Forex4you Technical Analysis 11/08/10
EUR/USD: Technical Analysis
Targets for a descent, mentioned previously had been reached. After a resistance test, level 1.3110/20 was breached and the trading went down to 1.3020/30. After a slight pullback down, the pair currently resides at 1.3050/60. Indicators prefer the “bullish” trend, and so further descending is a possibility. Support 1.3020/00 breakout will indicate a further downward movement to support 1.2870, which had lately been mentioned as the key support to trend change. Therefore, if this level is breached, resumption to a middle-term downtrend will be quite an option. Before it happens, a recent pullback down is seen as a correction within the bounds of an upward trend so the growth to resistance 1.3380 to begin with is a probability at the moment.
GBP/USD: Technical Analysis
The price went below support range 1.5820/1.5770/80, but it didn’t make 20 points to the previously mentioned target 1.5680/70, so it was sent back upwards by the level 1.5700. The trading is now carried on at support 1.5770/80. Nevertheless, the strengthening of the “bearish” mood, showed by the indicators, says in favor of continuing attempts for a descent. Then, it’s all like in the previous commentary – the first support 1.5770/80 will move to 1.5700 - 1.5670/80 after a breakout. A final signal to a reversal downwards is the same – resistance 1.5540 breakout. Reversal upwards, from the current level, will denote a high probability of resistance 1.5970 breakout and further growth to 1.6140/50.
AUD/USD: Technical Analysis
The price tested support 0.9040/30, as it had been expected. Attempts to breach it are now made. The trading is carried on at 0.9030/25. MACD divergence and the “bearish” mood strengthening give reasons to assume that a tested level will be breached and the trading will move on to support 0.8900/0.8880. The support breakout on the way downwards will prove, that observed descent is a reversal. A downfall below 0.8860/50 will be the final sign for that. Growth resumption is not likely to happen, but ascending above 91.40/50 anticipates 0.9240/30 level test.
EUR/JPY: Technical Analysis
Prices have broken out of the channel of the last move up in July and are falling with force. The Elliot wave count has changed as it is probable that the wave 4 has finished and we are now descending in wave 5. It is unlikely that wave 5 will end beyond 106.40 but a nearer term target for more cautious investors might be the target for the channel breakout at 109.77.
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.
Targets for a descent, mentioned previously had been reached. After a resistance test, level 1.3110/20 was breached and the trading went down to 1.3020/30. After a slight pullback down, the pair currently resides at 1.3050/60. Indicators prefer the “bullish” trend, and so further descending is a possibility. Support 1.3020/00 breakout will indicate a further downward movement to support 1.2870, which had lately been mentioned as the key support to trend change. Therefore, if this level is breached, resumption to a middle-term downtrend will be quite an option. Before it happens, a recent pullback down is seen as a correction within the bounds of an upward trend so the growth to resistance 1.3380 to begin with is a probability at the moment.
GBP/USD: Technical Analysis
The price went below support range 1.5820/1.5770/80, but it didn’t make 20 points to the previously mentioned target 1.5680/70, so it was sent back upwards by the level 1.5700. The trading is now carried on at support 1.5770/80. Nevertheless, the strengthening of the “bearish” mood, showed by the indicators, says in favor of continuing attempts for a descent. Then, it’s all like in the previous commentary – the first support 1.5770/80 will move to 1.5700 - 1.5670/80 after a breakout. A final signal to a reversal downwards is the same – resistance 1.5540 breakout. Reversal upwards, from the current level, will denote a high probability of resistance 1.5970 breakout and further growth to 1.6140/50.
AUD/USD: Technical Analysis
The price tested support 0.9040/30, as it had been expected. Attempts to breach it are now made. The trading is carried on at 0.9030/25. MACD divergence and the “bearish” mood strengthening give reasons to assume that a tested level will be breached and the trading will move on to support 0.8900/0.8880. The support breakout on the way downwards will prove, that observed descent is a reversal. A downfall below 0.8860/50 will be the final sign for that. Growth resumption is not likely to happen, but ascending above 91.40/50 anticipates 0.9240/30 level test.
EUR/JPY: Technical Analysis
Prices have broken out of the channel of the last move up in July and are falling with force. The Elliot wave count has changed as it is probable that the wave 4 has finished and we are now descending in wave 5. It is unlikely that wave 5 will end beyond 106.40 but a nearer term target for more cautious investors might be the target for the channel breakout at 109.77.
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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