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Forex Economic Analysis
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Forex Technical Analysis on Majors
Tue, Aug 5 2008, 09:11 GMT
by Stoyan Mihaylov
Current level-1.5509
EUR/USD is in an uptrend from recent bottom at 1.5301, that was the final of the prolonged consolidation since 1.5909 (17 March 2008). Technical indicators are slowly rising and trading is situated between the 50- and 200-Day SMA, currently projected at 1.5677 and 1.5181.
With yesterday's high at 1.5629 obviously the consolidation since 1.5519 (30 July) was completed and now the downtrend has been renewed towards 1.5461. Crucial on the upside is 1.5629. Market participants will expect Fed's decision and FOMC's statement later today at 14:15 NYT.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.5629 | 1.5701 | 1.5767 | 1.6039 |
| Support | 1.5491 | 1.5461 | 1.5301 | 1.50+ |
__________
USD/JPY
Current level - 107.72
The pair has finalized its corrective uptrend from 95.75 mid-term bottom with the recent top at 108.59. Trading is situated below the 50- and 200-day SMA, currently projected at 105.81 and 107.25.
Obviously 108.44 is a tough resistance level and we rather prefer the idea, that the pair is entering a larger corrective phase below 108.44 and above 106.06. Yesterday's spike-high has reached precisely our target at 108.37, thus setting a local top at that level, finalizing the rise from 106.59 (25 July). Now a minor downtrend is on the run, targeting 106.61 with an intraday resistance, projected at 108.14.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 108.33 | 108.66 | 108.66 | 109.51 |
| Support | 107.28 | 106.61 | 106.06 | 100.00 |
__________
GBP/USD
Current level- 1.9546
The pair is in a broad consolidation above 1.9338 and below 2.0397. Technical indicators are flat on the higher time-frames and trading is situated below the 50- and 200-day SMA, currently projected at 1.9781 and 1.9913.
Last week the pair managed to break below the dynamic support at 1.9817, reaching low today at 1.9683. Only above 1.9634 it will be clear. that a local bottom is in place and the slide from 1.9929 is already over. Outlook remains bearish, with crucial resistance at 1.9719 and target at 1.9443.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.9759 | 1.9841 | 1.9929 | 2.0397 |
| Support | 1.9645 | 1.9579 | 1.9477 | 1.9196 |
Published on Tue, Aug 5 2008, 09:16 GMT
Archive
- Forex Technical Analysis on Majors
Published On Fri, Nov 6 2009, 10:01 GMT - Forex Technical Analysis on Majors
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Published On Mon, Nov 2 2009, 08:31 GMT
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