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pro4Xtrader

High Probability Forecasts

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What it seems to be that EURUSD is rejecting the ascending channel that could invite sellers in a short while. Cycles support the idea of the EUR being at or near the top of it's cycle. If we hold current resistance I'd expect EURUSD to return to the major technical as well as psychological support around 1.1000.

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GBPCHF bounced off the support at 1.4350 level, forming a local double bottom. Cycle analyses suggest that 3 SELLs could be followed by 3 BUYs. Currently pair is entering the first buying cycle.

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AUDCAD clearly moving within the ascending channel. Recent bounce of the top of the channel suggest a correction down towards 0.9525 area. Cycle analysis indicates that corrective wave could end on the 18th of May.

 

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USDJPY has rejected a long term uptrend trendline signalling on a potential strength. While 118 level is not penetrated, buyers will dominate, potentially pushing price once again up to form a triple top. Cycles suggest the beginning for the upswing in the next couple of days. At the same time our longer term view suggest a strong correction down once/if USDJPY reaches triple top area.

 

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If EURNZD manages to hold current resistance, with the weekly close below 1.5316, it is very likely correction down will follow. First target could be 1.5000 as a round psychological level. However there is technical resistance as fart as 1.4680 at the 23.6% level.

 

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While NZDCAD broke above the descending channel it could provoke another extension up towards 0.9070 area where the 23.6% fibs is crossing with the downtrend trendline. The trendline itself should act as a resistance. In addition, cycles point to the time where fibs and trendline is crossing.

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AUDCHF could be getting back to the significant support area near 0.7330. cycles suggest that the downside target could be reached as fast as tomorrow. Besides prise moves within the acceding channel without breakouts till this point.

 

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The double top does indicate on the potential correction or a reversal to the downside. According to Fibs time zone the dowside target should be reached pretty fast, where cycle crosses with the trend line and previous support level.

 

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GBPCAD cycle up just begun suggesting the new highs are not too far away. It it not necessary that price will start raising immediately, but some range can be expected prior to the rally. Overall I expect GBPCAD to grow by 500 points by 10th of July.

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Gold is clearly in ranging condition that could provoke further consolidation. Considering that DeMarker oscillator is out of the oversold area price could start rising to test 1220 resistance area. Also the uptrend trendline has been rejected with the new up cycle just starting.

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GBPNZD cycles suggest a good time for a sell. The uptrend trendline is broken and that should put price under pressure. Overall I expect price to go down and hit 2.0780 area. Good selling opportunity might right now at 2.1330.

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