that level and then take some retracement to gather some momentum to break 1.6000 level. Currently, the RSI also seems a bit higher and there are high chances that it will take a dip here. Traders will look to buy GBPUSD on dips around 1.5750 level for targets around 1.6000 level.

Week 32 of 2010 (Aug 02 – Aug 06)

2010-07-31T15:53:00.000+05:00

GBPUSD

GBPUSD is moving nicely toward 1.5750 level but it seems that it might take a dip from that level and then take some retracement to gather some momentum to break 1.5750 level. Currently, the RSI also seems a bit higher and there are high chances that it will take a dip here. The other reason for the dip that seems is that a good resistance level is present around 1.5750 level.

Week 25 of 2010 (Jun 14 – Jun 18)

2010-06-13T17:12:00.001+05:00

EURUSD

EURUSD seems to be moving in a very nice downward trend. Currently it is around a very interesting level and keeping the long term channel into account, it can be said that long term traders will be looking to sell EURUSD around 1.2180 level. The only factor that seems to be pushing EURUSD upwards is the current value of RSI. We might see EURUSD traded sideways for some time for open up its RSI. Once the RSI opens up, then EURUSD will resume its long term downward trend.

Week 24 0f 2010 (Jun 07 – Jun 11)

2010-06-06T16:59:00.001+05:00

USDJPY

USDJPY seems to have completed its retracement and touched its target at 93.00 during last week. Now it seems to resume downward trend again. Conservative traders might not agree with my views and might like to wait out further to let USDJPY confirm its trend.

On the upper side, USDJPY might take another rise and in that case it will look to touch 94.00 during this week. While on the lower side, initially dip below 91.00 is expected. Break of that level will really open up the downward movement.

Week 23 0f 2010 (Jun 01 - Jun 05)

2010-05-31T01:15:00.000+05:00

USDJPY (91.05)

USDJPY is moving in a nice gradual downward trend and this trend seems to continue in coming weeks. Currently USDJPY seems to be taking retracement and this will allow long term traders to sell USDJPY for dip towards 89.00 level. RSI also seems fine so anything around 91.25 seems a good sell at the moment. Initial targets can be seen around 89.50 level and then gradually towards 88.50 level. Break of 88.50 will open up 86.00 level as next target for USDJPY.

WEEKLY CHART:

Week 21 0f 2010 (Apr 05 – Apr 09)

2010-05-17T10:24:00.000+05:00

EURUSD

EURUSD is taking continuous dip and the momentum seems to stay but the only thing that seems to stop this at the moment is the low RSI value and it might push EURUSD towards 1.2600 region and this will provide some really good selling opportunities for the trades looking to sell EURUSD again. The retracement can extend as much as above 1.3000 level but again long term traders will keep selling around that level to target EURUSD below 1.2500 level.

WEEKLY CHART:

Week 19 of 2010 (May 03 - May 07)

2010-05-02T22:31:00.002+05:00

EURUSD is moving smoothly in a nice downward trend and it seems that we might be seeing EURUSD touching 1.3000 level during this week. Traders will currently be hoping to get EURUSD around 1.3400 level for a nice dip towards 1.3100 level.

Since EURUSD took a good retracement by the end of last week so we expect that EURUSD might look to take a dip and then take some retrace and in that case conservative traders might not get the trade but the aggressive traders might benefit from that.

Week 14 0f 2010 (Apr 05 – Apr 09)

2010-04-06T01:05:00.000+05:00

GBPUSD

GBPUSD is currently at a very important level and break of 1.5322 will set 1.5700 as next target. But before doing so we might see GBPUSD tested around 1.5300 level and might see a few dips towards 1.5130 level. Break-out traders will certainly be looking at 1.5330 level and if GBPUSD manages to break that, then there will a good trade for them to target for 1.5700 level. Conservative traders might hold back till GBPUSD settles in any side.

Week 13 0f 2010 (Mar 29 – Apr 02)

2010-03-28T02:28:00.001+05:00

USDJPY

USDJPY is currently looking to test an important level at 93.10 in weekly charts and if USDJPY manages to break above that level then the next level to test for it will be 96.65 and break of that will confirm upward trend in weekly charts. We might see aggressive traders taking a chance by selling USDJPY around 93.10 level with a small stop and hope that USDJPY resumes its downward trend.

In case of a dip by USDJPY, the initial target will be around 90.00 level and break of that will set 87.00 as next target level for USDJPY. Currently USDJPY is at a critical point and conservative traders might choose to sit back and let USDJPY settle in one direction.

Week 12 0f 2010 (Mar 22 – Mar 26)

2010-03-20T21:45:00.000+05:00

USDCHF

USDCHF is currently trying to break above Moving Average (55) and once it succeeds, it will next test 1.0700 level. Break of 1.0700 will start, which is expected to an extended move, towards 1.1000 level. But the break of 1.0700 will be main focus level for both long term and intra-day traders.

On the lower side, 1.0545 is an important level, because break of that will set things in downward trend and we might then see an extended move towards 1.0300 level. Therefore we might see traders looking waiting for breakout in either direction before entering the market.

Week 10 0f 2010 (Mar 08 – Mar 12)

2010-03-07T19:45:00.002+05:00

GBPUSD

GBPUSD managed to break above 1.5000 level last week and this upward move seems to extend towards 1.5350 level and there it will be touching the top of downward channel’s top. It seems that GBPUSD might look to resume downward move from 1.5350 level and that will be a very ideal level for traders to sell GBPUSD for targets below 1.5000 level.

If GBPUSD manages to break above 1.5350 level, then a long term upward move might seen which will initially head towards 1.5700 level without taking any break. Breakout traders might be eying that level as well as traders with reversal trading strategy might also look to capture on that opportunity.

Week 9 0f 2010 (Mar 01 – Mar 05)

2010-02-27T16:55:00.000+05:00

USDJPY

USDJPY seems to have resume its downward trend and it seems that it has gathered momentum and this momentum will continue in coming weeks. Currently USDJPY is looking to head towards 87.40 level and once it managed to break that level, USDJPY will be looking to aim 85.50 next. RSI in weekly charts is just above 43 and seems to have enough to support a good and extended dip by USDJPY.

This week traders will look to sell USDJPY for anything above 90.00 level and if the upward move is extended then another good selling level can be seen at 91.30

Week 8 0f 2010 (Feb 22 – Feb 26)

2010-02-23T02:27:00.000+05:00

USDJPY

The current technical studies suggest that USDJPY is looking to take a dip in weekly charts after touching and important level at 91.70 and we might see USDJPY just holding up around 91.00 level a bit and then resume downward trend. Break of 91.00 level will set 90.15 as next target for this week and we might see USDJPY touching that level.

Week 7 0f 2010 (Feb 15 – Feb 19)

2010-02-15T16:51:00.000+05:00

EURUSD

EURUSD is moving in a nice downward trend. Although it is getting a bit over-sold but it is also taking decent retracement to create enough space to continue its trend. Currently it has a very good selling level present around 1.3730 and selling anything around that level seems a good option for target around 1.3430 level. RSI is still on lower side but have enough space for EURUSD to make a move towards 1.3430 level.

Week 6 0f 2010 (Feb 08 – Feb 12)

2010-02-08T13:48:00.001+05:00

USDJPY

USDJPY is moving in a very good downward trend and initial target is at 88.50 level, break of which will set 86.00 as next target for USDJPY. A good selling level can be seen just around 89.90 level for a nice downward move. The same pattern can be seen in daily charts so we might also see Intra-day traders selling USDJPY on retracement throughout this week.

Week 5 0f 2010 (Feb 01 – Feb 05)

2010-02-01T18:54:00.002+05:00

GBPUSD

GBPUSD is gradually moving towards it weekly target at 1.5800 and it seems that this week it will get there easily. We might see GBPUSD extending its dip to 1.5750 level and then GBPUSD might take some retracement towards 1.6000 level.

Before its dip, we might see GBPUSD going upwards to 1.6120 and if GBPUSD breaks that level, then we might see GBPUSD heading towards 1.6250 but most like it will resume its downwards trend from 1.6120 level.

Week 4 0f 2010 (Jan 25 - Jan 29)

2010-01-26T18:15:00.002+05:00

GBPUSD

GBPUSD: (1.6357)

GBPUSD is being traded in a sideways channel for the last few months and we might see it staying the same way for next few weeks as well. GBPUSD is currently approaching an important level at 1.6063 and if GBPUSD manages to break that level, then we might be seeing GBPUSD heading towards 1.5800 level. The sideways range seems to stay and we might see traders opting for a small target and a few more trades rather than going for a single trade with large target.

Week 3 0f 2010 (Jan 18 - Jan 22)

2010-01-20T01:16:00.000+05:00

GBPUSD: (1.6357)

GBPUSD is being traded in a sideways channel for the last few months and we might see it staying the same way for next few weeks as well. GBPUSD is heading towards 1.6734 and not much resistance can be seen before that. Mostly traders should look to buy GBPUSD at this stage and with EUR/GBP cross opening up, we might see the trend continue and GBPUSD getting towards 1.6700 level. Some good buying levels can be seen just around 1.6300 level at the moment and traders will look to focus on them.