Market Forecast for 04-09-12

Currency Market

AUDJPY: TOPPED as called for in prior forecasts and headed down hard after the wave 5 top of the recent rally, likely a larger wave (3) crest. Look for buying opportunities between 83.75 and 82.50. Short-term Forex traders trade on the short side until 15-60 minute trends turn up. See the weekly and daily charts below with the analysis.

AUDJPY Weekly Chart

AUDJPY daily chart

AUDNZD: Super short trade on the Aussie-Kiwi currency pair continues working out…Move stops to 1.2600. Look to continue to sell rallies until 1.2530 price target area, THEN, once 60 minute trends turn up, consider buying short-term pullbacks until 1.2600 to 1.2650 is hit, where I would then expect wave 5 lower to begin. We have provided the AUDNZD forecast below:

AUDNZD Aussie Kiwi Chart

EURAUD: Possible low for now on Euro-Aussie. Looking for a breakout move, perhaps to the upside. See the EURAUD daily and 4-hour MT4 charts below with the analysis:

EURAUD daily chart

euraud 240 minute chart

TRADE Recommendation: Buy 1.2755 stop to open, use 1.2675 stop loss, move stop to break even at 1.28, target 1.29 or greater.

EURCHF: The breakout lower from the long, sideways consolidation movement has occurred as suggested. Daily trends are down, so look to sell rallies as long as 60-minute trend is down. If short, keep a fairly tight stop based on 240 minute or daily charts until we get a bounce and further follow through to the downside to confirm the downside breakout. Careful with this one…See the charts below (weekly and daily) generated from the MetaTrader 4 platform.

eurchf weekly chart with analysis

euro swiss daily chart

EURGBP: A breakout lower from a weekly triangle consolidation has occurred on Euro-British Pound. Daily trends are down, so look to sell raliies as long as 60-minute trend is down. Downside target is .8100.

EURGBP brekout lower triangle

EURUSD: Breakout lower from sideways consolidation pattern has occurred as suggested for the Euro. Daily trends are now down, so look to sell raliies as long as 60 minute trend is down. However, if a price of 1.3168 is exceeded, then a larger rally will likely unfold. See the weekly and daily Euro analysis below:

euro weekly chart

eurusd daily chart

TRADE Recommendation, (daily charts): Buy 1.3168 stop to open, use 1.3035 stop loss, move stop to break even at 1.3230 target 1.33 or greater.

EURJPY: TOPPED as prior market analysis predicted and headed down hard after the wave 5 top, hitting the computer forecast target on the downside. Sell rallies after a bounce towards 107.50 to 108. Short-term FX traders can look to catch a dead cat bounce once 15-60 minute trends turn up; otherwise wait for bigger sell opportunities after a brief rally in this pair. Euro-Yen analysis on a daily MT4 chart is provided below:

eurjpy daily chart

NZDUSD: Stopped out with .20 to .25 profits on Kiwi-Dollar.

USDCAD: Is in a channel or wedge formation. Scalpers look to trade within this formation until a breakout above or below trendlines occurs.

usdcad daily channel

USDJPY: Topped then sold off as expected in the analysis over the past two weeks. Look to buy dips once 81 to 80.00 low area is reached, but wait for 60-minute trends to turn up once in bounce area of 81. to 80. After a a potenial bounce, computer forecasts suggest further downside to 78 to 77.75 is possible.

daily yen buy dips

Stocks and Oil

SP500 Stock Index: Topping action that was expected in ND (NASDAQ), SP (S&P500) and DJI (Dow) markets occurred and a nice sell off that was expected is unfolding. Continue to short rallies for now…Cycles suggest that we could see some fireworks lower into mid May or so. Stay tuned.

stock market forecast sell rallies

OIL: Crude oil traders who shorted oil at 105, should have moved stops to 104.30 to lock .70 profit. Still could see 99.00 on downside. Look to sell rallies as long as 60-minute trend is down and until 99 is reached.

crude oil sell rallies 60 minute trend down

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