Forex Signals Plus - Forex Trading Blog

For the Week of April 18-23, 2010-Sunday, April 18, 2010 21:00 GMT

Ronnie Welch — Sun, 18 Apr 2010 21:33:29 +0000

EURUSD’s fall from the January 13, 2010 high of 1.4579 remains active as ONLY a daily open and close above 1.3768 will complete this fall while the March 25, 2010 low of 1.3266 holds. ONLY above 1.3768 will prices continue to move higher within a 1.3768-1.4077 consolidation zone before another attempt to the downside. As to the downside, a weekly open and close below 1.3482 will confirm further downside extenion is underway with prices initially targeting 1.3282, followed by 1.3089 and the 2009 low of 1.2455. As to the near term rise from the April 8, 2010 low of 1.3282, this wave is complete at the April 12, 2010 high of 1.3691, as prices have now moved within the 1.3379-1.3535 consolidation zone, as a sustained break of this zone will see further price extension in the direction of the break.

For the Week of March 21-26, 2010-Monday-6:00 GMT

Ronnie Welch — Mon, 22 Mar 2010 07:04:58 +0000

EURUSD’s fall from the January 13, 2010 high of 1.4579 remains active as ONLY a daily open and close above 1.3871 will complete this fall while the March 2, 1010 low of 1.3433 holds. Prices reached 1.3817 last week as this was a few pips shy of the our 1.3878 target sited in our March 1, 2010 update. As to the short fall from the March 17, 2010 high of 1.3817, this fall remains active as ONLY a 2 hour open and close above 1.3623 will complete this fall. For the week ahead, look to sell EURUSD within the 1.3622-1.3660 zone for 1.3433 initial target.

For the Week of March 14-19, 2010-Sunday-22:00 GMT

Ronnie Welch — Sun, 14 Mar 2010 23:06:33 +0000

EURUSD’s medium term fall from the January 13, 2010 high of 1.4579 remains active as ONLY a daily open and close above 1.3871 will complete this fall while the March 2, 2010 low of 1.3433 holds, as prices will then continue to move higher within a 1.3871-1.4141 consolidation zone before another attempt to the downside. Once prices have moved with the sited consolidation zone, a sustained break of this zone will see further price extension in the direction of the break. The medium term outlook favors further downside risk with a weekly open and close below 1.3482 favors significant downside risk with 1.3089, 1.2885 and 1.2455 as the objective in the weeks ahead. As to the near term corrective rise from 1.3433, this rise remains active as ONLY a 4 hour open and close below 1.3662 will complete this rise while Friday’s 1.3796 caps.

For the session ahead, look to buy EURUSD within the 1.3640-1.3700 zone, stop loss below 1.3600 for 1.3796 followed by 1.3871 targets.

Long Term Trade Recommendation: Sell EURUSD within 1.3871-1.4006 zone with stop loss above 1.4086 for 1.3433,1.3089, and 1.2885 targets.

GBPUSD medium term outlook remains offered as the fall from the January 19, 2010 high of 1.6457 continues to unfold as ONLY a daily open and close above 1.5422 will complete this fall while the March 1, 2010 low of 1.4782 holds. A daily open and close above 1.5422 will see prices continue to move higher within a 1.5422-1.5817 consolidation zone before another attempt to the downside. The medium term and broad term outlook continue to favor further downside risk as a WEEKLY open and close below 1.4948 favoring significant downside extension is underway with 1.4453 followed 1.3653 as the next objectives. As to the broad outlook, a monthly open and close below 1.3653 will solicit dramatic collapse in GBPUSD with prices targeting 1.0345 in the months ahead.

XAUUSD, (Spot Gold) rise from the April 2009 low of 864.06 is complete at the December 3, 2009 high of 1,226.36 as prices have now moved within the 1,002.46-1,140.86 consolidation zone as a weekly open and close outside this zone will see further price extension in the direction of the break. Near term risk suggest prices will move lower in the days ahead within a 1,067.93-1.106.36 zone before another attempt to the upside.

FOR THE WEEK OF MARCH 7-12, 2010

Ronnie Welch — Sun, 07 Mar 2010 19:15:23 +0000

EURUSD fall from the January 13, 2010 high of 1.4579 remains active as ONLY a daily open and close above 1.3871 will complete this fall while last week’s 1.3433 low holds. As to the downside, a daily open and close below 1.3482 will confirm resumption of the downside extension with 1.3030 followed by 1.2885 as the next objective.

Short Term Trade Recommendation: For the session ahead, look to buy EURUSD within the 1.3568-1.3595 zone with stop loss below 1.3529 for 1.3656, 1.3735, 1.3778 and 1.3871 targets.

Long Term Trade Recommendation: Sell EURUSD within the 1.3871-1.4006 zone with stop loss above 1.4086 for 1.3433, 1.3030 and 1.2885 targets.

GBPUSD fall from the January 19, 2010 high remains active as ONLY a daily open and close above 1.5422 will complete this fall while the March 1, 2010 low of 1.4782 holds. A daily open and close above 1.5422 will see further price extension to the upside within a 1.5422-1.5817 consolidation zone before another attempt to the downside. As to the recent rise from the March 1, 2010 low of 1.4782, this corrective wave remains active as ONLY a daily close below 1.5019 will complete this fall with prices then continuing to move lower within a 1.4928-1.5019 consolidation zone before another attempt to the upside. Once prices have moved within the sited consolidation zone, a sustained break of this consolidation zone will see further price extension in the direction of the break.

FOR THE WEEK OF MARCH 1-5, 2010

Ronnie Welch — Mon, 01 Mar 2010 08:58:31 +0000

EURUSD moved higher last week as was my forecast with nearterm risk for further rise towards 1.3788 while 1.3548 supports. However, the February monthly close suggest further downside extension will unfold in March with 1.3089 as the next objective while prices remain below 1.4093. Our sited target for the week of Feb. 14 was 1.3418 as prices reached 1.3444, thus. a daily open and close below this level will firm the outlook for 1.3089. For the week ahead, EURUSD remains in a near term consolidation pattern as risk for further rise 1.3788 followed by 1.3878 remains while prices hold above 1.3548. Look for opportunity to sell EURUSD ahead of 1.3878 for 1.3089 in the weeks ahead.

GBPUSD remains offered as has been my forecast for several weeks with 1.4854 as the next objective. The medium term fall from the January 19, 2010 high of 1.6457 remains acive as ONLY a daily open and close above 1.5615 will complete this fall with prices then contnuing to move higher within a 1.5615-1.5937 consolidation zone before another attempt to the downside.

For the Week of February 21-26, 2010 Posted Febraury 21, 2010 12:00 GMT

Ronnie Welch — Sun, 21 Feb 2010 18:52:48 +0000

FOR THE WEEK OF FEBRUARY 21-26, 2010
EURUSD
EURUSD continued to move lower last week as our forecast targeted 1.3418 with prices reaching 1.3444, a few pips shy of our objective.

The BROAD OUTLOOK at this juncture remains corrective as the rise from the April 22, 2009 low of 1.2885 is complete at November 2009 high of 1.5143, with prices currently sustained below the 1.3748-1.4280 previously sited consolidation zone. A previously sited, a daily open and close below 1.3748 will see further downside extension as we saw this unfold last week, but at this juncture daily prices will need to open and close below 1.3418 to confirm further downside extension targeting the April 22, 2009 low of 1.2885. As to the upside, ONLY a daily open and close above 1.4092 will complete the corrective fall from the November 2009 high of 1.5143 while last weeks 1.3444 low holds, as price will then continue to move higher within a 1.4092-1.4492 consolidation zone .

As to the MEDIUM TERM OUTLOOK, the fall from the January 13, 2010 high of 1.4579 remains active as ONLY a daily open and close above 1.3878 will complete this fall while last weeks 1.3444 low holds, as prices will then continue to move higher within a 1.3878-1.4145 consolidation zone before another attempt to the downside. As always the case, once prices have moved within the sited consolidation zone, a sustained break of the sited consolidation zone will see further price extension in the direction of the break.

The SHORT TERM fall from the February 17, 2010 high of 1.3788 is complete at 1.3444, as hourly prices have opened and closed within the 1.3525-1.3657 consolidation zone with risk for further consolidation within the above mentioned zone before another attempt to the downside. Failure to move back below 1.3525 will favor further rise with 1.3657 followed by 1.3786.

TRADE RECOMMENDATION Buy EURUSD within the 1.3510-1.3555 zone, stop loss below 1.3485 for 1.3878 initial target followed by 1.4011.

GBPUSD
GBPUSD continued to move lower last week as our forecast targeted 1.5407 with prices exceeding our target reaching 1.5345.

The BROAD OUTLOOK remains corrective as the rise from the April 22, 2009 low of 1.4396 is complete at the August 2009 high of 1.7042 as prices remain within the sited 1.5407-1.6031 consolidation zone.

As to the MEDIUM TERM OUTLOOK, the active wave from the January 19, 2010 high of 1.6457 continues to unfold reaching 1.5345 last week and ONLY a daily open and close above 1.5770 will complete this fall while 1.5345 holds, as prices will then move within a 1.5770-1.6032 consolidation zone before another attempt to the downside.

The SHORT TERM OUTLOOK remains offered as the fall from the February 17, 2010 high of 1.5815 has reached 1.5345 as ONLY a 2 hour open and close above 1.3525 will complete this fall while 1.5345 holds, as prices will then continue to move higher within a 1.5525-1.5635 consolidation zone.

AUDUSD
AUDUSD continued to move higher last week reaching .9036, a few pips shy of our .9042 target sited in our February 14, 2010 update.

The BROAD OUTLOOK remains corrective as the fall from the January 2010 high of .9329 is complete at the February 5, 2010 low of .8577, as prices have moved within the .8864-.9042 consolidation zone. Look for a daily open and close outside this zone to witness further price extension in the direction of the break.

Both the MEDIUM TERM and SHORT TERM OUTLOOK remain bid as the rise from .8577 remains active as ONLY a 2 hour open and close below .8861 will complete this rise while .9036 caps, as prices will continue to move lower within a .8752-.8861 consolidation zone before another attempt to the upside.

TRADE RECOMMENDATION Look to buy AUDUSD within the .8806-.8861 zone, with stop loss below .8752 for 9042 followed by .9152 target.

For the week of February 14-19, 2010-Posted February 14, 2010-8:00 GMT

Ronnie Welch — Sun, 14 Feb 2010 15:58:15 +0000

EURUSD has reached our initial 1.3748 target sited in our January 30, 2010 update with prices continuing to move lower towards our next objective 1.3418. As to the fall from the January 13, 2010 high of 1,4579, this wave remains active as ONLY a daily open and close above 1.3931 will complete the fall while last weeks low of 1.3531 holds. A daily open and close above 1.3931 will see prices contune to move higher within a 1.3931- 1.4179 consolidation zone before another attempt to the downside.

GBPUSD closed last week higher as the nearterm outlook favors further upside extension but the broad outlook risk remains for prices to continue to move lower with 1.5407 as the next objective while 1.5886 caps. However, a 2 hour open and close above 1.5738 will see further price extension to the upside towards 1.5886 before another attempt to the downside. As to the fall from the January 19, 2010 high of 1.6457, this fall remains active as ONLY a daily open and close above 1.5886 will complete this fall while the February 8, 2010 low of 1.5522 holds, as prices will then continue to move higher within a 1.5886-1.6184 consolidation zone before another attempt to the downside.

AUDUSD also closed last week higher with risk for further upside extension in the days ahead with 0.8953-0.9042 as the next objectives while 0.8788 holds. ONLY a 4 hour open and close below 0.8788 will favor further downside risk with 0.8708 followed by 0.8577 as the next objectives.

Spot Gold broad outlook remains bid as ONLY a weekly open and close below 1018 will favor further downside extension within a 889.30-1018.42 consolidation zone before another attempt to the upside. Once prices have moved within the above sited consolidation zone, a sustained break of this zone will see further price extension in the direction of the break. As to the current corrective fall from the December 3, 2009 high of 1,226.38, this wave remains active as ONLY a daily open and close above 1,113.79 will complete this fall while the February 5, 2010 low of 1,046.20 holds.

DJIA broad outlook remains bearsih as the rise from the March 2009 low of 6,466.00 is corrective of the 14,192-6,466 fall, as ONLY a weekly open and close above 11.241.0 will eliminate the braod bearish outlook. As to the corrective rise from March 2009 low of 6466. prices have moved within the previously sited 9417-11,241 consolidation zone as a sustained break of this zone will see further price extension in the direction of the break. The corrective rise from 6,466 remains active as ONLY a weekly open and close below 9,096 will complete this rise while the January 2010 high of 10,722 holds. Once below 9096, prices will then continue to move lower within a 8,091-9.096 consolidation zone before another attempt to the upside. As always the case, once prices have moved within a sited consolidation zone, a sustained break of this zone will see further price extension in the direction of the break.

SP500 Index remains in a corrective rise of the 1,575-665 fall as prices have currently moved within the previously sited 1013-1228 consolidation zone. The broad outlook remains bearish as a sustained break of the 1013-1228 zone will see further price extension in the direction of the break. However, the corrective rise from 665 remains active as ONLY a weekly open and close below 965 will complete this rise while the January 2010 high of 1,151.45 holds, as prices will then continue to move lower within a 851-965 consolidation zone before another attempt to the upside.

EURUSD Update-Sunday, January 31, 2010-00:00 GMT

Ronnie Welch — Sun, 31 Jan 2010 02:00:22 +0000

EURUSD’s broad outlook remains corrective as the rise from the April 22, 2009 low of 1.2885 is complete at the Nov 25, 2009 high of 1.5143, as prices have now moved within the previously sited 1.3748-1.4260 consolidation zone. Risk remains for further price extension to the downside next targeting 1.3748 before another attempt to the upside. ONLY a daily open and close above 1.4353 will complete this fall from 1.5143 while today’s 1.3862 low holds. Now that prices have moved within the 1.3748-1.4260 consolidation zone, a sustained break outside this zone will see further price extension in the direction of the break.

As to the medium term outlook, the fall from the January 13, 2010 high of 1.4579 remains active with further downside risk targeting 1.3748. ONLY a daily open close above 1.4136 will complete this fall while today’s 1.3862 low holds as prices then contine to move higher within a 1.4136-1.4305 consolidation zone before another attempt to downside.

Intraday, the fall from the January 25, 2010 high of 1.4195 remains active with prices reaching 1.3862 as of this writing. Look for continued downside risk as ONLY a 2 hour open and close above 1.3989 will complete this fall while today’s 1.3862 low holds as prices will then continue to move higher within a 1.3989-1.4067 consolidation zone before another attempt to the downside. Once prices have moved within the sited consolidation zone, a sustained break of this zone will see further price extension in the direction of the break.

Morte updates later.

Wednesday, January 6, 2010-8:00 GMT

Ronnie Welch — Wed, 06 Jan 2010 08:43:12 +0000

EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.4094 will complete this rise while the October 23, 2009 high of 1.4843 holds. A daily open and close below 1.4095 will see prices continue to move lower within a 1.3633-1.4095 consolidation zone before another attempt to the upside. As to EURUSD”s fall from yesterday’s 1.4483 high, this wave remains active as ONLY a 1 hour openand close above 1.4362 will complete this fall with prices then subsequently moving within a 1.4362-1.4408 consolidation zone before another attempt down. For the session ahead, sell EURUSD at 1.4360, stop loss above 1.4405 for 1.4250 target.

Monday, December 14, 2009-8:00 GMT

admin — Tue, 15 Dec 2009 03:26:41 +0000

EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.4094 will complete this rise while the October 23, 2009 high of 1.4843 holds. A daily open and close below 1.4095 will see prices continue to move lower within a 1.3633-1.4095 consolidation zone before another attempt to the upside. For the month ahead, continue to buy EURUSD on dips, especially ahead of the August 5, 2009 high of 1.4446 and above key support at 1.4095, with 1.5176 as the objective.

GBPUSD’s rise from the April 22, 2009 low of 1.4396 is complete at the August 5, 2009 high of 1.7042, as prices will continue to move lower with 1.5719 as the next objective. To the upside, ONLY a daily open and close above 1.6041 will confirm the corrective fall from 1.7042 is complete at the September 28, 2009 low with prices then continuing to move higher with 1.6556 followed by 1.6740 as the next objective