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Forex Economic Analysis

Forex Technical Analysis on Majors

Fri, Nov 27 2009, 11:09 GMT
by Stoyan Mihaylov

www.deltastock.com  |  View company's profile


Vote:

14

1

  • EUR/USD


eurusd301109

 Current level-1.5037

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 1.4793 and 1.3523.
  
The rebound from 1.48+ support zone was larger than expected, and broke through 1.5020 crucial level, neutralizing the bearish momentum. Intraday bias is still positive, but we favor a break below 1.5020 to target 1.4801 again.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.50801.51461.52901.6040
Support1.49601.48011.44501.3740

__________


  • USD/JPY

usdjpy301109

 Current level - 85.92

The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.

The pair is testing 87.12 resistance and we expect that test to fail and the downtrend to be renewed towards 83.45, en route to 81.63. Intraday bias is negative, while the pair holds below 86.50 resistance.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance87.2088.0191.5892.40
Support85.6084.7983.4579.60

__________


  • GBP/USD

gbpusd301109

 Current level- 1.6478

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.

Although the pair broke through 1.6460 resistance, peaking at 1.6596, we still think, that current rebound is corrective in nature and precedes next slide to 1.6130 area. Intraday bias is slightly negative, but a clear break below 1.6450 is needed to confirm, that the downtrend has been renewed. Crucial on the upside on the 4 h. chart for the overall negative outlook is 1.6730.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.65961.67301.68401.7042
Support1.64501.62501.61301.5706


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.
Vote:

14

1

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