Forex4you Technical Analysis 20/09/10
EUR/USD: Technical Analysis
This pair has corrected the rally up to the 1.3120 highs. The retracement is probably an Elliot wave 4 which probably has further to go. It could end at the area of the 4th wave of lesser degree at around 1.2975 where there is also Fibonacci and moving average support. After 4 completes, wave 5 should rally back up to the area of the 1.31 highs.
GBP/USD: Technical Analysis
The price tested target at level 1.5340/30, mentioned in the previous commentary, and reversed to growth afterwards. Key resistance 1.5550 breakout, also mentioned earlier, was a signal to the “bullish” moods in the market. The trading raised to resistance 1.5730 and is currently carried on at levels 1.5650/30. Indicators are likely to turn downwards, which also suggests continuation of a downward movement, that began at the end of the last week. If the “bears” manage to fix the price below support 1.5650/40, support level 1.5570/60 testing will be probably observed in the nearest future. Falldown below 1.5510/20 will be the signal for reversal to the medium-term “bearish” trend with forthcoming minimum levels 1.5340/20 testing. Nevertheless, the price still resides within the upward channel (blue lines) and the “bulls” are dominating, so there’s rather a possibility for the growth to the earlier mentioned resistance levels 1.5790- 1.5800.
AUD/USD: Technical Analysis
This pair has rallied up to above the crucial 0.9405 resistance highs and whilst the rally appears overbought it probably still has a little further to go, maybe as high as 0.9550 where if it reaches that level, it will encounter channel line resistance from the channel line drawn from the august lows. It is unlikely prices will go above 0.9612 as this is the R3 pivot level and it is very rarely breached. On the hourly chart prices are trading within a range and they are currently at the range highs with a good chance they will drop to the range lows at 0.9350 temporarily, before the next leg up.
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.
This pair has corrected the rally up to the 1.3120 highs. The retracement is probably an Elliot wave 4 which probably has further to go. It could end at the area of the 4th wave of lesser degree at around 1.2975 where there is also Fibonacci and moving average support. After 4 completes, wave 5 should rally back up to the area of the 1.31 highs.
GBP/USD: Technical Analysis
The price tested target at level 1.5340/30, mentioned in the previous commentary, and reversed to growth afterwards. Key resistance 1.5550 breakout, also mentioned earlier, was a signal to the “bullish” moods in the market. The trading raised to resistance 1.5730 and is currently carried on at levels 1.5650/30. Indicators are likely to turn downwards, which also suggests continuation of a downward movement, that began at the end of the last week. If the “bears” manage to fix the price below support 1.5650/40, support level 1.5570/60 testing will be probably observed in the nearest future. Falldown below 1.5510/20 will be the signal for reversal to the medium-term “bearish” trend with forthcoming minimum levels 1.5340/20 testing. Nevertheless, the price still resides within the upward channel (blue lines) and the “bulls” are dominating, so there’s rather a possibility for the growth to the earlier mentioned resistance levels 1.5790- 1.5800.
AUD/USD: Technical Analysis
This pair has rallied up to above the crucial 0.9405 resistance highs and whilst the rally appears overbought it probably still has a little further to go, maybe as high as 0.9550 where if it reaches that level, it will encounter channel line resistance from the channel line drawn from the august lows. It is unlikely prices will go above 0.9612 as this is the R3 pivot level and it is very rarely breached. On the hourly chart prices are trading within a range and they are currently at the range highs with a good chance they will drop to the range lows at 0.9350 temporarily, before the next leg up.
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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