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Forex Chartist Technical Analysis
6
0
GBP/USD & EUR/USD
Thu, Nov 19 2009, 06:57 GMT
by Carol Harmer
GBP/USD
Cable broke lower as expected yesterday, keeping the short term double top in place. Now we went lower from here to 1.6710 and overnight have seen 1.6686. Now we have corrected from these lower levels, but the daily charts are beginning to turn to show a move lower. This is in direct conflict with the hourly's which are showing oversold. So the best way to deal with this is to see if 1.6680 holds and if it does it will prompt a rally towards 1.6740/90. Here sellers will be waiting to sell. Buyers should concede at this point and the market is then expected to fall..
However...If above 1.6790 there is scope for 1.6845 once more and this is where more selling will appear, and you will have to use wider stops to 1.6900 to catch the move lower. Only above 1.6900 would make the market appear less bearish and this would lead the market higher to 1.7045.
Support is at 1.6680. If this support fails to hold further weakness is going to be evident with 1.6620/10 your initial target. Here you are looking to cover all short positions. Re-sell a break of 1.6610 as this would provoke a move lower with 1.6565/60 then your short term objective.
EUR/USD
Eur/Usd captured at 1.4992 yesterday and the decline from here has virtually reached the short term 50% fib line of 1.4900.
Now here you have resistance located at 1.4945. If we struggle to break this resistance this morning look for a break of 1.4895 on the way to 1.4852/50. At these lower levels the market will be oversold on the hourly charts so would expect this support to hold and promote a corrective rally. Buyers will be in at these lower levels and they will only reverse if the market breaks through 1.4820.
Resistance as stated is at 1.4945 and this is where the market will head for on a corrective rally. Buyers are expected to cover to here. You should also find that sellers will be waiting , but they will be quick to reverse if the market makes a break above this resistance. If above here look for further strength leading to 1.4990/95 where you should once more sell, keeping stops then above 1.5020.
Published on Thu, Nov 19 2009, 06:57 GMT
Archive
- GBP/USD & EUR/USD
Published On Thu, Nov 19 2009, 06:57 GMT - GBP/USD & EUR/USD
Published On Tue, Nov 17 2009, 09:17 GMT - GBPUSD & EURUSD
Published On Fri, Nov 13 2009, 07:24 GMT - GBPUSD & EURUSD
Published On Thu, Nov 12 2009, 06:20 GMT - GBPUSD & EURUSD
Published On Wed, Nov 11 2009, 07:00 GMT
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