GBP/JPY ended with an irregular double bottom pattern recently, it retraced back upwards when it is trending around the neckline 125.2. However, the rate of GBP/JPY resumed its downtrends after reaching the UP of Bollinger Bands. Now it is possibly going upwards after the constant confirmation in the past 5 weeks. Temporarily, the weekly, daily moving average and MACD line are all moving upwards above the zero line; the rate may possibly keep trending upwards and Forex traders should figure out more opportunities to go long and make profits. Resistance: 129.7 and 131.8; support: 128.8 and 128.2.
USD/JPY retraced back upwards soon after the Asian secession opens; on Tuesday this week, the currency pair ended with a spinning top and on Wednesday, USD/JPY started to retrace back upwards. Temporarily the daily moving average and MACD line are both trending upwards above the zero line on the 4H forex chart. Meanwhile, if Forx traders observe from the weekly forex chart, the rate almost reaches the high of the inversed hammer showed last week. In conclusion, the USD/JPY is showing great possibilities for traders to obtain profits if they go long. Resistance today: 80.4 and 80.8; support: 80.1 and 79.9.
The USDX ended with a spinning top yesterday after showing a small candle with a long tail at its downside. Temporarily an inverse head and shoulder pattern has been built on the daily Forex chart of USDX and traders should pay attention that whether the USDX would be able to break out the neckline 80.2 and make their trading decisions accordingly. Resistance: 80.2 and 81.0; support: 79.9 and 79.4.
The GBP/USD ended with a Doji yesterday after reaching the strong resistance 1.6180; now an inverse head and shoulder pattern had been formed and its neckline lies around 1.6140. Since 1.6180 overlaps with the upper side of the horizontally moving Bollinger Bands on 17 October 2012; Forex traders should pay attention that whether the currency pair would be able to break out the line 1.6180. Despite that a head and shoulder pattern has been formed and the MACD line is trending downwards below the zero line, traders should still be cautious that whether the pair would retrace back upwards for that the rate of GBP/USD is temporarily moving above the MB of Bollinger Bands on the 4H forex chart and the Doji failed to clearly point out where the market would go next. Resistance today: 1.6130 and 1.6180; support: 1.6100 and 1.6050.
AUD/USD is now trending within the descending parallel structure and it may possibly retrace back upwards because of the head and shoulder pattern formed within this channel. The green candle occurred to the AUD/USD makes it more possible for the pair to go upwards; however, traders should pay attention to the resistance 1.0410. At the same time, investors should observe the Forex chart carefully and they would figure out that the 261.8% Fibonacci level of the inversed head and shoulder pattern almost overlapped with the upper side of the descending parallel channel, thus traders should especially pay attention to the 1.4080.
GBP/USD ended with a green body yesterday; although temporarily it is trending within the descending parallel channel structure, a inversed head and shoulder pattern is forming on the chart; what is more, the possible pattern is confirmed by the engulfing pattern occurred consecutively on 23rd Oct 2012 and 24th Oct 2012, which made 1.6150-1.6180 the strong resistance level. Today traders should further pay attention that whether the head and shoulder pattern would form finally. Possible resistance: 1.6150-1.6180 and 1.6300; possible support 1.600 and 1.5900.
AUD/USD ended with a hammer with a green body, which greatly lessen the selling strength brought by the doji occurred last Thursday. Now the daily moving average is still moving within the descending parallel channel; the hammer appeared last Friday may help the rate trend back upwards and reach the upper line of the downwards channel. Temporarily the MACD line is almost trending around the zero line but now there are no clear indications where the currency pair would go next.
GBP/USD ended with an engulfing pattern when it is trending following the UP of the Bollinger Bands; temporarily the pair shows tendency to retrace downwards. However, since the Forex rate of GBP/USD has kept falling within the limited space between the MB and DB of the Bollinger Bands; there occur many candlesticks with small bodies, indicating that the currency pair is trending sideways. Traders had better not consider going long at this moment for in most cases GBP/USD will not show clearly where it is going until it retraced for while. Now seen from the MACD indicator of the 1H forex chart, the rate of GBP/USD may still trend downwards; but it can only be confirmed that the resistance lies around 1.6140. GBP/USD continues trend within the MB and DB line of the Bollinger Bands; which would support the GBP/USD to go back upwards.
Observing from the 4H forex chart, it is a little bit easy for traders to generally tell where the EUR/USD is heading next; however, it is not that easy for them to obtain profits. After the irregular head and should pattern was formed on 17th Oct. and 18th Oct. 2012, the Forex rate of EUR/USD rebounded and reached 1.3090-the neckline of the head and should pattern. Afterwards, the rate kept falling within the descending parallel channel on the 4H forex chart; what is more, the upper line of the descending parallel channel almost overlaps with the downwards MB of Bollinger Bands. Yesterday a inversed hammer occurred on the MB of Bollinger Bands, indicating there are great possibilities for traders to make profits if they go short. Traders should watch the European secession and New York secession and figure out when it is the right time for them to go short the currency pair.
The Forex rate of XAU/USD rebounded strongly after it broke out the 161,8% Fibonacci extension level of the head and shoulder pattern on Tuesday. The MACD line trended upwards above the zero line on the 1H forex chart as the inversed head and shoulder pattern is formed on the 30 M chart in the Asian secession yesterday. Temporarily the rate of XAU/USD is moving within the descending parallel channel; buying strength showed on the 4H forex chart did not become weak up until now. So investors should pay attention that whether the rate of XAU/USD would break out the MB of Bollinger Bands and whether there would a top pattern would be formed at the UP line of the descending parallel channel.