Forex Technical Analysis on Majors
Stoyan Mihaylov from www.deltastock.com at 10/19/09
EUR/USD
Current level-1.4929
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
Recent low at 1.4827 was a test of the 1.4812 support area and the pair is ready for next leg upwards, to 1.5104 main target. Intraday resistance comes at 1.4967 and crucial is 1.4872.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.4967 | 1.5104 | 1.53+ | 1.6040 |
Support | 1.4919 | 1.4870 | 1.4444 | 1.3746 |
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USD/JPY
Current level - 90.56
A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 94.86 and 94.84.
A minor consolidation unfolds from recent high at 91.34 and the pair is testing 90.38 support area. The overall bias remains positive for 92.10, but a break below 90.40 can target a deeper slide towards 89.70 dynamic support. A positive trigger on the upside is 90.90.
Minor | Intraday | Major | Intraweek | |
Resistance | 90.40 | 91.60 | 92.40 | 97.90 |
Support | 88.80 | 88.01 | 87.12 | 83.25 |
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GBP/USD
Current level- 1.6275
The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
Although the pattern below 1.6399 seems rather corrective in nature, the intraday bias is still negative for 1.6130 with a risk limit above 1.6367 resistance area.
Minor | Intraday | Major | Intraweek | |
Resistance | 1.6370 | 1.6486 | 1.6486 | 1.7042 |
Support | 1.6250 | 1.6130 | 1.5706 | 1.5350 |