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Forex Technical Analysis on Majors
Tue, Aug 19 2008, 08:19 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.4662
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.
Obviously the consolidation above 1.4656 has ended with yesterday's peak at 1.4767 and the downtrend is renewed towards 1.4438. Intraday resistance comes at 1.4668, followed by the crucial 1.4701. Until the pair stays below 1.4671, the outlook remains bearish for 1.4438.
Today's strategy: Sell current levels for 1.4512, stop above 1.4701.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4771 | 1.4767 | 1.4950 | 1.5301 |
| Support | 1.4621 | 1.4563 | 1.4438 | 1.40+ |
__________
USD/JPY
Current level - 110.01
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.
Our target at 109.39 was missed by 27 pips and the pair bottomed yesterday at 109.66, thus finalizing the consolidation after 110.66. We feel, that an uptrend is already on the run, targeting 111.03, as our idea will be confirmed above 110.37.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 110.37 | 111.03 | 111.03 | 112.36 |
| Support | 109.66 | 109.12 | 106.06 | 100.00 |
__________
GBP/USD
Current level- 1.8571
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.
Still in the consolidation above 1.8512 and there are no clear signsm that this corrective pattern has already ended, but we favor the idea, that today's sell from 1.8661 is the beginning of a new downtrend, aiming at 1.8401. Intraday resistance comes at 1.8610.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.8610 | 1.8789 | 1.9013 | 1.9338 |
| Support | 1.8512 | 1.84+ | 1.84+ | 1.80-sentiment |
Published on Tue, Aug 19 2008, 08:28 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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