Forex4you Technical Analysis 27 January 2011
EUR/USD: Technical Analysis
This pair has risen to touch the underside of the old trend-line from the June lows. It has been unable to penetrate above however, and this morning a sharp sell-off brought prices down to 1.3637 breaking the trend-line of the move from Jan 10 lows in the process. A recovery rally has brought prices back into the range in the 1.3680s. I think it is unlikely the move down is complete and a ‘C’ leg might unfold with a target of 1.3610 where the S2 daily pivot resides. Alternatively a continuation higher might reach the top of the range at 1.3725.
GBP/USD: Technical Analysis
Seems like the previous assumptions have been correct and the price is very likely to grow to 1.6270/60 in a medium-term. The price returned to the uptrend channel sector, which initiated the trend line correction (blue dashed line, blue line). At the moment, the price resides around levels 1.5930/35. Indicators seem to grow further, so the "bullish" trend to the above mentioned target levels is very likely to continue, although resistance 1.6060/70 breakout would be a more convincing signal for that. However, to breach this barrier, the "bulls" have grow above the range 1.5960-1.5930 first. On the other hand, if the price breaches and holds below support 1.5750/40, we'll be expecting the "bearish" trend to become dominating.
USD/JPY: Technical Analysis
Support level 82.00 held back the "bearish" attempts to decline. Besides that, thanks to the fundamental-political information on Japan's economy, the price jumped abruptly up and it currently resides at 82.70/80, passing levels 83.00/10. Indicators are changing their readings, indicating transition to "bullish", which gives reasons to consider current growth as a good signal for the reversal to the up trend and further growth to levels 84.00/83.90, mentioned in the previous analysis.
Analysis by: Forex4you.com written by 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 risen to touch the underside of the old trend-line from the June lows. It has been unable to penetrate above however, and this morning a sharp sell-off brought prices down to 1.3637 breaking the trend-line of the move from Jan 10 lows in the process. A recovery rally has brought prices back into the range in the 1.3680s. I think it is unlikely the move down is complete and a ‘C’ leg might unfold with a target of 1.3610 where the S2 daily pivot resides. Alternatively a continuation higher might reach the top of the range at 1.3725.
GBP/USD: Technical Analysis
Seems like the previous assumptions have been correct and the price is very likely to grow to 1.6270/60 in a medium-term. The price returned to the uptrend channel sector, which initiated the trend line correction (blue dashed line, blue line). At the moment, the price resides around levels 1.5930/35. Indicators seem to grow further, so the "bullish" trend to the above mentioned target levels is very likely to continue, although resistance 1.6060/70 breakout would be a more convincing signal for that. However, to breach this barrier, the "bulls" have grow above the range 1.5960-1.5930 first. On the other hand, if the price breaches and holds below support 1.5750/40, we'll be expecting the "bearish" trend to become dominating.
USD/JPY: Technical Analysis
Support level 82.00 held back the "bearish" attempts to decline. Besides that, thanks to the fundamental-political information on Japan's economy, the price jumped abruptly up and it currently resides at 82.70/80, passing levels 83.00/10. Indicators are changing their readings, indicating transition to "bullish", which gives reasons to consider current growth as a good signal for the reversal to the up trend and further growth to levels 84.00/83.90, mentioned in the previous analysis.
Analysis by: Forex4you.com written by 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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