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Forex Technical Analysis on Majors
Thu, Sep 4 2008, 09:13 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.4531
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.
Our target at 1.4452 has been met, but every bounce we see is corrective in nature, so the dowtrend is still intact and our new target is set at 1.4141. Crucial on the 4 h. chart still is 1.4811. Intraday there is an uptrend from 1.4383, that may challenge 1.4570 and even 1.4622 before next leg downwards, to 1.4309.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4570 | 1.4622 | 1.4811 | 1.5301 |
| Support | 1.4463 | 1.4383 | 1.4141 | 1.40+ |
__________
USD/JPY
Current level - 108.41
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.
Unfortunately the crucial 108.98 was taken out, so we switch our short-term outlook from bearish to neutral, with a potential for bullish if we see a break above the dynamic 109.70 and 110.26. Intraday a local bottom has been set at 107.86 and we will expect an uptrend to emerge, towards 109.17.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 109.17 | 110.27 | 110.66 | 113.01 |
| Support | 107.83 | 107.64 | 106.06 | 100.00 |
__________
GBP/USD
Current level- 1.7826
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.80+. 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.
Currently a consolidation is unfolding since yesterday's low at 1.7665 and we expect it to be limited below 1.7989 before breaking below 1.7708, en route to 1.7531.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.7863 | 1.80+ | 1.8179 | 1.9338 |
| Support | 1.7708 | 1.7612 | 1.7432 | 1.7234 |
Published on Thu, Sep 4 2008, 09:16 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 Tue, Nov 25 2008, 09:57 GMT
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