Forex4you Technical Analysis 28/07/10
EUR/USD: Technical Analysis
Previous projections that the “bulls” are stronger in the current situation proved to be correct. The price ascended to the earlier mentioned aim at 1.3000/30 and now resides at 1.2998/1.3000. Indicators anticipate growth, but special attention should be given to MACD divergence, which alerts of a possible large scale pullback down. A breakout of a tested range 1.3000/30 will result in the rise to the levels 1.3090/1.3100, thus realizing the second stage of an upward movement scenario. Reversal lower and consolidation around 1.2870 will indicate “bulls” weakness and give all reasons to anticipate a slope to 1.2730/00.
GBP/USD: Technical Analysis
Attempts to continue its growth, made by the pair, continued, as it had been expected previously. The price tested 1.5520/25, but strong resistance at these levels blocked its upward movement and the price went back down and currently resides at 1.5460/70. Indicators show a definite weakening of the bullish mood, so MACD divergence is now a high-probability. Support 1.5420/1.5390 breakout will be the first signal to a large pullback down. A downfall will aim at the uptrend line (blue lines) around levels 1.5160/90.
USD/JPY: Technical Analysis
Support at 86.90 helps the “bulls” to resume their trend. Attempts to break the barrier on the way downwards were of no effect and the price currently resides at resistance level 87.30/40, referred to earlier as the key level for the uptrend beginning. Indicators turned upwards again. This can be a signal to successful breakout of the tested level, but the pace of the rise is low which raises some doubts again. If price fixes above 87.40, it will definitely mean the beginning of the “bullish” trend. Generally speaking, support breakout 86.90 will anticipate the next descend to 86.60, 86.30.
Analysis by: Forex4you.com written 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 projections that the “bulls” are stronger in the current situation proved to be correct. The price ascended to the earlier mentioned aim at 1.3000/30 and now resides at 1.2998/1.3000. Indicators anticipate growth, but special attention should be given to MACD divergence, which alerts of a possible large scale pullback down. A breakout of a tested range 1.3000/30 will result in the rise to the levels 1.3090/1.3100, thus realizing the second stage of an upward movement scenario. Reversal lower and consolidation around 1.2870 will indicate “bulls” weakness and give all reasons to anticipate a slope to 1.2730/00.
GBP/USD: Technical Analysis
Attempts to continue its growth, made by the pair, continued, as it had been expected previously. The price tested 1.5520/25, but strong resistance at these levels blocked its upward movement and the price went back down and currently resides at 1.5460/70. Indicators show a definite weakening of the bullish mood, so MACD divergence is now a high-probability. Support 1.5420/1.5390 breakout will be the first signal to a large pullback down. A downfall will aim at the uptrend line (blue lines) around levels 1.5160/90.
USD/JPY: Technical Analysis
Support at 86.90 helps the “bulls” to resume their trend. Attempts to break the barrier on the way downwards were of no effect and the price currently resides at resistance level 87.30/40, referred to earlier as the key level for the uptrend beginning. Indicators turned upwards again. This can be a signal to successful breakout of the tested level, but the pace of the rise is low which raises some doubts again. If price fixes above 87.40, it will definitely mean the beginning of the “bullish” trend. Generally speaking, support breakout 86.90 will anticipate the next descend to 86.60, 86.30.
Analysis by: Forex4you.com written 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.
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