Forex4you Technical Analysis 06/07/10
GBP/ USD: Technical Analysis
The pair was traded broader than predicted yesterday. The price checked up the support at 1.5080 and following that recovered upturn. It currently resides at 1.5200/1.5190. The indicators’ values further prefer the advance, while the weakness in upgrading, which was caused by retracement, is recovering. This proves high probability of both the ascendant trend’s renovation and checkup of the new local maximums. Meanwhile, the breach of those very resistances at 1.5230/50 is necessary for better assuredness in the above mentioned events. If it occurs, the former forecasts may begin their fulfillment i.e., the essential potentials of the upgrading trend with the possibility of near term checking up the range of 1.5500/1.5600 will mark themselves. However, until this takes place the probability of the comeback to the downgrading trend is of the same relevance; furthermore, the breach and trades’ fixation below the trend line of the upgrading channel (the blue line) will point to the accomplishment of this scenario exactly. On the contrary, the bounce out of currently checked 1.5200 will afford grounds for predicting the probability of the sideways move’s lasting within the range of 1.5200-1.5080.
EUR/USD: Technical Analysis
As forecasted, the trading kept within the narrow range at the last session. Thereupon the checkup of the support at 1.2480 the price returned to the top edge and currently resides at 1.2580/90. The indicators returned to the upturn just after transient decrease. Nothing changed greatly. So, the former comments stay in force i.e., there’s high probability of the growth’s lasting till the new maximums, till 1.2730/20 possibly. The breach of the resistance at 1.2620/00 will mark the accomplishment of the “bullish” scenario.
The alternative scenario i.e., the reversal and renovation of the tumble could be considered in case of the breach of the support at 1.2430/40-1.2380. At the same time, the sideways consolidation within the range of 1.2600-1.2480 will go ahead most likely, and so the decline below 1.2540 will prompt the chance of the reversal of the exact kind.
USD/JPY: Technical Analysis
The support at 87.30/40 didn’t allow the price to slide down more, because the upturn has renewed and the trading is currently carried at 87.90/95. The indicators are directed upward and so they favor the further raise till the resistance at 88.20 again. If this obstacle fails to restrain the “Bulls” both the comeback into the initial area of the downgrading channel (the red lines) will occur and the probability to see the price at 88.60/70 firstly and further at 89.30/50 as well will be relevant. At the same time, until the breach of the resistance at 88.20 the “Bears” keep their predominance at the market. That’s why the next coming price decrease till the marked minimums at 86.90/95 is much more probable. The breach of these degrees will give a handle for setting mind on the sagging of the pair even lower – till 86.30/86.00.
Analysis by: www.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 pair was traded broader than predicted yesterday. The price checked up the support at 1.5080 and following that recovered upturn. It currently resides at 1.5200/1.5190. The indicators’ values further prefer the advance, while the weakness in upgrading, which was caused by retracement, is recovering. This proves high probability of both the ascendant trend’s renovation and checkup of the new local maximums. Meanwhile, the breach of those very resistances at 1.5230/50 is necessary for better assuredness in the above mentioned events. If it occurs, the former forecasts may begin their fulfillment i.e., the essential potentials of the upgrading trend with the possibility of near term checking up the range of 1.5500/1.5600 will mark themselves. However, until this takes place the probability of the comeback to the downgrading trend is of the same relevance; furthermore, the breach and trades’ fixation below the trend line of the upgrading channel (the blue line) will point to the accomplishment of this scenario exactly. On the contrary, the bounce out of currently checked 1.5200 will afford grounds for predicting the probability of the sideways move’s lasting within the range of 1.5200-1.5080.
EUR/USD: Technical Analysis
As forecasted, the trading kept within the narrow range at the last session. Thereupon the checkup of the support at 1.2480 the price returned to the top edge and currently resides at 1.2580/90. The indicators returned to the upturn just after transient decrease. Nothing changed greatly. So, the former comments stay in force i.e., there’s high probability of the growth’s lasting till the new maximums, till 1.2730/20 possibly. The breach of the resistance at 1.2620/00 will mark the accomplishment of the “bullish” scenario.
The alternative scenario i.e., the reversal and renovation of the tumble could be considered in case of the breach of the support at 1.2430/40-1.2380. At the same time, the sideways consolidation within the range of 1.2600-1.2480 will go ahead most likely, and so the decline below 1.2540 will prompt the chance of the reversal of the exact kind.
USD/JPY: Technical Analysis
The support at 87.30/40 didn’t allow the price to slide down more, because the upturn has renewed and the trading is currently carried at 87.90/95. The indicators are directed upward and so they favor the further raise till the resistance at 88.20 again. If this obstacle fails to restrain the “Bulls” both the comeback into the initial area of the downgrading channel (the red lines) will occur and the probability to see the price at 88.60/70 firstly and further at 89.30/50 as well will be relevant. At the same time, until the breach of the resistance at 88.20 the “Bears” keep their predominance at the market. That’s why the next coming price decrease till the marked minimums at 86.90/95 is much more probable. The breach of these degrees will give a handle for setting mind on the sagging of the pair even lower – till 86.30/86.00.
Analysis by: www.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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