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Forex Economic Analysis

327e6a66-8953-4e95-a0b2-da1682c79b23

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Forex Technical Analysis on Majors

Tue, Nov 3 2009, 09:26 GMT
by Stoyan Mihaylov

www.deltastock.com

• EUR/USD

Current level-1.4767

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.
  
The pair is still in the consolidation pattern above 1.4680 and we feel, that this corrective phase is close to its end, so expect a break below 1.4680 to trigger a sell-off towards 1.4593, en route to 1.4450. Intraday crucial level comes at 1.4806, followed by the dynamic resistance at 1.4840.

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• USD/JPY

Current level - 90.17

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.

Yesterday's minor support at 89.83 provoked a rise towards our target at 90.80 and the pair peaked at 90.70. Current bias is negative below 90.14 support, towards 89.53. On the larger frames it looks like the focus is still set on 91.30 resistance, but a break above 90.30 is needed to confirm such an outlook.

__________

• GBP/USD

Current level- 1.6353

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 1.6340, but the pair is gathering momentum and the bias is negative for 1.6250, en route to 1.6130. Intraday crucial level on the upside is 1.6402.

Published on  Tue, Nov 3 2009, 09:37 GMT