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Currency Majors Technical Analysis

Fri, Oct 10 2008, 05:59 GMT

Mataf.net

European Session

EUR/USD - Euro Dollar

1,3521. EUR USD is in an downtrend directed by 4H exponential moving averages. EUR USD is in a consolidation after the last bearish movement. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The downtrend should continue to gather momentum. The price should find a support above 1,3450 (71 pips). If the support is broken then the target will be 1,3300 (221 pips).
=> We could take a short position at 1,3550. We will put the stop loss above 1,3650 (-100 pips). The targets are 1,3450 (+100 pips, risk/reward 1:1), 1,3300 (+250 pips, risk/reward 1:2.5) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.

Resistances

1,3650 - 1,3785

Supports

1,3450 - 1,3400

more information on EUR/USD - Euro Dollar Click Here

GBP/USD - British Pound Dollar

1,6878. GBP USD is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The downtrend should continue to gather momentum.
=> We could take a short position at 1,6930. We will put the stop loss above 1,7125 (-195 pips). The targets are 1,6760 (+170 pips, risk/reward 1:0.9), 1,6600 (+330 pips, risk/reward 1:1.7) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.

Resistances

1,7000 - 1,7150

Supports

1,6800 - 1,6600

more information on GBP/USD - British Pound Dollar Click Here

USD/CAD - US Dollar Canadian Dollar

1,1617. USD CAD is in an uptrend supported by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD CAD. The uptrend should continue on 1,1900 resistance (283 pips).
=> We could take a long position at 1,1570. We will put the stop loss below 1,1480 (-90 pips). The targets are 1,1790 (+220 pips, risk/reward 1:2.4), 1,2000 (+430 pips, risk/reward 1:4.8) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 4.

Resistances

1,1645 - 1,1790

Supports

1,1560 - 1,1500

more information on USD/CAD - US Dollar Canadian Dollar Click Here

USD/CHF - Dollar Swiss Franc

1,1257. There is an horizontal range between 1,1220 and 1,1325. Support and resistance are given by Bollinger bands. USD CHF moves without trend and swings around exponential moving averages (EMA 50 and 100). Bollinger bands are flat. Oscillators are neutral. The price should continue to move in Bollinger bands. We won't take a position.

Resistances

1,1275 - 1,1325

Supports

1,1220 - 1,1180

more information on USD/CHF - Dollar Swiss Franc Click Here

USD/JPY - Dollar Yen

99,38. USD JPY is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H (Mataf Trend Indicator) is in a bearish configuration. The price should find a support above 98,70 (68 pips). The price should consolidate. If the support is broken then the target will be 96,00 (338 pips).
We are waiting for a break of the support to take a short position.

Resistances

99,70 - 101,35

Supports

98,70 - 97,80

more information on USD/JPY - Dollar Yen Click Here

Published on  Fri, Oct 10 2008, 06:00 GMT