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Weekly Technical Strategist

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GBPUSD: Loss Of The 1.6692/1.6740 Levels To Trigger Higher Prices

Mon, Nov 16 2009, 06:36 GMT
by Mohammed Isah

FXTechstrategy

In This Issue:

GBPUSD: Loss Of The 1.6692/1.6740 Levels To Trigger Higher Prices - Having maintained a third week of upside, GBP still looks to head further higher but must break and hold above the 1.6692 level....

EURUSD: Above Rising TrendlineKeeps MT Trend To The Upside - Although a rejection candle was printed at the end of the week after the pair failed at the 1.5047 level,

EURUSD

EURUSD: Above Rising TrendlineKeeps MT Trend To The Upside.

EURUSD - Although a rejection candle was printed at the end of the week after the pair failed at the 1.5047 level, as long as EUR holds above the 1.4844 level and maintains above its LT rising trendline, risk remains higher for a retarget of its YTD high at 1.5062. Above the 1.5062 level will clear the way further higher prices towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low. Its weekly RSI continues to point higher suggesting further strength. The risk to this analysis will be a break below the levels highlighted above. In such a case, its Nov 03’09 low seen at 1.4625 will be targeted ahead of its Oct 02’09 low at 1.4479 with a snap below there bringing its Aug’05’09 at 1.4446 into focus.

GBPUSD

GBPUSD: Loss Of The 1.6692/1.6740 Levels To Trigger Higher Prices

GBPUSD - Having maintained a third week of upside, GBP still looks to head further higher but must break and hold above the 1.6692 level, its Oct 23’09 high and the 1.6740 level, its Sept 11’09 high to signal further higher prices towards its YTD high at 1.7041.
Its third consecutive week of strength is coming on the back of a rally off the 1.5706 level in early Oct ‘09. On a convincing retest and break of the 1.7041 level, risk will shape towards its .50 Ret (2.1160-1.3501 decline) at 1.7314 ahead of the 1.7630 level, its Oct 12’08 high. Its weekly studies are supportive of this view as they are bullish and trending higher. On the other hand, supports are located at the 1.6516 level, its Nov 12’09 high and the 1.6249/60 area, its Oct 26’09/Nov 03’09 lows. These key levels must hold if tested to prevent the pair from declining further and targeting its big support standing at its Oct 30’09 high at 1.6124 level and then the 1.5706 level, its Oct 13’09 low.

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Published on  Mon, Nov 16 2009, 06:36 GMT