Forex Market ¨Technical Report of The Week Ahead¨

Technical Report For The Week From May 03rd to 08th, 2015

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XM/MT4 EUR/USD Daily Chart

 

We were witness of a +700 pips recovery of last month, at this point the EUR/USD is half way of pass over the 200 period MA, (600 pips approx), this movement can change our perception of the market direction  for the next weeks, but before speculate the coming direction we must have in mind that the price is still under the 200 period MA wich is basically the best indicator to determine the current direction of the market so if we´re going to go long in middle term for the next days you better trade carefully and thinking that a great pull back can occur.

These are the most important support and Resistance levels for this week:

Support 1 @1.0531 (04/15/2015)

Support 1 @1.0988 (04/06/2015)

Resistance 1 @1.1454 (02/05/2015)

Resistance 2 @1.1625 (01/22/2015)

XM/MT4 GBP/USD Daily Chart

 

The pair finished so close from the 200 period MA in last week trading sessions but we can observe that is currently getting back to the lower and is actually on halfway  to be back on the negative trend, as the market is moving is fair to predict that the price will continue it direction at least for this week, we must be aware of the fundamentals to support this report.

These are the most important support and Resistance levels for this week:

Support 1 @1.4731 (03/18/2015)

Support 2 @1.4597 (04/13/2015)

Resistance 1 @1.5421 (03/30/2015)

Resistance 2 @1.5528 (02/25/2015)

XM/MT4 USD/CHF Daily Chart

 

We just observed the market going under the 200 period MA last week, that means a possible change of direction and hundreds of trading possibilities, in a personal perception i just recommend to wait for a close of a negative candlestick that takes the price to a lower zone before start thinking about going short

These are the most important support and Resistance levels for this week:

Support 1 @0.9320 (04/30/2015)

Support 2 @0.9280 (02/02/2015)

Resistance 1 @0.9698  (04/22/2015)

Resistance 2 @0.9833  (04/13/2015)

XM/MT4 USD/JPY Daily Chart

 

The pair continues over its highest level since the year 2007, we cannot see another scenario but the Japanese Yen growing up and up and up, at least untill hitting the 122.81 barrier, once there we must analyse if the price is still quite strong and if we should maintain our long trades.

These are the most important support and Resistance levels for this week:

Support 1 @118.78 (04/28/2015)

Support 2 @116.89 (02/04/2015)

Resistance 1 @120.45 (04/09/2015)

Resistance 2 @121.45 (03/12/2015)

We hope this weekly report help you to determine the most important reversal and continuation levels during the week, this data is not 100% accurate as the speculative system is, these numbers are a reference and definitely not represent a secure trading signal service, make sure to use your own trading system in parallel with the attached report to determine your own entry points.

Forex Trading can be a great source of income but is also a high risk business, make sure to complete your training in demo before start trading with a real Forex account and make sure that the money you invest comes from a secure source, we always recommend to avoid trading with money that you cannot  afford to lose.