Forex Economic Analysis
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Forex Technical Analysis on Majors
Wed, Nov 12 2008, 08:57 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.2593
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 1.4049 and 1.5194.
With yesterday's break below 1.2670, a sharp downtrend emerged, reaching low at 1.2473 and we feel, that the broad consolidation above 1.2331 is over and the pair is heading towards 1.20+ sentiment level. Intraday a minor consolidation is unfolding above 1.2473 and we expect it to be limited below 1.2651 before renewing the slide towards 1.2331. Crucial is 1.2799.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.2651 | 1.2799 | 1.3261 | 1.3880 |
| Support | 1.2473 | 1.2331 | 1.20+ | 1.1836 |
__________
USD/JPY
Current level - 97.82
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.
Unfortunatelly, there is no clear positive bias here, so it looks reasonable to expcet a break below the 96.81 support, that should clear the way for 93.45 and 90.95. Intraday a minor consolidation is heading upwards to 98.66. Crucial for the downtrend from 100.54 is 99.46.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 99.70 | 100.96 | 102.41 | 103.55 |
| Support | 97.12 | 96.45 | 90.95 | 86.31 |
__________
GBP/USD
Current level- 1.5430
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels around 1.55+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
The negative bias remains unchanged and we are probably not going to see the expected final leg upwards of the broad consolidation above 1.5271, so stay tuned for a retest of the 1.5527 resistance, that should be followed by an acceleration of the downtrend towards 1.5271 and 1.50+ later on. Short-term target is 1.45+ and it will be set after breaking below 1.5271.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.5529 | 1.5940 | 1.6390 | 1.70+ |
| Support | 1.5343 | 1.5271 | 1.5271 | 1.50+ |
Published on Wed, Nov 12 2008, 09:01 GMT
Archive
- Forex Technical Analysis on Majors
Published On Fri, Jul 3 2009, 08:37 GMT - Forex Technical Analysis on Majors
Published On Thu, Jul 2 2009, 10:49 GMT - Forex Technical Analysis on Majors
Published On Mon, Jun 29 2009, 09:53 GMT - Forex Technical Analysis on Majors
Published On Thu, Jun 25 2009, 09:26 GMT - Forex Technical Analysis on Majors
Published On Wed, Jun 24 2009, 09:42 GMT
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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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