Forex Market ¨Technical Report of The Week Ahead¨

Technical Report For The Week From June 07-12

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XM/MT4 EUR/USD Daily Chart

 

Last week the pair recovered only around 200 pips compared with the changes of the former week, we need to remember that the price is still under the 200 period MA, so there´s a chance that the downward movements continues until hitting a former support level, for us this is the most predictable situation for the next days, we recommend to cover shorts at any change of direction near 1.0857 from may 27th.

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

Support 1 @1.0857 (05/27/2015)

Support 1 @1.0542 (04/14/2015)

Resistance 1 @1.1303 (06/04/2015)

Resistance 2 @1.1425 (05/15/2015)

XM/MT4 USD/CHF Daily Chart

Last week the pair found a support level @1.9218 on June 04th, and is now less than 100 pips away from the 200 period MA, we found a higher probability that on this coming week, the price will probably crosses the 200 period MA at the level of 0.9517 from May 27th, mean while we recommend to wait until Tuesday to have a more concrete scenario of what´s going to happen with the pair for the rest of the week.

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

Support 1 @0.9218 (06/04/2015)

Support 2 @0.9120 (05/14/2015)

Resistance 1 @0.9528 (05/25/2015)

Resistance 2 @0.9693 (04/14/2015)

XM/MT4 GBP/USD Daily Chart

We could observe how the GBP is losing the battle against the US dollar, in the case of the last week we could see a slow movement but at the end the price closed lower than the former market close, for this week we can wait for a pull back movement probably looking for a touch at the 200 period MA, once there we can predict that the down movements are going to get stronger but for the moment we can appreciate the beginning of the formation for a support level at 1.5200 from last week.

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

Support 1 @1.5200 (06/01/2015)

Support 2 @1.5109 (05/01/2015)

Resistance 1 @1.5365  (06/04/2015)

Resistance 2 @1.5654  (05/21/2015)

XM/MT4 USD/JPY Daily Chart

The USD keeps growing up and up against it Asian rival, this time to hit a years level @125.49, +100 pips more than last week when we comment that the price would probably return to the last support level, in all cases still recommend to protect our longs if we´re currently into some and stay out at any considerable change of the direction because the last weeks the price was brought too much to support this vertical movement and the market gravity always brings the price a little down before it continues growing up.

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

Support 1 @125.44 (06/05/2015)

Support 2 @116.14 (01/15/2015)

Resistance 1 @124.08 (05/29/2015)

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.