Forex4you Technical Analysis 20 January 2011
EUR/USD: Technical Analysis
The price continued to correct within the current maximums and failed to breach level 1.3500 and fix above, after which it pulled back downwards to 1.3430/20. However, the price is currently rising again, residing at the moment around level 1.3470/80. Indicators are turning up again, although MACD divergence suggests to be cautious and be ready for the upcoming large-scale correction. Besides, the "bears" have failed to bring the trading beyond the up channel trend line (blue lines), which indicates that the "bullish" trend is currently stronger. Range 1.3500-1.3450 breakout and fixation above will initiate further growth, possibly even to 1.3780/1.3800. Nevertheless, there is a strong resistance on the way up - level 1.3580, wherefrom the correction, MACD has warned of, may begin. Support 1.3150/40 breakout will trigger a reversal to a down trend.
GBP/USD: Technical Analysis
The price remained within the range 1.6060 - 1.5930/00, like it has been mentioned in the previous analysis, and the trading is currently carried out at 1.5990/1.6000. Indicators are neutral, although they seem to prefer a down trend more. No significant changes have been made to the structure since the last analysis, so the scenario is the same - sideways trading within the range 1.6060 - 1.5930/00 with a possible expanding to support 1.5840. As for a medium-term outlook, the up trend is considered as dominating. Further growth to 1.6270/60 is anticipated.
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.
The price continued to correct within the current maximums and failed to breach level 1.3500 and fix above, after which it pulled back downwards to 1.3430/20. However, the price is currently rising again, residing at the moment around level 1.3470/80. Indicators are turning up again, although MACD divergence suggests to be cautious and be ready for the upcoming large-scale correction. Besides, the "bears" have failed to bring the trading beyond the up channel trend line (blue lines), which indicates that the "bullish" trend is currently stronger. Range 1.3500-1.3450 breakout and fixation above will initiate further growth, possibly even to 1.3780/1.3800. Nevertheless, there is a strong resistance on the way up - level 1.3580, wherefrom the correction, MACD has warned of, may begin. Support 1.3150/40 breakout will trigger a reversal to a down trend.
GBP/USD: Technical Analysis
The price remained within the range 1.6060 - 1.5930/00, like it has been mentioned in the previous analysis, and the trading is currently carried out at 1.5990/1.6000. Indicators are neutral, although they seem to prefer a down trend more. No significant changes have been made to the structure since the last analysis, so the scenario is the same - sideways trading within the range 1.6060 - 1.5930/00 with a possible expanding to support 1.5840. As for a medium-term outlook, the up trend is considered as dominating. Further growth to 1.6270/60 is anticipated.
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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