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Currency Technical Report
Thu, Sep 4 2008, 11:48 GMT
by George Antonakos
EUR/USD
Resistance : 1,4540-60/ 1,4580/ 1,4610/ 1,4650/ 1,4700
Support : 1,4480-90/ 1,4440/ 1,4400/ 1,4380/ 1,4350
Comment : The area of 1,4400, which is an important long term support, as we had mentioned in our previous analysis, limited the move and gave the first reversal signs in the daily and the 4 hour chart. Today we have very important news announcements and high volatility is possible.
Technically, we can see a buy sign in the daily chart (reversal candle above an important support, combined with the oscillator’s divergence), and this fact strengthens our upward expectations. A move below yesterday lows, will cancel this scenario, and the area of 1.4300-30, which is the last support level of euro’s long-term uptrend, will be our new target.
First important resistance for today is found at 1,4540-60, followed by 1,4570-75 and 1,4600. A daily close above 1,4600 will confirm yesterdays reversal candle and our higher targets at 1,4850-00 area...
TRADING EUR/USD
SWING TRADING : Yesterday's move at 1,4400-30 allowed us to add positions according to our scenario. Stops could be set below yesterday’s lows. Alternatively, we will add orders at 1,4330-50 and 1,4300 with stops below 1,4250...
INTRADAY TRADING : We will follow the reversal signs in the daily chart and try sell positions at the retracements towards 1,4580-00 and 1,4450-60, with stops below 1,4430 or below yesterday lows. Our target will be the area of 1,4540-50 and 1,4600...If there is an upward break of 1,4550, with no previous retracement, buy orders could be tried with stops below 1,4500. We should remember that important news releases and Trichet’s speech are expected today and volatility will probably be high. 
GBP/USD
Resistance : 1,7840-60/ 1,7890-00/ 1,7950/ 1,8000
Support : 1,7790-00/ 1,7750/ 1,7730/ 1,7690/ 1,7660/ 1,7600
Comment : The pound moved towards the support level we had set and then formed an upward reaction. The wider area of 1,7600 is still an important support and an important upward reaction may start from these levels. The area of 1,7880-7910 is an important resistance and target level. A retracement below 1.7700 would be a negative sign...
TRADING GBP/USD : The move towards our basic targets allowed us to try buy orders according to our scenario yesterday. We will wait for the market’s reaction...
USD/JPY
USD/CHF
Published on Thu, Sep 4 2008, 11:52 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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