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Forex Economic Analysis

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Forex Technical Analysis on Majors

Fri, Nov 6 2009, 10:01 GMT
by Stoyan Mihaylov

www.deltastock.com

• EUR/USD

Current level-1.4876

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 below 1.4935 and the overall bias remains positive for 1.5063 high. Crucial on the downside is 1.4810 low. A break above 1.4917 is to be expected later during the day and it should target 1.4984 and 1.5063.

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• USD/JPY

Current level - 90.44

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 downtrend bottomed at 89.99 failing to reach precisely the support area around 89.83 and a rebound followed, peaking at 90.85. Current bias is negative again towards 89.83 area, where a reversal should be expected for 91.58 resistance zone. Initial resistance comes at 90.60, followed by the crucial 90.75.

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• GBP/USD

Current level- 1.6614

The pair is in a downtrend after peaking at 1.7042. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
   
Obviously yesterday's test of 1.6438 support failed and with the recent break above 1.6545 resistance, the overall bias is bullish towards 1.6696, en route to 1.6752. Intraday dynamics is neutral with a risk for one more slide to 1.6558 support before building a reliable base for next leg upwards, towards 1.6752.

Published on  Fri, Nov 6 2009, 10:10 GMT