Forex4you Technical Analysis 09/08/10
EUR/USD: Technical Analysis
The “bullish” moods proved to be dominating, and the price has breached resistance 1.3270, tested level 1.3330/35 and now resides at 1.3270, which serves as the evidence of a strong support level. Indicators still show further growth, but with some weakening. MACD keeps on forming “bearish” divergence warning of a possible pullback down. If attempts to continue growth follow, the above mentioned resistance level 1.3380 will be the highest possible, with a possible large-scale downward correction afterwards. Trend line breakout (red lines) will be the first signal to a pullback down with the first supports at 1.3110/20 and 1.3020/10. If the price drops below 1.2870, it’ll give all reasons to expect a more significant change of market moods, then just a correction – we’ll expect a reverse to the “bearish” trend.
GBP/USD: Technical Analysis
Resistance breakout 1.5970 never happened. The price went slightly above this level, but didn’t manage to fix there, so it now resides below this barrier at 1.5950/40. With no significant changes made, the trading is still carried on in a sideways range between the levels 1.5970 - 1.5820/00. Earlier assumptions are still relevant: Fixation above 1.5970 will trigger a new the price growth to 1.6140/50 in the nearest time. If the trading falls below support range 1.5820/1.5770/80, the “bullish” potential will suffer. MACD divergence gives evidence to a possible “bullish” state of events. Support 1.5540 breakout will signal of a reverse downwards.
USD/JPY: Technical Analysis
An attempt to test minimum level 84.80 of 2009 was made. But the “bears” didn’t make it to the target and the price only reached support 85.00. The trading is currently held at 85.60/70. Indicators are not likely to turn downwards, but to make it even more clear the “bulls” have to break the level 85.90 and fix above. Before it happens a next fall down to 85.00 and then to 84.80 is quite a possibility. In case such a scenario takes place, there’s a risk of even lower support tests 84.50/00, mentioned previously.
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 “bullish” moods proved to be dominating, and the price has breached resistance 1.3270, tested level 1.3330/35 and now resides at 1.3270, which serves as the evidence of a strong support level. Indicators still show further growth, but with some weakening. MACD keeps on forming “bearish” divergence warning of a possible pullback down. If attempts to continue growth follow, the above mentioned resistance level 1.3380 will be the highest possible, with a possible large-scale downward correction afterwards. Trend line breakout (red lines) will be the first signal to a pullback down with the first supports at 1.3110/20 and 1.3020/10. If the price drops below 1.2870, it’ll give all reasons to expect a more significant change of market moods, then just a correction – we’ll expect a reverse to the “bearish” trend.
GBP/USD: Technical Analysis
Resistance breakout 1.5970 never happened. The price went slightly above this level, but didn’t manage to fix there, so it now resides below this barrier at 1.5950/40. With no significant changes made, the trading is still carried on in a sideways range between the levels 1.5970 - 1.5820/00. Earlier assumptions are still relevant: Fixation above 1.5970 will trigger a new the price growth to 1.6140/50 in the nearest time. If the trading falls below support range 1.5820/1.5770/80, the “bullish” potential will suffer. MACD divergence gives evidence to a possible “bullish” state of events. Support 1.5540 breakout will signal of a reverse downwards.
USD/JPY: Technical Analysis
An attempt to test minimum level 84.80 of 2009 was made. But the “bears” didn’t make it to the target and the price only reached support 85.00. The trading is currently held at 85.60/70. Indicators are not likely to turn downwards, but to make it even more clear the “bulls” have to break the level 85.90 and fix above. Before it happens a next fall down to 85.00 and then to 84.80 is quite a possibility. In case such a scenario takes place, there’s a risk of even lower support tests 84.50/00, mentioned previously.
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.
Views: 7
Comment
© 2024 Created by James Dicks.
Powered by
You need to be a member of JDFN Financial Network to add comments!
Join JDFN Financial Network