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Anticipate Market Trends. Make More Profitable Trades. Get Daily Forex Research & Technical Analysis Trusted By Thousands of Traders.HIGHLIGHTS:
GBPUSD: Continues To Target A Decisive Break Of The 1.7000 Level - The pair continues to build on its current strength closing higher at 1.6990 on Wednesday following a test of 1.7041.
USDJPY: Holding Within Its Declining Channel - USDJPY continues to maintain within its declining channel suggesting that its overall outlook remains lower.
GBPUSD
GBPUSD: Continues To Target A Decisive Break Of The 1.7000 Level
GBPUSD - The pair continues to build on its current strength closing higher at 1.6990 on Wednesday following a test of 1.7041. A decisive break and hold above the 1.7000 level is required to establish further upside gains towards the 1.7100 level and then the 1.7200 level. Its higher level charts are supportive of this view as they are pointing higher. On the other hand, if GBP continues to stall at the 1.7000 level, corrective pullback of its current strength will be expected towards the 1.6742 level 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 trendlinealso 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 aiming at the 1.7000 level.
USDJPY
USDJPY: Holding Within Its Declining Channel.
USDJPY: USDJPY continues to maintain within its declining channel suggesting that its overall outlook remains lower. With its rise off the 91.73 level stalling at 95.83, further downside weakness is expected towards its July 23’09 low at 93.08 though it was seen recovering today. Below that level will bring further decline towards the 92.70 level, its July 14’09 low. On the other hand, resistance starts at the 95.38 level, its July 27’09 high ahead of the 96.97 level, its July’09 high and then the 98.88 level, its Jun 05’09 high. On the whole, though biased to the upside in the nearer term, it still retains its broader medium term bearishness while holding within its declining channel.
