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Forex Economic Analysis
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Forex Technical Analysis on Majors
Tue, Oct 21 2008, 08:32 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.2879
EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4595 and 1.5183.
After yesterday's break below the weekly low at 1.3261, the downtrend accelerated, fullfilling our target at 1.2993 and reaching local bottom at 1.2731. We believe, that only a corrective phase is unfolding from 1.2731, preceeding another leg downwards, to 1.2484. Intraday resistance comes at 1.2992 and on the major frames important is 1.3261. Expect current consolidation to be limited below 1.2992, before renewing the sell-off to 1.2731, en route to 1.2484.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.2992 | 1.3261 | 1.3531 | 1.4865 |
| Support | 1.2801 | 1.2731 | 1.2484 | 1.20-sentiment |
__________
USD/JPY
Current level - 99.54
The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 97.63. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.
Last week's low at 97.83 was confirmed to be the final of the slide from 107.01, so we will expect further upward activity, towards 103.55 resistance zone. There is still not a clear signal, that the corrective phase above 97.83 is already over, so one more spike high to 103.55 resistance zone can not yet be ruled out. 101.41 is crucial for the current downtrend from 102.42.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 99.96 | 101.41 | 103.55 | 109.10 |
| Support | 99.28 | 98.31 | 97.83 | 90-sentiment |
__________
GBP/USD
Current level- 1.6396
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.70+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
The sharp sell-off from yesterday's peak at 1.7194 bottomed at 1.6204, but only a brief consolidation is to be expected above these levels, before next leg downwards to 1.5846. The overall downtrend from 2.0153 is in its most powerfull part, so we will expect current rebound to be limited below 1.6492, followed by another strong downmove to 1.5846, en route to 1.55+.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.6492 | 1.6799 | 1.7579 | 1.8802 |
| Support | 1.6201 | 1.5846 | 1.55+ | 1.5112 |
Published on Wed, Oct 22 2008, 09:06 GMT
Archive
- Forex Technical Analysis on Majors
Published On Tue, Nov 24 2009, 10:14 GMT - Forex Technical Analysis on Majors
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Published On Tue, Nov 17 2009, 09:34 GMT
Deltastock Inc.
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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.Related reports
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