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Forex Technical Analysis on Majors

Wed, Aug 20 2008, 08:23 GMT
by Stoyan Mihaylov

www.deltastock.com


  • EUR/USD

eurusd150808


Current level-1.4752

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.
   

Yesterday's break above the crucial 1.4701 has set a inor bottom at 1.4629 and targeted the 1.4815 resistance. Crucial on the larger frames remains 1.4951 and intraday resistance comes at 1.4815. We hold on to our idea, that the downtrend from 1.6039 is not over and a test of the 1.4438 support lies ahead. Only above 1.4951 it will be clear, that a more significant bottom has been set at 1.4629.


Intraday there is a risk of one more upswing to 1.4852, before next leg downwards to 1.4438.
Today's strategy: Stand aside.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.47711.47671.49501.5301
Support1.46211.45631.44381.40+

__________


  • USD/JPY


usdjpy120808

Current level - 110.09

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.  


Yesterday's attempt to break above 110.37 failed and the pair reached new minor bottom at 109.58, which we believe to be the final of the consolidation since 110.66. So expect a break above 110.32 to clear the way for 111.03.
Today's strategy: Stand aside.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance110.37111.03111.03112.36
Support109.66109.12106.06100.00

__________



  • GBP/USD

gbpusd120808

Current level- 1.8621


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 1.8683 is the beginning of a new downtrend, aiming at 1.8401. Intraday resistance comes at 1.8636.
Today's strategy : Sell for 1.8401, stop above 1.8673, add on a break below 1.8541.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.86361.86831.90131.9338
Support1.85121.84+1.84+1.80-sentiment

Published on  Wed, Aug 20 2008, 08:26 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.


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