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Forex Technical Analysis on Majors

Thu, Dec 4 2008, 10:02 GMT
by Stoyan Mihaylov

www.deltastock.com


  • EUR/USD

eurusd011208


Current level-1.2608

EUR/USD is in a 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 1.3292 and 1.4866.
  
 
The expected sell-off from 1.2957 appeared to be deeper than anticipated and will probably aim at 1.2468 before reversal. We still hold on to our view, that current slide from 1.3081 is corrective in nature, but a break above 1.2957 is needed to confirm our outlook and crucial is 1.2421.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.26731.29571.29571.3281
Support1.25731.24631.24211.2331

__________


  • USD/JPY

usdjpy021208


Current level - 92.82

The pair is in the second part of the broad consolidation since 90.95 short-term bottom, aiming at 103.52. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.  


The previous low at 93.46 was taken out, so obviously the slide from 100.53 is not over yet and has potencial for 92.06 before reversal for 97.48. Intraday bias is still negative below 93.49, for 92.06.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance93.4197.48100.53103.55
Support92.8992.0690.9586.42

__________



  • GBP/USD

gbpusd021208


Current level- 1.4578


The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels around 1.37+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
 

Nice sell-off so far, and as our first target at 1.4557 has already been met, we'll expect the pair to continue its slide towards next support, currently projected at 1.4103. Intraday resistance comes at 1.4667 and crucial is 1.4767.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.46691.47691.55311.6301
Support1.45121.43681.41031.3678

Published on  Thu, Dec 4 2008, 10:03 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.

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eurusd, gbpusd, usdjpy

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