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Forex Technical Analysis on Majors

Wed, Nov 4 2009, 10:30 GMT
by Stoyan Mihaylov

www.deltastock.com


  • EUR/USD


eurusd041109

Current level-1.4757

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 rebound from yesterday's low at 1.4624 is pretty strong to be considered corrective in nature, but while 1.4850 resistance is intact the overall negative bias will be sustained. Intraday bias is positive, well supported at 1.4735 with a crucial level below 1.4702.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.48061.48601.50631.6040
Support1.47351.46241.44441.3746

__________


  • USD/JPY

usdjpy031109

 Current level - 90.70

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.

After building a reliable support at 90.80, the pair is in a minor uptrend towards our target at 91.30. Current support is projected at 90.60 with a risk-limit below 90.05.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance91.3092.1092.4097.90
Support90.5090.0587.1283.25

__________


  • GBP/USD

gbpusd041109

 Current level- 1.6483

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.
   
Yesterday's test of 1.6250 support failed and the intraday bias is positive for 1.6530 dynamic resistance. A break beyond will target 1.6604 highs again. A reversal below 1.6530 will be confirmed with a break below 1.6414. Current support is projected at 1.6453 and crucial for the uptrend from 1.6260 is 1.6414.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.65301.66041.67521.7042
Support1.64531.64161.61301.5706


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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