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Forex Technical Analysis on Majors
Wed, Aug 13 2008, 08:46 GMT
by Stoyan Mihaylov
Current level-1.4955
EUR/USD is in а downtrend from 1.6039 (15 July 2008). Technical indicators are descending and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5677 and 1.5227.
As expected the pair managed to stay above 1.4815 and is heading towards 1.5081 resistance. The upmove is definitely corrective in nature, which confirms our idea, that the slide from 1.5516 has been completed at 1.4815 and larger consolidation is on the run. Crucial remains 1.4815, as if we see a break below, that will be a clear sign, that downtrend is renewed towards next target at 1.4612.
Today's strategy: Stay on the long side for 1.5081, while above 1.4815.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4964 | 1.5081 | 1.5301 | 1.6039 |
| Support | 1.4815 | 1.4742 | 1.4742 | 1.4438 |
__________
USD/JPY
Current level - 108.77
The pair is still in the broad consolidation since 95.75 short-term bottom, aiming at 111.03. Trading is situated above the 50- and 200-day SMA, currently projected at 107.09 and 106.62.
As expected the pair broke through 109.59, reaching intraday low at 108.37. The rebound from that level is not an impulse, so there is a risk of breaking below 108.37 and such a break will target directly the dynamic 106.03. Intraday expect a test of the 109.16 resistance.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 109.16 | 110.36 | 111.03 | 112.36 |
| Support | 108.37 | 108.01 | 106.06 | 100.00 |
__________
GBP/USD
Current level- 1.9013
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.85+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.9752 and 1.9853.
Yesterday's consolidation was limited below 1.9125 and the pair peaked at 1.9079 where it reversed for 1.8921. Still no signs, that a significant bottom is placed around these levels, so stay tuned for 1.8863, while below 1.9125.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.9125 | 1.9338 | 1.9929 | 2.0397 |
| Support | 1.8921 | 1.8863 | 1.8741 | 1.85+ |
Published on Wed, Aug 13 2008, 08:49 GMT
Archive
- Forex Technical Analysis on Majors
Published On Mon, Dec 1 2008, 09:40 GMT - Forex Technical Analysis on Majors
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