IT HAS BEEN A LONG TIME SINCE I HAVE POSTED A TOPIC HERE. SO IAM GOING TO START A WEEKLY ANALYSIS OF FOREX WEATHER REPORT USING ICHIMOKU KINKYO
1. EUR/USD
TALKING ABOUT EUR/USD THE CLOUD IS RISING WHICH GENERALLY IS A GOOD SIGN. AND THE THICKNESS OF THE CLOUD IS ALSO MEDUIM SUGGEST THAT IF IT GOES DOWN FROM NOW THEN IT DOESNT NEED TO WORK HARD TO PIERCE TROUGH THE CLOUD. IF IT DOES THEN IT IS SURELY A BAD SIGN AND BEARS MAY TAKE ADVANTAGE OVER BULLS. BEFORE THAT MAY BE FROM THE START OF MARKET IT MAY TOUCH THE TOP EDGE OF THE CLOUD WHICH EXPECTED AND THE IMMEDIATE SUPPORT THE SEE IS 1.0476 AND THEN 1.3860. AND MARKET START IT MAY TEST THESE LEVEL SO SHOULD WATCH OUT THESE LEVELS AND RESISTANCE I SEE ARE 1.4370 AND 1.4556 IF IT CROSSES ABOVE 1.4370 THEN 1.4556 IS NEXT LEVEL. BUT IMMEDIATE TWO LEVELS ARE 1.4370 ON UPSIDE AND 1.4076 OF DOWNSIDE
2.GBP/USD
FOR GBP/USD IT IS CLOSED AT MAJOR SUPPORT OF 1.6542 WHICH IS SLIGHLTY BEARISH AND IF IT GO DOWN BELOW THAT THEN WE CAN EXPECT 1.6400. AND MAY EVENTUALLY TOUCHES THE CLOUD AND THE PATTERN OF CLOUD IS NOT SO DIFFERENT FROM EUR/USD.
3.USD/JPY
A CLOSE BELOW THE CLOUD AND 20EMA IS DEFINITLY NOT A GOOD SIGN THE CCI HAS SHOWN AN EMERGENCE OF ONE DOWN BAR. IT IS TAKING THE SUPPORT OF KIJUN SEN LINE. NEXT NEAR TERM SUPPORT LEVEL IS 93.1433 AND A CROSS BELOW WILL POINTS TOWARDS 90.9330. IT HAS ALREADY BROKEN THE KEY SUPPORT OF 95.3567 SO WE CANNOT RULE OUT ANY BOUNCE FROM CURRENT LEVEL. BOUNCE IS ONLY EXPECTED UPTO 95.356 OR 95.74 A CROSS ABOVE THAT IS BULLISH. BUT ACCORDING TO CLOUD I EXPECT A FALL BELOW THAT CLOUD. ALSO WE HAVE TO TAKE IN ACCOUNT THAT GDP DATA OF JAPAN IS GOING TO RELEASE IN COMING WEEK ON 17AUGUST I GUESS!, WHICH WILL DEFINITLY GOING TO DETERMINE ITS TREND FROM CURRENT LEVEL.
