Forex4you Technical Analysis 18 April 2011
EUR/USD: Technical Analysis
Previous forecasts, predicting that the price would decline to lower supports when correcting seem to be comming true. The price has already breached 1.4360/70 support level and it's currently making attempts to descend further, to level 1.4250. Trading is being carried out at 1.4340, but it has already been at 1.4300. Indicators are more "bearish" which gives even more reasons to expect the price to reach 1.4250 support in the near future. At the same time, there are also risks that the up trend channel (blue) line may be breached. If it happens, downward movement would extend to 1.4060/70 support level. The "bullish" attempts to bring the price back, above 1.4450 resistance level would indicate a possible reversal towards the uptrend.
GBP/USD: Technical Analysis
Another attempt to rise above 1.6360/70 level failed, so the price went back downwards. Trading is now being carried out at level 1.6260/70, albeit it has recently resided at 1.6240/45 level. Indicators are "bearish" again which gives reasons to expect another decline to level 1.6220, mentioned previosuly as the target level on the way down. 1.6220/00 support breakout would suggest 1.6140/30 support level test, as well as increase the risks of further decline to 1.5990/1.6000 levels. However, the "bullish" trend is still considered to be dominating, so reversal to growth is now seen as most likely scenario.
Analysis by: Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Previous forecasts, predicting that the price would decline to lower supports when correcting seem to be comming true. The price has already breached 1.4360/70 support level and it's currently making attempts to descend further, to level 1.4250. Trading is being carried out at 1.4340, but it has already been at 1.4300. Indicators are more "bearish" which gives even more reasons to expect the price to reach 1.4250 support in the near future. At the same time, there are also risks that the up trend channel (blue) line may be breached. If it happens, downward movement would extend to 1.4060/70 support level. The "bullish" attempts to bring the price back, above 1.4450 resistance level would indicate a possible reversal towards the uptrend.
GBP/USD: Technical Analysis
Another attempt to rise above 1.6360/70 level failed, so the price went back downwards. Trading is now being carried out at level 1.6260/70, albeit it has recently resided at 1.6240/45 level. Indicators are "bearish" again which gives reasons to expect another decline to level 1.6220, mentioned previosuly as the target level on the way down. 1.6220/00 support breakout would suggest 1.6140/30 support level test, as well as increase the risks of further decline to 1.5990/1.6000 levels. However, the "bullish" trend is still considered to be dominating, so reversal to growth is now seen as most likely scenario.
Analysis by: Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Views: 8
Comment
© 2024 Created by James Dicks.
Powered by
You need to be a member of JDFN Financial Network to add comments!
Join JDFN Financial Network