Weekly Forex Forecast ” Forex Market Preview” February 24th – March 1st
Weekly Forex Forecast Forex Video last week we talked about the British Pound vs U.S. Dollar and how the currency pair (gbp/usd) was at one of our zones that we have been plotting for weeks. In the Previous Forex Market Preview Forex Video I said Macd showed how the bears were firm control still and if the British Pound was going to bounce We would need to see Price Action confirm this then look for Macd to form a divergence pattern or a bullish cross that would most likely take several trading days to take shape. Well As you can see the British Pound did not see any type of a bounce only further Declines this week and broke the 100% Fibonacci Retracement level.
The Price candlestick on Thursday was encouraging that price may want to bounce, but Friday Moody came out and downgraded England. Now we need to ask ourselves. Was this what caused price to decline so much over the past few weeks? Did big funds and traders have this information in advance? If this is the case we could see a bounce from theses levels. Price may even go lower than the Bullish Candlestick “hammer” from Thursday and could even be seen as a positive thing since most traders that went long would most likely have there stop loss order under Thursday Price candle and that level being broke may cause new short traders to enter the market only to have price reverse and cause max pain to both short and long traders.
Weekly Forex Forecast Euro vs U.S. Dollar
In the Weekly Forex Forecast Forex Video for the Euro I talk about the Euro and how it has formed a head and shoulder price pattern. If you remember from previous Weekly Forex Forecast Forex Videos we talked about an inverse head and shoulder pattern which indicates a bottoming pattern. Now currently we have a head and shoulders pattern off the highs indicating a top in the Euro. In the Weekly Forex Forecast video this week I have stated the levels we need to watch for the Euro. As I have stated in Previous Weekly Forex Forecast videos Price is king always wait for price to confirm a price level.
Weekly Forex Forecast Forex Video
Weekly Forex Forecast Yen Falls!!! (Forex Market Preview)
Weekly Forex Forecast (Forex Market Preview) we will be cover the Euro vs Yen as well as the British Pound vs U.S. Dollar. The G20 had there meeting and now we must wait to see what if anything comes of there meeting. I have read conflicting news stories about there stance on currency manipulation. If one of the stories I read is true it would match up with our chart that I will be showing in this weeks Weekly Forex Forecast ( Forex Market Preview) Forex Video.
Weekly Forex Forecast British Pound vs U.S. Dollar
Weekly Forex Forecast for the British Pound vs U.S. Dollar is a little bit of the same. The British Pound is at one of our lower confluence price channels, but Macd is failing to confirm that it wants to bounce from these levels just yet. Macd is still showing us that the bears are in full control and I expect that if the British Pound does want to bounce from these levels Macd will take a few days to start looking bullish. We have been calling these levels for several weeks in our Weekly Forex Forecast Forex Videos (Forex Market Preview). Before I take a trade this week in this Forex pair I MUST see Bullish Price action.
Weekly Forex Forecast Euro vs Yen
Weekly Forex Forecast for the Euro Yen, I believe may finally see a pullback. I have been thinking a pullback was coming for a few weeks now but the charts as well as some of the news stories coming out from the G20 meeting may be lining up together. The Euro Yen price chart has been on a huge run to the upside for the past few months a pullback would be normal. Looking at Macd, not only is it showing us that price is overbought, but that the momentum has swutched to slightly negative. I will be watching the 123.30 Price level area if that level is broken and we get a lower close I will be looking for further price declines down to the 116.00 to 114.00 price level and if that levels is broken the 110.00 price level could be a good area to look for longer term support.