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Forex Technical Analysis on Majors
Tue, Sep 2 2008, 09:24 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.4509
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 1.5428 and 1.5231.
As expected, yesterday's consolidation above 1.4616 was limited below 1.4679 and after breaking through 1.4624, the pair reached our target at 1.4518. We expect the downtrend to continue towards 1.4452 with current intraday resistance, projected at 1.4556. Crucial is 1.4598.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4556 | 1.4811 | 1.4950 | 1.5301 |
| Support | 1.4452 | 1.4361 | 1.4167 | 1.40+ |
__________
USD/JPY
Current level - 108.42
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.
A corrective pattern is unfolding since yesterday's bottom at 107.64 and we expect it to be limited below 108.75, before next leg unwinds downwards, to 106.96. Crucial is 108.98.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 108.93 | 109.73 | 110.66 | 113.01 |
| Support | 107.64 | 106.96 | 106.06 | 100.00 |
__________
GBP/USD
Current level- 1.7901
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 1.9422 and 1.9721.
Our target at 1.7934 has been reached, but the downtrend has still enough potential for a test of the huge monthly support at 1.70+. Our current target is set at 1.7234. Intraday expect current consolidation to be limited to 1.7989 before breaking below 1.7846. towards 1.7612.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.7983 | 1.8179 | 1.8512 | 1.9338 |
| Support | 1.7846 | 1.7635 | 1.7635 | 1.7234 |
Published on Tue, Sep 2 2008, 09:32 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
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Published On Wed, Nov 26 2008, 09:57 GMT - Forex Technical Analysis on Majors
Published On Tue, Nov 25 2008, 09:57 GMT
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