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Forex Technical Analysis on Majors

Thu, Oct 29 2009, 09:23 GMT
by Stoyan Mihaylov

www.deltastock.com


  • EUR/USD


eurusd291009

Current level-1.4739

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
  
Yesterday's low at 1.4678 marked the end of the downtrend from 1.4841, but the overall bias remains negative, so a brief test of 1.4766 resistance is to be expected, before final spike-low to 1.4636. A break above 1.4766-70 res. will state, that the bottom is already in place and will challenge 1.4840 area.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.47671.48401.50631.6040
Support1.46781.46361.44441.3746

__________


  • USD/JPY

usdjpy131009

Current level - 91.25

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.

Our target at 90.20 has been met and a larger rebound is to be expected, for 90.91, en route to 91.33. The overall bias remains negative, but the minor downtrend from 92.32 is already completed at 90.23.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance90.9191.3392.4097.90
Support90.2089.5387.1283.25

__________


  • GBP/USD

gbpusd291009

Current level- 1.6431

The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
   
Still in the consolidation pattern above 1.6250 and a break below 1.6285 support is needed to confirm, that a sell towards 1.6130 is on the run. Important on the upside is 1.6490. Intraday bias is positive towards 1.6465, en route to 1.6490 with a crucial level at 1.6360.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.64651.64901.67521.7042
Support1.63601.62501.61301.5706


Archive

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http://www.deltastock.com | office@deltastock.com

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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