Week from March 8th to 13th Forecast

USDJPY

Weekly

Here we have a well established bearish trend, with price now visiting the Moving Averages area, coinciding exactly with the 98.55 level which is a previous support level that could be now acting as resistance. Additionally, price is at 50% fib Retracement of the swing from 110.65 to 87.16. Even thought, the fact that price made double bottom at 87.16, could be a signal of trend finishing. Weekly break of the weekly bearish trend line will favor longs.

Daily

Since the main trend is bearish, the actual pullback must be broken to the downside in order to enter short. Is important to note that, as per the bullish channel shows, is still more room to the pair to rise, maybe up to 61.8 % level @ 98.91.

4 Hours

The daily pullback can be clearly divided in 2 stages with the 4 hours timeframe. The bearish break and retest of the steeper channel will give us a approximately 200 pips trade. the second stage is after the lower TL break and retest. The use of Fib Fan ls can help to determine entry and targets levels.

EURUSD

Monthly

Is clear that the long rally from 200.10.22 @ 0.8434 to 2008.07.01 @ 1.6037 is over, since the correspondent uptrend line has been broken and retested, so we can be at a new bearish trend beginning in this timeframe.

Weekly

In this timeframe, moving averages are positioning for a new bearish trend. After the bullish pullback from 2008.10.26 @ 1.2313 to 2008.12.14 @ 1.4694, and, bear in mind that price is moving towards the previous low @ 1.2329, out of Fibfans, a clear break and retest of this last level would be a signal entry for shorts. Initial target will be at 1.1639 previous low.

Note that price is moving within a historical area of support/resistance (bold in yellow), which can lead to a longer time of consolidation before after the break.

Entry should be done in daily timeframe.

GBPUSD

Monthly

Price is at a major support level @ 1.4068 zone, which is working as it since the year of 1986.

Weekly

Moving averages are pointing down in a clear bearish trend scenario.

Daily

Here we find a Gartley Harmonic Pattern in process, now unfolding leg CD. If the resistance level mentioned before (1.4068) is break, we could see price dropping to a fibzone between 1.3824 and 1.367, and after that to the previous low @ 1.3502.

1 Hour

Because of the strong support level mentioned before (1.4068), a safe entry level would be after 1.3957 previous low break.

USDCHF

This pair is trending in 1 hour timeframe, now visiting 30 moving average. Is important to note that the actual bullish pullback is rising from a double bottom @ 1.1484 level.

An entry in 15 min timeframe could be possible when price break and retest previous low @ 1.1484. Another possibility is to entry at actual level, after the break of the previous low @ 1.1580, with a tight stop loss @ 1.1613 and looking for the bullish trend line as initial target and double bottom level as secondary target.

USDCAD

Weekly

Moving averages are preparing for showing a new bullish trend line in this time frame. 1.3000 round number is performing a good role as resistance, since has hold the up move for 4 times.

4 Hours

Coherently with the weekly scenario, moving averages in this timeframe are showing a bullish trend, with price visiting the moving averages area.

1 Hour

In this time frame, a bullish pennant is being unfolding. Bear in mind that many traders are waiting for 1.3000 level to be broke for jump to long trades, a very audacious entry could be done by buying at the bottom of this triangle, with a stop loss @ 1.2713, or @ 1.2763 if low risk is wanted. Targets should be, upper side of the triangle and 1.3000 level.

AUDUSD

Weekly

This pair is in a bearish trend, but now is consolidating, aiming towards moving averages area.

Daily

The mentioned consolidation is doing by a big daily triangle that could be reaching its break point. Since price is aiming towards MA`s area in weekly, this breakout could be a bullish one.

EURGBP

Monthly

A big bearish Butterfly Harmonic Pattern seems to be finished @ 0.9804, which is almost 127.2 Fib Ret of 1995.11.01 @ 0.9015 to 2000.05.01 @ 0.5680 swing.

Weekly

Price is pulling back bearish towards MA`s, within a bigger bullish trend, and has rejected from 38.2 Fib Fan level of the 5 waves swing from 2007.01.21 @ 0.6534 to 2008.12.28 @ 0.9802; actually this swing is CD leg of the monthly Butterfly.

Daily

The weekly bullish trend will be favored with a break and retest of the bearish pullback.

In the other side of the coin, a close below 38.2 Fibfan level will favor the monthly bearish butterfly scenario, and consequently, a change in the trend.

EURJPY

Weekly

Price is moving towards MA`s within a well established bearish trend.

Daily

In this time frame, price is moving in a range. Is advisable to wait for price to leave this range in order to execute any trades.

GBPJPY

Monthly

138.28 support level is making its job.

Weekly

Price is moving in a bullish pullback towards MA`s area, within a bigger bearish weekly trend.

Daily

The bullish weekly pullback has made double top @ 141.69 level, coinciding with 100 SMA. Price is being squeezed between double top / 100 SMA level and bullish trend line. More bullish moves expected.

CHFJPY

Weekly

Price is trending in this time frame, now reaching MA`s area, which can be sign of bouncing south.

Daily

A bearish break of actual pullback will be an entry signal, but i prefer to wait for 74.64 previous low break.

GBPCHF

This pair is trending in both, monthly and weekly time frames.

Weekly

Price is pulling back bullish towards MA`s area. Have to wait for that to happens, or for a clear break of previous low @ 1.5097.

EURAUD

Weekly

Price is trending bullish in this time frame, and MA`s area is almost reached.

Daily

The consolidation that bring price to the MA`s area was done thru a clearly defined triangle, in this case a symmetric one.

AUDJPY

Weekly

Is in a bearish trend, and price is moving towards MA´s area. This move towards is being made thru a flat bearish triangle clearly defined, that could be also a signal of trend change to a bullish one.

Daily

The fact that price went beyond 61.8 fibfan level of the swing from 2007.07.21 @ 104.45 to 2008.10.24 @ 55.06, can be a signal of a break to the upside.

4 Hours

In the meanwhile, and due to the upper side of the triangle acting as resistance and the clear bullish trend line of the actual pullback acting as bottom of a smaller triangle, a short term trade can be made, anticipating a possible bearish break of the bigger triangle, which is the move we should expect rather than the bullish scenario.