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Technical Summary for Majors
Wed, Aug 27 2008, 06:19 GMT
by Slobodan Drvenica
EURUSD
Underwent recovery to 1.4909 on 22 Aug before reversing to mark lower touch-point of a steep falling channel drawn off 1.6040 recovery high. Further short-term weakness is set towards initial 07 Feb higher low at 1.4440, though a 5-wave structure from 1.6040 nears possible completion. Latest breach of 25 Aug1.4696 low, reached 1.4592, with subsequent bounce to possibly delay weakness for recovery towards 1.4809.
Res: 1.4732, 1.4760, 1.4807, 1.4838
Sup: 1.4683, 1.4659, 1.4630, 1.4611
GBPUSD
May respond negatively to trendline connecting 1.9930/1.8792, 31 July/21-22 Aug lower highs, which currently stands at 1.8544. Interim bouncing shy of a breakout implies fresh 2-year low at 1.8330 may not prevail for long. Downtrend from 2.0162, 15 July reaction high, should seize 1.8309/1.8264 support and then probe 1.8228, 19 July 06 low, but rebound above 1.8590 averts.
Res: 1.8493, 1.8510, 1.8530, 1.8560
Sup: 1.8405, 1.8370, 1.8356, 1.8330
USDJPY
Entered short-term ranging mode, following recovery from lower rejection of former 108.35, 13 Aug low, while a potential expanded flat consolidation is indicated. A higher low remains sought over 108.33 via a simple 3-legged down-swings before next upmove, with break over 110.30/40 needed to negate a 2-week area top pattern.
Res: 109.53, 109.73, 109.94, 110.29
Sup: 108.72, 108.33, 108.13, 108.00
USDCHF
Attempts to leave a short-term swing top, following pullback off 1.1086, yesterday’s high, ahead of 1.1124, 22 Jan high, near 76.4% retracement of 1.1598/0.9630 fall. Subsequent shooting star candle looms while risking 1.0923, 25 Aug higher low, with break triggering pullback towards key 1.0842/25, 21/13 Aug lows, as 5-wave structure from 1.0011, 15 July low, unfolds.
Res: 1.0991, 1.1025, 1.1048, 1.1087
Sup: 1.0923, 1.0897, 1.0857, 1.0836
Published on Wed, Aug 27 2008, 06:22 GMT
Archive
- Technical Summary for Majors
Published On Mon, Dec 1 2008, 16:13 GMT - Technical Summary for Majors
Published On Fri, Nov 28 2008, 10:49 GMT - Technical Summary for Majors
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