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Forex Technical Analysis on Majors
Fri, May 30 2008, 08:22 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.5481
The pair has set a local top at 1.5818 completing the rise from 1.5283. Technical indicators are neutral. The 50- day SMA is currently projected at 1.5631.
Downtrending nicely from 1.5761, having corrected the previous slide with the rebound to 1.5541, the pair is still out of the oversold zone and has the potencial to target the 1.5418 support before entering larger corrective phase. Intrady's resistance comes at 1.5496, followed by the crucial 1.5541. We expect to see further drowning to 1.5418 and reverse to follow for a rebound to 1.5591.
Today's strategy: Sell at current levels with a target at 1.5429. Be ready to catch a reversal formation around 1.5418-48 for climbing above 1.55+ again.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.5541 | 1.5663 | 1.5961 | 1.6020 |
| Support | 1.5471 | 1.5418 | 1.5282 | 1.50+ |
__________
USD/JPY
Current level - 105.48
The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are rising slowly and the upmove is dynamically supported at 102.36. The inner structure of the rise is by all means a corrective one, so from a larger point of view the overall downtrend from 124.14 is not over yet.
The expected top above 105.69 is already a fact with the recent 105.87, but the uptrend is still on the run and will aim at 106.28 before reversing and entering a larer corrective phase. Important level from the higher frames is 106.68.
Today' strategy: Buy current level for 106.28 and risk limit below 104.91.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 105.87 | 106.28 | 106.68 | 108.31 |
| Support | 104.91 | 104.38 | 100.82 | 95.75 |
__________
GBP/USD
Current level- 1.9741
The downtrend from the 2.0397 local top has reached a low at 1.9374. Technical indicators are reversed on the 4 h. chart and the trading is situated below the 50- and 200-day SMA, currently projected at 1.9819 and 2.0044.
The important resistance at 1.9851 proved to be significant supply level once more and the pair was sharply sold out to 1.9682. Although the moves in the last few days have been exclusively sharp and fast, they are nothing more than an inner structure swings of the consolidation phase, that takes place below 1.9850. Until the pair stays below that level the mode will be corrective with a potential target at 1.9611.
Today's strategy : Trade the range and be ready to reverse and go long above 1.9851.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.9850 | 1.9963 | 1.9963 | 2.0196 |
| Support | 1.9683 | 1.9633 | 1.9338 | 1.9196 |
Published on Fri, May 30 2008, 08:26 GMT
Archive
- Forex Technical Analysis on Majors
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Published On Tue, Oct 7 2008, 08:18 GMT
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These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Deltastock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Deltastock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Deltastock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.Interested in forex trading? forex brokerage firms!
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