Forex4you Technical Analysis 04/08/10
EUR/USD: Technical Analysis
The price raised to 1.3270/60, as it was previously expected, and pulled back downwards, having met the resistance. Trading is now carried on at levels 1.3200/1.3190. Indicators are changing again, and R% prefers a downward movement at the moment, leaving the "overbought" levels. MACD stopped raising the bar charts and now keeps on forming divergence. Generally speaking, there were no significant changes, and the “bullish” positions are prevailing, as long as the trading is carried on above the uptrend line. This obviously means further attempts to break resistance 1.3270/60. As for the near-term outlook, support test 1.3110/20 is a possibility, and if a downward movement continues and goes beyond an uptrend channel (red lines), it will signal of a change in the market moods.
GBP/USD: Technical Analysis
Strong resistance 1.5970 has beaten “bullish” attacks off and the price is pulling back down at the moment. The trading is carried around 1.5900/05. Indicators are likely to turn downwards, MACD is lowering its charts and R% is about to leave the overbought level. This obviously gives reasons to state that the growth has now stopped and the price is about to start consolidating in a sideways range, between the levels -1.5770/60. Nevertheless, the price fall can only be considered a correction as a part of an uptrend. If the trading falls below the support 1.5540, we can expect possible changes in the market moods.
USDJPY: Technical Analysis
The pair has formed a symmetrical structure on its way downwards. This serves as an evidence, that the “bears” slackened their enthusiasm. RSI divergence is another proof for that. Fibonacci prices are on the graphic chart. An interesting thing to follow is fixation above/below a blue pivot (85.40) during the European session, which will determine a future descending down 85, or immediate turn to 86.00. So, it’s now up to you.
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.
The price raised to 1.3270/60, as it was previously expected, and pulled back downwards, having met the resistance. Trading is now carried on at levels 1.3200/1.3190. Indicators are changing again, and R% prefers a downward movement at the moment, leaving the "overbought" levels. MACD stopped raising the bar charts and now keeps on forming divergence. Generally speaking, there were no significant changes, and the “bullish” positions are prevailing, as long as the trading is carried on above the uptrend line. This obviously means further attempts to break resistance 1.3270/60. As for the near-term outlook, support test 1.3110/20 is a possibility, and if a downward movement continues and goes beyond an uptrend channel (red lines), it will signal of a change in the market moods.
GBP/USD: Technical Analysis
Strong resistance 1.5970 has beaten “bullish” attacks off and the price is pulling back down at the moment. The trading is carried around 1.5900/05. Indicators are likely to turn downwards, MACD is lowering its charts and R% is about to leave the overbought level. This obviously gives reasons to state that the growth has now stopped and the price is about to start consolidating in a sideways range, between the levels -1.5770/60. Nevertheless, the price fall can only be considered a correction as a part of an uptrend. If the trading falls below the support 1.5540, we can expect possible changes in the market moods.
USDJPY: Technical Analysis
The pair has formed a symmetrical structure on its way downwards. This serves as an evidence, that the “bears” slackened their enthusiasm. RSI divergence is another proof for that. Fibonacci prices are on the graphic chart. An interesting thing to follow is fixation above/below a blue pivot (85.40) during the European session, which will determine a future descending down 85, or immediate turn to 86.00. So, it’s now up to you.
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: 3
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