Weekly Outlook for EURAUD

This seems to be a pair that is poised for a good move. This pair has been on the downward trend for quite sometime now and its a disappointment that we did not notice this pair earlier. A look at the weekly chart shows how much of a downtrend it has been for the past few weeks with not much of a correction so far. The daily chart shows that a major support for this pair at 1.81 has been broken this week after trying for 3-4 days. The daily chart also reveals that it is now at a small support at 1.8066. I expect the support to be broken and if it does get broken, the daily and weekly chart shows a clear move to 1.7650 without much of a support anywhere.

So, a clear break of 1.8066 should then lead to a drop of atleast 300 pips within 3-4 days. A good move is possible.

Weekly Outlook for GBPUSD

GBPUSD hit its high around 1.5 and poked its head a bit above that. There was a failure at this level and price came down. Both the weekly and daily chart would show that there is strong support at 1.4648. The daily chart would also reveal that everytime price approached this support level, there has been good buying and the price has been pushed back above. The upcoming week should be interesting to see if the support at 1.4648 holds. If it does not, then we could go down all the way to 1.42. If the support does hold, then we could see some ranging next week between 1.46 and 1.50.

Weekly Outlook for GBPJPY

Have a look at the weekly chart of GBPJPY. You can clearly see that 150 has proved to be a very tough resistance, as expected. Unless that resistance is well and truly broken, we will be ranging with a bearish bias. Switching down to the daily charts, we find that GBPJPY closed below its important support at 146.8. If this break of support holds, then we could revisit 145 and then 143.5 in the upcoming week.

EURAUD heading lower

EURAUD broke through major support. Attached is the daily chart for EURAUD and so far 1.81 had served as very strong support for the past 3-4 days but today, the support has been broken. I expect the fall to continue unless there is a retracement back above the support. Maybe a short now could have a good risk reward ratio. reverse the trade if the price crosses back above support.

Pin bar on GBPUSD

ell
Attached is the 4H chart for GBPUSD...As you can see there is a nice looking pin bar on it and that too off a major support as well. How you need to trade this is to wait for the price to break the top of the previous bar and then take a long. The break has not happened yet but i expect it to happen soon. Good volume on the previous bar as well..

Daily Supports and Resistances

Below are the supports and resistances for various pairs for today :

EURUSD - Strong support at 1.3153. Break of that could move price to 1.3123 and then to 1.3090. Resistance at 1.3184. Break of that could make price move to 1.3214 and then to 1.3250.

GBPUSD - Strong support at 1.4893. Break of that could move price to 1.4862 and then to 1.4832. Resistance at 1.4923. Break of that could make price move to 1.4954 and then to 1.5015.

GBPJPY - Strong support at 148.44. Break of that could move price to 147.66 and then to 146.88. Resistance at 149.22. Break of that could make price move to 150.

EURJPY - Strong support at 130.47. Break of that could move price to 129.70. Resistance at 131.25. Break of that could make price move to 132.

GBPCHF - Strong support at 1.7090. Break of that could move price to 1.7050. Resistance at 1.7151. Break of that could make price move to 1.72 and then to 1.7330.

Daily Outlook for GBPUSD

A look into the 4H chart of the GBPUSD reveals an interesting thing. Every dip into the mid or low 1.48s has been met with a lot of support and a lot of buying and price has been pushed right back up. This should set the trend up for today where price could again make a run at 1.5 with 1.4820 acting as strong support. Break of this could take GU down to 1.4770.