FX TECHNICAL ANALYSIS EURUSD Prospect
On the Weekly and Monthly EURUSD charts the picture is clearly bullish. On the Weekly
chart all Ichimoku components are pointing into the same direction. The price is above the Kumo, and also above Kijun-Sen and Tenkan- Sen; Chikou Span is above the price
Figure 4: GBPUSD Monthly
and above all other components, the Kijun-Sen and Tenkan-Sen lines are also above the Kumo, furthermore the Tenkan-Sen has already crossed up the Kijun-Sen, and the future Kumo is bullish too. On the Monthly chart the picture is nearly the same, but a bit weaker, as the future Kumo is not bullish yet but bearish, and the Kijun- Sen is below the Kumo cloud, furthermore it is flat. It means that the price is a bit undecided on the higher timeframes, but the confirmed Kumo breakout indicates that up movements have more possibilities. On the Daily chart the price is currently in a consolidation phase as it just bounced up from the bottom of the Kumo. If the Chikou-Span crosses up the price and the future Kumo changes to bullish, it would create a clear and strong bullish sentiment on the Daily EURUSD chart.
GBPUSD Retrospect Figure 5: GBPUSD Daily
On the Monthly GBPUSD chart the price has been consolidating during the last three months. In spite of bouncing up from the Kijun-Sen after a weak Tenkan/ Kijun cross,
the price was still Figure 6: GBPUSD Weekly 68 FX TRADER MAGAZINE July - September 2011
moving clearly below the strong resistance Kumo cloud. The Chikou Span was in a ranging zone too as it crossed up the price, but stayed still below Kijun-Sen and also below the Kumo cloud. On the Weekly GBPUSD chart the picture was much clearer.
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