GBPUSD Daily: Closing price reversal

This pair closes the day with great possibility for a bullish reversal but this should be short-lived as the bears could make their way back into the pair as it hits the resistance zones as indicated above.

USDCAD Pivot Top Reversal Setup

USDCAD appears to have found support with a very interesting Pivot Top reversal setup. Expectations are for a significant pullback into support zone at about 1.0100 where bulls could kick back into the market.

EURGBP Bulls Rejection

The very extensive bullish run of the eurgbp may have come to an end as price was vigorously rejected by the end of trading today. This point had marked a very significant resistance level. My expectation is for price to proceed lower into support areas around 0.8160 if it manages to break through near term support at 0.8450

USDCHF Fakey with Pin Bullish Pattern

USDCHF closed the day with a clear rejection of lower prices after the inside bar (indecision) trade setup of friday 22nd February as a result of confluence in its support. Prices are expected to continue higher into reistances at 0.9385 and 0.9510 in the comming days.

Bearish pressure on AUDUSD and NZDUSD

On Thursday February 21st, I posted in my daily commentary, expectations for the AUDUSD and NZDUSD. I pointed out that it was necessary to stay with the emerging bearish trend for both pairs. AUDUSD has failed consistently to pierce through the new resistance, while NZDUSD has failed to break above the moving average as noted in the previous commentary of the 21st. Supports for these pairs are found 1.0160 and 0.8210 for AUDUSD and NZDUSD respectively

USDJPY weekly and Daily outlook Feb 25th - Mar 1st 2013

The massive bullish run on the pair may have come to a halt as price hits a previous range resistance on the weekly chart. Expectations are for price to target the range support which could be the scenario for most of the coming months.

An inside on the pair at the weekly range resistance has initiated some bearishness which could send the pair into Daily support at about  90.20 or the weekly range support at about 88.05. Price action setups to rejoin the more dominant bullish trend will be expected at about those points.

EURUSD Weekly/Daily Forcast Feb 25 - Mar 01 2013

The Euro continued to lose ground against the dollar for the third week running and with no significant weekly bullish price action setup in place despite its fall into the weekly support range, we should see a continuation of this recent bearishness.

The EurUsd Daily chart closed as a doji candle at support zone. We could see some minor retracement into near resistance at about 1.3305. A price action setup for the continuation of the recent bearish trend will be sort at about that point.

EURCAD Weekly and Daily Outlook Feb 25th - mar 1st 2013

The weekly chart of this pair has shown consistent rejection of higher prices with multiple pin bars at previous resistance zone. Expectations are for price to fall into previous support zones at 1.3180 and 1.2780.

The Daily chart shows a seeming resumption of the bearish move initiated at the close of the US Session on wednesday (20th Feb 2013). If the range support at about 1.3360 is broken, price should target the next support zone at about 1.3180.

AUDUSD NZDUSD Daily Price Action Commentary

AUDUSD Daily Chart

AUDUSD closed the day with a nice pin bar. The interim trend on the pair is bearish, we will therefore stick with that trend and wait for a possible price action setup around resistance (as indicated above)  to go short on this pair.

NZDUSD Daily Chart

The pair closes with a significantly good Price Action pin bar setup, however, we have also noticed a cross of the Moving averages. Therefore, our bias will remain bearish on the pair. A failure to break above the MA dynamic supports could trigger a sell off. We there wait for a possible sell signal setup as price rotates into the dynamic support.