Forex4you Technical Analysis 23/12/10
GBP/USD: technical analysis
The price not only breached target level 1.5410/00, but passed beyond it, reaching level 1.5350/60. Then, the price rebound up and it's currently consolidating around 1.5400, at level 1.5390/80. Indicators suggest further "bearish" trend, although "bullish" MACD divergence gives reasons to be cautious and consider a possible large-scale pullback upwards. In this case, it's worth taking into account strong support at 1.5320/30, which has been holding back the "bears" for the whole August/September, but eventually triggered a reversal to a medium-term growth. If a decline continues now, this support will most likely become an insuperable hindrance for quite a long time. Growth above resistance 1.5530/70 will be a signal to a big pullback with the first target at 1.5650/60 and then - 1.5710/00.
EUR/USD: technical analysys
The pair repeated yesterday's scenario - having reached level 1.3070/80, it bounced upwards, testing resistance 1.3050/60, and then returned to decline. The trading is currently carried out at 1.3110/00. Indicators suggest a down trend. Since no significant changes have been made, the outlook remains the same - support 1.3050/60 is likely to be tested, and, in case of a breakout, the price may plunge even further, to 1.2970/80. Rebound upwards to 1.3230 and 1.3300/10 is also a possibility, even from the current levels.
USD/JPY: technical analysis
Support 83.30/40 has been holding back the "bears" for quite a long time, but this time it didn't, so the price declined to another strong barrier on the way down - level 82.80. Indicators turned down, suggesting further bearish trend. Support 82.80/90 breakout clears up the way to support 82.30 with a possible test of level 82.00. At the same time, currently tested level is strong enough to stop a decline, although reversal to growth is unlikely, at least for the near future.
EU6 - volume profile analysis
Hello, respected colleagues! The trades have been slack from the very beginning of the week, and my suggestion would be: buy on the "Europe", sell on "America". In fact, after each attempt to decline on the American session, the price immediately starts correcting to the opening prices. Today won't be an exception and new rotations in the range 1.307-1.318 will be tested. Level 1.308 is quite a good support for the "bulls", who want to play on a bounce. Being a "bull", I expect level 1.338 for a medium term, and the volume for action is enough. So, it's up to you. As for the fundamental front, it's worth paying attention to the American session - some significant data is coming out at the beginning of it, so volatility is quite a possibility.
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 price not only breached target level 1.5410/00, but passed beyond it, reaching level 1.5350/60. Then, the price rebound up and it's currently consolidating around 1.5400, at level 1.5390/80. Indicators suggest further "bearish" trend, although "bullish" MACD divergence gives reasons to be cautious and consider a possible large-scale pullback upwards. In this case, it's worth taking into account strong support at 1.5320/30, which has been holding back the "bears" for the whole August/September, but eventually triggered a reversal to a medium-term growth. If a decline continues now, this support will most likely become an insuperable hindrance for quite a long time. Growth above resistance 1.5530/70 will be a signal to a big pullback with the first target at 1.5650/60 and then - 1.5710/00.
EUR/USD: technical analysys
The pair repeated yesterday's scenario - having reached level 1.3070/80, it bounced upwards, testing resistance 1.3050/60, and then returned to decline. The trading is currently carried out at 1.3110/00. Indicators suggest a down trend. Since no significant changes have been made, the outlook remains the same - support 1.3050/60 is likely to be tested, and, in case of a breakout, the price may plunge even further, to 1.2970/80. Rebound upwards to 1.3230 and 1.3300/10 is also a possibility, even from the current levels.
USD/JPY: technical analysis
Support 83.30/40 has been holding back the "bears" for quite a long time, but this time it didn't, so the price declined to another strong barrier on the way down - level 82.80. Indicators turned down, suggesting further bearish trend. Support 82.80/90 breakout clears up the way to support 82.30 with a possible test of level 82.00. At the same time, currently tested level is strong enough to stop a decline, although reversal to growth is unlikely, at least for the near future.
EU6 - volume profile analysis
Hello, respected colleagues! The trades have been slack from the very beginning of the week, and my suggestion would be: buy on the "Europe", sell on "America". In fact, after each attempt to decline on the American session, the price immediately starts correcting to the opening prices. Today won't be an exception and new rotations in the range 1.307-1.318 will be tested. Level 1.308 is quite a good support for the "bulls", who want to play on a bounce. Being a "bull", I expect level 1.338 for a medium term, and the volume for action is enough. So, it's up to you. As for the fundamental front, it's worth paying attention to the American session - some significant data is coming out at the beginning of it, so volatility is quite a possibility.
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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