EURUSD

wow that was simple

Today we have seen a nice bullish action and RSI is above 50 level, stochs are pointing above. A continuous move towards 1.2950/1.3000 is in cards clearly.

Waiting for the big day..

http://cdn.forexfactory.com/images/attach/pdf.gif

2010-09-02_ASIA DAILY FOREX OUTLOOK - Majors (01h32 CET) 001.pdf (14.7 KB)



ASIA DAILY FOREX OUTLOOK - Majors
02 Sep 2010, 01:32

SINGAPORE (Dow Jones)



EUR/USD - to consolidate with risks skewed higher. Pair supported by improved investor risk sentiment, smaller-than-expected drop in euro-zone August manufacturing PMI to 55.1 from 56.7 in July (vs 55.0 forecast). But EUR/USD gains tempered by lingering worries over negative effects of austerity measures on economies of peripheral euro-zone nations, potential threat to Hungarian financial system as forint hovers near all-time low against CHF. Data focus: 0900 GMT euro-zone July PPI, euro-zone 2Q GDP, 1145 GMT ECB interest rate decision (central bank expected to stay pat on rates, markets watching if ECB indicates it will maintain its policy of providing unlimited liquidity at its 3-month refinancing tender in October), 1230 GMT ECB Governing Council meeting press conference. EUR/USD daily chart mixed as MACD bearish, but stochastics bullish rising from oversold, bullish parabolic stop-and-reverse signal hit at 1.2769 yesterday. Resistance at 1.2855 (yesterday's high); breach would target 1.2870 (38.2% Fibonacci correction of 1.3333-1.2584 Aug. 6-Aug. 24 decline), then 1.2923 (Aug. 18 high), 1.2959 (50% correction), psychological 1.3000 and 1.3047 (61.8% correction). Support at 1.2757 (hourly chart); breach would expose downside to 1.2661 (yesterday's low), then 1.2623 (Tuesday's low), 1.2603 (Aug. 25 low) and 1.2584 (Aug. 24 low).


USD/JPY - to consolidate with bullish bias. Pair underpinned by JPY-funded carry trades amid positive risk sentiment (VIX fear gauge down 8.29% at 23.89), strong Wall Street gains overnight (DJIA up 2.54%, S&P up 2.95%) after surprise rise in U.S. ISM manufacturing PMI to 56.3 in August from 55.5 in July (vs expected drop to 52.5) added to positive sentiment from yesterday's stronger-than-expected China August manufacturing PMI and Australia 2Q GDP data. USD/JPY also supported by USD demand for import settlements, higher U.S. Treasury yields; Japanese PM challenger Ozawa's pledge to use intervention to curb JPY strength. But USD/JPY gains tempered by Japan exporter sales, worse-than-expected U.S. July construction spending (fell 1% to lowest level in 10 years, vs 0.5% drop expected) & U.S. August ADP employment report (private-sector jobs fell 10,000 instead of rising 17,000 as expected), caution before tomorrow's U.S. August non-farm payrolls & unemployment data. Data focus: 2350 GMT Japan August monetary base, 1230 GMT U.S. August 28 weekly jobless claims, U.S. 2Q revised non-farm productivity & unit labor costs, 1305 GMT Fed's Pianalto and Rosengren speak, 1400 GMT U.S. July pending home sales. USD/JPY daily chart mixed as MACD flat, stochastics still in bearish mode. Resistance at 84.66 (yesterday's high, matching Tuesday's high); breach would expose upside to 85.06 (hourly chart), then 85.92 (Monday's high), 86.39 (Aug. 13 high) and 86.90 (55-day moving average). Support at 84.05 (hourly chart), then at 83.67-83.58 band (yesterday's low-Aug. 24); breach would expose downside to psychological round-numbered levels from 83.00 down to 80.00, then 79.70 (record low set April 19, 1995).


GBP/USD - to consolidate with risks skewed higher. Pair supported by positive investor risk sentiment; but gains tempered by bigger-than-expected drop in UK August manufacturing PMI to 54.3 from downwardly revised 56.9 in July (vs 56.7 expected), lingering concerns over negative impact of fiscal tightening on UK economic growth, caution before tomorrow's U.S. August employment data. Data focus: 0600 GMT UK August Nationwide housing review, 0830 GMT UK August CIPS construction PMI. GBP/USD daily chart mixed as MACD bearish, but stochastics turning bullish at oversold. Resistance at 1.5491 (yesterday's high); breach would expose upside to 1.5580 (Monday's high), then 1.5597 (Aug. 26 high), 1.5620 (Aug. 23 high) and 1.5672 (Aug. 19 high). Support at 1.5335 (yesterday's low), then at 1.5325 (Tuesday's low, coinciding with 38.2% Fibonacci correction of advance from May 20 low of 1.4230 to Aug. 6 high of 1.6002); breach would expose downside to 1.5123 (July 21 reaction low, matching 100-day moving average and 50% correction), then psychological 1.5000 and 1.4946 (July 12 reaction low).




;-)

A sell should be ideal today... till 1.2768..

Do bear in mind I am still learning and if I made mistake please don't blame me ya.

All the best

The 1st chart is the daily with Elliot wave mapped out. It differs from others who posted earlier. The second chart show the 4 hr just to note the 1.29 # and the resistance it will give. The 3rd chart show the beginning of the C wave. C waves are always 5 waves. Wave 3 was 1.61% of wave 1 in case you want to fib it on your own. More than likely wave 1 will be equal to wave 5 which will probably be close to the 1.29 level. I like to fib the 3rd wave (it is the green one) and price will typically go 3 to 4 fib level from where it found support. Eg) If it pulls back to the 38.2 (it shows 61.8 but it is drawn like that to show the extensions) price will go the the 121 (3 extensions on) which again is around the 1.29 level or it will go 4 levels on to 1.2927.
As I stated before, this chart is from a demo account b/c it's easier to transfer to FF

Nice clean charts and analysis man...I didnt know 121 was a fib #...is it?

I got it from a friend and the 3 to 4 moves is pretty accurate
Raymond

He's not allowed to disclose that kind of information.

As i said yesterday at 1705 level, bull creating strength and bear shouldn't let it do. Who the hell dummy players controlling bear! they need to learn some basic technique

At this point price can move to any direction. Too risky to trade.
Buy stop at 2863 will be a good entry

i am waiting for this

Thank you, Ace, for shedding light on that matter.

what is the logic behind it

Just woke up to see where this is going.

Well, back to bed

Bulls likely make first move when London opens so careful with shorts.

i believe we r waiting on the same thing hope its not in vain lol

waiting on the same thing also

Why is EUR AUD and other risk pairs going down despite stock rally?

just a correction is going on before the london open... US session ultimately lift things up to the sky..

promise a boring day in range 2800-2780 untill it decide to beakout.

to be off the track the smark money/sharks always moves in group.buy they buy in group and sell they sell in group.
was checking some articles on shoal behavior and found this one on fishes.

Critical Population Density Triggers Rapid Formation of Vast Oceanic Fish Shoals

Nicholas C. Makris,1* Purnima Ratilal,2 Srinivasan Jagannathan,1 Zheng Gong,2 Mark Andrews,2 Ioannis Bertsatos,1 Olav Rune Godø,3 Redwood W. Nero,4 J. Michael Jech5

Similarities in the behavior of diverse animal species that form large groups have motivated attempts to establish general principles governing animal group behavior. It has been difficult, however, to make quantitative measurements of the temporal and spatial behavior of extensive animal groups in the wild, such as bird flocks, fish shoals, and locust swarms. By quantifying the formation processes of vast oceanic fish shoals during spawning, we show that (i) a rapid transition from disordered to highly synchronized behavior occurs as population density reaches a critical value; (ii) organized group migration occurs after this transition; and (iii) small sets of leaders significantly influence the actions of much larger groups. Each of these findings confirms general theoretical predictions believed to apply in nature irrespective of animal species. "

any out of box thinkers,have a look......

I like your post a lot, if you're into behavioural systems, we may have a "thing" in common.

Lots have found their edge by knowing where the "leaders" and most of the flock money is waiting/entering the market(and in what direction) and going in with "them". If one manages to know how to read it, it becomes an high probability game.