Forex4you Technical Analysis 21/09/10
EUR/USD: Technical Analysis
This pair has pulled back, consolidated and is now rising again. Whether we are in a 4th or 5th Elliot wave of the C move up is difficult to ascertain, but probably still the wave 4. There is considerable overhead resistance from the monthly pivot and an old trend-line but if prices go higher they could reach the 200 Day MA at 1.3220 before reversing. If we are still in wave 4 then there may be a pullback to 1.3040 initially then to 1.3000 before 5. The overall bias is to the downside eventually or a choppy sideways market for a while.
GBP/USD: Technical Analysis
Looking at the hourly chart this pair has fallen in a large Elliot wave 4 down to the current 1.55 lows, which are near to where wave 1 probable ended. Whilst there is a chance it could reach lower it is highly unlikely. It is probable that Wave 5 should begin from these lows soon and rise back up to near the old highs in the 1.57s. How long it will be is difficult to determine but it is unlikely to be longer than 1.5730.
USD/JPY: Technical Analysis
The price continued consolidating in a sideways range 85.95 -85.45/40, and, having breached this support, currently making attempts to descend to even lower levels at 85.30/20. We are obviously observing an attempt to bring the support down to 85.00/10. Indicators are more inclined to a downtrend. Nevertheless, there have been no significant changes yet, so the previous assumption is still relevant – level 85.00/10 is likely to be tested in the nearest future and the trading will be carried on within the range 85.90/80 – 85.00/10, with a possible price growth to resistance 87.00/86.90. If the key support of level 84.40/50 is breached, the trading will follow the alternative scenario and we’ll be then considering the “bearish” perspectives in the pair.
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.
This pair has pulled back, consolidated and is now rising again. Whether we are in a 4th or 5th Elliot wave of the C move up is difficult to ascertain, but probably still the wave 4. There is considerable overhead resistance from the monthly pivot and an old trend-line but if prices go higher they could reach the 200 Day MA at 1.3220 before reversing. If we are still in wave 4 then there may be a pullback to 1.3040 initially then to 1.3000 before 5. The overall bias is to the downside eventually or a choppy sideways market for a while.
GBP/USD: Technical Analysis
Looking at the hourly chart this pair has fallen in a large Elliot wave 4 down to the current 1.55 lows, which are near to where wave 1 probable ended. Whilst there is a chance it could reach lower it is highly unlikely. It is probable that Wave 5 should begin from these lows soon and rise back up to near the old highs in the 1.57s. How long it will be is difficult to determine but it is unlikely to be longer than 1.5730.
USD/JPY: Technical Analysis
The price continued consolidating in a sideways range 85.95 -85.45/40, and, having breached this support, currently making attempts to descend to even lower levels at 85.30/20. We are obviously observing an attempt to bring the support down to 85.00/10. Indicators are more inclined to a downtrend. Nevertheless, there have been no significant changes yet, so the previous assumption is still relevant – level 85.00/10 is likely to be tested in the nearest future and the trading will be carried on within the range 85.90/80 – 85.00/10, with a possible price growth to resistance 87.00/86.90. If the key support of level 84.40/50 is breached, the trading will follow the alternative scenario and we’ll be then considering the “bearish” perspectives in the pair.
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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