Forex4you Technical Analysis 18/08/10
EUR/USD: Technical Analysis
The trading is carried on in the range 1.2870/60 - 1.2730/10 and attempts to go beyond this range are not successful at the moment. The trading is currently making a new attempt to fix above 1.2870 and is carried on at 1.2880/85. Indicators show growth, so the price has chances to make it. If it happens, level 1.3010/20 will be tested, but again, as mentioned in the previous comment, we shouldn’t expect any change of moods here, because even if the price raises to 1.3020, there’s still quite a possibility for a descending. Only when resistance 1.3090-1.3110 breakout happens, we can assume that the trading goes back to the uptrend with a future price growth to the new local maximums, initially to target 1.3380. The alternative for the “bullish” scenario is the same - a fall below 1.2730/00 will trigger support levels 1.2620/30 and 1.2540 tests and indicate a renewal of a medium-term downtrend.
EUR/JPY: Technical Analysis
This pair is in a sideways range which probably corresponds to an Elliot wave 4 of sub-minute degree. It is currently rising and will probably reach the end of the preceding 4th wave at around 110.85 before rolling over. We may be in a move which reaches that target now.
USD/CAD: Technical Analysis
This pair is in the process of correcting the previous rally which began on the 5th August. Prices have found support at 1.0280. There is a small chance they could drop a little further to 1.0255. After that, however, they should rally back up to the 1.0370s where they will meet resistance from a band of MAs including the 50 and 200.
GBP/USD: Technical Analysis
Attempt to break the range 1.5540-1.5470/80 failed, the price found support 1.5495/1.5500, which is matching with uptrend channel line (blue lines) and continued to grow. The trading has currently raised to 1.5660/70. The question is, whether the “bulls” are able to break resistance 1.5710/1.5670/80, which would open the way upwards to the key level for the uptrend – level 1.5820. Before it happens, there is still a possibility for a scenario, mentioned earlier – level 1.5820 and an uptrend resistance line breakout (blue lines) will indicate the “bullish” moods, a fall down below 1.5470 – the “bearish”. A sideways movement is, by the way, more likely for the nearest time.
USD/JPY: Technical Analysis
The pair has breached support 85.30/45, mentioned earlier as a decisive for the future downward movement, and currently resides at 85.25/15. The main support is now 85.00, and its breakout is seen as the key event for the price fall to minimums 84.80/70 and to the new local minimums around 84.50/00. Indicators are hesitating, but they are still inclined to the possibility of this breach and a continuing downward movement. The alternative scenario – a return to growth - will be obvious only if the price escapes from a downtrend channel (red lines). In other words, if the trend line is breached, and the price raises above resistance 86.10 30 and the price will continue its growth.
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.
The trading is carried on in the range 1.2870/60 - 1.2730/10 and attempts to go beyond this range are not successful at the moment. The trading is currently making a new attempt to fix above 1.2870 and is carried on at 1.2880/85. Indicators show growth, so the price has chances to make it. If it happens, level 1.3010/20 will be tested, but again, as mentioned in the previous comment, we shouldn’t expect any change of moods here, because even if the price raises to 1.3020, there’s still quite a possibility for a descending. Only when resistance 1.3090-1.3110 breakout happens, we can assume that the trading goes back to the uptrend with a future price growth to the new local maximums, initially to target 1.3380. The alternative for the “bullish” scenario is the same - a fall below 1.2730/00 will trigger support levels 1.2620/30 and 1.2540 tests and indicate a renewal of a medium-term downtrend.
EUR/JPY: Technical Analysis
This pair is in a sideways range which probably corresponds to an Elliot wave 4 of sub-minute degree. It is currently rising and will probably reach the end of the preceding 4th wave at around 110.85 before rolling over. We may be in a move which reaches that target now.
USD/CAD: Technical Analysis
This pair is in the process of correcting the previous rally which began on the 5th August. Prices have found support at 1.0280. There is a small chance they could drop a little further to 1.0255. After that, however, they should rally back up to the 1.0370s where they will meet resistance from a band of MAs including the 50 and 200.
GBP/USD: Technical Analysis
Attempt to break the range 1.5540-1.5470/80 failed, the price found support 1.5495/1.5500, which is matching with uptrend channel line (blue lines) and continued to grow. The trading has currently raised to 1.5660/70. The question is, whether the “bulls” are able to break resistance 1.5710/1.5670/80, which would open the way upwards to the key level for the uptrend – level 1.5820. Before it happens, there is still a possibility for a scenario, mentioned earlier – level 1.5820 and an uptrend resistance line breakout (blue lines) will indicate the “bullish” moods, a fall down below 1.5470 – the “bearish”. A sideways movement is, by the way, more likely for the nearest time.
USD/JPY: Technical Analysis
The pair has breached support 85.30/45, mentioned earlier as a decisive for the future downward movement, and currently resides at 85.25/15. The main support is now 85.00, and its breakout is seen as the key event for the price fall to minimums 84.80/70 and to the new local minimums around 84.50/00. Indicators are hesitating, but they are still inclined to the possibility of this breach and a continuing downward movement. The alternative scenario – a return to growth - will be obvious only if the price escapes from a downtrend channel (red lines). In other words, if the trend line is breached, and the price raises above resistance 86.10 30 and the price will continue its growth.
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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