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Daily Technical Strategist
GBPUSD: Resumption Of Its MT Trend To Target The 1.7000 & Beyond
Tue, Aug 4 2009, 10:37 GMT
by Mohammed Isah
FXTechstrategy | View company's profile
GBPUSD
GBPUSD: Resumption Of Its MT Trend To Target The 1.7000 & Beyond
GBPUSD - As a sharp rally saw GBP breaking and holding above its YTD high at 1.4742 to close higher at 1.6938 on Monday, threats of a continuation of that breakout is now seen towards the 1.7000 level, its psycho level with a loss of turning focus to the 1.7100 level and then the 1.7200 level. This view is clearly supported by its daily, weekly and monthly studies which are bullish and pointing higher suggesting more strength. However, on a pullback from its current price levels, the 1.6742 level will be targeted ahead of the 1.6584 level, its July 23’09 high and subsequently its July 22’09 low at 1.6308. Further down, the 1.6034 level, its July 13’09 low and its July 08’09 low at 1.5984 come in as next supports. Its MT rising trendline also provides a strong upside case medium term. All in all, having retargeted the 1.6742 level and triggered its medium term uptrend, further upside momentum is now expected.
EURUSD
EURUSD: Breaks Out, Keeps Sight On The 1.4719 Level.
EURUSD - Having decisively taken out its strong resistance at the 1.4339 level, its YTD high and the 1.4363 level, marking its Dec’08 high, EUR has now cleared the way for further price incursions towards the 1.4719 level, its Dec 18’08 high.
Invalidating the latter will set the stage for further upmove towards the 1.4865 level, its Sept 2009 high and possibly higher. Its daily studies are bullish and trending higher suggesting further strength. However, pullbacks if seen should target its eroded resistance turned support at 1.4363/39 where a cap is expected. If that level gives in, further downside could be seen aiming at the 1.4303 level, its July 28’09 high and then the 1.4200 level followed by its July 09’09 high at 1.4072. As momentum has turned higher having resumed its medium term uptrend, further upside gains are expected. On the whole, with medium term uptrend triggered, EUR is now poised to head further higher.
Published on Tue, Aug 4 2009, 12:51 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
Archive
- EURUSD: Weak And Targeting The 1.3536 Level
Published On Fri, Mar 19 2010, 10:40 GMT - GBPUSD: Upside Risk Still Seen
Published On Thu, Mar 18 2010, 11:10 GMT - GBPUSD: Bear Pressure Subsides
Published On Tue, Mar 16 2010, 12:14 GMT - GBPUSD: Bear Pressure Sets In
Published On Mon, Mar 15 2010, 10:29 GMT - EURUSD: Recaptures The 1.3735 Level, Target The 1.3787 Level
Published On Fri, Mar 12 2010, 12:42 GMT
Legal disclaimer and risk disclosure
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.Related reports
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