Search
Forex Economic Analysis
0
0
Forex Technical Analysis on Majors
Wed, Aug 20 2008, 08:23 GMT
by Stoyan Mihaylov
EUR/USD
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.
| 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 - 110.09
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.
| 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- 1.8621
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.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.8636 | 1.8683 | 1.9013 | 1.9338 |
| Support | 1.8512 | 1.84+ | 1.84+ | 1.80-sentiment |
Published on Wed, Aug 20 2008, 08:26 GMT
Archive
- Forex Technical Analysis on Majors
Published On Mon, Dec 1 2008, 09:40 GMT - Forex Technical Analysis on Majors
Published On Fri, Nov 28 2008, 09:14 GMT - Forex Technical Analysis on Majors
Published On Thu, Nov 27 2008, 09:53 GMT - Forex Technical Analysis on Majors
Published On Wed, Nov 26 2008, 09:57 GMT - Forex Technical Analysis on Majors
Published On Tue, Nov 25 2008, 09:57 GMT
Deltastock Inc.
| 6 Stefan Stambolov str., 1301 Sofia, Bulgaria
http://www.deltastock.com | office@deltastock.com
Legal disclaimer and risk disclosure
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!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.