Forex4you Technical Analysis 17/08/10
EUR/USD: Technical Analysis
The pair remained in the range, limited by levels 1.2870/60 and 1.2730/10, as it had been mentioned earlier, but having breached this resistance it's now making attempts to fix above. Indicators show growth, so we can assume that these attempts will be successful. Nevertheless, even if it happens, the mood change is not likely to happen until the trading raises above resistance 1.3070-1.3110. A reversal to an uptrend with a possible ascending to the new local maximums, to the target 1.3380 at first, will be obvious only after the above mentioned breakout. Good resistance levels, where from a reversal downwards is a possibility, are seen at 1.2950/30. At the same time there's a chance for the reversal from the current 1.2890/1.2900 levels as well. Fall-down below 1.2870 will give a signal to another reversal to support 1.2730/00.
GBP/USD: Technical Analysis
As mentioned before, consolidation in a sideways range continued, which didn’t change the situation. Medium-term outlook are still vague and are likely to clear up in case level 1.5820 and uptrend resistance level (blue lines) are breached, being a part of a “bullish” scenario. The alternative is a fixation of the price below support range 1.5540- 1.5470/80, indicating the “bearish” moods in the market. It’s worth noting though, that indicators are currently turned upwards, which gives us reasons to expect an uptrend. If MACD’s raises above zero and SS escapes from the oversold range, our expectations will be even more grounded. The failure of this scenario will strengthen the “bearish” positions.
AUD/USD: Technical Analysis
The rally up from the July lows appears to be nearing its end but without an acute decline in price itself it cannot be said to be over. Whilst a sudden drop is possible anytime prices may go a little higher, perhaps to 0.9055 where they will meet overhead resistance from the upper channel line of the move and the down trend-line from the April highs. The intersection of these lines makes a likely place for prices to roll over and begin a longer move down.
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 pair remained in the range, limited by levels 1.2870/60 and 1.2730/10, as it had been mentioned earlier, but having breached this resistance it's now making attempts to fix above. Indicators show growth, so we can assume that these attempts will be successful. Nevertheless, even if it happens, the mood change is not likely to happen until the trading raises above resistance 1.3070-1.3110. A reversal to an uptrend with a possible ascending to the new local maximums, to the target 1.3380 at first, will be obvious only after the above mentioned breakout. Good resistance levels, where from a reversal downwards is a possibility, are seen at 1.2950/30. At the same time there's a chance for the reversal from the current 1.2890/1.2900 levels as well. Fall-down below 1.2870 will give a signal to another reversal to support 1.2730/00.
GBP/USD: Technical Analysis
As mentioned before, consolidation in a sideways range continued, which didn’t change the situation. Medium-term outlook are still vague and are likely to clear up in case level 1.5820 and uptrend resistance level (blue lines) are breached, being a part of a “bullish” scenario. The alternative is a fixation of the price below support range 1.5540- 1.5470/80, indicating the “bearish” moods in the market. It’s worth noting though, that indicators are currently turned upwards, which gives us reasons to expect an uptrend. If MACD’s raises above zero and SS escapes from the oversold range, our expectations will be even more grounded. The failure of this scenario will strengthen the “bearish” positions.
AUD/USD: Technical Analysis
The rally up from the July lows appears to be nearing its end but without an acute decline in price itself it cannot be said to be over. Whilst a sudden drop is possible anytime prices may go a little higher, perhaps to 0.9055 where they will meet overhead resistance from the upper channel line of the move and the down trend-line from the April highs. The intersection of these lines makes a likely place for prices to roll over and begin a longer move down.
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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