Search
Technical Research
0
0
Technical Research
Wed, Aug 20 2008, 21:36 GMT
EUR/USD
As you can see from today’s chart there looks to be an inverted head & shoulders pattern emerging. This is short term but it does signify a bottom if the neckline of 1.4765 is pushed through. If that level is broken then the top of the November – February consolidation zone of 1.49 could be achieved. On the other hand, if there were to be another bear move then the target of 1.4515 could be the price to end the bear leg and contain a sharp bull move.
GBP/USD
Since the drop we have seen some range trading which is creating a nice flag pattern, indicated on today’s chart. An upside target could be close to 1.90 and a downside target could be as far as 1.8225. At this time we are awaiting a break in the flag.
USD/JPY
Where o’ where will the yen go? Yesterday’s low of 109.50 is close to a 50% retracement from the bull move of 108.36-110.65 and today’s move to 110.26 is 61.8% from 110.65-109.55. After hitting 110.26 there was a nice drop to 109.7 showing there is some bearish pressure to look forward to. If the support of 109.55 is broken then the next step would be to break the first trendline indicated on today’s chart. This could then bring on a bear move to 109.10-00 where the next support trendline (6 months old) is found. Eventually price action could take a bull run and test the long term price target at 61.8% retracement (113.25) and start the next bear leg from there.
_20080820213859.gif "yen820(2)")
Published on Wed, Aug 20 2008, 21:39 GMT
Archive
- Energy Explosion! 15% one day rise in crude
Published On Mon, Sep 22 2008, 22:22 GMT - Crude Oil Analysis
Published On Tue, Sep 16 2008, 23:06 GMT - Technical Research
Published On Tue, Sep 9 2008, 23:54 GMT - Technical Research
Published On Thu, Aug 28 2008, 21:38 GMT - Technical Research
Published On Wed, Aug 27 2008, 22:48 GMT
FastBrokers
| 500 N. Brand Blvd. suite 1950, Glendale, CA 91203
http://www.fastbrokersfx.com/ | info@fastbrokers.com
Legal disclaimer and risk disclosure
Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained. Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.Interested in forex trading? forex brokerage firms!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.