FOREX market review/prognosis from Forex Cloud – 10/21/12
The Australian dollar continues to please with its predictability. In the past week I published two prognosis charts for the pair AUD/USD on TradingView.com and bother of the worked out with success, bringing me and my clients 200 pips. This is the link to my profile where you can see my prognosis charts: https://www.tradingview.com/u/ForexCloud/. If you wish to receive prognosis charts that are published on the website, can create a profile on TradingView.com and subscribe to mine.
At the moment, this pair is in a zone of uncertainty. It can fall to the level of 1.0300 or push back from the bottom border of the channel, where it is located at the moment, and once again try to break the 1.0400 level. Most likely on Monday the situation will clear up and we can go back to a long position, either on the level of 1.0300 or on a rebound aroung 1.0350. The short position of this pair can only be considered after it has brokethrough the 1.0200 level.
The situation of EUR/USD pair is clearer. Everything is talking about the high probability of a rebound from the current level of 1.2950, which is a strong level of support and a retry to break through the level of resistance of 1.3200, but in any case, I recommend to wait until Monday and be sure that nothing unexpected happened during the weekend.
The USD/JPY pair was confidently fixed above the level of 79.00 and is getting ready storm the level of 80.00. The LONG will be interesting with the recoil to the level of 79.00. In the current moment the pair seems overbought (judging by the indicators), so fans of high risks can try to enter in SHORT at the current level with a narrow stop around 79.00.
The AUD/NZD pair has risen to the border that was broken through downwards of the triangle. If the growth stops and the falling continues, we can say the triangle was broken through downwards, and enter to the SHORT. I thing the growth will continue with a breakthrough through the top of the triangle, we’ll wait and we’ll see, but I do not plan to go into the market with this pair, as on the three-hour chart it looks overbought and located at an area of strong resistance.
AUD/NZD 1 week:
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