Forex4you Technical Analysis 30/08/10
EUR/USD: Technical Analysis
As long as the 1.2674 lows hold then prices should continue higher reaching 1.2920 eventually, if not 1.2950. At that level they will encounter a cluster of resistance from the 50% Fibonacci retracement, the broken trend-line of the move up from the June lows and they will probably reverse and resume their downtrend.
GBP/USD: Technical Analysis
Attempt to break support 1.5470 and commence the “bearish” scenario failed. The level was breached, but the price pulled back to consolidation range 1.5550 – 1.5470, where it still resides. Indicators are uncertain and don’t show any particular direction. Expectations, mentioned in the previous comments are still relevant – key resistance level 1.5550 breakout and fixation above will suggest the growth. But only level 1.5670/80 breakout will give a final signal to the “bullish” moods and anticipate levels 1.5790/1.5800 tests in the nearest time. The “bearish” trend will be prevailing if the price falls below 1.5470. In this case we’ll be expecting support level 1.5340/30 test. Support 1.5500/1.5490 breakout will be an early indicator of a downtrend.
USD/JPY: Technical Analysis
The “bulls” breached resistance 85.10- 84.90 and even tested 85.80/90, but they didn’t manage to fix there, so the price is currently pulling back downwards and the trading is held at level 84.70/75. Indicators reversed to a downward movement, which suggests further price fall. On the other hand, there is support 84.40/50 on the way, which can become a pivot point. At the same time, complicated yen’s financial and political situation suggests a possible range trading, limited by levels 84.40/84.90 – 85.00/10, with a high risk of support range descending to 84.00/83.90. As for the middle-term outlook, the “bullish” mood is most likely to be dominating.
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.
As long as the 1.2674 lows hold then prices should continue higher reaching 1.2920 eventually, if not 1.2950. At that level they will encounter a cluster of resistance from the 50% Fibonacci retracement, the broken trend-line of the move up from the June lows and they will probably reverse and resume their downtrend.
GBP/USD: Technical Analysis
Attempt to break support 1.5470 and commence the “bearish” scenario failed. The level was breached, but the price pulled back to consolidation range 1.5550 – 1.5470, where it still resides. Indicators are uncertain and don’t show any particular direction. Expectations, mentioned in the previous comments are still relevant – key resistance level 1.5550 breakout and fixation above will suggest the growth. But only level 1.5670/80 breakout will give a final signal to the “bullish” moods and anticipate levels 1.5790/1.5800 tests in the nearest time. The “bearish” trend will be prevailing if the price falls below 1.5470. In this case we’ll be expecting support level 1.5340/30 test. Support 1.5500/1.5490 breakout will be an early indicator of a downtrend.
USD/JPY: Technical Analysis
The “bulls” breached resistance 85.10- 84.90 and even tested 85.80/90, but they didn’t manage to fix there, so the price is currently pulling back downwards and the trading is held at level 84.70/75. Indicators reversed to a downward movement, which suggests further price fall. On the other hand, there is support 84.40/50 on the way, which can become a pivot point. At the same time, complicated yen’s financial and political situation suggests a possible range trading, limited by levels 84.40/84.90 – 85.00/10, with a high risk of support range descending to 84.00/83.90. As for the middle-term outlook, the “bullish” mood is most likely to be dominating.
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: 1
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