Forex Daily Forecast, Analysis and Prediction

Euro/Dollar failed to break the key resistance 1.3432 yesterday, and corrected downwards, closing at 1.3324, and dropping down to 1.3245 this morning.

Euro/Dollar failed to break the key support 1.3218 yesterday, and renewed its upward trend, climbing back up to 1.3437.

On Friday Euro/Dollar continued its upward movement. The currency couple made a top at 1.3317 and closed the week at 1.3265.

USDJPY remains in short term uptrend from 95.62 and is testing 99.74 resistance, above this level will signal further rally to 100.00-100.50 area. Initial support is at 98.90 followed by 98.50.

Euro/Dollar had an increasing momentum yesterday. The currency couple attempted to drop to the bottom 1.3121, but further decreasing scenario was rejected and the Euro rose sharply, reaching a peak at 1.3337, climbing over 200 pips, and closed at 1.3271.

In April Euro/Dollar consolidated, but developing growth above the line of the descending trend could not be achieved.

EUR/USD (a daily chart of which is shown) displayed some significant bullishness in the past week that extended all the way up to around the key 1.3300 resistance level before retreating this past Friday.

On Friday Euro/Dollar had a strong upward adjustment. The currency couple broke up the key resistance 1.3265, reached a top of 1.3297 and closed at 1.3239.

EURUSD rebounds from 1.2884, suggesting that a cycle is being formed on daily chart. Further rise is expected to test 1.3392 key resistance next week...

AUDUSD might be forming a short term cycle bottom at 0.6952 level on 4-hour chart. Range trading between 0.6952 and 0.7180 is expected in a couple of days.

Yesterday Euro/Dollar attempted to make an upward correction to the 1.3033 top, but closed lower at 1.3004.

Last week Euro/Dollar made a moderate movements and traded within the 1.2985 - 1.2897 range. On the weekly chart the European currency failed to develop growth and detained under the line of middle term decreasing trend, located at 1.2980.

USDJPY stays in the falling price channel and remains in downtrend from 101.43. As long as the channel resistance holds, we’d expect the downtrend to resume and deeper decline is still possible to 97.00-97.50 area.

The dollar fell versus most other key currencies on Tuesday as risk appetite increased after Treasury Secretary Timothy Geithner said the “vast majority” of US banks are well capitalized. The yen fell as the Dow rose 128 points to 7,970.

EUR/JPY falls further to as low as 126.07 and is now pressing mentioned 126.40 support.