Forex4you Technical Analysis 30 March 2011
EUR/USD: Technical Analysis
The longer term point and figure chart remains bullish and is still in an uptrend with an target of 1.4550. On the smaller charts the exchange rate is currently going sideways in a consolidation but if there is a break higher then the 3 x 0.0015 chart yields an upside target of 1.4385. The line of resistance at 1.4280 could also provide an even closer target.
GBP/USD: Technical Analysis
The price continued consolidating within a narrow range and tested support 1.5930/40 level again. Trading has recently pulled back upwards, so the price currently resides at the correction range's resistance 1.6040/50 level. No changes have been made yet, although indicators have turned upwards, suggesting a changing of the trend. Previous forecasts still apply - a pull back up is likely to continue as a part of correction, probably expanding 1.6100-1.6150 resistance range, which looks to be rather strong. Growth and fixation above level 1.6220/30 would mean a transition towards the "bullish" trend. If support 1.5930 level is breached, the next support is seen at 1.5840/50.
Analysis by: Arkady Nagiev
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.
The longer term point and figure chart remains bullish and is still in an uptrend with an target of 1.4550. On the smaller charts the exchange rate is currently going sideways in a consolidation but if there is a break higher then the 3 x 0.0015 chart yields an upside target of 1.4385. The line of resistance at 1.4280 could also provide an even closer target.
GBP/USD: Technical Analysis
The price continued consolidating within a narrow range and tested support 1.5930/40 level again. Trading has recently pulled back upwards, so the price currently resides at the correction range's resistance 1.6040/50 level. No changes have been made yet, although indicators have turned upwards, suggesting a changing of the trend. Previous forecasts still apply - a pull back up is likely to continue as a part of correction, probably expanding 1.6100-1.6150 resistance range, which looks to be rather strong. Growth and fixation above level 1.6220/30 would mean a transition towards the "bullish" trend. If support 1.5930 level is breached, the next support is seen at 1.5840/50.
Analysis by: Arkady Nagiev
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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