The EURUSD fell hard during the course of the week as the 1.10 level continues to be resistive. The 1.05 level below has been supportive, but it would be only a matter of time before we fall below. We would head to the parity level at that point of time, and believe that bounces would continue to be nice selling opportunities as the European Central Bank continues to offer significant liquidity measures that can work against the value of the Euro.
The EURUSD fell during the session on Friday, as we continued to drive down towards the 1.05 level. That is an area which should be supportive, but we do believe that eventually this market will break down below there. We feel that it’s easier to sell this market on rallies than anything else. Issues.
The AUDUSD went back and forth during the course of the week, essentially settling on a small gains for the week. The 0.75 level below continuously offering support, but there is a significant amount of resistance at the 0.80 level. At this point of time, we prefer to sell this market on shorter-term rallies, as we believe that the downtrend is most certainly still in effect. Also, we think that it’s going to be difficult to trade this market from the longer-term perspective.
The AUDUSD fell during the course of the day on Friday, but bounced slightly in order to form a bit of a hammer. We are not looking for buying opportunities and we believe that resistive candles on bounces should offer selling opportunities. A break down below the bottom of the range of Friday should send this market down and may head to the 0.75 level given enough time.
The GBPUSD broke down during the course of the week, slicing through the 1.48 level. In fact, we made a lower level at one point, so we feel that the market is going to continue to grind down to the 1.45 level. Any rally at this point of time should be a selling opportunity, and with that we are bearish. We have no interest in buying the GBP/USD, until we get well above the 1.52 level, as it could signify the market heading to the 1.55 level.
The GBPUSD broke down during the course of the session on Friday. We believe that this market will head down to the 1.45 level, and that rallies should offer selling opportunities given enough time. We believe that the 1.48 level above is going to be resistive, and that the resistance extends all the way to at least the 1.50 level. It is not until we get above the 1.52 level that we would consider buying, because there so much in the way of bearish pressure.
The NZDUSD broke down during the course of the week, dipping down to the 0.75 level but found enough support to turn things back around and form a hammer for the second week in a row. The resistance is at 0.77 level. This is a market that should continue to be very difficult to hang onto for any type of longer-term trade, although we certainly favor the downside based upon the longer-term trend.
The NZDUSD fell during the course of the day on Friday, as the market continues to consolidate. With that, the market looks as if it is going to be difficult to trade, so we are sitting on the sidelines as there are much clearer trades out there. However, we do recognize that there is more of a downside bias than anything else.
FOREX Weekly Technical Analysis and Forecast SignalsPosted: April 14, 2015 in Forex