Forex4you Technical Analysis 13/08/10
EUR/USD: Technical Analysis
The price went down below 1.2870 and is likely to fix here, because attempts to get back upwards, above this level, which is now a resistance, are not successful. Such state of events can be considered a signal for a reverse in this pair to the “bearish” trend. Indicators show the “bearish” mood again, which gives even more foundation for the previous assumption. If so, support 1.2730/00 is going to be a big challenge for a downtrend. This level breakout is seen as the last indication for a medium-term downtrend with targets around 1.2240/00 at first, then at 1.2050/00. Range 1.2620-1.2540 will be the first major support on the way. As for the “bullish” trend with target 1.3380, it will only recommence in case resistance 1.2980-1.3020 and then range 1.3070-1.3110 breakout. Besides, fixation above 1.2870 is quite a challenge too. It's worth noting though, that a short-term growth above 1.2870 to 1.3000 is a possibility, but only as a correction.
GBP/USD: Technical Analysis
Resistance 1.5710/20 held back the pair from growth and the price returned to a downward movement, limited by support 1.5550. The trading is now carried on at 1.5630/40. Considering strong resistance and support levels, a side-ways movement in the range 1.5710/00 – 1.5550 is also quite a possibility, taking into account risk-neutrality in the market. As for the future outlook, 1.5820 level breakout and then uptrend resistance level (blue lines) break will give grounds to follow the “bullish” scenario for a further growth to 1.6140/50. On the other hand, if support range 1.5540- 1.5470/80 is breached, a final reversal downwards will be inevitable.
USD/JPY: Technical Analysis
The minimum level 84.80 of 2009 was tested, as it had been expected and the price even made attempts to register at lower levels, but it only managed to test level 84.70/75 for strength. A pullback upwards followed, and led the price to 86.20/10, where it met resistance, so the trading dropped and is now being carried on at 85.70/60. Indicators show a reversal downwards, which warns us of a possible reversal to a downtrend. If the price goes down below 85.45/30 as a part of a current descending, one may assume that these minimums will be tested again in the nearest future. At the same time, MACD divergence indicates more serious expectations for this pair. The “bulls” will finally break resistance 86.10 30 and continue growth to 87.0/50, to begin with.
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 price went down below 1.2870 and is likely to fix here, because attempts to get back upwards, above this level, which is now a resistance, are not successful. Such state of events can be considered a signal for a reverse in this pair to the “bearish” trend. Indicators show the “bearish” mood again, which gives even more foundation for the previous assumption. If so, support 1.2730/00 is going to be a big challenge for a downtrend. This level breakout is seen as the last indication for a medium-term downtrend with targets around 1.2240/00 at first, then at 1.2050/00. Range 1.2620-1.2540 will be the first major support on the way. As for the “bullish” trend with target 1.3380, it will only recommence in case resistance 1.2980-1.3020 and then range 1.3070-1.3110 breakout. Besides, fixation above 1.2870 is quite a challenge too. It's worth noting though, that a short-term growth above 1.2870 to 1.3000 is a possibility, but only as a correction.
GBP/USD: Technical Analysis
Resistance 1.5710/20 held back the pair from growth and the price returned to a downward movement, limited by support 1.5550. The trading is now carried on at 1.5630/40. Considering strong resistance and support levels, a side-ways movement in the range 1.5710/00 – 1.5550 is also quite a possibility, taking into account risk-neutrality in the market. As for the future outlook, 1.5820 level breakout and then uptrend resistance level (blue lines) break will give grounds to follow the “bullish” scenario for a further growth to 1.6140/50. On the other hand, if support range 1.5540- 1.5470/80 is breached, a final reversal downwards will be inevitable.
USD/JPY: Technical Analysis
The minimum level 84.80 of 2009 was tested, as it had been expected and the price even made attempts to register at lower levels, but it only managed to test level 84.70/75 for strength. A pullback upwards followed, and led the price to 86.20/10, where it met resistance, so the trading dropped and is now being carried on at 85.70/60. Indicators show a reversal downwards, which warns us of a possible reversal to a downtrend. If the price goes down below 85.45/30 as a part of a current descending, one may assume that these minimums will be tested again in the nearest future. At the same time, MACD divergence indicates more serious expectations for this pair. The “bulls” will finally break resistance 86.10 30 and continue growth to 87.0/50, to begin with.
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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