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Forex Technical Analysis on Majors
Fri, Sep 5 2008, 09:04 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.4292
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 the pair suffered a sharp sell-off from 1.4551, few pips below the 1.4570 resistance, to as low as 1.4222. Current rebound is corrective in nature, so one more leg downwards is to be expected towards 1.4141. Crucial for the general downtrend from 1.6039 is 1.4551. Intraday resistance comes at 1.4353, followed by 1.4383.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4353 | 1.4383 | 1.4551 | 1.5301 |
| Support | 1.4222 | 1.4141 | 1.4141 | 1.40+ |
__________
USD/JPY
Current level - 106.56
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.
Last night the pair broke through the 107.64 bottom and through the dynamic support at 106.96, reaching low at 105.77. Further weakness is expected, after a brief consolidation, that should be limited to 107.64.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 107.64 | 108.59 | 110.66 | 113.01 |
| Support | 106.12 | 105.77 | 103.83 | 100.00 |
__________
GBP/USD
Current level- 1.7621
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.
Current consolidation is expected to be limited below 1.7676 before sliding towards 1.7435
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.7676 | 1.80+ | 1.8179 | 1.9338 |
| Support | 1.7531 | 1.7432 | 1.7234 | 1.70+ |
Published on Fri, Sep 5 2008, 09:09 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
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