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Forex Economic Analysis

Forex Technical Analysis on Majors

Thu, Oct 23 2008, 08:45 GMT
by Stoyan Mihaylov

www.deltastock.com  |  View company's profile


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  • EUR/USD

eurusd221008


Current level-1.2789

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.
  
 

As expected 1.2992 managed to limit yesterday's consolidation on the upside and the decline was renewed from 1.2947, reaching low at 1.2721. We believe that the sell from 1.2947 was only an internal part of the consolidation since 1.2731, so allow a few more intraday swings above 1.2721 and below 1.2947 before entering a sharp downward impulse towards 1.2484.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.29921.32611.35311.4865
Support1.28011.27311.24841.20-sentiment

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  • USD/JPY

usdjpy231008


Current level - 97.80

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.  


Obviously te consolidation pattern below 103.55 resistance has ended at 102.41 and the renewed decline has reached a local bottom at 96.84. We think, that with 96.84 the downtrend from 102.41 has been completed, so we'll expect an uptrend towards 99.93, en route to 103.55. Intraday a minor consolidation is what is unfolding below 98.33, so later today expect next leg upwards, to 99.92. Crucial is 96.84.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance98.3399.92102.41103.55
Support97.3696.8495.7590-sentiment

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  • GBP/USD

gbpusd221008

Current level- 1.6305


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 1.6149, 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+.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.64921.67991.75791.8802
Support1.61311.58461.55+1.5112

Published on  Thu, Oct 23 2008, 08:49 GMT


DELTASTOCK AD | 6 Stefan Stambolov str., 1000 Sofia, Bulgaria
http://www.deltastock.com | office@deltastock.com

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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.
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