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Forex Economic Analysis

Forex Technical Analysis on Majors

Thu, Apr 23 2009, 09:06 GMT
by Stoyan Mihaylov

www.deltastock.com  |  View company's profile


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  • EUR/USD

eurusd140409

  Current level-1.3012

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.3035 and 1.3589.
  
Still in the consolidation above 1.2889, the pair is testing the important 1.3092 resistance zone. We hold on to our view, that current test will fail and new downtrend will emerge from current levels, targeting 1.2738, en route to 1.2579.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.30921.33801.37401.3869
Support1.28761.27381.25761.2328

__________


  • USD/JPY

usdjpy150409

    Current level - 98.27

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 94.12 and 99.36.

The downtrend is intact with nearest resistance at 98.86, followed by the crucial 99.75. Further drowning is to be expected, towards 95.83 and 93.58.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance98.5299.75103.55107.93
Support97.6785.8293.5887.12

__________



  • GBP/USD

gbpusd170409


 Current level- 1.4554

The pair is in a corrective phase, after bottoming at 1.3506. Trading is situated between the 50- and 200-day SMA, currently projected at 1.4398 and 1.5977.
   
As expected, the downtrend from 1.5065 broke through 1.4583 support and is aiming at 1.4111 and 1.38+. Intraday bias is neutral, but a break below 1.4450 is expected to trigger a sell-off towards 1.4112.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.45831.47651.50651.5727
Support1.44671.41121.38+1.3103


Archive


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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