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Currency Technical Report
Fri, Aug 29 2008, 12:51 GMT
by George Antonakos
EUR/USD
Resistance : 1,4760-70/ 1,4800-10/ 1,4835/ 1,4855-60/ 1,4900
Support: 1,4700-10/ 1,4760-70/ 1,4630/ 1,4600/ 1,4570
Comment: Euro continues to consolidate in an effort to form a base after 1.4600 lows. As long as support at 1,4660-70 holds, it will be very possible that the move will be resumed towards 1,4900 or 1,5000 area. Below 1,4650, a short term top would be formed in the hourly chart and a retracement to 1.4570-00 lows or even lower, is possible.
Lower targets are set at 1,4500-30 and 1,4430-50. According to our opinion, as you can see in our previous analysis, support at that level is strong.
Important intraday resistance is found at 1,4800-10 area once again, followed by the area of 1,4855-60 and 1,4900, which is our basic target...
TRADING EUR/USD
SWING TRADING : Small buy positions have been tried after the reaction at 1,4600, with stops below 1,4640 and targets at 1,4900 or even higher. We may add positions above 1,4820..
INTRADAY TRADING : The area of 1.4780-00 is offered for intraday sell positions with close targets and stops...The area of 1,4700 and 1,4670 is offered for buy positions. A downward break of 1,4650, will be followed with buy orders and stops below 1.4770 and target at 1,4600...
Above 1,4820 we will try buy positions with stops below 1,4770 and targets at 1,4860 and 1,4900.
GBP/USD
Resistance : 1,8310/ 1,8330-40/ 1,8380/ 1,8400-10/ 1,8450/ 1,8480/ 1,8510
Support : 1,8270/ 1,8335-40/ 1,8200/ 1,8175-80/ 1,8145-50/ 1,8100
Comment: The pound continued its decline below our target levels. If there is no important reversal today with close above 1,8400, it will be very possible that the decline will be continued until 1.8130 at first, followed by 1.8000 area...
A move below 1.8240 lows, will have as next target the area of 1,8180 and 1,8130.
This negative outlook will change after a break of 1,8350, followed by the area of 1,8400, where the ranges of the reversal are found...
TRADING GBP/USD : The move below 1,8270 canceled our scenario and the move resumption until 1,8130 is possible. Our strategy for today could be trying sell positions in the reactions towards 1,8330-40, adding more at 1,8375-95, with stops above 1,8420. Sell orders will be tried at a possible break of yesterday's lows...
A move above 1,8420, especially with a daily close, will bring the upward scenario back in the game, and the decline will prove to be an extensive move...
USD/JPY
USD/CHF
Published on Fri, Aug 29 2008, 12:55 GMT
Archive
- Currency Technical Report
Published On Mon, Dec 1 2008, 11:15 GMT - Currency Technical Report
Published On Fri, Nov 28 2008, 09:05 GMT - Currency Technical Report
Published On Thu, Nov 27 2008, 12:52 GMT - Currency Technical Report
Published On Wed, Nov 26 2008, 11:52 GMT - Currency Technical Report
Published On Tue, Nov 25 2008, 09:12 GMT
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