Forex4you Technical Analysis 25/08/10
EUR/USD: Technical Analysis
Pullback upwards, suggested by MASD divergence, is about to start, like it had been assumed yesterday. After support 1.2620 breakout, the price met level 1.2580/85, but didn’t make it to the target 1.2540, and resumed its upward movement. The trading is now carried on at 1.2690/1.2700. Indicators are more and more turned to R% growth, but SS remains oversold, smoothing over expectations concerning a possible price growth. A downtrend regression channel line breakout (red lines) with the following price fixation above level 1.2770/80 will be the first signal to the “bullish” trend. If the trading rises above resistance 1.2870, it will prove the “bulls” have leading positions in the market. Yet, until this scenario initiates, the “bears” will remain the moving force in the market, so support level 1.2540 testing is rather urgent at the moment. At the same time, there are also good grounds to expect a sideways movement in a range 1.2700 – 1.2590/80.
USD/CAD: Technical Analysis
This pair is looking very bullish longer term. We could be in an intermediate 3rd Elliot wave up. Within that we are probably in minor wave 3. The sideways activity this morning may or may not be a minute 4th wave, but it is unlikely give to be one given one would have expected prices to go higher in minute wave 3. After the present correction has finished, which shouldn’t be much below 1.0500 the rally should resume. The R2 pivot at 1.0829 could provide the endpoint for the 3rd wave. This also happens to be near the 218% Fibonacci extension of wave 2, at 1.0888 another common end-point.
GBP/USD: Technical Analysis
The price didn’t make it to support 1.5330/40 yesterday, so it went back to test level 1.5470, this time for resistance. As for the present, the trading has reversed downwards and is already carried on at 1.5400/10. Indicators are “bearish”, so the assumptions of a possible level 1.5330/40 test in the nearest time are still relevant. The price fall down to 1.5240/50 in case of support 1.5330/40 breakout is still a high-possibility. If the trading rises above 1.5470/90, the “bearish” power will be brought into question and fixation above 1.5550 will indicate a possible reversal to the 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.
Pullback upwards, suggested by MASD divergence, is about to start, like it had been assumed yesterday. After support 1.2620 breakout, the price met level 1.2580/85, but didn’t make it to the target 1.2540, and resumed its upward movement. The trading is now carried on at 1.2690/1.2700. Indicators are more and more turned to R% growth, but SS remains oversold, smoothing over expectations concerning a possible price growth. A downtrend regression channel line breakout (red lines) with the following price fixation above level 1.2770/80 will be the first signal to the “bullish” trend. If the trading rises above resistance 1.2870, it will prove the “bulls” have leading positions in the market. Yet, until this scenario initiates, the “bears” will remain the moving force in the market, so support level 1.2540 testing is rather urgent at the moment. At the same time, there are also good grounds to expect a sideways movement in a range 1.2700 – 1.2590/80.
USD/CAD: Technical Analysis
This pair is looking very bullish longer term. We could be in an intermediate 3rd Elliot wave up. Within that we are probably in minor wave 3. The sideways activity this morning may or may not be a minute 4th wave, but it is unlikely give to be one given one would have expected prices to go higher in minute wave 3. After the present correction has finished, which shouldn’t be much below 1.0500 the rally should resume. The R2 pivot at 1.0829 could provide the endpoint for the 3rd wave. This also happens to be near the 218% Fibonacci extension of wave 2, at 1.0888 another common end-point.
GBP/USD: Technical Analysis
The price didn’t make it to support 1.5330/40 yesterday, so it went back to test level 1.5470, this time for resistance. As for the present, the trading has reversed downwards and is already carried on at 1.5400/10. Indicators are “bearish”, so the assumptions of a possible level 1.5330/40 test in the nearest time are still relevant. The price fall down to 1.5240/50 in case of support 1.5330/40 breakout is still a high-possibility. If the trading rises above 1.5470/90, the “bearish” power will be brought into question and fixation above 1.5550 will indicate a possible reversal to the 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.
Views: 5
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